PART A: INDIA’S BUDGET 2026-27

PART A: FOUNDATIONAL VISION

Government’s Core Commitment (Sankalp)

• Transform aspirations into tangible achievements and unlock potential across all sectors • Ensure prosperity dividends reach every stakeholder: farmers, marginalized communities, youth, women, and vulnerable populations • Budget prepared at Kartavya Bhawan—driven by youth ideas from Viksit Bharat Young Leaders Dialogue 2026

Three Pillars of Growth (Kartavya Framework)

Kartavya 1: Accelerate Sustainable Economic Growth

• Enhance productivity and competitiveness across sectors
• Build resilience against volatile global market dynamics
• Maintain structural reforms momentum—continuous, adaptive, and forward-looking

Kartavya 2: Fulfill Aspirations & Build Capacity

• Empower people as strong partners in India’s prosperity journey
• Create meaningful employment and skill development opportunities
• Already lifted 25 crore individuals out of multidimensional poverty

Kartavya 3: Inclusive Development (Sabka Sath, Sabka Vikas)

• Ensure universal access to resources, amenities, and opportunities
• Focus on equitable regional, sectoral, and community development
• Enable meaningful participation across all segments

Supporting Ecosystem Requirements

• Continuous structural economic reforms • Robust, resilient financial sector for capital allocation and risk management • Cutting-edge technologies (AI, automation) as governance force multipliers

REFORM EXPRESS: 350+ ROLLOUTS

Key Achievements Post-Independence Day 2025 Announcement:

• GST simplification framework
• Labour Codes notification and implementation
• Rationalized Quality Control Orders
• Deregulation initiatives via High-Level Committees
• Central-State coordination on compliance reduction

STRATEGIC INTERVENTIONS FOR ECONOMIC GROWTH

1. SCALING UP MANUFACTURING IN 7 STRATEGIC SECTORS

A. Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology, Innovation)

Outlay: ₹10,000 crore (5-year period)

Objective: Position India as global biologic and biosimilar manufacturing hub

Key Components:

• Build domestic ecosystem for biologics and biosimilar production
• Establish 3 new National Institutes of Pharmaceutical Education & Research (NIPER)
• Upgrade 7 existing NIPER institutions
• Create network of 1,000+ accredited clinical trial sites
• Strengthen Central Drugs Standard Control Organisation for global-standard approvals
• Dedicated scientific review cadre and specialist recruitment

Rationale: Rising non-communicable disease burden (diabetes, cancer, autoimmune disorders) requiring affordable biologic solutions

B. India Semiconductor Mission (ISM) 2.0

Building on: ISM 1.0’s foundational capability expansion

New Focus Areas:

• Manufacture semiconductor equipment and materials domestically
• Design full-stack Indian intellectual property solutions
• Fortify supply chains for self-reliance
• Industry-led research and training centres
• Develop skilled workforce in semiconductor technology

C. Electronics Components Manufacturing Scheme

Previous Outlay: ₹22,919 crore (launched April 2025) Current Achievement: Investment commitments at 2x target level Proposed Enhancement: Increase outlay to ₹40,000 crore to capitalize on momentum

D. Rare Earth Permanent Magnets Scheme

Launch Timeline: November 2025

New Initiative—Rare Earth Corridors:

• Support mineral-rich states: Odisha, Kerala, Andhra Pradesh, Tamil Nadu
• Integrated focus: mining → processing → research → manufacturing
• Create dedicated corridor infrastructure

E. Dedicated Chemical Parks Scheme

Objective: Enhance domestic chemical production; reduce import dependency

Structure:

• Support 3 dedicated chemical parks through challenge route
• Cluster-based plug-and-play model
• State-level implementation with central coordination

F. Capital Goods Capability Building

Hi-Tech Tool Rooms (CPSE-led):

• Establish at 2 locations as digitally-enabled automated service bureaus
• Locally design, test, and manufacture high-precision components
• Lower costs, higher quality at scale

Construction & Infrastructure Equipment (CIE) Scheme:

• Strengthen domestic manufacturing of advanced CIE
• Include: lifts, fire-fighting equipment, tunnel-boring equipment, high-altitude road machinery

Container Manufacturing Scheme: Outlay: ₹10,000 crore (5-year period)

• Create globally competitive ecosystem
• Support indigenous manufacturing capacity

G. Textile Sector—Integrated Programme (5 Sub-Components)

1. National Fibre Scheme:

• Achieve self-reliance in natural fibres (silk, wool, jute)
• Support man-made and new-age fibres development

2. Textile Expansion & Employment Scheme:

• Modernize traditional clusters
• Capital support for machinery and technology upgradation
• Establish common testing and certification centres

3. National Handloom & Handicraft Programme:

• Integrate and consolidate existing schemes
• Targeted support for weavers and artisans
• Global market linkage facilitation

4. Tex-Eco Initiative:

• Promote globally competitive, sustainable textiles and apparels
• Environmental standards compliance

5. Samarth 2.0:

• Modernize textile skilling ecosystem
• Industry and academic institution collaboration

Additional Textile Support:

• Mega Textile Parks in challenge mode with value-addition focus for technical textiles
• Mahatma Gandhi Gram Swaraj Initiative for khadi, handloom, handicrafts
• Global branding and market linkage support
• Benefit: weavers, village industries, One District-One Product, rural youth

H. Sports Goods Manufacturing Initiative

Vision: Position India as global hub for quality, affordable sports goods

Focus Areas:

• Equipment design and innovation
• Material sciences development
• Research infrastructure

2. REJUVENATION OF LEGACY INDUSTRIAL CLUSTERS

Scheme Overview:

• Target: 200 legacy industrial clusters
• Strategy: Infrastructure and technology upgradation
• Goal: Improve cost competitiveness and operational efficiency

3. CREATING “CHAMPION SMEs” & SUPPORTING MICRO ENTERPRISES

A. EQUITY SUPPORT

SME Growth Fund:

• Outlay: ₹10,000 crore
• Purpose: Create future Champion enterprises
• Mechanism: Incentives based on select performance criteria

Self-Reliant India Fund Top-Up:

• Additional Allocation: ₹2,000 crore
• Focus: Continue micro-enterprise support
• Benefit: Maintain access to risk capital

B. LIQUIDITY SUPPORT

TReDS (Trade Receivables e-Discounting System) Enhancement:

• Current Availability: ₹7 lakh crore to MSMEs
• Goal: Leverage full potential through 4 measures:
  1. Mandatory CPSE Integration: Make TReDS settlement platform mandatory for all CPSE purchases from MSMEs (benchmark for corporates)
  2. Credit Guarantee Mechanism: Introduce CGTMSE credit guarantees for invoice discounting on TReDS
  3. GeM-TReDS Linkage: Connect Government e-Marketplace with TReDS for better financing visibility and cheaper, quicker credit
  4. Secondary Market Development: Launch TReDS receivables as asset-backed securities to enhance liquidity and transaction settlement

C. PROFESSIONAL SUPPORT

Corporate Mitras Programme:

• Facilitate Professional Institutions (ICAI, ICSI, ICMAI) to design short-term, modular courses
• Develop accredited para-professional cadre
• Target: Tier-II and Tier-III towns
• Benefit: Affordable compliance support for MSMEs

4. INFRASTRUCTURE DEVELOPMENT

Public Capital Expenditure Growth:

• FY2014-15: ₹2 lakh crore
• FY2025-26: ₹11.2 lakh crore
• FY2026-27 Proposal: ₹12.2 lakh crore (continued momentum)

Key Initiatives:

Infrastructure Risk Guarantee Fund

• Purpose: Strengthen private developer confidence
• Mechanism: Prudently calibrated partial credit guarantees to lenders
• Benefit: Reduce construction-phase risk perception

CPSE Real Estate Monetization (REIT-based)

• Accelerate recycling of significant CPSE real estate assets
• Set up dedicated REITs for systematic asset optimization

Sustainable Cargo Movement

Dedicated Freight Corridors:

• New corridor: Dankuni (East) to Surat (West)
• Modal preference: Environmentally sustainable

National Waterways Expansion:

• Operationalize 20 new National Waterways over 5 years
• Priority Start: NW-5 in Odisha (connects Talcher-Angul industrial areas to Paradeep/Dhamra ports)
• Regional Centres of Excellence for manpower development
• Youth employment and skill acquisition along waterway corridors

Ship Repair Ecosystem:

• Establish at Varanasi and Patna for inland waterways support

Coastal Cargo Promotion Scheme:

• Incentivize modal shift from rail/road to inland waterways and coastal shipping
• Target: Increase share from 6% to 12% by 2047

Last-Mile & Tourism Connectivity

Seaplane Initiatives:

• Incentivize indigenous seaplane manufacturing
• Seaplane VGF Scheme for operational support
• Benefit: Remote connectivity, tourism promotion

5. CARBON CAPTURE, UTILIZATION & STORAGE (CCUS)

Roadmap: Launched December 2025 Outlay: ₹20,000 crore (5-year period)

Scope:

• Scale CCUS technologies to higher industrial readiness levels
• Focus Sectors: Power, Steel, Cement, Refineries, Chemicals
• End-use application optimization across sectors

6. CITY ECONOMIC REGIONS (CERs)

Vision: Unlock urban economic potential through agglomeration-based development

Focus Cities: Tier-II, Tier-III cities, and temple towns

Approach:

• Map city economic regions based on specific growth drivers
• Allocation per CER: ₹5,000 crore over 5 years
• Financing Model: Challenge mode with reform-cum-results-based mechanism

High-Speed Rail Corridors (Growth Connectors)

Seven Proposed Corridors:

1. Mumbai-Pune
2. Pune-Hyderabad
3. Hyderabad-Bengaluru
4. Hyderabad-Chennai
5. Chennai-Bengaluru
6. Delhi-Varanasi
7. Varanasi-Siliguri

Purpose: Environmentally sustainable passenger systems linking growth centres

FINANCIAL SECTOR REFORMS

Current Sector Health

• Strong balance sheets across banking sector
• Historic profitability highs
• Improved asset quality
• Coverage: 98%+ villages with banking services

Proposed Measures

High-Level Committee on Banking for Viksit Bharat

Mandate: Comprehensively review banking sector and align with India’s next growth phase while safeguarding:

• Financial stability
• Inclusion objectives
• Consumer protection

NBFCs (Non-Banking Financial Companies) Strategy

Vision: Clear targets for credit disbursement and technology adoption

Restructuring Initiative:

• Restructure Power Finance Corporation (PFC)
• Restructure Rural Electrification Corporation (REC)
• Goal: Achieve scale and improve efficiency in Public Sector NBFCs

Foreign Exchange Management (Non-debt Instruments) Rules

Objective: Modernize foreign investment framework

Action: Comprehensive review to create contemporary, user-friendly rules aligned with India’s evolving priorities

Corporate Bond Market Development

Market-Making Framework:

• Introduce market making for corporate bond indices
• Provide suitable access to funds and derivatives
• Launch total return swaps on corporate bonds

Municipal Bonds Incentive Scheme

High-Value Issuance Support:

• Incentive: ₹100 crore for single bond issuance >₹1,000 crore
• Existing Support: AMRUT scheme continues supporting issuances up to ₹200 crore for smaller/medium towns

Ease of Doing Business

Portfolio Investment Scheme (PIS) Liberalization:

Measure 1: Permit Persons Resident Outside India (PROI) to invest in listed company equity Measure 2: Increase individual PROI limit from 5% to 10% Measure 3: Raise overall PROI limit from 10% to 24%

EMERGING TECHNOLOGIES & AI INTEGRATION

Government Initiatives:

• AI Mission
• National Quantum Mission
• Anusandhan National Research Fund
• Research, Development & Innovation Fund

Vision: Technology adoption for all—farmers, women in STEM, upskilling youth, Divyangjan (persons with disabilities)

FULFILLING ASPIRATIONS & BUILDING CAPACITY (Kartavya 2)

High-Powered ‘Education to Employment and Enterprise’ Standing Committee

Purpose: Drive Services Sector as core growth driver

Objectives:

• Establish Global Leadership: 10% global services share by 2047
• Identify Priority Areas: Growth, employment, exports potential
• Assess AI & Emerging Tech Impact: Job creation and skill requirements
• Propose Supportive Measures

CREATION OF PROFESSIONALS FOR VIKSIT BHARAT

1. ALLIED HEALTH PROFESSIONALS (AHPs)

Current Action:

• Upgrade existing AHP institutions
• Establish new AHP institutions (private and government sectors)

Coverage: 10 selected disciplines

• Optometry, Radiology, Anesthesia
• OT Technology, Applied Psychology
• Behavioural Health, and others

Target: Add 100,000 AHPs over 5 years

Care Ecosystem Development:

• Build strong geriatric and allied care services network
• Develop NSQF-aligned multiskilled caregiver programmes
• Integrate: core care, wellness, yoga, medical/assistive device operation
• Year 1 Target: Train 1.5 lakh caregivers

2. MEDICAL VALUE TOURISM HUBS

Scheme: Support 5 Regional Medical Hubs via state partnerships with private sector

Hub Features:

• Integrated healthcare complexes combining medical, educational, research facilities
• AYUSH Centres
• Medical Value Tourism Facilitation Centres
• Diagnostics, post-care, rehabilitation infrastructure

Employment Impact: Diverse opportunities for health professionals (doctors, AHPs)

3. AYUSH (Ancient Indian Medicine Systems) Development

Context:

• Yoga: Global recognition through PM’s UN initiative; post-COVID Ayurveda gained international acceptance

Proposed Initiatives:

Infrastructure:

• Establish 3 new All India Institutes of Ayurveda
• Upgrade AYUSH pharmacies and Drug Testing Labs for certification standards
• Increase skilled personnel availability

Research & Excellence:

• Upgrade WHO Global Traditional Medicine Centre in Jamnagar
• Focus: Evidence-based research, training, awareness for traditional medicine

Farmer-Youth Benefit:

• Quality Ayurvedic product exports support herb-farming communities
• Youth employment in processing and value addition

4. ANIMAL HUSBANDRY SECTOR

Context: Livestock contributes 16% of farm income, including for poor/marginal households

Initiative: Loan-Linked Capital Subsidy Support Scheme

Coverage:

• Veterinary colleges in private sector
• Para-vet colleges
• Veterinary hospitals
• Diagnostic laboratories
• Breeding facilities

Target: Scale up veterinary professionals availability by 20,000+

Enhancement: Facilitate Indian-foreign institutional collaboration

5. ORANGE ECONOMY (AVGC Sector)

Animation, Visual Effects, Gaming & Comics (AVGC) Expansion

Market Need: 2 million professionals required by 2030

Initiative: Support Indian Institute of Creative Technologies, Mumbai

Action: Establish AVGC Content Creator Labs in:

• 15,000 secondary schools
• 500 colleges

6. DESIGN SECTOR DEVELOPMENT

Challenge: Shortage of Indian designers despite industry expansion

Proposal: Establish new National Institute of Design via challenge route Regional Focus: Eastern India (address geographic concentration)

7. HIGHER EDUCATION—UNIVERSITY TOWNSHIPS

Objective: Create integrated academic-industrial ecosystems

Initiative: Support 5 University Townships via challenge route

Location: Near major industrial and logistic corridors

Components:

• Multiple universities and colleges
• Research institutions
• Skill centres
• Residential complexes (planned academic zones)

8. GIRLS’ HOSTEL IN HIGHER STEM EDUCATION

Challenge: Prolonged study/lab hours pose difficulties for girl students

Solution: Establish 1 girls’ hostel per district

Financing: VGF (Viability Gap Funding) / capital support

9. ASTROPHYSICS & ASTRONOMY DEVELOPMENT

Immersive Experience Promotion: 4 telescope infrastructure upgrades/establishments

Facilities:

1. National Large Solar Telescope
2. National Large Optical-infrared Telescope
3. Himalayan Chandra Telescope
4. COSMOS2 Planetarium

10. TOURISM SECTOR EXPANSION

Context: Large potential for employment, forex earnings, local economy expansion

National Institute of Hospitality

Action: Upgrade National Council for Hotel Management & Catering Technology

Function: Bridge between academia, industry, government

Tourism Guide Upskilling Pilot

Scale: 10,000 guides at 20 iconic tourist sites Format: Standardized 12-week hybrid training course Partner: Indian Institute of Management

National Destination Digital Knowledge Grid

Objective: Digitally document culturally/spiritually/heritage-significant locations

Job Creation: Researchers, historians, content creators, technology partners

Sustainable Trekking & Hiking Infrastructure

Mountain Trails:

• Himachal Pradesh, Uttarakhand, Jammu & Kashmir
• Araku Valley (Eastern Ghats)
• Podhigai Malai (Western Ghats)

Turtle Trails:

• Coastal areas: Odisha, Karnataka, Kerala

Bird-Watching Trails:

• Pulikat Lake (Andhra Pradesh-Tamil Nadu border)

International Big Cat Alliance & Conservation

Context: Alliance established 2024 under PM’s leadership

Current Event: First-ever Global Big Cat Summit (2026) Participation: Heads of governments and ministers from 95 range countries Focus: Collective conservation strategies

11. HERITAGE & CULTURAL TOURISM DEVELOPMENT

Archaeological Sites Transformation: 15 sites into vibrant, experiential destinations

Key Sites: Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur, Leh Palace, and others

Approach:

• Open excavated landscapes to public via curated walkways
• Introduce immersive storytelling skills and technologies
• Enhance conservation labs, interpretation centres, guide training

12. SPORTS SECTOR TRANSFORMATION

Khelo India Mission (10-Year Vision)

Building on foundational Khelo India programme success

Mission Components:

Talent Development Pathway:

• Integrated system with multi-tier training centres
• Foundational, intermediate, elite-level training

Coaching & Support Infrastructure:

• Systematic coach development
• Professional support staff training

Sports Science & Technology Integration:

• Modern technology adoption
• Data-driven athlete development

Competition & League Structure:

• Regular competitions and leagues
• Sports culture promotion
• Performance platforms

Sports Infrastructure:

• Training facilities development
• Competition-standard venues

INCLUSIVE DEVELOPMENT INITIATIVES (Kartavya 3)

Three Focus Areas

1. Farmer Income Enhancement through productivity and entrepreneurship
2. Divyangjan Empowerment via livelihood and assistive technology access
3. Vulnerable Population Support for mental health and trauma care
4. Regional Focus: Purvodaya States and North-East acceleration

INCREASING FARMER INCOMES

1. FISHERIES SECTOR DEVELOPMENT

Integrated Reservoir Development:

• Develop 500 reservoirs and Amrit Sarovars
• Maximize aquaculture potential

Coastal Fisheries Value Chain:

• Strengthen supply chain infrastructure
• Enable market linkages with start-ups and women-led groups
• Fish Farmers Producer Organisations involvement

2. ANIMAL HUSBANDRY ENTREPRENEURSHIP

Comprehensive Support Programme:

Components:

1. Credit-Linked Subsidy Scheme
2. Livestock enterprise scaling and modernization
3. Integrated value-chain development (livestock, dairy, poultry)
4. Livestock Farmer Producers Organisations support

Benefit: Quality rural and peri-urban employment opportunities

3. HIGH-VALUE AGRICULTURE DIVERSIFICATION

Objective: Diversify output, boost productivity, enhance incomes, create employment

Coastal Area Focus:

• Coconut, sandalwood, cocoa, cashew
• Processing and value-addition opportunities

North-East Focus:

• Agar trees cultivation and value addition

Hilly Region Focus:

• Almonds, walnuts, pine nuts

Coconut Promotion Scheme

Context: India—world’s largest coconut producer; 30M people (10M farmers) dependent on coconuts

Objective: Enhance competitiveness and productivity

Mechanism: Old/non-productive tree replacement with new saplings/varieties in major producing states

Cashew & Cocoa Self-Reliance Programme

Goal: Dedicated cashew and cocoa development programme

Targets:

• Self-reliance in raw cashew and cocoa production/processing
• Export competitiveness enhancement
• Brand transformation: “Indian Cashew” and “Indian Cocoa” as premium global brands by 2030

Sandalwood Ecosystem Restoration

Heritage Link: Close connection to India’s social and cultural identity

Approach: Partner with State Governments for:

• Focused cultivation
• Post-harvest processing
• Ecosystem restoration

Walnut, Almond & Pine Nut Promotion

Strategy: Orchard rejuvenation and high-density expansion

Benefits:

• Enhanced farmer incomes
• Youth value-addition engagement in processing/marketing

4. BHARAT-VISTAAR (Virtually Integrated System to Access Agricultural Resources)

Technology: Multilingual AI tool

Integration: AgriStack portals + ICAR agricultural packages + AI systems

Farmer Benefits:

• Enhanced farm productivity
• Better decision-making support
• Risk reduction
• Customized advisory services

5. SHE-MARTS FOR RURAL WOMEN-LED ENTERPRISES

Building on: Lakhpati Didi Programme success (credit-led livelihoods)

Next Step: Transition from credit users to enterprise owners

Initiative: Self-Help Entrepreneur (SHE) Marts

Structure:

• Community-owned retail outlets
• Cluster-level federation integration
• Enhanced and innovative financing instruments

Impact: Scaled economic participation for rural women

EMPOWERING DIVYANGJAN (PERSONS WITH DISABILITIES)

1. DIVYANGJAN KAUSHAL YOJANA (Skills Programme)

Opportunity Sectors:

• IT sector (task-oriented roles)
• AVGC (Animation, Visual Effects, Gaming, Comics)
• Hospitality
• Food & Beverages

Approach: Industry-relevant, customized training per divyang group type

Outcome: Dignified livelihood opportunities aligned with capabilities

2. DIVYANG SAHARA YOJANA (Support for Assistive Devices)

Recognition: Timely access to quality assistive devices is fundamental need

ALIMCO Scaling (Artificial Limbs Manufacturing Corporation of India)

Measures:

• Scale up assistive device production
• Invest in R&D and AI integration
• Improve accessibility and functionality

Assistive Technology Marts

Concept: Modern retail-style centres for browsing and purchase

Target Users: Divyangjans and senior citizens

Features:

• See, try, purchase assistive products
• Strengthen PM Divyasha Kendras
• Technology-enabled service delivery

MENTAL HEALTH & TRAUMA CARE STRENGTHENING

1. NIMHANS-2 in North India

Gap: No national institutes for mental healthcare in north India

Action: Establish NIMHANS-2 facility

2. Regional Apex Institution Upgrades

Facilities:

• Upgrade National Mental Health Institute, Ranchi
• Upgrade National Mental Health Institute, Tezpur

Designation: Regional Apex Institutions

3. Emergency & Trauma Care Centre Expansion

Challenge: Unexpected expenses burden poor and vulnerable families

Solution: Strengthen and expand Emergency and Trauma Care Centres

Scale: 50% capacity increase in District Hospitals

FOCUS ON PURVODAYA STATES & NORTH-EAST REGION

PURVODAYA (Eastern Region) DEVELOPMENT

East Coast Industrial Corridor:

• Integrated corridor development
• Well-connected node at Durgapur

Tourism Destinations:

• Create 5 tourism destinations across 5 Purvodaya States

Electric Mobility:

• Provision of 4,000 e-buses for sustainable urban transport

BUDDHIST CIRCUIT DEVELOPMENT IN NORTH-EAST

Regional Context: Civilizational confluence of Theravada and Mahayana/Vajrayana traditions

Scheme Coverage: Arunachal Pradesh, Sikkim, Assam, Manipur, Mizoram, Tripura

Components:

1. Temple and monastery preservation
2. Pilgrimage interpretation centres
3. Connectivity infrastructure
4. Pilgrim amenities development

Impact: Cultural preservation, religious tourism, employment

FISCAL MANAGEMENT & BUDGET ALLOCATIONS

16th Finance Commission Implementation

Submission Date: 17 November 2025 to President

Government Action: Accepted Commission recommendation to retain vertical devolution share at 41%

Finance Commission Grants FY2026-27: ₹1.4 lakh crore

Grant Composition:

• Rural Local Body Grants
• Urban Local Body Grants
• Disaster Management Grants

FISCAL CONSOLIDATION STRATEGY

Debt-to-GDP Ratio Management

Target: 50±1% by 2030-31

Progress:

• BE 2026-27: 55.6% of GDP (vs. 56.1% in RE 2025-26)
• Declining trajectory frees resources for priority spending
• Reduces interest payment outgo

Fiscal Deficit Control

Achievement: Met FY2021-22 commitment—fiscal deficit below 4.5% by 2025-26

Status:

• FY2025-26 (RE): 4.4% of GDP
• FY2026-27 (BE): 4.3% of GDP

Trend: Strengthened fiscal prudence path toward debt consolidation

BUDGET ESTIMATES & FINANCING

Revised Estimates 2025-26

Non-Debt Receipts: ₹34 lakh crore

• Centre’s Net Tax Receipts: ₹26.7 lakh crore

Total Expenditure: ₹49.6 lakh crore

• Capital Expenditure: ~₹11 lakh crore

Budget Estimates 2026-27

Non-Debt Receipts: ₹36.5 lakh crore Total Expenditure: ₹53.5 lakh crore Centre’s Net Tax Receipts: ₹28.7 lakh crore

FINANCING THE FISCAL DEFICIT (2026-27)

Primary Financing Source:

• Net market borrowings (dated securities): ₹11.7 lakh crore

Secondary Financing Sources:

• Small savings allocations
• Other revenue sources

Gross Market Borrowings: ₹17.2 lakh crore

SUMMARY: KEY BUDGET PILLARS

Pillar	Focus	Outcome
Kartavya 1	Accelerate economic growth	Manufacturing scales, infrastructure builds, financial stability
Kartavya 2	Fulfill aspirations & capacity	25 crore from poverty; Services sector leadership; Skills ecosystem
Kartavya 3	Inclusive prosperity	Farmer income growth; Divyangjan empowerment; Mental health; Regional development

Budget Theme: Youth-driven, reform-oriented, growth-focused, and inclusively transformative