India is set for one of its most important annual policy events as the Union Budget 2026-27 will be presented on 1 February 2026. The Budget outlines the Central Government’s financial roadmap for the coming fiscal year and has far-reaching implications for economic growth, taxation, welfare schemes, infrastructure spending and inflation. This year’s Budget carries added significance as it will be presented on a Sunday, marking a first in India’s parliamentary history, and comes at a time when policymakers are balancing growth, fiscal consolidation and social sector priorities.
What Is the Union Budget of India?
- The Union Budget, constitutionally termed the Annual Financial Statement, is presented under Article 112 of the Indian Constitution.
- It provides a detailed account of the estimated receipts and expenditure of the Central Government for a financial year, which runs from 1 April to 31 March.
- Unlike many countries, India’s Budget is deliberated, debated and approved by Parliament, reinforcing democratic oversight over public finances.
It includes multiple documents such as,
- The Finance Bill
- Budget Estimates
- Taxation proposals
- Department-wise receipts and expenditure
These documents collectively signal the government’s policy priorities and fiscal strategy.
Union Budget 2026-27: Date and Time
The Nirmala Sitharaman, Union Finance Minister of India, will present the Union Budget 2026–27 on,
- Date: 1 February 2026
- Time: 11:00 AM
- Venue: Parliament, New Delhi
The timing was officially confirmed by Om Birla, Speaker of the Lok Sabha.
Budget Session of Parliament 2026
- The Budget Session of Parliament will begin on 28 January 2026 and continue until 2 April 2026, as announced by Kiren Rijiju, Union Parliamentary Affairs Minister.
- The session will be conducted in two phases. The first phase will conclude on 13 February 2026, followed by a recess.
- The second phase will commence on 9 March 2026 and continue until 2 April 2026.
- During the recess, Department-related Parliamentary Standing Committees will examine the Budget proposals in detail, ensuring legislative scrutiny of allocations and policy measures.
- The session will formally begin with the President’s address, delivered by Droupadi Murmu, setting the tone for parliamentary business.
When Did the Budget-Making Process Begin for 2026?
- The Budget preparation process for FY 2026-27 began in August 2025.
- It starts with the Budget Circular, where ministries are asked to estimate revenues and expenditures.
- This is followed by consultations with ministries, economists, industry representatives and other stakeholders before finalisation.
What Is the Economic Survey?
- The Economic Survey is a detailed review of India’s economic performance during the ongoing financial year.
- It is usually presented one day before the Union Budget. While the Budget focuses on future plans, the Economic Survey analyses growth trends, sector wise performance, challenges and policy outcomes.
Importance of Union Budget
The Union Budget plays a critical role in shaping India’s economic direction. It defines,
- Fiscal policy, including taxation and borrowing
- Government spending on education, health, infrastructure and defense
- Measures influencing employment, inflation and growth
For households and businesses alike, Budget announcements affect income tax slabs, indirect taxes, subsidies and investment sentiment. For students and exam aspirants, it is a core topic linking economy, governance and public policy.
Significance of the Halwa Ceremony
- The Halwa Ceremony marks the final stage of Budget preparation.
- It is a tradition since the 1980s, where the Finance Minister thanks officials involved in drafting the Budget.
- After this ceremony, a lock-in period begins, during which officials remain confined to ensure Budget secrecy.
What to Watch Out for in Budget 2026–27
As Budget 2026-27 approaches, key areas likely to attract attention include,
- Allocation for education quality and infrastructure, as urged by experts
- Capital expenditure on infrastructure and manufacturing
- Fiscal deficit targets and revenue mobilization
- Social sector spending amid economic uncertainties
These elements will indicate how the government balances growth aspirations with fiscal discipline.
Where to Watch Union Budget 2026 Live
- The Budget speech will be broadcast live on Sansad TV, available on television as well as online platforms.
- In addition, the speech and all Budget documents will be streamed live on the official Union Budget portal: indiabudget.gov.in, making the process accessible to citizens, researchers and aspirants.