Current Affairs - Union Budget

Who presented Union Budget 2026-27 in Parliament

Nirmala Sitharaman

Mission launched to strengthen India's semiconductor ecosystem in Budget 2026-27

India Semiconductor Mission 2.0

Multilingual AI tool developed for agricultural systems under Budget 2026-27

Bharat-Vistar

Public Capital Expenditure (Capex) target for FY 2026-27

₹12.2 lakh crore (approx. 3.4% of GDP)

Number of critical medicines/drugs exempted from Basic Customs Duty in Budget 2026-27

17 medicines

Estimated total expenditure in Budget Estimates 2026-27

₹53.5 lakh crore

Vehicle type whose indigenous manufacturing is promoted to boost remote connectivity and tourism

Sea-plane

Number of 'Kartavyas' (duties) inspiring the budget prepared in Kartavya Bhavan

Three duties

Apex mental health institute to be established in North India modeled on Bengaluru's facility

NIMHANS-II

New strategy announced in Budget 2026-27 to make India a global biopharma manufacturing hub

Biopharma Shakti

Customs duty benefit provided on the import of raw materials for defence aircraft components

Exemption from Basic Customs Duty

Number of existing institutes upgraded under the 'Biopharma Shakti' strategy

7 institutes

Western city connected to Dankuni (East) for the new Dedicated Freight Corridor (DFC)

Surat

Number of dedicated chemical parks established on a 'Build and Operate' model

3 chemical parks

Component exempted when calculating excise duty on biogas-blended CNG

On the entire value of biogas

Number of 'University Townships' to be constructed via the challenge route in higher education

5 townships

Primary beneficiary group under the 'Mahatma Gandhi Gram Swaraj Initiative'

Weavers and village industries

Target global share in the services sector aimed by the 'Learning to Employment' committee

10%

Primary objective of the 'Infrastructure Risk Guarantee Fund'

To provide partial credit guarantee to lenders

Customs duty rate on fish caught by Indian vessels in the high seas (beyond 200 nautical miles)

Duty Free (0%)

Location of the WHO Global Centre for Traditional Medicine proposed for major upgrade

Jamnagar, Gujarat

Reduced Tax Collected at Source (TCS) rate on Tendu leaves

2% (reduced from 5%)

Revised threshold for Safe Harbour for IT services (increased from ₹300 crore)

₹2,000 crore

Grant made available to states on the recommendation of the 16th Finance Commission (Arvind Panagariya)

₹1.4 lakh crore

Revised fiscal deficit for FY 2025-26 as per Union Budget

4.4% of GDP

Safe Harbour margin set for software development services under Budget 2026-27

15.5%

Number of tourist guides targeted for skill upgrading across 20 tourist destinations

10,000 guides

Revised duty-free export limit for processing marine products (increased from 1% of FOB value)

3% of FOB value

Network target of accredited 'India Clinical Trials' sites to be created nationwide

More than 1,000 sites

Allocation made for Carbon Capture Utilization and Storage (CCUS) technologies over 5 years

₹20,000 crore

Proposed reduced TCS rate on the sale of overseas tour packages

2%

Estimated fiscal deficit for FY 2026-27 as a percentage of GDP

4.3% of GDP

Timeline within which the new Customs Integrated System will be launched

2 years

Number of new National Institute of Pharmaceutical Education and Research (NIPER) institutes established under Biopharma Shakti

3 new institutes

Government target for ensuring availability of veterinary doctors across livestock sectors

More than 20,000 doctors

Initiative launched to revitalize Khadi and handloom ecosystems

Mahatma Gandhi Gram Swaraj Initiative

Incentive provided on a single municipal bond issuance exceeding ₹1,000 crore

₹100 crore

Number of new All India Institutes of Ayurveda (AIIA) to be established under AYUSH

3 new institutes

Number of archaeological sites to be developed as experiential cultural destinations

15 sites

Number of electric buses (E-buses) planned for deployment across North-Eastern states

4,000 E-buses

New scheme announced for self-reliance in natural and synthetic textile fibers

National Fibre Scheme

Four target beneficiary pillars emphasized under 'Sabka Saath, Sabka Vikas' (GYAN)

Poor (Garib), Youth (Yuva), Farmers (Annadata), Women (Nari)

Exemption period on dividend income from investments made by Cooperative Federations

3 years

Five-year budget allocation for the 'Biopharma Shakti' initiative

₹10,000 crore

Agricultural crops targeted to be transformed into premium global brands by 2030

Indian Cashew and Cocoa

Five-year allocation for the Container Manufacturing Scheme to boost domestic freight containers

₹10,000 crore

Estimated Non-debt receipts in Budget Estimates 2026-27

₹36.5 lakh crore

Extended duty deferment period for Authorized Economic Operators (AEOs) in customs

30 days (increased from 15 days)

Target share of inland waterways and coastal shipping in freight mix by 2047 (increased from 6%)

12%