Union Budget 2026: As India gears up for the Union Budget 2026, sources told ET NOW that the Ministry of Electronics and Information Technology (MeitY)
is seeking duty rationalisation in the upcoming Budget to boost domestic electronics manufacturing. This comes on the back of India making strides to build its own electronics industry, attracting big investments and boosting local production. The country is aiming to become a global hub for electronics manufacturing. To boost domestic manufacturing and bolster India’s participation in global supply chains, the government in 2020 launched the production linked incentive (PLI) scheme. It offers financial incentives linked to incremental production and sales across sectors ranging from mobile phones, electronics, pharmaceuticals, textiles to drones. Meanwhile, sources said that MeitY has also put forward other key proposals in the Budget. These are as follows: – The Ministry of Electronics and Information Technology has sought duty rationalisation on display assemblies. – Proposal has been sent to the Finance Ministry for consideration. – The IT Ministry has endorsed industry demand to reduce basic customs duty on display assemblies to 5% – Industry has recommended NIL duty on parts and inputs. – Industry has urged cutting duty on audio components to 10%. – Issues linked to inverted duty structure are likely to be addressed. — The Ministry believes inconsistent duty structures discourage manufacturing. — Duty rationalisation is seen as a boost for domestic industry amid tariff-related disruptions.
Finance Minister Nirmala Sitharaman will be presenting the Union Budget for 2026-27 in the Parliament on Sunday, February 1. This will be her ninth Budget presentation, just one short of the record 10 budgets presented by former Finance Minister Morarji Desai.
A Union Budget is the financial statement of the government. It presents the proposed revenues and expenditures over the specific fiscal year.
The Budget session of Parliament is scheduled to begin on January 28, with President Droupadi Murmu addressing members of both the Lok Sabha and Rajya Sabha in the Lok Sabha chamber. According to the provisional calendar issued by the Lok Sabha Secretariat, the House will also meet on January 29, ahead of the General Budget presentation on February 1.
In a circular issued on January 16, 2026, the NSE informed all trading members that live trading sessions will be conducted on Budget Day as per the regular market timings, despite it being a Sunday.
The government had earlier in a post on social media asked citizens to share their suggestions for the Budget process by participating under #MyGov initiative and share ideas, view points that reflect people’s aspirations and help in strengthening inclusive growth and national progress for a stronger India.
