Defense Budget Allocation
The Union Budget 2026 showcased a substantial increase in defense spending. The total defense budget reached Rs 7.85 lakh crore, a significant allocation
reflecting the government's commitment to national security. Within this, Rs 2.19 lakh crore was specifically earmarked for modernisation efforts. This signifies a strategic focus on enhancing the capabilities of the armed forces through advanced equipment and technology. The substantial investment in defense indicates a proactive approach to addressing the evolving security landscape and ensuring the country's preparedness.
Health Sector Updates
The health sector also received notable attention in the Union Budget 2026. A significant announcement was the waiver of customs duty on drugs used to treat cancer and rare diseases. This move is expected to make these essential medicines more accessible and affordable for patients, particularly benefiting those facing critical health challenges. This initiative underscores the government's commitment to improving healthcare accessibility and affordability for all citizens. Furthermore, the budget highlighted other key health sector updates, indicating a comprehensive approach to strengthening the healthcare infrastructure and services.
Income Tax Reforms
The Union Budget 2026 introduced updates to the income tax regime for the fiscal year 2026-27. This included details on the new and old tax regimes, including the latest income tax slabs and rates. The government's goal was to clarify the financial implications for taxpayers. These changes aimed to streamline the tax process and provide clarity on financial obligations. Taxpayers were encouraged to assess their financial positions and select the regime that best suited their situation. Understanding the tax slabs and rates was crucial for planning and managing finances effectively.
Semiconductor Mission 2.0
FM Sitharaman launched 'India Semiconductor Mission 2.0' as part of the Union Budget 2026. This initiative is designed to bolster the country's semiconductor manufacturing capabilities and promote technological advancement. The mission aims to establish a robust ecosystem for semiconductor design, manufacturing, and research within India. This strategy intends to lessen dependency on foreign imports and foster domestic innovation in this crucial technology. The mission highlighted the government's forward-thinking approach to technological self-reliance and economic growth.
