Nirmala Sitharaman's 9th Budget Soon, Focus On Reforms: 10 Points

Here's your 10-point cheat sheet to this big story

1. This year's Union Budget will break with a 75-year tradition. So far, most of the substance lay in Part A of the Budget speech, while Part B dealt with tax and policy announcements. This time, Sitharaman is expected to use Part B of her speech to unveil a detailed vision for India's economic future.

2. The finance minister is also expected to outline both short-term priorities and long-term goals in Part B of her Budget speech as India enters the second quarter of the 21st century, highlighting the country's local strengths and global ambitions. Ahead of the Budget presentation, markets opened in the red. Gold and silver futures also dropped six per cent on the Multi Commodity Exchange, deepening the shock from a historic two-day global meltdown.

3. India's economy has so far withstood punitive US tariffs imposed by President Donald Trump, with growth forecast at 7.4 per cent for the year ending March 31 with the help of government spending on infrastructure, and income and consumption tax cuts that boosted consumer spending.

4. The Union Budget 2026 is likely to give top priority to rural development, and development of the agriculture sector. The finance minister is expected to announce more funds for programmes to raise employment opportunities in rural areas, sources said on Saturday. 

5. The Rural Development Ministry has asked the Finance Ministry to increase the budget of the new employment guarantee scheme, 'Viksit Bharat - G Ram G' or VB-G Ram G, to Rs 1.51 lakh crore, or by 72 per cent. Last year, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) got a budget of Rs 86,000 crore.

6. Sitharaman had, in her first Budget in 2019, replaced the leather briefcase, which had been in use for decades for carrying Budget documents, with a traditional 'bahi-khata' wrapped in red cloth. This year's budget will be in paperless form, as done in the last four years.

7. The budgeted fiscal deficit, which is the difference between the government's expenditure and income, for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP). Having achieved a fiscal consolidation roadmap with a deficit below 4.5 per cent of GDP in fiscal 2026, the markets will keenly watch for direction on debt-to-GDP reduction.

8. The government's planned capital expenditure for this fiscal year is budgeted at Rs 11.2 lakh crore. It is likely to maintain its focus on capital expenditure in today's Budget, with a 10-15 per cent increase in the capex target from the current level, as private sector players remain cautious.

9. Further changes designed to draw more domestic private and foreign investment are expected in the Budget, including plans to make it much easier for foreign firms to invest in defence companies with existing licences, news agency Reuters reported.

10. The Union Budget 2026 comes against a complex backdrop. While domestic demand has held up and inflation has moderated from recent highs, global uncertainties - including geopolitical tensions, volatile commodity prices and uneven monetary easing by major central banks - continue to cloud the outlook.