Investors are expecting a cut in long-term capital gains for ease of trading. NDTV Profit's Ridhima Bhatnagar brings a report from Dalal street.

Budget 2026 To Focus On Defence, Capex, Infrastructure, Fiscal Discipline
NDTV Profit's Ridhima Bhatnagar shares more details @rahulkanwal @vishnundtv #BudgetWithNDTV #UnionBudget2026 #Budget2026 pic.twitter.com/wrN6Fv8bDc

— NDTV (@ndtv) February 1, 2026

Will the Finance Minister give the middle class a bigger zero tax window, or will the government hold back after last year's expensive overhaul? At the heart of the debate is Section 87A, the quiet lever that makes income up to Rs 12 lakh tax-free under the new regime. It is not just about slab rates. The rebate wipes out tax after the calculation is done, with marginal relief preventing a sudden spike for someone who crosses the threshold by a few hundred rupees. Any shift here can redraw the line between who pays tax and who does not.

Can the government stretch Section 87A so far that income up to fifteen lakh rupees lands in the zero tax zone. Some analysts say it is unlikely. Last year's tweak of slabs and rebates was projected to cost nearly one lakh crore rupees in direct tax revenue. With fiscal consolidation underway and a clear push to steer people into the new regime, another large giveaway may be difficult.

One move towards a larger rebate risks blurring the new regime's clean architecture. One move towards restraint risks angering a middle class battered by inflation and rising household costs.

ATF prices for domestic airlines were reduced by an average of Rs 929.63 per kilolitre month-on-month, translating to a cut of nearly 1%, according to data from oil marketing companies. Prices for international operations also declined, with rates falling by around $12 per kilolitre, or roughly 1.6%.

The reduction comes at a time when fuel accounts for 35-40% of an airline's operating costs, making ATF pricing a critical determinant of profitability and ticket pricing.

Cigarettes, pan masala, and other tobacco products have become costlier today onwards as the government's new tax structure, aiming to tighten regulation and keep tax levels high on these so-called 'sin goods', has kicked in. An additional excise duty will now be charged on the products, along with a new health and national security cess on pan masala.

These new levies will replace the earlier system under which the products were taxed at 28 per cent GST along with a compensation cess that has been in place since the launch of GST in July 2017.

According to the new rules, the excise duty will now range from Rs 2,050 to Rs 8,500 per 1,000 non-standard or uniquely designed cigarettes. It could even go up to Rs 11,000 in some categories - all based on the length and the variety of the cigarettes. Reports say that the short non-filter cigarettes (up to 65 mm) will have an excise duty of about Rs 2.05 per stick, while short filter cigarettes of the same length will be taxed higher around 2.10 per stick. The medium-length cigarettes will be taxed around Rs 4 per stick, and longer cigarettes around Rs 5.40 per stick.

The overall tax burden on cigarettes could reach 60 to 70 per cent from the previous 50 to 55 per cent.

President Droupadi Murmu feeds Union Finance Minister Nirmala Sitharaman the customary 'dahi-cheeni' (curd and sugar) ahead of her ninth consecutive Union Budget presentation.

President Droupadi Murmu feeds Union Finance Minister Nirmala Sitharaman the customary 'dahi-cheeni' (curd and sugar) ahead of her ninth consecutive Union Budget presentation.
📹: ANI/X#BudgetWithNDTV #UnionBudget2026 #Budget2026 pic.twitter.com/jELADsiq6X

— NDTV (@ndtv) February 1, 2026

Over the years, Union Finance Minister Nirmala Sitharaman's Budget day attire has always gained attention. Her colourful sarees with unique embroideries have told a different tale.

This year, she wore a handwoven Kanjivaram silk saree, honouring Tamil Nadu's age-old weaving legacy. It is a purple coloured kattam Kanjivaram, with light golden brown checks, aka kattam, and a coffee brown border with thread work.

Finance Ministry has done an excellent job in bringing the fiscal deficit down, says Economist Dr Rathin Roy as he shares his views with NDTV's Editor-in-Chief Rahul Kanwal.

"Finance Ministry has done an excellent job in bringing the fiscal deficit down" : Economist Dr Rathin Roy (@EmergingRoy) shares his views with NDTV's Editor-in-Chief @rahulkanwal
#BudgetWithNDTV #UnionBudget2026 #Budget2026 pic.twitter.com/qLl3t8aAPT

— NDTV (@ndtv) February 1, 2026

Union Finance Minister Nirmala Sitharaman, along with her team, meets President Droupadi Murmu before presenting her ninth consecutive Union Budget.

#WATCH | Finance Minister Nirmala Sitharaman, along with her team, calls on President Droupadi Murmu before presenting her ninth consecutive Union Budget
Video credit: ANI/X#Budget2026 #UnionBudget2026 pic.twitter.com/XGC5cNgKch

— NDTV (@ndtv) February 1, 2026

"We are all looking forward to hearing what the Finance Minister has to tell us. The Economic Survey projects good economic growth... Whether that growth is going to be accompanied by jobs? Jobless growth doesn't help anyone. So, we are anxious to see what kind of schemes they have in mind to generate more jobs in this country for young people of India": Congress MP Shashi Tharoor on Union Budget 2026.

"We are all looking forward to hearing what the Finance Minister has to tell us. The Economic Survey projects good economic growth... Whether that growth is going to be accompanied by jobs? Jobless growth doesn't help anyone. So, we are anxious to see what kind of schemes they… pic.twitter.com/tE7kgEYrIP

— NDTV (@ndtv) February 1, 2026

Gold and silver prices crashed six per cent each on the Multi Commodity Exchange on Sunday, deepening the shock from a historic two-day global meltdown that wiped out decades of accumulated froth in precious metals. 

The fall has collided with Budget day speculation over import duties and left traders scrambling for cues that could decide whether this correction turns into a buying window or fresh pain for India's jewellery trade.

Silver prices had plunged as much as 37% intraday on Friday, while gold had tumbled 12% in the spot market. The drop in gold was the biggest single session decline since the early nineteen-eighties, and the slide in silver was the steepest ever recorded. The deeper collapse overseas came after Indian equities had shut for trading, leading to a sharp gap down at the open on MCX.

Gold now trades at Rs 1.4 lakh per ten grams while silver sits at Rs 2.74 lakh per kilogram. MCX shares opened nine per cent lower as exchange-linked volatility rippled across the market.

2025 was the year for the middle-class, and this year is going to be for MSMEs and exports, says Rohit Mahajan, Founder and Managing Director, plutos ONE.

#BudgetWithNDTV | "2025 was the year for the middle-class and this year is going to be for MSMEs and exports": Rohit Mahajan (@rohitmahajan_), Founder & Managing Director – plutos ONE#Budget2026 #UnionBudget2026 @PadmajaJoshi @Vasudha156 pic.twitter.com/FVvHIlNHPo

— NDTV (@ndtv) February 1, 2026

Former Tech Mahindra CEO and Co-Founder and Vice Chairman of AI firm AIONOS, CP Gurnani said the Survey brilliantly captures India's AI momentum with India's world-class talent, diverse data assets and smart pivot to bottom-up innovation with smaller, domain-specific models that fit India's reality perfectly.

"India's way forward is exciting, which is to leverage our engineering strength to create affordable, human-centric AI that solves local challenges first, then scales globally. This positions us not just as participants, but as leaders in the next wave of meaningful innovation," Gurnani said.

Hitachi Group IT firm GlobalLogic sees the Union Budget as a pivotal moment to move from digital-first to intelligence-first infrastructure.

"The progress made in AI, data platforms, and digital public infrastructure has laid a strong foundation; the next opportunity lies in scaling this intelligence into the physical world," GlobalLogic , Vice President and head for Asia Pacific, Piyush Jha said.

#WATCH | Delhi: Finance Minister Nirmala Sitharaman heads to Rashtrapati Bhawan to call on President Droupadi Murmu before presenting her 9th Union Budget
Video credit: ANI/X#Budget2026 #UnionBudget2026 pic.twitter.com/vGHBoN3mwB

— NDTV (@ndtv) February 1, 2026

Markets open marginally lower ahead of the Union Budget 2026 presentation.

Markets Open Marginally Lower Ahead Of Nirmala Sitharaman's Ninth Budget@tamannainamdar @_nirajshah#BudgetWithNDTV #UnionBudget2026 #Budget2026 pic.twitter.com/OclszBdMie

— NDTV (@ndtv) February 1, 2026

Taxpayers want the government to lift the long-term capital gains threshold on equity and equity mutual funds from Rs 1.25 lakh to at least Rs 2 lakh, arguing the current limit punishes genuine long-term investors.

Small investors under the new tax regime want the 87A rebate expanded, so they do not lose tax relief simply because they invested in equities or mutual funds.

Association of Mutual Funds in India (AMFI) has demanded that the 87A rebate apply up to Rs 12 lakh of total income, including capital gains, to align the new regime with middle-class income realities.

Finance Minister Nirmala Sitharaman, along with her team, with the Budget tablet outside the Ministry of Finance. She will present her ninth consecutive budget speech at 11 am.

Finance Minister Nirmala Sitharaman along with her team with the Budget tablet outside the Ministry of Finance
She will present the #UnionBudget2026 today at around 11 AM in Lok Sabha#BudgetWithNDTV #Budget2026 pic.twitter.com/GVsszdX6Hu

— NDTV (@ndtv) February 1, 2026

Subscribers of the Atal Pension Yojana are hoping for a higher monthly pension in the Budget 20260. Centre says a hike would raise subscription costs and add pressure on low-income workers.

APY pensions are capped between Rs 1,000 and Rs 5,000 a month, a slab unchanged since the scheme launched in 2015. With inflation rising, expectations of a revision have grown, especially after the cabinet cleared the continuation of APY up to FY 2030-31 on January 21. The extension includes government support for promotion, development and gap funding. The scheme now has 8.66 crore subscribers as of January 19, 2026.

However, the government last stated in December that it is not planning any increase for now. Minister of State for Finance Pankaj Chaudhary told Parliament that raising pensions would force higher contributions and strain subscribers who already operate on tight budgets. The official line is to keep the existing terms unchanged.

It's going to be a 'GITA Budget' where G stands for Growth, I for Infrastructure, T for Technology Investments, and A for Aatmanirbhar Bharat, says BJP spokesperson Shehzad Poonawalla.

#BudgetWithNDTV | What to expect from #UnionBudget2026?
"It's going to be a 'GITA Budget' where G stands for Growth, I for Infrastructure, T for Technology Investments, and A for Aatmanirbhar Bharat": BJP spokesperson Shehzad Poonawalla (@Shehzad_Ind)#Budget2026 @PadmajaJoshi… pic.twitter.com/b7Y2DEs1Ki

— NDTV (@ndtv) February 1, 2026

Railway stocks are in focus amid expectations of a double-digit jump in the sector's budgetary allocation. The anticipation comes after three years of muted growth, and with railways already utilising more than 80 per cent of this year's capital outlay.

IRFC, RVNL, IRCON, IRCTC, Titagarh Rail Systems and Jupiter Wagons are all in focus as analysts peg FY27 allocation growth at 5 to 10 per cent. Any number above this will be treated as a positive surprise that could re-rate the pack.

Brokerages expect the spotlight to shift toward capacity expansion, rolling stock additions and safety upgrades. Some estimates see gross budgetary support at Rs 2.65 lakh crore, while the most bullish forecasts touch Rs 2.8 lakh crore. Safety systems like Kavach, station upgrades, decongestion through track doubling and the push on the bullet train corridor are expected to dominate.

Bajaj Broking expects a sharper focus on station modernisation and faster project execution. MOFSL sees an 8 to 10 per cent rise in capex. Axis Securities is more upbeat at 15 per cent.

With electrification near completion, capital is now likely to be channelled toward new lines, gauge conversions, Dedicated Freight Corridor expansion and port-linked economic corridors. The broader policy goal remains lowering logistics costs, which continue to sit above the 6 to 7 per cent benchmark in advanced economies.

Higher allocations would lift the entire value chain from consultancies and EPC players to equipment suppliers. Beneficiaries of safety spending include Kavach providers such as HBL Engineering, Kernex Microsystems, Siemens and CG Power through GG Tronics. The railways ministry is already working on an 18,000 km tender for Kavach 4.0.

Any push on train modernisation would boost coach manufacturers, including BEML, BHEL, Siemens and Titagarh Rail Systems.

Choice International says allocations near Rs 2.8 lakh crore would signal a strong commitment to infrastructure.

The fiscal deficit, the gap between government expenditure and revenue, is closely monitored by stock markets. A high deficit may necessitate increased borrowing, raising inflation and interest rates, which can negatively impact businesses. A lower deficit is viewed as a sign of fiscal prudence, generally boosting investor confidence.

Finance Minister Nirmala Sitharaman will present a statement of the estimated receipts and expenditure of the Government of India for the year 2026-27.

She will also lay on the table two statements under section 3(1) of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003:

Union Budget 2026 will focus on certain sectors - defence, railways, urban infrastructure, manufacturing, automobile, education, and AI, says Economist Kailash Adhikari.

#BudgetWithNDTV | "This budget will focus on certain sectors - defence, railways, urban infrastructure, manufacturing, automobile, education, and AI": Economist Kailash Adhikari (@KAdhikaari)#Budget2026 #UnionBudget2026 @PadmajaJoshi @Vasudha156 pic.twitter.com/rIABB1bES7

— NDTV (@ndtv) February 1, 2026

#BudgetWithNDTV | What to expect from #UnionBudget2026?
Economist Prof. Amir Ullah Khan decodes#Budget2026 @PadmajaJoshi @Vasudha156 pic.twitter.com/02PK2IZyvB

— NDTV (@ndtv) February 1, 2026

Finance Minister Nirmala Sitharaman arrives at Kartavya Bhavan. She is set to present her ninth consecutive budget speech under the leadership of Prime Minister Narendra Modi.

#WATCH | #UnionBudget2026: Finance Minister Nirmala Sitharaman arrives at Kartavya Bhawan
Video credit: ANI/X#Budget2026 pic.twitter.com/VG83kIdUtE

— NDTV (@ndtv) February 1, 2026

Union Finance Minister Nirmala Sitharaman leaves from her residence for the Ministry of Finance, ahead of the presentation of the Union Budget 2026 today.

Finance Minister Nirmala Sitharaman is set to present the Railway Budget 2026 as part of the Union Budget today, with expectations centred on safety upgrades, passenger-friendly measures and capacity expansion. Recent accidents have kept rail safety in focus. Expectations are also there for the Budget to address passenger demands, such as senior citizen concessions and more modern trains.

Here's what passengers are likely to watch out for in the Railway Budget:

What makes Union Budget 2026 unique? NDTV's Padmaja Joshi brings you the in-depth analysis.

#BudgetWithNDTV | #UnionBudget2026: What makes this budget unique?
NDTV's @PadmajaJoshi brings you the in-depth analysis#Budget2026 pic.twitter.com/PEPeZdZ3wm

— NDTV (@ndtv) February 1, 2026

ITC investors have taken a gut punch. Nearly Rs 1 lakh crore has evaporated from the company's market value in a month as the stock plunged close to 20 per cent after the sharp cigarette tax hike unveiled in late December. The wipeout has turned this usually dependable defensive giant into one of the hottest Budget conversations, with the street desperate for clarity on where tobacco taxation goes next.

The sell-off has been fast and unforgiving because the trigger is pure policy. Cigarettes remain ITC's profit backbone, and the government's decision to overhaul the tobacco tax structure has forced analysts to slash near-term earnings expectations almost overnight.

Under the new regime, excise duties now range from Rs 2,050 to Rs 8,500 per 1,000 sticks alongside a 40 per cent GST from February 1, 2026. The jump has pushed the overall tax load sharply higher and reignited familiar fears around shrinking demand, tighter margins and a potential spike in illegal trade.

Most analysts argue the correction says more about the tax shock than about any flaw in ITC's fundamentals. Vincent KA of Geojit Investments says the steep excise hike explains the slide and expects ITC to raise prices in phases to protect profitability, a strategy it has long relied on. But he warns that price actions may hurt volumes until the market adjusts.

With uncertainty swirling around taxation and stock trading far below its recent highs, Budget day carries a direct question for investors. Will the government steady the tobacco tax framework or leave ITC navigating fresh volatility in the months ahead?

Foreign institutional investors pulled Rs 19 billion in 2025 and another Rs 4 billion in the first month of 2026, a steady exodus that has rattled a market already struggling with currency weakness and post-tax returns that appear thin next to risk-free yields in developed economies. This backdrop has turned the Budget into a high-stakes moment, with investors hoping the Finance Minister delivers a framework that restores confidence in India as a long-term destination for foreign money.

"This Budget comes at a very crucial juncture as far as markets are concerned," says Nimesh Chandan, Chief Investment Officer at Bajaj Finserv Asset Management Limited. "The most important area to watch will be the steps the Finance Minister takes to attract durable FDI, and FPI flows into the economy."

Reports indicate that the government is examining targeted tax relief for foreign portfolio investors. Jefferies says such a move "could be a positive for equities" and serve as a tailwind for cash markets, although the firm stresses it is not its base case.

After ramping up central capital expenditure (CapEx) to about Rs 11.2 lakh crore in the last Budget, the government now faces a sharper trade-off: keep pushing big-ticket infrastructure spending to sustain growth, or tap the brakes to reinforce its fiscal consolidation narrative and reassure bond markets. Whether Finance Minister Nirmala Sitharaman chooses another year of aggressive capex or signals a more cautious, consolidation-first path today will be read as a clear statement of how the government plans to balance jobs, demand and debt in the run-up to the next phase of the fiscal roadmap

India's employment paradox, too many people stuck in low‑productivity farm work and too little in modern, wage‑rich sectors, lies at the core of wage stagnation, rural distress and weak mass consumption, making it imperative for Finance Minister Nirmala Sitharaman to put labour‑absorbing growth, MSME credit and compliance easing, faster payments, and employment‑linked incentives at the heart of its strategy.

Can Budget 2026 really stretch the Section 87A rebate so far that income up to Rs 15 lakh becomes tax-free under the new regime, or has the government already spent most of its room for generosity? The clamour for higher relief has grown with inflation and rising household costs. Tax experts still warn that last year's big rejig of slabs and rebates, which was expected to cost nearly Rs 1 lakh crore in direct-tax revenue, makes another hefty bump in the 87A limit fiscally hard to justify, especially when New Delhi is also trying to simplify the system and quietly steer taxpayers away from the old regime.

SBI, HDFC Bank, ICICI Bank, and PNB are revising charges and card benefits, including changes to IMPS transactions, reward points, and KYC updates. When it comes to SBI, the service charge will be Rs 2 plus GST for online SBI IMPS transactions above Rs 25,000 and up to Rs 1 lakh - applied from February 15. A fee of Rs 6 plus GST will be applied on transactions between Rs 1 lakh and Rs 2 lakh. And Rs 10 plus GST will be applied on online IMPS transactions from Rs 2 lakh and up to Rs 5 lakh.

HDFC Bank has announced to revise the credit card reward points criteria for its Infinia metal credit card. On its website, it noted, "With effect from February 1, 2026, reward points on your Infinia credit card can be redeemed up to a maximum of five times per month."

On the other hand, Punjab National Bank (PNB) has asked the customers to update their KYC information in accordance with RBI guidelines by February 2.

What could be in store for poll-bound West Bengal and Tamil Nadu? What are people expecting? NDTV's Manogya Loiwal and Vijayagopal Muralidharan bring you these ground reports.

#BudgetWithNDTV | #UnionBudget2026: What could be in for poll-bound West Bengal and Tamil Nadu?
What are people expecting?
NDTV's @manogyaloiwal and @DharanVija47684 bring you these ground reports #Budget2026 pic.twitter.com/dX81JhJHfM

— NDTV (@ndtv) February 1, 2026

With imported bullion still under the scanner for its impact on the rupee and the current account, any call on customs duty today will decide whether this correction turns into a buying opportunity for households or fresh pain for India's jewellery trade and bullion speculators.

As Finance Minister Nirmala Sitharaman rises to present the Union Budget, all eyes will be on whether she sticks to the promised 4.4 per cent deficit glide path for 2025‑26 or rewrites the fiscal math to buy more room for growth‑boosting spending

After the first Union Budget of independent India was tabled by Finance Minister RK Shanmukham Chetty on November 26, 1947, the budgetary process gradually evolved, setting the stage for a landmark change in how the document was presented.

The turning point came with the Union Budget of 1955, presented under then Finance Minister CD Deshmukh. For the first time, the Budget was printed in both English and Hindi, a historic moment in India's parliamentary and administrative history. It was to make the Budget accessible to a much wider section of the population.

India's first Union Budget was presented on April 7, 1860, by James Wilson, the finance member of the Indian Council and the founder of The Economist newspaper. At that time, the country was under British colonial administration.

The Budget was introduced against the backdrop of severe financial stress faced by the British government after the First War of Indian Independence in 1857, also known as the Sepoy Mutiny.

Following the failed rebellion, Queen Victoria sent James Wilson to India with a clear mandate to overhaul the financial system. His task was to stabilise government finances by creating a structured taxation framework and introducing a paper currency system. As part of these reforms, Wilson introduced income tax in India, a levy that continues to be one of the government's most important sources of revenue even today.

A fiscal deficit occurs when the government's total spending exceeds its revenue, excluding borrowings. It indicates the extent to which the government relies on borrowing.

Revenue deficit is the gap between revenue expenditure and revenue receipts. It reflects how much the government's routine expenses exceed its regular income.

Fiscal policy includes government decisions on taxation and public spending aimed at managing economic growth, employment, and stability. These choices are reflected directly in the Union Budget.

A direct tax is imposed directly on individuals or entities and cannot be shifted to another party. Income tax and corporate tax are examples.

Indirect taxes are levied on goods and services but are ultimately borne by consumers. Examples include excise duty and customs duty.

Inflation refers to a sustained rise in the overall prices of goods and services in the economy. When inflation increases, the purchasing power of money declines. The inflation rate measures how quickly prices are rising over a period of time.

This year's Union Budget is set to break with a 75-year tradition. Finance Minister Nirmala Sitharaman is expected to use Part B of her speech to unveil a detailed vision for India's economic future, sources told NDTV.

In past Union Budgets, most of the substance lay in Part A, while Part B was confined to tax and policy announcements.

This time, Part B is expected to outline both short-term priorities and long-term goals as India enters the second quarter of the 21st century, highlighting the country's local strengths and global ambitions, sources said.

Nirmala Sitharaman was born on August 18, 1959, in Madurai, Tamil Nadu, to K Sitharaman and K Savitri. She completed her schooling and bachelor's degree in economics from Seethalakshmi Ramaswamy College, Tiruchirappalli. She earned her Master's degree in Economics from Jawaharlal Nehru University, New Delhi. She pursued an MPhil in Economics through the International Trade Department at JNU's School of International Studies.

She moved to London and worked as an assistant to an economist at the Agricultural Engineers Association, and later at Pricewaterhouse. In London, she also briefly worked with BBC World Service.

Upon returning to India, she became Deputy Director of the Centre for Public Policy Studies in Hyderabad, which she founded in 1992. In 1997, she founded Pranava, a school in Hyderabad focused on child-centric education and experiential learning.

To accommodate the Sunday Budget, stock exchanges NSE and BSE have announced special trading sessions. The NSE circular said that the pre-open market will operate from 9 am to 9:08 am, followed by normal trading from 9:15 am to 3:30 pm.

The BSE issued a similar notice, declaring the day as a "special trading day" with regular market hours. 

The Union Budget can significantly affect the Indian rupee, both in the short term and over the longer run.

One of the first things markets look for in the Budget is the fiscal deficit, the gap between what the government earns and what it spends. If there is a lower deficit, it boosts investor confidence and supports the rupee, while a higher-than-expected deficit worries markets and weakens the rupee.

Another reason is the tax changes. Measures such as higher capital gains taxes can impact foreign investment flows. Investor-friendly policies tend to attract foreign capital and strengthen the rupee, while higher taxes or not-so-friendly policies can lead to outflows, which can weaken the currency.

Until 2016, India followed a British-era practice of presenting the Budget on the last working day of February. The problem was that the financial year starts on April 1, which meant ministries, businesses, and taxpayers had very little time to act on the new policies and tax rules.

By the time the Budget was approved and put into action, the new financial year had already started. As a result, many government plans and policies couldn't begin on time and were delayed.

In 2017, Finance Minister Arun Jaitley presented the Budget for the first time on February 1. Since then, the government has kept the early date. The objective is to give everyone more time to plan before the new fiscal year begins.

The Union Budget is the annual financial plan of the government, serving as a blueprint for the fiscal year. The Budget Division, a part of the Department of Economic Affairs under the Ministry of Finance, is responsible for preparing the Budget, which predicts economic conditions and introduces new policies and schemes.

The Budget is made through a structured process involving different government bodies such as ministries, the Reserve Bank of India (RBI), NITI Aayog, and the Finance Ministry.