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Budget Express 2026

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Ishaan Gera

Associate Editor

Moneycontrol

FM Sitharaman's ninth Budget in nine charts

BUSINESS

FM Sitharaman's ninth Budget in nine charts

Capex is set to rise by double digits for yet another year, as defence, science take centre stage

Space, telecom and science see capex boost in FY27; steel, atomic energy and petroleum face sharp cuts

BUSINESS

Space, telecom and science see capex boost in FY27; steel, atomic energy and petroleum face sharp cuts

The Department of Science and Technology (DST) has seen a sixfold increase in capex to Rs 20,085 crore in FY27, compared with just Rs 3,083 crore in FY26 (RE)

Sensex posts worst Budget-day fall in 6 years

BUSINESS

Sensex posts worst Budget-day fall in 6 years

The benchmark Sensex fell 2% on Budget day, closing at 80,722.94

Defence Budget gets a double digit boost to Rs 5.9 lakh crore post Operation Sindoor

BUSINESS

Defence Budget gets a double digit boost to Rs 5.9 lakh crore post Operation Sindoor

Over the past decade, the defence Budget has nearly doubled, reflecting a steady push towards modernisation, indigenisation and higher operational readiness

Finance Minister sets Debt to GDP ratio for FY27 at 55.6 percent in Budget

BUSINESS

Finance Minister sets Debt to GDP ratio for FY27 at 55.6 percent in Budget

India’s debt to GDP ratio was below 50 percent in FY19, but rose to 51.9 percent in FY20 and further to 62 percent during the pandemic

FM Sitharaman increases India’s capex to Rs 12.2 lakh crore in FY27 Budget

BUSINESS

FM Sitharaman increases India’s capex to Rs 12.2 lakh crore in FY27 Budget

The Budget estimate is broadly in line with the Moneycontrol poll of 20 economists, which had projected nominal GDP growth of 10.1 percent and capital spending of Rs 12 lakh crore in the coming fiscal

GST collections at 3-month high of Rs 1.93 lakh crore, up 6.2% in January

BUSINESS

GST collections at 3-month high of Rs 1.93 lakh crore, up 6.2% in January

Domestic transactions accounted for Rs 1.41 lakh crore, up 4.8 percent

What the Economic Survey reveals about the Budget’s direction

BUSINESS

What the Economic Survey reveals about the Budget’s direction

The Survey outlines a tiered framework that distinguishes between high-urgency sectors requiring rapid domestic scale-up—such as fertiliser inputs, APIs, power electronics and telecom equipment—and strategic core areas like battery cells, magnets and solar wafers, where vulnerability reduction rather than full substitution is the objective

Southern states gain heft in urban CPI as UP’s share declines in revised inflation basket

ECONOMY

Southern states gain heft in urban CPI as UP’s share declines in revised inflation basket

Shift in weights reflects faster urbanisation and consumption growth in the South

AirPods, pet food, sanitisers enter CPI basket as India updates inflation gauge

ECONOMY

AirPods, pet food, sanitisers enter CPI basket as India updates inflation gauge

Revised CPI series expands to 358 items, reflects shift toward services, digital goods and lifestyle spending

Food weight drops below 40%, rural share rises to 55% in new CPI series

BUSINESS

Food weight drops below 40%, rural share rises to 55% in new CPI series

The weight of food and beverages in the headline index will decline sharply to 36.8 percent from 45.9 percent in the current 2012-based series

Inflation likely just 20–30 bps higher under new CPI weights; food's share in CPI to fall below 40%: SBI

BUSINESS

Inflation likely just 20–30 bps higher under new CPI weights; food's share in CPI to fall below 40%: SBI

A key change in the new CPI series is a sharp reduction in the weight of food and beverages to 36.75 percent from 45.86 percent in the current 2012-based series

From growth, inflation to urbanisation: Economic Survey in five charts

BUSINESS

From growth, inflation to urbanisation: Economic Survey in five charts

The Economic Survey prepared by the CEA has pegged India’s growth between 6.8 and 7.2 percent for FY27 higher than IMF estimate of 6.4 percent and World Bank’s projection of 6.5 percent

Number of QCOs has tripled since 2019, but practical implementation is key: Economic Survey

BUSINESS

Number of QCOs has tripled since 2019, but practical implementation is key: Economic Survey

The Survey cautioned that design and execution are also important, particularly given the structure of India’s industrial ecosystem

Economic Survey shows the way to power India’s concert economy

BUSINESS

Economic Survey shows the way to power India’s concert economy

International evidence shows that live concerts generate economic value far beyond ticket sales, the Survey said

India's December quarter growth pegged at 7% by government nowcast model: Economic Survey

ECONOMY

India's December quarter growth pegged at 7% by government nowcast model: Economic Survey

The GDP nowcast is in line with the RBI projection of 7% growth for Q3

Why the government dropped MGNREGS: Economic Survey spells out the reasons

BUSINESS

Why the government dropped MGNREGS: Economic Survey spells out the reasons

While acknowledging that MGNREGS played a critical role in enhancing rural incomes, improving village connectivity and accelerating digital adoption, the Survey flagged persistent gaps between intent and execution across states

Caution, not pessimism, delayed gratification and a move away from quick fixes are key messages from CEA

BUSINESS

Caution, not pessimism, delayed gratification and a move away from quick fixes are key messages from CEA

The country stands to gain immensely when all of us embrace delayed gratification, says Nageswaran

India's external sector remains strong, says Economic Survey 2026; bats for increasing export competitiveness

BUSINESS

India's external sector remains strong, says Economic Survey 2026; bats for increasing export competitiveness

CAD stood at 1.3 percent of the GDP at the end of the September quarter. In FY25, current account deficit had narrowed to 0.6 percent

Inflation unlikely to be a concern, says Economic Survey

BUSINESS

Inflation unlikely to be a concern, says Economic Survey

Inflation to average 2 percent this fiscal, may not exceed 4 percent in coming fiscal as well, says survey citing IMF

Economic Survey 2026 pegs FY27 growth at 6.8-7.2 percent

BUSINESS

Economic Survey 2026 pegs FY27 growth at 6.8-7.2 percent

The first advance estimate for FY26 predicted economy to grow 7.4 percent in the FY26

It’s not just tipplers: EU trade deal could make pet food cheaper for Indian households

BUSINESS

It’s not just tipplers: EU trade deal could make pet food cheaper for Indian households

Premium European brands such as Farmina and Royal Canin are likely to become more affordable if duties are reduced

Industrial output growth jumps to 26-month high of 7.8% in December

BUSINESS

Industrial output growth jumps to 26-month high of 7.8% in December

Manufacturing output—the largest component of the index—expanded 8.1 percent in December, compared with 8.5 percent in November,

India-EU trade pact to widen food, beverage choices for consumers

BUSINESS

India-EU trade pact to widen food, beverage choices for consumers

Wine imports, which currently attract duties as high as 150%, will see tariffs cut to 20% for premium wines and 30% for mid-range products. The EU accounts for more than half of India’s wine imports

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