The Union Budget for the 2026–27 financial year will be presented in the Lok Sabha on February 1, while the Economic Survey is scheduled to be tabled on January 29. Union Finance Minister Nirmala Sitharaman will present the Budget for a record ninth time.
The Budget Session of Parliament will begin on January 28 with President Droupadi Murmu’s address to a joint sitting of both Houses in the Central Hall. Prime Minister Narendra Modi, Union Home Minister Amit Shah, Defence Minister Rajnath Singh, senior cabinet ministers and Members of Parliament are expected to attend the address.
This will be only the second time the Union Budget is being presented on a Sunday. The last such instance was on February 28, 1999, when then finance minister Yashwant Sinha presented the Budget for 1999–2000.
Direct taxes in focus
As Budget 2026 approaches, attention has once again turned to income tax, particularly how recent changes continue to influence individual taxpayers’ decisions on relief, regime selection and financial planning.
Investor and entrepreneur Amit Baid said Budget 2025 marked a turning point in India’s personal taxation framework. “It reshaped the new tax regime with revised slabs and a higher rebate, effectively exempting income up to Rs 12 lakh and up to Rs 12.75 lakh for salaried taxpayers after the standard deduction,” he said.
He noted that the previous Budget provided significant relief to a large section of salaried individuals, narrowed the gap between the old and new tax regimes, and set the tone for future reforms. Expectations from Budget 2026, however, remain cautious.
“With substantial relief already given last year and recent GST reductions helping ease consumer costs, the government is unlikely to announce further cuts in income tax slabs this time,” Baid said, adding that only marginal changes may be on the table.
“Incremental measures, such as a small hike in the standard deduction under the new regime to offset inflation, are still possible,” he said.
Santhosh Sivaraj, Partner – Global Mobility Services, Tax and Regulatory Advisory at BDO India, said some deductions under the old tax regime could also come up for review.
Push for deeper insurance coverage
As Budget 2026 draws closer, expectations in the insurance sector are shifting away from short-term measures like higher allocations or tax incentives, towards broader reforms aimed at long-term growth.
Industry stakeholders are closely watching the government’s approach to increasing insurance penetration, strengthening retirement security and expanding access to risk protection across different segments.
A major focus area is deeper coverage across life, health and MSME-linked insurance products. Experts say clear policy direction here could improve adoption and affordability, especially among underserved populations and small businesses.
Support for innovative distribution models and financing mechanisms is also seen as key to widening insurance reach.
Hanut Mehta, CEO and co-founder of BimaPay Finsure, said the upcoming Budget could prove significant for the insurance premium financing segment, even without a single headline announcement.
“Budget 2026 could become an inflection point not because of one big decision, but because of the overall direction it sets for household credit and insurance penetration,” he said.
Industry voices believe such an approach would help bridge protection gaps and strengthen India’s insurance ecosystem over the long term.