FM Sitharaman meets President for a customary pre-Budget presentation meeting
New Delhi (PTI): Finance Minister Nirmala Sitharaman on Sunday called on President Droupadi Murmu before presenting her record ninth Budget in the Lok Sabha.
As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament.
Before going to the Rashtrapati Bhavan, Sitharaman posed with her Budget team in front of her office at Kartavya Bhavan. Wearing a magenta silk saree, she was holding a tablet in a red pouch with the national emblem, along with the Minister of State and all six Secretaries in her ministry.
Union Minister for Finance and Corporate Affairs Sitharaman, along with Minister of State for Finance Pankaj Chaudhary and senior officials of the Ministry of Finance, called on the President at Rashtrapati Bhavan before presenting the Union Budget.
Following the meeting, she headed for a Cabinet meeting that will formally approve the Budget for 2026-27.
Sitharaman continues with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition.
The Finance Minister will present her ninth straight Budget, which is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and announce reforms that could buffer the economy from global trade frictions, including US tariffs.
The FY27 Budget 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. At home, the government faces pressure to boost consumption, accelerate job creation and step up capital spending, while keeping the fiscal deficit on a downward path.
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FM proposes to reduce TCS rates for education, medical purposes
New Delhi: Presenting the Union Budget 2026, Finance Minister Nirmala Sitharaman on Sunday announced relief measures aimed at easing the financial burden on families and streamlining the tax framework.
She proposed reducing the Tax Collected at Source (TCS) on foreign remittances for education and medical purposes from 5 per cent to 2 per cent, a move expected to benefit students studying abroad and those seeking overseas medical treatment.
The finance minister also announced that the new Income Tax Act will come into effect from April 1, 2026, marking a major overhaul of the country’s direct tax system.
