Argus News - Union Budget 2026-27: Here’s What Just Got Cheaper in India

New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman on Sunday presented the Union Budget 2026-27, her ninth consecutive budget, laying out a roadmap inspired by three kartavyas — responsibilities to accelerate and sustain India’s economic growth.

The presentation highlighted a mix of relief measures and stricter compliance rules, reflecting the government’s balancing act between inclusion and fiscal discipline.

One of the most notable announcements was the exemption of basic customs duty on 17 essential cancer drugs, a move aimed at reducing treatment costs for patients battling life-threatening diseases.

Also read: Customs Simplified, Duties Slashed; Tax Reforms Ease Trade and Living

In addition, imports for nuclear power projects will remain duty-free until 2035, signaling the government’s long-term commitment to clean energy expansion.

The budget also brought cheer to consumers with price reductions across several categories. Overseas tourism packages, foreign education, footwear, leather goods, microwave ovens, TV equipment, cameras, and video game manufacturing parts will all become cheaper.

Energy transition equipment and alcoholic liquor scrap also saw duty cuts, aligning with the government’s push for sustainability and industrial growth.

However, the budget was not without disappointments. Income tax payers, who had anticipated rebates or changes in standard deductions, found no relief in the announcements. Instead, the government tightened compliance measures.

Misreporting of income tax will now attract penalties equal to 100 per cent of the tax amount, while non-disclosure of movable assets will face stricter scrutiny.

Stock options, futures trading, coal, coffee vending machines are set to become costlier, reflecting the government’s intent to regulate speculative activity and discourage excessive consumption of certain commodities.

By combining targeted relief with stricter enforcement, the Union Budget 2026 underscores the government’s focus on inclusive growth, healthcare affordability, and energy transition, while maintaining fiscal prudence.

As India marches towards its ‘Viksit Bharat 2047’ vision, the budget reflects both ambition and caution — rewarding sectors that drive progress while tightening rules to ensure accountability.

At a Glance

What gets cheaper?

Overseas tourism packages, Foreign education, Cancer drugs, Alcoholic liquor scrap and certain minerals, Footwear, Energy transition equipment, Leather goods, Smartphones & tablets, Microwave ovens, TV equipment, Cameras, Sports goods, Video games' manufacturing parts, Imports of goods for nuclear power projects till 2035.

What gets costlier?

Imported Liquor, Income tax misreporting (Penalty equal to 100 per cent of the tax amount), Non-disclosure of movable assets, Stock options and futures trading, Coal, Coffee and vending machines, Sin Goods (Cigarettes, bidis, gutka, chewing tobacco, etc).