Budget 2026 Live Updates: All Eyes on February 1, Citizens Hope for Affordable Housing

New Delhi: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2026 on February 1, marking a record ninth time in her career. The budget will be tabled in Parliament at 11:00 AM and is expected to address issues concerning both salaried individuals and industry players. Citizens will be able to access the budget details in Hindi and English through the official Union Budget Mobile App.

For the common man, a key expectation is measures for affordable housing, as well as potential tax relief for the salaried class and GST incentives for industry.

Cosmeceuticals Industry Looks for Relief

The cosmetic and pharmaceutical market in India, collectively called cosmeceuticals, is evolving rapidly. Industry stakeholders hope that the 2026 Budget will recognize science-based skincare products as part of healthcare, not just beauty. They seek GST reduction on such products and clear regulatory distinctions between cosmetics and medicines. Lower GST could make these products more affordable for consumers while encouraging innovation and new product development.

Affordable Housing Remains a Key Concern

Affordable housing continues to be a pressing issue in India’s real estate market. Last year, the government focused on reducing costs related to property transactions. While expectations from this year’s budget are measured, the real estate sector hopes for reforms that provide long-term solutions rather than temporary relief.

India’s Economy on a Strong Growth Path

The Economic Survey 2026 highlighted that India is among the fastest-growing major economies. According to government projections, India’s economy is expected to grow 7.4% in 2026, an improvement over 6.5% in 2025. Growth is being driven by increased investments and a surge in manufacturing and production industries.

FMCG Sector Eyes Stability

Leading players in the FMCG sector expect the budget to include measures that shield domestic companies from raw material price fluctuations and global uncertainties. They also hope for policies that provide better access for Indian products to international markets.

PM Modi Highlights “Reform Express”

Before the Economic Survey presentation, Prime Minister Narendra Modi addressed the nation, emphasizing the government’s commitment to “Reform, Perform & Transform.” He noted that the Reform Express is moving rapidly, with Parliament members contributing positively to its momentum. The PM also pointed to the vision of a self-reliant and developed India by 2047.

Revenue Performance and Tax Collections

Following the Economic Survey, the Chief Economic Advisor (CEA) highlighted a robust revenue performance supported by consistent growth in earnings and expansion of the direct tax base. Gross tax revenue averaged 10.8% of GDP from FY16-FY20, rising to 11.5% post-pandemic (FY22-FY25). Personal income tax collections increased from 2.4% of GDP pre-pandemic to 3.3% post-pandemic, reflecting improved compliance.

Rising Number of Taxpayers

The number of income tax filers has also risen significantly. The CEA reported that the tax base expanded from 6.9 crore in FY22 to 9.2 crore in FY25, demonstrating better compliance and the growing formalization of India’s economy.

The Union Budget 2026 is thus expected to balance economic growth, citizen welfare, and industry support, with all eyes on measures for affordable housing and business-friendly reforms.