'Metroman' E Sreedharan on Monday opened an office in Ponnani in Kerala's Malappuram district for a proposed high-speed rail project in the State. The development comes despite Kerala finding no mention in the Union Budget 2026-27 presented in Parliament a day ago regartding he 7 high-speed rail corridors. The corridors included in the central budget include Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru, Hyderabad-Chennai, Chennai-Bengaluru, Delhi-Varanasi and Varanasi-Siliguri. Earlier last week, the Kerala State Budget presented ahead of the Union Budget announced its own Regional Rapid Transit System (RRTS) in the hope that it would be included in the Union Budget. Addressing reporters after the opening of the Ponnani office, the 93-year-old Sreedharan who served as the Managing Director of the Delhi Metro and was lauded for his role in Konkan Railway, expressed confidence about securing central Government approval for the project. He said that the project would be implemented by the Railway Ministry, with the Kerala government's views to be sought after a detailed project report (DPR) is prepared. "Time is money. We decided not to waste time," Sreedharan told reporters here today on deciding to go ahead without formal approval. The proposed high-speed rail line will run from Thiruvananthapuram to Kannur, with a maximum speed of 200 kmph. "The office has been opened, although the staff has been called...work will officially start from today. Everything will be done without causing any inconvenience to locals. The staff will be instructed about the things to be completed quickly and about the Detailed Project Report (DPR). The field work is expected to start by April and completed by June 1," he said. "The stations have been decided whether it should be elevated or underground. A station-to-station plan will be made. The locals should be brought to our side and their trust should be gained. The survey will be conducted manually. The yellow markers will not be placed for the timebeing. A decision will be taken in connection with land acquisition," Sreedharan said. Earlier today, Sreedharan's wife Radha lit the traditional lamp at the opening ceremony of the Ponnani office. Incidentally, Sreedharan contested the 2021 Kerala Legislative Assembly elections as a BJP candidate from the Palakkad seat. He subsequently quit the party and politics. Keraal is set to head into Assembly elections this year.
02 February,2026 03:15 PM IST | Malappuram (Kerala) | ANIWith the announcement of hike in the Securities Transaction Tax (STT) on futures and options (F&O) trades in the Union Budget 2026, credit rating agency ICRA projected a 16 percent spike in the STT collections for the Financial Year 2027, above the revised FY2026 estimate. In ICRA's view, these budgeted numbers assume that trading volumes will hold steady despite the higher transaction costs. "Nonetheless, some moderation in derivatives activity remains a risk, which could translate into lower trading turnover and consequently softer brokerage volumes and revenues from the derivatives segment for the securities broking industry," ICRA said. The proposed increase in STT on F&O trades, following the earlier hike implemented in October 2024, reflects the continued policy intent to temper excessive speculative activity, the report said. Prior to this proposed change, robust growth in derivatives market participation and the 60 percent STT hike in H2 FY2025 had led to expectations that STT collections would rise to Rs 780 billion in FY2026 from Rs 522 billion in FY2025, ICRA highlighted. However, measures aimed at curbing hyperactive trading dampened market volumes, resulting in an 18 percent downward revision in FY2026 STT collections from the budgeted estimate of Rs 780 billion. As announced by the Union Finance Minister Nirmala Sitharaman in Budget 2026, the rate of STT on the sale of an option in securities has been increased from 0.1 per cent to 0.15 per cent, the sale of an option in securities where the option is exercised has been increased from 0.125 percent to 0.15 percent while the rate of STT on the sale of a future in securities has been increased from 0.02 percent to 0.05 percent. The revised rates shall take effect from the 1st day of April, 2026 and shall apply to derivatives transactions in securities entered into on or after that date. Issuing FAQs on the rate hike, the Income Tax Department on Sunday said the total volume of transaction in options and futures is more than 500 times of Indian Gross Domestic Product (GDP) and there was a justification to curb speculation. In Rupee terms, our GDP is 300 lakh crore rupees, while the volume for options and futures is more than 1.5 lakh lakh crore rupees. Therefore, there is justification for increase in rates to curb purely speculative activity in options and futures, it said. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
02 February,2026 03:05 PM IST | New Delhi | PTIThe Supreme Court has granted bail to three accused in the Pune Porsche car accident case, where two people were killed due to rash and negligent driving by a juvenile in May 2024. The accused are alleged to have helped the juvenile's family tamper with evidence by swapping blood samples. A bench of Justices B.V. Nagarathna and Ujjal Bhuyan, expressed that it is saddening how irresponsible such parents are who provide their juvenile children with high-speed cars and let them indulge in celebrating with substances such as alcohol and drugs. Three accused who got bail One of the accused granted bail is the father of a juvenile passenger who was seated in the back seat of the Porsche. The other, who has been granted bail by the apex court, is a friend of the father of the other backseat passenger. Whereas the third accused is an assistant of the doctor who examined the medical evidence and is alleged to have accepted Rs 3 lakh from the parents to swap the blood sample in order to shield the juvenile driver from prosecution, reported PTI. The Supreme Court, while granting bail to the accused, noted, "Let them be produced before the trial court. They may be granted bail and shall not misuse liberty. Any violation of the condition would result in cancellation of bail, as per PTI. Justice Nagarathna, after listening to the prosecution and the defendants, said, "Celebration is not on the basis of substance (abuse) and driving at speed. Two innocent people were killed. There are innocent people sleeping on the road; this is not the first time this has happened,” as cited by PTI news. “The main ones responsible are the parents who are giving them sufficient funds for a gala time. Parents have no time to spend with their children. That's why the best thing is to give them an ATM card and a mobile phone. The law has to catch up. See, two innocent lives are lost and all these mechanisations. But it's liberty vs all this," Justice Nagarathna added. Pune car crash killed two people The 2024 Pune car crash was a fatal incident that happened on May 19, 2024, in Kalyani Nagar, where a minor driving a Porsche killed two people on a motorcycle, Aneesh Awadhiya and Ashwini Koshta. The driver, who was allegedly drunk and driving an unregistered luxury car, was initially granted bail, but later, it sparked public outrage, leading to his arrest, along with his father and others, for alleged manipulation of evidence and police corruption. (With inputs from PTI)
02 February,2026 02:29 PM IST | New Delhi | mid-day online correspondentThe National Investigation Agency (NIA) on Monday carried out searches at multiple locations in the Srinagar, Bandipora and Baramulla districts of Jammu and Kashmir in connection with a terror case. As reported by news agency PTI, the searches were being carried out in Rafiabad, Sopore, Bomai (in Baramulla district), the Bandipora area, and the Parimpora area of the city, the officials said. Gunfight in snow-hit Jammu and Kashmir's Kishtwar Earlier in January, security forces in Jammu Kashmir’s Kishtwar region extended a combing operation after a fresh gunfight in the snow-covered Chatroo area, involving two to three JeM-linked terrorists who escaped. As reported by news agency PTI, this was the third encounter in a week. The authorities, while asserting about the incident, said, “The encounter took place in the snow-bound Janseer-Kandiwar forest area of Chatroo around 10:20 pm on January 25 after one of the security search parties composed of Army and police observed the movement of terrorists, as reported by news agency PTI. The officials' further briefing about the incident asserted that the gunfight between the two sides continued for quite some time, but the terrorists, believed to be two or three, managed their escape. This was the third encounter in the Chatroo belt of the hilly district over the past week, amid a massive operation for holed-up terrorists linked to the Jaish-e-Mohammad (JeM) outfit. Earlier on January 18, a fierce gunbattle in Sonnar village near Mandral-Singhpora left a paratrooper dead and seven other personnel injured. Although the terrorists managed to escape, utilising thick vegetation and the challenging terrain, they were intercepted a few kilometres away from the site of the first encounter on January 22. However, success again eluded the forces, but they continued with their operation even as the area witnessed over two feet of snowfall on Friday. The officials further said, “The officials said Army helicopters were seen hovering over the scene of the fresh encounter and adjoining areas to keep surveillance as various search parties were fanned out in different directions to track down and neutralise the terrorists.” “The area of operation was expanded to new areas along the Kishtwar-Sinthan road, and the army has also deployed unmanned aerial vehicles and drones besides the sniffer dog unit,” they further added. (With inputs from PTI)
02 February,2026 12:01 PM IST | Srinagar | mid-day online correspondentThe Union Budget 2026 is a significant step toward making India a global hub for innovation and advanced manufacturing with global competitiveness as the lynchpin, says Challa Sreenivasulu Setty, Chairman, State Bank of India. As reported by news agency IANS, the budget maintains policy continuity and tax predictability while attempting a fine balance between rural and urban and legacy and sunrise sectors. The SBI chairman, while hailing the 2026 budget, said, "This year’s budget has both predictable and futuristic elements. The predictable part is the basic structure, which remains focused on emerging and employment-generating sectors. The infrastructure sector continues to be an anchor, with an increase in proposed investments,” as cited by IANS. Setty further mentioned that there are many positives and opportunities for the banking sector. The budget this year focuses on reinventing banking in a rapidly changing context while keeping the financial markets orderly and stable. It also focuses on aligning India’s next phase of growth and continues to be imperative for the sector. Budgetary allocations are based on GDP growth The thrust on sunrise sectors, which form the futurist part, has announcements on semiconductors, data centres, carbon capture utilisation and storage, critical minerals, etc. “Starting with basic fiscal calculations, the budgetary allocations are based on the assumption of nominal GDP growth of 10 per cent, which appears prudent given the way inflation is panning out. This translates into a fiscal deficit estimated at 4.3 per cent of GDP,” Setty added. Commenting on the agricultural part, he said that, on the rural and agricultural side, the budget has made some notable shifts. The SBI chairman also added, “The focus will now be on high-value products such as sandalwood, cashews and fisheries through the integrated development of 500 reservoirs, a coconut promotion scheme to increase production, rejuvenating old, low-yielding orchards and expanding high-density cultivation of walnuts, almonds and pine nuts,” as per IANS. Use of AI in agriculture: A major boost There is also a focus on expanding the use of AI in agriculture by integrating Agri Stack portals. Emphasis on services, particularly tourism, the orange economy and education, is timely and complementary to both proposed infrastructure expansion and connectivity and digital capex-led future growth. The High-Powered ‘Education to Employment and Enterprise’ Standing Committee will focus on the services sector as a core driver of Viksit Bharat. SBI chairman’s take on financial institutions The chairman also added, “On the financing side, to further strengthen the confidence of private developers, an Infrastructure Risk Guarantee Fund will be set up to provide prudently calibrated partial credit guarantees to lenders,” as per IANS. Accepting the reality of rapidly urbanising India, the Union Budget 2026 has tried to harness the power of urban agglomerations. Towards this end, city economic regions (CER) will be mapped based on their specific growth drivers and an allocation of Rs 5,000 crore per CER over 5 years for implementing development plans. (With inputs from IANS)
02 February,2026 10:57 AM IST | New Delhi | mid-day online correspondentLarge parts of the Delhi-National Capital Region began Monday under dense fog, with air pollution levels lingering in the moderate to poor range, data from the Central Pollution Control Board (CPCB) showed. According to CPCB readings, several monitoring stations across the capital recorded elevated AQI levels. Anand Vihar reported an AQI of 242, Bawana 222, Chandni Chowk 217, Dwarka Sector-8 240, and R.K. Puram 232. Other locations included Burari Crossing at 157, DTU 158, IGI Airport (T3) 132, IIT Delhi 141, Jawaharlal Nehru Stadium 194, Lodhi Road 116, Patparganj 207, and Sonia Vihar 208. Ghaziabad records ‘poor’ air quality as haze spreads across NCR Neighbouring NCR regions also witnessed hazy conditions during early morning hours. Ghaziabad’s air quality remained in the ‘poor’ category, with an AQI of 259 recorded on Monday morning. Visibility drops below 50 metres, traffic movement affected The dense fog led to a sharp decline in visibility across several parts of Delhi and NCR, with sight distances falling below 50 metres at many locations. The reduced visibility disrupted traffic movement on key roads and highways, and officials warned that conditions could worsen as fog continued to persist. Flights, trains delayed; motorists advised caution on key routes Transport services were impacted as well, with flight and train operations facing delays at major hubs, including the Indira Gandhi International Airport and prominent railway stations. Authorities urged motorists on busy stretches such as the DND Flyway and the Delhi-Gurgaon Expressway to exercise caution, switch on fog lamps, and keep speeds low. Western disturbances to bring weather changes later this week Weather conditions in the capital are expected to evolve over the next few days. From February 3 onwards, skies are likely to gradually clear. However, another western disturbance is forecast to influence north-west India from the night of February 5, potentially bringing cloud cover and light drizzle later in the week. Forecasts suggest that morning fog will continue for at least the next six days, while daytime temperatures during the first week of February may slowly climb to around 24–25 degrees Celsius, offering slightly warmer afternoons. Across north India—including Punjab, Haryana, Rajasthan and Uttar Pradesh—two successive western disturbances are expected to trigger noticeable weather changes, with light rainfall likely in parts of north-west India later this week.
02 February,2026 09:45 AM IST | New Delhi | mid-day online correspondentA 4.6-magnitude earthquake shook Jammu and Kashmir's Baramulla district early Monday, officials said. The tremor occurred at 5.35 am, they said, adding that the Pattan area was the epicenter. There were no reports of any damage due to the earthquake so far, the officials said. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
02 February,2026 09:08 AM IST | Srinagar | PTIWith President's rule in Manipur due to end later this month unless extended by Parliament, former Manipur Chief Minister N Biren Singh has said that NDA partners in the state have been called to Delhi for a meeting. "All NDA partners have been invited....Let's hope for a positive response," Biren Singh told reporters. In response to a query, he said the government is an ongoing process. "The government is a continuing process. I try my best to change the landscape in the state of Manipur," he said. President's Rule was imposed in Manipur on February 13 in 2025, after N Biren Singh stepped down as Chief Minister following months of intermittent violence in the state following ethnic tensions between the Kuki Zo and Meitei ethnic groups. Sources said that BJP leadership is likely to take a call on extension of President's Rule in the state after interaction with NDA leaders in the state. Union Home Ministry in December gave another extension to the Commission of Inquiry probing the ethnic violence in Manipur, instructing it to submit its report "as soon as possible, but no later than May 20, 2026." The commission is tasked with probing the ethnic violence that erupted in Manipur on May 3, 2023, examining its causes as well as the authorities' response. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
02 February,2026 09:00 AM IST | Imphal | ANIWith Finance Minister Nirmala Sitharaman presenting her ninth consecutive Union Budget, several changes will directly impact household expenses and consumer choices. Follow the live updates of Union Budget 2026 with real-time coverage of major announcements, tax reforms, economic priorities and policy decisions Union Budget 2026: What gets cheaper Overseas tour packages as TCS has been reduced from 5–20 per cent to 2 per cent Foreign education costs with lower TDS under the Liberalised Remittance Scheme (LRS) Alcoholic liquor scrap and select minerals following a duty cut from 5 per cent to 2 per cent Shoe upper exports with duty-free imports permitted Energy transition equipment with exemption from basic customs duty (BCD) Solar glass manufacturing inputs with BCD exemption Capital goods used for critical mineral production with BCD exemption Components and parts for civilian aircraft manufacturing exempted from BCD Microwave ovens with full BCD exemption Personal-use imports as BCD is reduced from 20 per cent to 10 per cent Drugs used for rare diseases and cancer with BCD exemption Fish caught by Indian fishermen in Indian waters exempt from BCD Goods imported for nuclear power projects exempt from BCD Cancer drugs Leather goods Camera TV equipment Imports of goods for nuclear power till 2023 video games manufacturing parts Footwear Union Budget 2026: What gets costlier Income tax misreporting, now attracting a penalty equal to 100 per cent of the tax amount Non-disclosure of movable assets, which will now invite penalties Stock options and futures trading, with Securities Transaction Tax increased from 0.02 per cent to 0.05 per cent “Sin” goods such as cigarettes and luxury imports Coffee and vending machines Coal Union Budget 2026: Income tax law comes into force from April 1, says Nirmala Sitharaman The FM on Sunday announced that the Income Tax Act, 2025, will come into force from April 1, marking a major overhaul of India’s direct tax framework. She said the accompanying rules and redesigned income tax return (ITR) forms will be notified shortly to give taxpayers adequate time to familiarise themselves with the new system. Simplified rules and ITR forms to be notified soon Speaking in the Lok Sabha during her Union Budget 2026 address, Sitharaman said the new law will replace the six-decade-old Income Tax Act of 1961, with all changes announced in the current Budget being incorporated into the fresh legislation. “This direct tax code was completed in record time, and the Income Tax Act, 2025 will take effect from April 1, 2026. The simplified rules and forms will be notified soon,” she said. Revamped ITRs designed for easier taxpayer compliance The Finance Minister emphasised that the revamped ITR forms have been redesigned with the ordinary taxpayer in mind, enabling easier compliance without procedural complexity. According to her, the reform is focused on clarity and simplicity rather than altering tax rates. Revenue-neutral law cuts sections by nearly 50 per cent She clarified that the new Income Tax Act is revenue-neutral, with no change in existing tax slabs or rates. Instead, it aims to simplify the law, remove ambiguities and significantly reduce litigation by making provisions easier to understand. Notably, the legislation cuts down the overall text and number of sections by nearly 50 per cent compared to the 1961 Act. Single ‘tax year’ concept, late filers allowed TDS refunds One of the key structural changes introduced under the new law is the simplification of the tax timeline. The long-standing distinction between the “previous year” and the “assessment year” has been removed and replaced with a single “tax year” concept, making compliance more straightforward for taxpayers. In another taxpayer-friendly move, Sitharaman said the new framework will allow individuals to claim refunds of tax deducted at source (TDS) even if income tax returns are filed after the due date, without attracting any penal charges. The Finance Minister said these reforms are intended to make India’s direct tax system more transparent, predictable and citizen-centric, while also improving ease of compliance and reducing disputes between taxpayers and the tax administration.
02 February,2026 08:58 AM IST | New DelhiFinance Minister Nirmala Sitharaman outlined the government’s expenditure and taxation plans in the Union Budget 2026 on Sunday, highlighting measures that will directly affect the daily lives of citizens and businesses across India. Although the headline focuses on unchanged income tax slabs, several Finance Ministry announcements are set to directly affect the daily lives of students, employees, businesses, and citizens in general. Check LIVE Budget Updates here While income tax slabs remain unchanged up to Rs 12 lakh per annum, several indirect taxes on everyday goods and services are set to change from April 1, 2026. Smartphones to get cheaper in India Sitharaman, while presenting her ninth consecutive budget, stated the government will offer support for electronics manufacturing, with increased funding of around Rs 40,000 crore. She also said that they plan to rationalise taxes on phone components to build India as a tech hub. This is likely to bring down the costs of smartphones, tablets, and mobile accessories in the long run. Cigarettes and alcohol to get expensive While the Union Budget 2026 mostly focused on healthcare, energy, electronics, and technology, tobacco and alcohol are set to get more expensive from April 1, 2026. The government has imposed new excise duties and higher taxes on cigarettes and other tobacco products, effective April 1, 2026. Cigarettes will attract higher excise duties in addition to the goods and services tax (GST), ultimately making them expensive. While alcoholic beverages will continue to be taxed by state governments, the Central and state excise duty on liquor has been increased, which will make the effective selling price comparatively expensive from the upcoming financial year. Sports equipment to get cheaper With Sitharaman announcing the extension of the ‘Khelo India Mission’ for 10 more years to boost sports infrastructure, sports equipment may become cheaper in the upcoming financial year. Reduced customs duties could make imported sports goods available at slightly lower prices. Futures and options trading to be taxed heavily Sitharaman, while speaking about share market trading, announced an increase in Security Transaction Tax (STT) on Futures and Options (F&O) transactions. The Security Transaction Tax (STT) on futures will increase by 150 per cent, from 0.02 per cent to 0.05 per cent, while STT on options transactions will rise by 50 per cent, from 0.10 per cent to 0.15 per cent. Expert opinion Sahil Sonawat, (CFA, CA) who works as an analyst at a financial advisory firm Kroll emphasises, "The Union Budget 2026 presents a structural pivot, balancing an aggressive Rs 12.2 lakh crore capex (4.4 per cent of GDP) with a disciplined fiscal deficit glide path to 4.3 per cent." Expressing his views on taxation hike on F&O trades and India's Semiconductor Mission 2.0, he added, "By scaling the India Semiconductor Mission 2.0 and hiking STT on F&O trades, the Finance Bill strategically prioritises long-term industrial 'Trump-proofing' over speculative retail volatility. For investors, this creates a high-quality 'risk-off' environment, trading short-term derivative liquidity for a more stable, infrastructure-led equity growth story." Union Budget 2026: What gets cheaper, what gets costlier Cheaper Cancer drugs TV equipment Leather goods Cameras Footwear Liquor scrap (empty bottles, expired products) Foreign education Overseas tour packages Imports of goods for nuclear power projects till 2035 Video games’ manufacturing parts Energy transition equipment Microwave ovens Costlier Coffee and vending machines Income tax misreporting - Penalty equal to 100 per cent of the tax amount Non-disclosure of movable assets Stock options and futures trading Coal
02 February,2026 08:58 AM IST | Mumbai | Tarun VermaAs many as 17 cancer drugs, along with medicines and food for special medical needs for seven rare diseases are set to become cheaper with Finance Minister Nirmala Sitharaman announcing cuts in customs duty in the Union Budget 2026-27. In her speech, Sitharaman said, “To provide relief to patients, particularly those suffering from cancer, I propose to exempt basic customs duty on 17 drugs or medicines.” Moreover, the Budget has also proposed setting up 1000 clinical trial sites and strengthening the Central Drugs Standard Control Organisation. AI booster The Budget proposed a tax holiday till 2047 for foreign companies that provide cloud services to customers globally using data centres located in India, signalling the government’s push to make the country a major hub for AI and digital infrastructure. The big push on data centres comes at a time when India is gearing up to take the centrestage in global discourse on AI. It is expected to position India not just as a consumer of global cloud and AI services, but as a thriving base for the world’s digital backbone. With AI, cloud computing and digital payments growing, data centres are becoming as critical as roads and power plants, forming the backbone of India’s digital economy. India is eyeing a leading role in global AI conversations with New Delhi all set to host the India AI Impact Summit. Defence gets major boost India on Sunday set aside Rs 7,84,678 crore as defence outlay for 2026-27 over the current fiscal’s allocation of Rs 6.81 lakh crore with a major increase in capital expenditure as the military focuses on modernisation in the face of security challenges from China and Pakistan. The increase in the defence outlay against the backdrop of “historic success of Operation Sindoor” has further strengthened our resolve to make India’s defence system even more robust, Defence Minister Rajnath Singh said. The overall defence budget has seen a hike of 15 per cent over last year’s outlay. India-developed Pinaka missiles. REPRESENTATION PIC/ISTOCK Out of the total allocation, Rs 2,19,306 crore has been earmarked for capital expenditure to the armed forces that largely includes purchasing new weapons, aircraft, warships and other military hardware. The revenue expenditure has been put at Rs 5,53,668 crore that includes Rs 1,71,338 crore for pensions. The budgetary allocation to the Defence Research and Development Organisation (DRDO) has been increased to R29,100 crore from Rs 26,816.82 crore in 2025-26. Out of this allocation, Rs 17,250.25 crore is allocated for capital expenditure. Defence Minister Rajnath Singh said the “most important” aspect of the budget is the modernisation of the three services. “I express my heartfelt gratitude to our Prime Minister Modi ji for allocating R7.85 lakh crore for the defence sector,” he said. “Coming after the historic success of Operation Sindoor, this budget has further strengthened our resolve to make the country’s defence system even more robust,” he added.Singh said a provision of Rs 2.19 lakh crore has been made for the overall capital expenditure of the armed forces. Rs 10K cr for biopharma REPRESENTATION PIC/ISTOCK Sitharaman proposed Rs 10,000 crore investment over the next five years to develop India as a biopharma manufacturing hub, set up 1,000 clinical trial sites and strengthen the Central Drugs Standard Control Organisation. Biopharmaceuticals, or biologics, are complex medicines manufactured from living organisms, cells, or tissues rather than through chemical synthesis. India’s disease burden is observed to be shifting towards non-communicable diseases, like diabetes, cancer, and autoimmune disorders. Biologic medicines are key to longevity and quality of life at affordable costs, Sitharaman stated. ‘Champion’ MSMEs The FM on Sunday proposed a three-pronged strategy, including a Rs 10,000 dedicated fund, to help MSMEs grow as ‘Champions’. Sitharaman said the Modi government has undertaken comprehensive economic reforms towards creating employment, boosting productivity and accelerating growth. The “Reform Express” is well on its way and will maintain its momentum to help fulfil “our kartavya”, she said. Earlier, the Budget used to be prepared in the North Block. Recognising MSMEs as a vital engine of growth, Sitharaman outlined a three-pronged approach — Equity Support, Liquidity Support and Professional Support — to help MSME grow as ‘Champions’. She also proposed to top up the Self-Reliant India Fund set up in 2021, with Rs 2000 crore to continue support to micro enterprises and maintain their access to risk capital. The minister also said the government will set up an ‘Education to Employment and Enterprise’ Standing Committee to recommend measures focusing on the services sector. The cadre of “corporate mitras” will help MSMEs to meet their compliance requirements at affordable costs. Opposition reacts to the budget... ‘Lacklustre, disappointing’ Rahul Gandhi, LoP “Union Budget as totally lacklustre and blind to India’s real crises and did not offer any solution to the country’s economic, social and political challenges. This Budget offers no solutions, not even slogans to hide the absence of policy! Youth without jobs. Falling manufacturing. Investors pulling out capital. Household savings plummeting. Farmers in distress. Looming global shocks - all ignored. It is a Budget that refuses course correction.” ‘No solution Budget’Mallikarjun Kharge, Congress chief “The Modi Government has run out of ideas. Budget 2026 does not provide a single solution to India’s many economic, social, and political challenges. ‘Mission Mode is now Challenge Route’”. ‘Nothing to offer’Mamata Banerjee, Bengal CM “This Budget is directionless, visionless, actionless and anti-people. It is also anti-women, anti-farmer, anti-education and against the SC, ST and OBC... There is nothing on offer for Bengal in the Budget.” Budget 2026: What gets cheaper, what gets costlier CheaperCancer drugsTV equipment Leather goods CamerasFootwear Liquor scrap (empty bottles, expired products)Foreign educationOverseas tour packages Imports of goods for nuclear power projects till 2035 Video games’ manufacturing partsEnergy transition equipmentMicrowave ovens Costlier>> Coffee and vending machines>> Income tax misreporting - Penalty equal to 100 per cent of the tax amount>> Non-disclosure of movable assets>> Stock options and futures trading>> Coal This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
02 February,2026 07:51 AM IST | New Delhi | AgenciesADVERTISEMENT
-1770024750457_d.png?tr=w-436,h-271 "'Metroman' E Sreedharan. File Pic")
-1770023052550_d.png "Traders react after seeing the fall in the sensex, nifty market following the Union Budget 2026. Pic/PTI")
