The 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 | AgenciesUnion Finance Minister Nirmala Sitharaman on Sunday presented her ninth consecutive Union Budget, in which she announced no changes in the income tax regime for the year 2026-27, while the FM announced changes to Income Tax Return (ITR) filing timelines and introduced a rule-based, automated compliance framework aimed at easing the burden on small taxpayers, among other proposals. University townships to girls’ hostels Five university townships in the vicinity of major industrial and logistic corridors, girls’ hostel in every district, setting up of content creator labs in 15,000 schools and 500 colleges and reduction of the tax collection at source (TCS) rate to 2 per cent for education are among the proposals announced in the Union Budget for the education sector. Union Finance Minister Nirmala Sitharaman carries the digital tablet for Budget 2026 at the Parliament premises. PIC/PTI The sector has got an allocation of over Rs 1.39 lakh crore, including Rs 55,727 crore for higher education. Sitharaman announced that the government will support states in creating five university townships in the vicinity of major industrial and logistic corridors. “These planned academic zones will host multiple universities, colleges and research institutions, skill centers and residential complexes,” she said in her budget speech. Health sector gets 10 per cent hike The Union Health Ministry has been allocated Rs 1,06,530.42 crore in the Budget 2026-27, a 10 per cent hike over 2025-26, with the government proposing a scheme to support states in establishing five regional medical hubs in partnership with the private sector to promote India as a prime medical tourism destination.These hubs will serve as integrated healthcare complexes that combine medical, educational and research facilities, Sitharaman said. The FM said that existing institutions for Allied Healthcare Professionals (AHPs) will be upgraded and new AHP institutions established in private and government sectors. For the first time, the Union Health Ministry has allocated R1000 crore for the Scheme for AHPs. The allocation for Ayushman Bharat has been hiked from Rs 8995 crore to Rs 9500 crore. SHE-Marts for women To strengthen the higher education ecosystem and promote women-led entrepreneurship, the finance minister on Sunday announced a series of proposals, including the construction of a girls’ hostel in every district of the country and the setting up of community-owned ‘She MARTS’. The Union Finance Minister also said that the government has proposed several measures to establish new institutes, university townships, girls’ hostels, and telescope infrastructure as part of increased investment in the higher education sector. “Self Help Entrepreneur — SHE Marts’ will be set up as community-owned retail outlets within cluster-level federations through enhanced and innovative finance instruments,” said Sitharasaid. A Lakhpati Didi is a woman member of an SHG whose annual household income reaches at least R1 lakh. ‘Ambitious, futuristic’ Prime Minister Narendra Modi on Sunday described the Budget 2026-27 as “ambitious” and “futuristic”, stressing that it will further strengthen India’s global role as its 140 crore citizens are not satisfied with being the fastest growing economy and the nation is determined to soon become the world’s third largest economy.Modi said this was a unique budget, which focused on reducing fiscal deficit and controlling inflation while simultaneously ensuring high capital expenditure and high growth. “This Budget strengthens India’s global role anew. India’s 140 crore citizens are not satisfied with being the fastest growing economy, and the nation is determined to soon become the world’s third largest economy,” he said. Sensex, Nifty crash nearly 2% Benchmark stock indices Sensex and Nifty dived sharply by nearly 2 per cent on Sunday after Finance Minister Nirmala Sitharaman proposed a hike in the Securities Transaction Tax (STT) on derivatives. Reversing the early gains, the 30-share BSE Sensex plunged sharply by 2,370.36 points or 2.88 per cent to slide below the 80,000-mark at 79,899.42 in afternoon trade as the finance minister announced a hike in STT on futures contracts to 0.05 per cent from the current 0.02 per cent. The barometer settled at 80,722.94, down 1,546.84 points or 1.88 per cent. The 50-share NSE Nifty tanked 495.20 points or 1.96 per cent to settle at 24,825.45. During the day, it tumbled 748.9 points or 2.95 per cent to 24,571.75. Income tax regime Under the new income tax regime for FY 2026–27, income up to Rs 4 lakh is fully exempt (due to basic exemption). A key feature of the new tax regime is the rebate under Section 87A, which effectively reduces tax liability to zero for individuals with income up to Rs 12 lakh. Salaried taxpayers also benefit from a standard deduction of Rs 75,000. Rebate & zero tax: Increased rebate under Section 87A ensures no tax for income up to Rs 12 lakh.Deductions: Limited deductions, primarily standard deduction, are available compared to the old regime. New tax slabs (FY 2026–27) Up to Rs 4 lakh : NilRs 4 lakh to Rs 8 lakh: 5%Rs 8 lakh to Rs 12 lakh: 10%Rs 12 lakh to Rs 16 lakh: 15%Rs 16 to Rs 20 lakh: 20%Rs 20 lakh to Rs 24 lakh: 25%Above Rs 24 lakh: 30% 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 07:37 AM IST | New Delhi | AgenciesAs soon as the Union Finance Minister Nirmala Sitharaman began presenting the Union Budget 2026, Nifty and Sensex, in the early hours of trade, appeared volatile. Once FM Sitharaman announced the increase in Securities Transaction Tax (STT) on Futures and Options (F&O) transactions, the market indices tumbled altogether. Sitharaman said 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. The announcement of a hike on STT by the FM created panic within the stock market. With many investors beginning to square off their positions, the market experienced a sudden dip around 12.30 pm. Amid a sharp sell-off, the Nifty closed at 24,825.45 on Sunday, down 1.96 per cent. The Sensex also ended significantly lower, settling at 80,722.95, a decline of 1.88 per cent. Marking one of the worst Budget-day declines in years, investors reacted to key policy announcements and broader economic concerns. Considering that the Budget did offer a major boost to some of the sectors, such as health, technology, defence and solar energy, it was a setback for value investors and traders. What experts say? CA Praveen Tejwani, a value investor and an auditor at a global financial institution while decoding the sudden fall in the indices on Sunday asserted, "The increase in Securities Transaction Tax (STT) on F&O trades signals a clear policy intent to rein in excessive speculation particularly among retail investors while safeguarding the integrity of India’s capital markets." "Although the immediate market reaction reflects discomfort with higher transaction costs, the move should be viewed in a broader structural context. By making high-frequency and short-term derivative trading more expensive, the Budget encourages more prudent risk-taking and longer-term capital allocation, thereby offering greater protection to retail investors," Tejwani added. CA Amber Joshi, who works as a finance associate in Mumbai highlighted, "The market was already trading at stretched valuations and was due for a healthy correction. Expectations were high from the Union Budget for select PSU and railway-linked stocks such as RVNL, IRFC and IRCON International, but the lack of specific announcements for these sectors dampened investor's sentiment." "This triggered panic selling, especially among retail investors. Apart from the hike in Securities Transaction Tax (STT), heavy selling by foreign institutional investors (FIIs) further added pressure, accelerating the market’s downward move throughout the budget day," added Joshi. Large-cap stocks tumble Another major reason for indices experiencing a massive increase on the Budget Day was lower amplification of large-cap stocks, including Reliance Industries and State Bank of India. RIL on Sunday closed at Rs 1,347.00, experiencing a decline of 3.47 per cent, while SBI closed at a lower circuit of Rs 1,018.20, signifying a dip of 5.47 per cent. Why did the government increase STT? While the exact reason behind the sudden hike in STT is not clear, experts suggest it could be aimed at curbing speculative activity. New taxation scheme on futures and options Under the new budget proposals presented by the Union Finance Minister Nirmala Sitharaman, STT on futures will surge from 0.02 per cent to 0.05 per cent, while the STT on options will rise from 0.10 per cent to 0.15 per cent.
01 February,2026 08:39 PM IST | Mumbai | Tarun VermaThe Central Industrial Security Force (CISF) on Sunday said that it deployed a multi-layered security for Wings India 2026 as Asia’s largest aviation event drew global delegations and huge crowds. An official statement said that the CISF successfully provided comprehensive security for Wings India 2026, held at Begumpet Airport in Hyderabad from January 28 to 31, 2026. The four-day international event saw record participation from foreign delegations, global aviation CEOs, policymakers and senior government officials. Wings India 2026 was organised by the Ministry of Civil Aviation (MoCA) in collaboration with the Airports Authority of India (AAI) and FICCI. The theme of the event was: “Indian Aviation: Paving the Future - From Design to Deployment, Manufacturing to Maintenance, Inclusivity to Innovation, and Safety to Sustainability.” The event was inaugurated with a virtual address by the Prime Minister of India, Narendra Modi, who highlighted India’s rapid growth as one of the world’s fastest-expanding aviation markets. The event also saw the in-person participation of the Union Minister for Civil Aviation, Kinjarapu Ram Mohan Naidu, along with senior ministry officials, state ministers from Telangana and Andhra Pradesh, and heads of regulatory and industry bodies. Global participation and industry presence Senior leadership and stakeholders from DGCA, BCAS, HAL, AAI and major aerospace manufacturers such as Airbus, Boeing and Embraer attended the event. Delegations from over 20 countries made Wings India-2026 a key platform for international collaboration, policy dialogue and investment discussions. Massive footfall and business engagement Over the four days, the event recorded participation from more than 150 exhibitors, facilitated over 500 structured B2B and B2G meetings, hosted more than 7,500 business visitors, and attracted over 100,000 general visitors, including students and aviation enthusiasts. Static aircraft displays, technology showcases and aerial performances further enhanced public engagement. Robust security by CISF Given the high footfall, international presence and strategic importance of the event, CISF deployed a multi-layered security framework. This included access control, perimeter security, anti-sabotage checks, crowd management, airside coordination and emergency response preparedness. Security operations were conducted in close coordination with airport authorities, civil administration and other stakeholders, ensuring the event concluded smoothly and without incident. Minister praises security agencies At the inaugural session, Naidu emphasised India’s commitment to aviation growth, manufacturing expansion and global partnerships. He also acknowledged the vital role played by security agencies in ensuring a seamless event experience. About Wings India Wings India is a biennial civil aviation event established in 2008 and held at Begumpet Airport, Hyderabad. Organised by the Ministry of Civil Aviation, it serves as Asia’s largest platform for policymakers, industry leaders, aerospace manufacturers, airline executives and aviation stakeholders to converge, collaborate and shape the future of the global aviation sector.
01 February,2026 07:19 PM IST | Hyderabad | mid-day online correspondentFifteen Bangladeshi immigrants have been pushed back from Assam, Chief Minister Himanta Biswa Sarma said. He, however, did not mention the district where the development took place. "I do what I say, ALWAYS! So when I say, we will go all out against illegal infiltrators, we back it up with firm actions," Sarma said in a post on X on Saturday. "15 illegal Bangladeshis have been PUSHED BACK right to where they belong. Our mission continues... ," Sarma added. The Assam government has been cracking the whip on illegal migrants from Bangladesh, pushing back infiltrators through its borders with the neighbouring nation. 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.
01 February,2026 06:36 PM IST | Guwahati | PTIADVERTISEMENT
