Sipu Jha
NEW DELHI: Union finance minister Nirmala Sitharaman is presenting the Budget for the financial year 2026–27 in the Lok Sabha during the ongoing Budget session of Parliament. This marks Sitharaman’s ninth consecutive Union Budget presentation.
On Thursday, she tabled the Economic Survey of India, which is considered the government’s official annual ‘report card’ on the economy, evaluating major developments across sectors over the previous 12 months.“The Indian economy has sustained strong momentum, with the First Advance Estimates projecting real GDP growth at 7.4% for FY 2025–26. This underscores India’s position as the fastest-growing major economy for the fourth consecutive year,” Goyal said in a post on X on Thursday.He also noted that India recorded an inflation rate of 1.7 per cent during April–December 2025, largely due to a decline in food prices of key commodities such as vegetables and pulses, highlighting effective inflation management.
Here are the highlights of the Union Budget 2026-2027:
Rare earth corridors, chemical parks
The government announced three dedicated chemical parks in every state using a cluster-based plug-and-play model to enhance domestic chemical production. – Rare Earth Corridors: Four states including Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish dedicated rare earth corridors.– Chemical Parks: Support to states for three dedicated chemical parks through a challenge route on a cluster-based plug-and-play model.A large portion of the world’s rare earth refining capacity is controlled by China, who keep tightened export controls on critical minerals.
Rail corridors
Seven environmentally sustainable passenger corridors planned including Mumbai–Pune, Pune–Hyderabad, and Hyderabad–Bengaluru.
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