Budget 2026 live updates: Parliament's Budget session to begin today, President Murmu to deliver address

BUdget 2026 unrecorded updates: The Budget session of Parliament is go down to start today with an call by chairperson Droupadi Murmu to a joint sitting of both Lok Sabha and Rajya Sabha. Union finance minister Nirmala Sitharaman will present the Union Budget 2026-27 on February 1, which falls on a Sunday, a rare occurrence that needs special planning.The Economic Survey, which offers a detailed look at the state of the economy, is expected to be presented in Parliament on January 29. The budget session, which will continue till April 2, will be held in two phases with an intersession break.The first phase of the session is scheduled from January 28 to February 13, and the second phase from March 9 to April 2, Union parliamentary affairs minister Kiren Rijiju said earlier this month.What are the key expectations from Union Budget?1. There is an expectation of an overhaul of customs duty on the lines of GST rationalisation ahead of the Budget session. The Budget is also likely to outline the path of targeting of Debt-to-GDP ratio, with India's fiscal management focus shifting from managing deficit to reducing debt.2. The new and simplified Income Tax Act, 2025, will come into effect from April 1, 2026, thus leading to the expectation that the budget outline transition provisions, rules and FAQ for better understanding.3. There is also an expectation of rationalisation of TDS categories into fewer rates, slabs and a higher defence budget in view of rising geopolitical tensions.4. The Budget might also include provisions for the 8th Pay Commission, which came into effect on January 1, 2026, and take steps towards tax devolution to states, in line with the recommendations of the 16th Finance Commission.All-party meeting ahead of sessionDefence minister Rajnath Singh held an all-party meeting on Tuesday in the main Committee Room of Parliament, outlining the agenda for the upcoming Budget session.Following the meeting, Union minister Kiren Rijiju said the Centre remains open to suggestions from all political parties ahead of the session. He added that discussions must strictly adhere to established parliamentary rules.“As per the rules, the discussions should revolve around the Budget only,” Rijiju said, adding that the President will address the joint session, after which the motion on vote of thanks on her speech will be held, wherein all parties will participate.Traditional halwa ceremony marks final stage of Budget preparationNirmala Sitharaman on Tuesday marked the final stage of the preparation for the Union Budget 2026-27 by participating in a traditional halwa ceremony.The ceremony is a customary ritual before the Budget session wherein ‘halwa’, a traditional dessert, is prepared and served to officials and staff members of the finance ministry involved in the preparation of the Budget.