Three Chemical Parks to Slash Import Dependence
The government will support states in establishing three dedicated chemical parks through a challenge-based scheme featuring cluster-based plug-and-play infrastructure. This initiative enhances domestic chemical production capacity while reducing import dependency for critical industrial inputs. Strategic Rare Earth Ecosystem Development Complementing this, four mineral-rich states—Odisha, Kerala, Andhra Pradesh, and Tamil Nadu—will
Customs Duty Relief for 17 Cancer Drugs and 7 Rare Diseases
Finance Minister Nirmala Sitharaman proposed exempting basic customs duty on 17 critical drugs and medicines, targeting cancer patients to reduce life-saving treatment costs during her Union Budget 2026 presentation. Expanded Rare Disease Coverage Seven additional rare diseases gain import duty exemptions for personal imports of specialized drugs, medicines, and therapeutic
Buyback Tax, STT Hike, and MAT Reduction Reshape Corporate Taxation
Finance Minister Nirmala Sitharaman announced significant tax reforms during her Union Budget 2026-27 presentation, including taxing buyback proceeds as capital gains for all shareholders, raising Securities Transaction Tax (STT) on commodity futures, and reducing Minimum Alternate Tax (MAT). These measures balance revenue generation with corporate relief. Buyback Proceeds Taxed as
Electronics Manufacturing Outlay Doubles to ₹40,000 Crore
Finance Minister Nirmala Sitharaman announced doubling the Electronics Components Manufacturing Scheme outlay from ₹22,999 crore to ₹40,000 crore in Union Budget 2026, building on doubled investment commitments from the April 2025 launch. This capitalizes on proven success to fortify India’s electronics value chain. ISM 2.0 Launch for Semiconductor Self-Reliance India
Customs Duty Waiver Boosts Defence Aircraft MRO Capabilities
Union Finance Minister Nirmala Sitharaman proposed exempting basic customs duty on raw materials imported for manufacturing aircraft parts used in defence sector maintenance, repair, and overhaul (MRO) during her Union Budget 2026 presentation. Strengthening Domestic Defence MRO Ecosystem The exemption covers specialized alloys, composites, and components essential for fighter jets,
Customs Duty Exemption for Critical Minerals Processing
Union Finance Minister Nirmala Sitharaman proposed basic customs duty exemption on capital goods imports required for critical minerals processing during her Lok Sabha presentation. This targeted measure accelerates domestic value addition in strategic minerals essential for defense, electronics, and clean energy sectors. Strengthening Downstream Mineral Capabilities The exemption covers processing
Customs Duty Exemption Extended for Nuclear Power Till 2035
Finance Minister Nirmala Sitharaman proposed extending basic customs duty exemption on imports for nuclear power projects until 2035, expanding coverage to all nuclear plants regardless of capacity. This strategic measure accelerates clean energy capacity addition and supports India’s energy security goals. Comprehensive Nuclear Ecosystem Support The exemption covers critical equipment,
Duty-Free Import Limits Expanded for Seafood and Footwear Exports
Finance Minister Nirmala Sitharaman proposed significant duty relief for export-oriented seafood and footwear sectors during her Union Budget 2026 presentation. These measures enhance cost competitiveness and boost foreign exchange earnings from labor-intensive industries. Seafood Export Processing Boost The duty-free import limit for specified inputs used in seafood processing for exports
Income Tax Act 2025 Implementation from April 1, 2026: Simplified Compliance Era Begins
Finance Minister Nirmala Sitharaman announced that the Income Tax Act, 2025 will come into effect from April 1, 2026, with simplified rules and redesigned tax return forms to be notified shortly. The new direct tax code, completed in record time, slashes the legislation’s text and sections by approximately 50% compared
Odisha, Kerala, Andhra, Tamil Nadu Get Dedicated Rare Earth Corridors
Finance Minister Nirmala Sitharaman proposed establishing dedicated rare earth corridors in Odisha, Andhra Pradesh, Tamil Nadu, and Kerala during her Union Budget 2026-27 presentation. This initiative supports mining, processing, research, and manufacturing of rare earth elements and permanent magnets in mineral-rich states. Reducing Critical Mineral Import Dependence Rare earth minerals—17
