Union Budget 2026 was presented February 1, 2026, by Finance Minister Nirmala Sitharaman in Parliament.

This is her ninth straight Budget speech, a new record. For the first time in India’s history, the Budget came on a Sunday. The speech lasted about 85 minutes and focused on growth, jobs, manufacturing, and fiscal control.

The Budget sets the government’s plan for money coming in and going out for the financial year 2026-27. It focuses on steady growth, support for common people, farmers, youth, and women. Key themes include inclusive development, strong infrastructure, and keeping fiscal control.

Highlights from Union Budget 2026:

• • • No big changes came in income tax slabs or rates. But good news for taxpayers: under the new tax regime, income up to Rs 12 lakh stays tax-free.
    • Public capital expenditure (capex) raised to Rs 12.2 lakh crore for FY 2026-27 (up from Rs 11.2 lakh crore last year). This is the highest ever and will create jobs through roads, rails, and projects.
    • Fiscal deficit target at 4.3% of GDP.
    • Total Budget size around Rs 53.5 lakh crore.
    • Big focus on manufacturing: Scaling up in 7 strategic sectors, helping MSMEs become “champions”,
    • Defence gets strong push for firepower and capabilities.
    • Tourism boost: National Institute of Hospitality, training for guides, and sustainable tourism.
    • Other points: Biopharma Shakti (Rs 10,000 crore for biologics), SME growth fund, and AI tools for agriculture.

How This Budget Helps Odisha:

Odisha gets good direct benefits in this Budget, especially in infrastructure, minerals, and waterways. Many see Odisha as one of the biggest gainers.
Rare Earth Corridors: Dedicated support for Odisha (along with Kerala, Andhra Pradesh, Tamil Nadu) to mine, process, and make rare earth elements and magnets. This helps clean energy, electronics, defence, and EVs. Odisha’s mineral wealth gets a big push.
National Waterway-5 (NW-5): First among 20 new waterways to start. It connects mineral-rich Talcher-Angul areas and industrial hubs like Kalinganagar to Paradip and Dhamra ports. This cuts logistics costs for steel, mining, and exports.
Purvodaya Plan: Focus on eastern states with East Coast Industrial Corridor, tourism spots in Purvodaya states, and more e-buses.
Tribal welfare and mineral development get attention, helping Odisha’s tribal areas.
Overall infra push (roads, rails, freight corridors) will create jobs and growth in the state.
Odisha CM Mohan Charan Majhi called it a “Youth Power Budget” for skills and growth. He praised the infra and waterway focus.

Rare Earth Corridors in Union Budget 2026:

In the Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman on February 1, 2026, one of the key announcements was the plan for dedicated Rare Earth Corridors. This is a big step to make India self-reliant in critical minerals. These minerals are used in electric vehicles (EVs), renewable energy like wind and solar, smartphones, defence equipment, and high-tech products.The government will support four coastal states: Odisha, Kerala, Andhra Pradesh, and Tamil Nadu. These states have rich deposits of monazite and other beach sand minerals along their coasts, which contain rare earth elements.

The Budget 2026 keeps India on track for fast growth. For Odisha, rare earths, waterways, and eastern focus mean real jobs, lower costs, and industrial boost.