FM Sitharaman: Budget Focuses on Stability Amid Global Uncertainty, New Tax Law Coming

• Union Finance Minister Nirmala Sitharaman announced a new income tax law, effective April 1, 2026, designed to simplify tax filing for common people.
• Sitharaman stated this year's budget prioritizes stability amidst unprecedented global uncertainty, emphasizing India's strong financial fundamentals.
• The budget aligns with the 'Viksit Bharat' (Developed India) goal by 2047, including plans for banking sector reforms and a high-level committee.
• Proposals include restructuring Power Finance Corporation and Rural Electrification Corporation, and changes to foreign exchange management rules.
• The budget also introduces a National Fibre Scheme, supports garment artisans, and plans a Dedicated Freight Corridor between Dankuni and Surat.

Why It Matters: FM Sitharaman highlights stability and long-term vision in a 'different' budget, introducing new tax laws and reforms.