Parliament Budget Session 2026 Highlights: The Lok Sabha saw heated arguments on Monday during the Budget Session after Leader of the Opposition Rahul Gandhi tried to refer to a magazine article that carried excerpts from the unpublished memoir of former Army Chief General MM Naravane.
During his reply to the motion of thanks on the President’s Address, Gandhi was interrupted by Defence Minister Rajnath Singh. Singh objected to Gandhi’s reference, saying a member cannot quote from a book that has not been officially published or verified.
Early in his speech, Rahul Gandhi responded to an allegation made by BJP MP Tejasvi Surya against the Congress, which questioned the party’s patriotism and understanding of national values. Gandhi said he wanted to address this charge by referring to an account linked to national security.
Rahul Gandhi raises the Doklam incident
Gandhi then spoke about an incident at Doklam, mentioning that Chinese tanks had entered Indian territory and tried to take control of a ridge. Gandhi said this account was drawn from the memoir of former Army Chief General Naravane, as reported in a magazine article. He argued that the passage would make clear who truly acted in the national interest.
Members from the ruling NDA strongly objected, saying the memoir had not been published and could not be cited in the House. Rajnath Singh asked Gandhi to clarify whether the book he was referring to had been formally released, and demanded that the source be presented before Parliament.
In response, Gandhi said the information he was using was reliable and had appeared in a published magazine article that quoted the former Army Chief’s unpublished memoir. General Naravane served as Chief of the Army Staff from December 2019 to April 2022.
However, Lok Sabha Speaker Om Birla ruled that unpublished material cannot be read out in the House and did not allow Gandhi to continue. Opposition members repeatedly urged the Speaker to let Gandhi speak, while members from the treasury benches said parliamentary rules clearly ban references to unpublished works.
Union Parliamentary Affairs Minister Kiren Rijiju supported the Speaker’s decision, saying that articles from magazines or newspapers cannot be quoted in the House and that debates must follow established rules. He also raised concerns about action against members who do not follow the Speaker’s ruling, as Gandhi continued to raise the issue of China and refer to the article.
The confrontation lasted for nearly 30 minutes, with frequent disruptions from both sides. The ruling party maintained that Gandhi could not read from an unpublished book or article.
Later, Samajwadi Party chief and MP Akhilesh Yadav backed Rahul Gandhi, saying issues related to China are extremely sensitive and the Leader of the Opposition should be allowed to speak. Union Home Minister Amit Shah also stepped in during the exchange. After continued interruptions, the House eventually was adjourned till 3:00 pm.
Keep watching this space for live coverage on Lok Sabha Budget discussion
Lok Sabha proceedings adjourned till tomorrow
After a brief start and amid uproar, the ongoing session in the Lok Sabha was adjourned till 11 am tomorrow (Feb 2). The fiery session saw LoP Rahul Gandhi raising a "national security issue" related to Chinese aggression on the border. His speech was interrupted by Home Minister Amit Shah, Defence Minister Rajnath Singh and Parliamentary Affairs Minister Kiren Rijiju, among others.
Rahul Gandhi says PM and Home Minister are getting 'uncomfortable'
Rahul Gandhi starts his speech amid uproar from the Opposition and the ruling party. Gandhi says he is raising a matter of national security which may be making PM Modi and HM Shah "uncomfortable".
House proceeding resumes again
"I feel people are happy that I'm here on the Chair," Jagdambika Pal said as the proceed begins again after two adjournments. Rahul Gandhi resumes his speech.
What did former Army chief Naravane say about his unreleased book?
Former Chief of Army Staff MM Naravane in an interview in 2025 said the delay in the publication of his memoir, 'Four Stars of Destiny', which had been awaiting clearance for over a year until last year, is no longer in his hands. Speaking at a literary festival, Naravane made it clear that his responsibility ended with writing the book, while the task of securing approvals lay with the publisher.
Responding to a question on why the memoir is yet to be released, the former Army chief had said, “My job was to write the book and give it to the publishers. It was the publishers who were to get the permission from the MoD. They gave it (the book) to them. It is under review. It is still under review for more than a year now.”
Naravane added that the publisher and the Ministry of Defence remain in regular communication, leaving little for him to pursue personally. “So it is not for me to follow up. The ball is in the publisher’s and the MoD’s court,” he added.
Naravane also said he had no regrets about the process. “I enjoyed writing the book, for better or for worse. And that’s that. It is for the MoD to give permission as and when they deem fit,” he added.
Lok Sabha adjourned again
After a brief proceeding in the ongoing budget session, the Lok Sabha was adjourned again till 4 pm. This came after an uproar erupted as Defence Minister Rajnath Singh urged the Chair to restrain Rahul Gandhi from disclosing what he described as sensitive details related to Chinese aggression along the Line of Actual Control in 2020.
Lok Sabha adjourned till 3 pm
After massive face-off, Speaker Om Birla asked Akhilesh Yadav to speak. However the Amit Shah interjected saying, "I heard Tejasvi SUrya's speech and nowhere he questioned your nationality or loyality." This invited more choas from the Opposition.
The Lok Sabha has been adjourned till 3 pm now.
'Don't ignore my ruling': Speaker warns Rahul Gandhi
Speaker Om Birla warned Rahul Gandhi and said "don't ignore my ruling". He added that the LoP must stick to the subject of discussion. Despite Speaker's ruling, Rahul Gandhi kept pushing to speak on the unpublished memoir of the ex-amry chief.
Rahul Gandhi argues memoir is a public document, says 'They should allow me to read it'
Rahul Gandhi further argued that the memoir is a public document and that he should be allowed to speak. The BJP kept interjecting his speech over the unpublished memoir. Rajnath Singh had earlier demanded that Gandhi "should present before the House the book he is quoting from, because the book he is referring to has not been published".
Parliament erupts in chaos over Rahul Gandhi's reference to ex-Army chief's unpublished memoir
Lok Sabha Speaker Om Birla trashed Rahul Gandhi's speech after he made reference to ex-Army chief's China claims in unpublished memoir. Birla said that there will be no debate on newspaper articles and books. While Congress claimed that their mics were switched off, Amit Shah iterjected saying that the Lok Sabha should stick to the President's Motion of Address.
Interrupting the ruckus, Akshilesh Yadav also said that Rahul Gandhi should be allowed to speak on national interest issues.
'Govt not allowing book to be published': Rahul Gandhi quotes ex-army chief in Parliament
Rahul Gandhi pulled out a clipping of an unpublished memoir of an ex-army chief which led to the whole ruckus in the Lok Sabha. Gandhi said that the "government was not allowing his book to be published."
Rajnath Singh objects Rahul Gandhi
As soon as Rahul gandhi started speaking on the Motion of Address and responding to Tejasvi Surya's allegations, Defence Minister Rajnath Singh objected him right away which led to a lot of ruckus and noise in the Parliament
BJP MP Tejasvi Surya on Sunday strongly attacked the Congress during the Lok Sabha debate on the Union Budget, taking aim at Leader of Opposition Rahul Gandhi and the party’s election performance.
Surya said that under Gandhi’s leadership, the Congress has faced continuous defeats, claiming the party has lost 95 elections nationwide. He used this point to argue that the Opposition does not have the credibility to question the government on governance or economic matters.
Congress-led Opposition intensifies protests
Opposition MPs from Kerala staged a protest in Parliament on Monday over the Union Budget 2026, branding it an “anti-Kerala Budget” and alleging that the state’s interests had been ignored in the financial roadmap.
At the same time, tensions escalated in the Kerala Legislative Assembly after the Speaker reportedly declined the Opposition’s notice seeking a discussion on claims that the state government had violated provisions of the Kerala Prisons and Correctional Services (Management) Act. The decision sparked sharp reactions from Congress leaders, prompting the party’s legislators, led by Congress MLA and Leader of the Opposition V D Satheesan, to boycott the Assembly proceedings.
"Why is GIFT city exempt while others are not?
This Union budget shows how disconnected the Union government is from market realities and how much hate it has for Mumbai.
In a year which has such a volatile market environment, sky high inflation and rupee depreciation, this selfish Union government has decided to raise STT. This clearly adds to an already burdened investor and only helps raise revenue for the government at our cost.
Further, India’s financial capital is home to major exchanges and maximum capital market transactions, institutional and retail participation and trading activity happens here.
Higher STT directly hurts trading, discourages participation and hence curbs jobs and financial growth in Mumbai.
Conveniently, the same trades remain STT exempt in GIFT City.
This is a blatant attempt to further snatch away Mumbai’s significance and financial leadership and move it to GIFT.
Shockingly, same country, same investor but different taxation incentivising movement of liquidity to GIFT, from Mumbai intentionally.
Instead of giving IFSC to Mumbai and other metro cities, the union government “gifts” Mumbai pure bias and hate!
The key point being why is GIFT city exempt from this STT and the hike?"
Capex quality improves despite fiscal consolidation, says Goldman Sachs
Goldman Sachs noted that, despite fiscal consolidation over the past six years, the quality of government spending has improved. Capital expenditure now accounts for a larger share of total spending, with the capex-to-current expenditure ratio rising to around 0.3 in FY27.
The proposed capital expenditure across major ministries is largely driven by higher defence spending. Defence capex is budgeted to rise by about 17% year-on-year compared with the FY26 revised estimates. This is much higher than the assumed nominal GDP growth of 10%.
Meanwhile, expenditure on roads and railways are budgeted to grow at around 8% yoy and 10% yoy respectively. Transfers to states for capital expenditure remain strong and budgeted to grow by nearly 33% YoY
PM to reply on February 4 as Budget debate begins
Parliamentary Affairs Minister Kiren Rijiju todat outlined the schedule for the discussion on the Motion of Thanks to the President’s Address, saying the debate would span three days with Prime Minister Narendra Modi set to reply on the evening of February 4.
Speaking in Delhi, Rijiju said that with 18 hours allocated for the discussion, the BJP and the ruling NDA would have a majority share of speaking time. “Today, we will have around four to five speakers from the BJP because the total time kept is 18 hours. So, as per that, we have three days of discussion. The Prime Minister will reply in the evening of 4th February,” he said.
Rijiju added that once the Motion of Thanks is moved by Union Minister Sarbananda Sonowal and seconded by BJP MP Tejasvi Surya, Leader of Opposition Rahul Gandhi is expected to speak.
The minister also took aim at the Opposition over its criticism of the Union Budget, accusing it of refusing to acknowledge its positive aspects. “The Opposition is not ready to see the positive aspects of the Budget. I cannot do anything about it,” Rijiju said.
He stressed that the Budget had drawn attention beyond India’s borders. “The entire world is watching the Budget of the country; this is not just for Indians,” he remarked, alleging that the Congress and its allies were adopting a negative approach and attempting to send an adverse message to the public.
Ruckus in Kerala Assembly
Congress leaders in the Opposition, including Congress MLA and Leader of Opposition VD Satheesan, boycotted the Kerala Legislative Assembly session. The walkout came after the Speaker reportedly refused their request to hold a discussion on allegations that the state government is violating rules under the Kerala Prisons and Correctional Services (Management) Act.
BUdget 2026 Live Updates: Motilal Oswal flags higher market borrowing as key budget surprise
Motilal Oswal said the overall budget numbers look manageable but the key negative surprise was higher gross market borrowing at Rs 17.2 lakh crore, above market expectations of Rs 16–16.5 lakh crore.
Motilal Oswal said two points to consider are: 1) buybacks/switches by the RBI during the year, and 2) conservative estimates on small savings.
"Our view is that the higher gross borrowing may decline during the year, closer to street estimates. Nonetheless, the
market is likely to react negatively to the headline news," the report noted.
The Lok Sabha proceedings kicked-off at 11:00 am today. The Parliament is going to hold a discussion on BUdget 2026 today where Opposition leader Rahul Gandhi is expected to lead the debate.
Kerala Opposition MPs stage protest against Budget 2026
Kerala MPs from the Opposition are staging protests outside the Parliament today calling the Union Budget 2026 'anti-Kerala'. Watch here:
#watch | Delhi: Opposition MPs from Kerala protest against #unionbudget2026, at the Parliament, calling it an 'anti-Kerala Budget'. pic.twitter.com/79pYrLvryB
'Budget demonstrates the ongoing commitment to maintaining macro stability': Fitch Ratings
Fitch Ratings said on Monday that India’s budget shows the government’s continued focus on keeping the economy stable. It pointed to a steady plan to reduce government debt while still spending strongly on capital projects to support growth.
The agency noted that the budget did not announce any major new reforms. However, it expects more policy changes in the future, especially steps aimed at reducing regulations.
Fitch also said that strong GDP growth is improving several of India’s credit indicators. If this growth continues, it could strengthen the country’s credit standing over time, even though some fiscal challenges still remain.
'The Budget was not for common people,' says Samajwadi Party MP Ram Gopal Yadav
Samajwadi Party MP Ram Gopal Yadav criticised the budget, saying it does not serve the common people and benefits only a small section. He said the government’s claim of a developed India does not match the reality on the ground and urged leaders to visit villages to see the real situation.
Yadav also pointed to problems in the Jal Jeevan Mission, saying its condition reflects poor implementation. He accused the Centre of misusing funds and alleged that those in power are ignoring the concerns of people while pushing their own narrative.
Budget 2026 boost to investment: Brics Chamber of Commerce and Industry Chairman
Brics Chamber of Commerce and Industry Chairman Harvansh Chawla said on Sunday that the Union Budget 2026 has been prepared keeping the global economic slowdown in mind and is expected to boost investment, especially from non-resident Indians.
He said that no country can remain unaffected when the world economy is under stress, and the budget reflects this reality. Chawla added that many NRIs, who have strong emotional ties with India, are willing to invest in the country. He said this fund-based investment route could bring in significant capital.
Chawla also highlighted the focus on the biopharma sector, calling it a key priority. He said India is making steady progress in this area and that the government’s decision to invest Rs 10,000 crore shows its commitment to improving public health.
Budget 2026: MNRE allocation jumps 24%, Budget sharpens India’s clean-energy push
India’s clean-energy transition received one of its strongest fiscal endorsements yet in the Union Budget 2026–27, with a sharp rise in allocations for the Ministry of New and Renewable Energy (MNRE) signalling a renewed push on scale, manufacturing depth and energy security.
Budget 2026: Harnessing the yuva shakti
Seeking to address India’s job crisis in times of AI adoption and a skills gap between education and market needs, the Budget has prioritised long-term job creation, focusing on services, creative industries, rural, healthcare, textiles and tourism.
The Budget 2026, presented by Samir Kumar, aims to accelerate economic growth and fulfill people's aspirations through policies that support the private sector, strengthen the MSME sector, and promote digital sovereignty.
Budget 2026: Microwaves, EVs set to be cheaper as FM slashes duty
The Budget proposed a set of tax and duty changes aimed at easing compliance for consumers, lowering customs duty and rationalising remittance taxes. The Budget proposes reducing customs duty on all dutiable goods imported for personal use, including gifts, to 10% from 20%, offering modest relief to consumers on high-value personal imports.
Budget 2026: AI push widens to chips and data centres
Artificial intelligence has been given a sharper policy push in the Union Budget, with targeted spending across semiconductor manufacturing, data centre infrastructure and AI software development, signalling a more integrated approach to building a domestic AI ecosystem.
Budget 2026: What gets cheaper?
Overseas tourism packages
Foreign education
Cancer drugs
Alcoholic liquor scrap and certain minerals
Footwear
Energy transition equipment
Leather goods
Microwave ovens
TV equipment
Cameras
Video games' manufacturing parts
Imports of goods for nuclear power projects till 2035
Budget 2026: Budget bets on minerals, manufacturing and decarbonisation
The Union Budget has laid out one of its most ambitious industrial and energy blueprints yet, with finance minister Nirmala Sitharaman unveiling a coordinated push across rare earths, clean manufacturing, nuclear power and industrial decarbonisation.