Union Budget 2026-27 Highlights Notes for SSC Exams
Rahul Kumar
SSC Exam Expert & Content Editor
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PDF Notes: Union Budget 2026-27 Highlights Notes for SSC Exams
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The Union Budget 2026-27 was presented by Finance Minister Nirmala Sitharaman on 1 February 2026. Budget questions are common in SSC General Awareness papers, and they are of two types: the facts of the latest Budget and the static facts about how a Budget works. These Union Budget 2026-27 highlights for SSC give both in simple tables, with practice questions.
Union Budget 2026-27: Key Numbers
| Point | Detail |
|---|---|
| Presented on | 1 February 2026, in the Lok Sabha |
| Presented by | Nirmala Sitharaman, Finance Minister (her ninth Budget in a row) |
| Total expenditure | About Rs 53.47 lakh crore |
| Capital expenditure (capex) | Rs 12.2 lakh crore, up from Rs 11.2 lakh crore |
| Fiscal deficit | 4.3% of GDP, against 4.4% in the revised estimate of 2025-26 |
| Revenue deficit | About 1.5% of GDP |
| Income tax rates and slabs | No change |
| Income-tax Act, 2025 | To come into effect from 1 April 2026 |
Different websites show slightly different rounding of these figures, so check the Union Budget documents of the Ministry of Finance for the exact number before the exam.
Important Announcements
| Area | Announcement |
|---|---|
| MSME | A dedicated SME Growth Fund of Rs 10,000 crore |
| Energy and climate | Rs 20,000 crore over five years for carbon capture, utilisation and storage (CCUS) |
| Electronics | Outlay of the Electronics Components Manufacturing Scheme increased to Rs 40,000 crore; India Semiconductor Mission 2.0 announced |
| Space | Department of Space allocated about Rs 13,705 crore |
| Tax administration | Revised income tax return deadline extended from 31 December to 31 March, on a small fee |
Economic Survey 2025-26
- The Economic Survey is presented a day or two before the Budget, and it is prepared by the Chief Economic Adviser.
- It estimated the GDP growth of India at about 7.4% in 2025-26.
- It projected a GDP growth of about 6.8% to 7.2% in 2026-27.
- India was described as the fastest-growing major economy.
Budget Basics for SSC
| Term | Meaning |
|---|---|
| Article 112 | Annual Financial Statement (the Budget) is presented every year |
| Fiscal deficit | Total expenditure minus total receipts (excluding borrowings) |
| Revenue deficit | Revenue expenditure minus revenue receipts |
| Capital expenditure | Spending on assets, such as roads, railways and defence equipment |
| Appropriation Bill | Allows the government to take money from the Consolidated Fund of India |
| Finance Bill | Contains the tax proposals of the government |
| Vote on account | Temporary permission to spend before the Budget is passed |
Some Static Facts About the Budget
- The Railway Budget was merged with the General Budget in 2017.
- The Budget is presented on 1 February instead of the last working day of February since 2017.
- The Budget has been presented in a paperless form since 2021.
- The Budget year (financial year) in India runs from 1 April to 31 March.
Quick Tips
- Learn the key numbers: 4.3% fiscal deficit and Rs 12.2 lakh crore capex.
- Remember that the Budget was presented on 1 February 2026 and was the ninth Budget of Nirmala Sitharaman.
- Revise the static terms, such as fiscal deficit and revenue deficit, because they never change.
- Read the Economic Survey growth numbers with the Budget numbers.
Quick Revision Points
- The Union Budget 2026-27 was presented on 1 February 2026.
- The fiscal deficit target is 4.3% of GDP.
- The capital expenditure is Rs 12.2 lakh crore.
- There is no change in income tax rates.
- The Income-tax Act, 2025 takes effect from 1 April 2026.
Practice Questions With Answers
- Who presented the Union Budget 2026-27?
Answer: Nirmala Sitharaman - On which date was the Union Budget 2026-27 presented?
Answer: 1 February 2026 - What is the fiscal deficit target in the Budget 2026-27?
Answer: 4.3% of GDP - What is the capital expenditure proposed in the Budget 2026-27?
Answer: Rs 12.2 lakh crore - Which Article of the Constitution deals with the Annual Financial Statement?
Answer: Article 112 - What is the amount of the SME Growth Fund announced in the Budget 2026-27?
Answer: Rs 10,000 crore - Which Act is to come into effect from 1 April 2026?
Answer: Income-tax Act, 2025 - Since which year is the Railway Budget merged with the General Budget?
Answer: 2017 - Who prepares the Economic Survey?
Answer: Chief Economic Adviser, in the Ministry of Finance - What is the financial year in India?
Answer: 1 April to 31 March
How to Practise This Chapter
Make a one-page sheet of the numbers and the announcements, and revise it a few times each week. Then solve questions from our practice papers, the free SSC quizzes and the previous year papers page. Read the Important Government Schemes note along with this chapter. For the basics of deficit and taxes, study the Indian Economy notes and the Finance and Economics notes.
Frequently Asked Questions
When was the Union Budget 2026-27 presented?
The Union Budget 2026-27 was presented on 1 February 2026 in the Lok Sabha by Finance Minister Nirmala Sitharaman.
What is the fiscal deficit target for 2026-27?
The fiscal deficit target is 4.3% of GDP, which is lower than the revised estimate of 4.4% for 2025-26.
What is the capital expenditure in the Budget 2026-27?
The Budget proposes a capital expenditure of Rs 12.2 lakh crore for 2026-27 to keep the infrastructure push going.
Were there any changes in income tax slabs in the Budget 2026-27?
No. The income tax rates and slabs were not changed in the Budget 2026-27.
What is the Income-tax Act, 2025?
It is a new law that replaces the Income-tax Act of 1961. It is to come into effect from 1 April 2026.
What is the SME Growth Fund?
It is a fund of Rs 10,000 crore announced in the Budget 2026-27 to help small and medium enterprises grow.
What is the Economic Survey?
The Economic Survey is a yearly report on the state of the economy, prepared by the Chief Economic Adviser and presented before the Budget.
What is fiscal deficit?
Fiscal deficit is the gap between the total expenditure of the government and its total receipts, not counting borrowings. It shows how much the government must borrow.
Which Article of the Constitution talks about the Budget?
Article 112 requires the President to lay the Annual Financial Statement, which is called the Budget, before Parliament every year.
Why was the Railway Budget merged with the General Budget?
It was merged in 2017 to give a complete picture of government finances in one document.
How should I prepare the Budget for SSC exams?
Learn the main numbers and new schemes of the latest Budget, and revise the static terms like fiscal deficit and revenue deficit. Solve previous year questions on the topic.
How many questions come from the Budget in SSC exams?
Usually one or two questions come from the Budget and economy current affairs in SSC General Awareness papers, but the number changes from year to year.
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Rahul Kumar
SSC Exam Expert & Content Editor
Rahul is a senior SSC exam strategist with 8+ years of experience helping aspirants crack CGL, CHSL and MTS exams. He writes in-depth notification breakdowns, exam pattern guides and preparation strategies.