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As the government readies Union Budget 2026–27, attention is firmly on what it will bring, with anticipation of everything from personal tax reforms and defence outlays to the country's self-reliance dreams; here is a glance at everything that transpired a year ago:

Last year’s fiscal strategy offered a steady macroeconomic base, defined by a sustained public capital expenditure push, gradual deficit consolidation and resilient tax collections, setting the stage for what taxpayers and industry leaders hope will be the next phase of reforms.

Here's the fine print

Priorities from the document for generating ample opportunities for Indians included:

1. Boosting infrastructure and investment-led growth, with a sustained push in capital expenditure

2. Employment and skill creation, including expansion of skilling programmes and support for job-linked initiatives

3. Support for MSMEs and entrepreneurship, through credit access, guarantees and simplified compliance

4. Manufacturing and industrial growth, including production-linked incentives and industrial corridor development

5. Agriculture and allied sector reforms, covering irrigation, crop diversification and farm-linked infrastructure

6. Green growth and energy transition, spanning renewable energy, electric mobility and clean fuel initiatives

7. Digital public infrastructure and technology-led governance, including digital payments and urban digital missions

8. Urban development and housing, with focus on affordable housing, transport and urban services

9. Human capital development, covering education, healthcare and nutrition

10. Inclusive development and social protection, through targeted welfare schemces and direct benefit transfers For all Budget-related updates, Click Here

These priorities framed the government’s FY26 fiscal strategy and spending allocations. As Union Budget 2026–27 approaches, taxpayers and industry leaders are now watching to see whether these themes translate into deeper tax reforms, regulatory simplification and measures to crowd in private investment, especially after a year of consolidation-led policymaking.

Moreover, last year New income tax slabs announced in the Budget for new regime included -

No tax payable up to ₹12 lakh of normal income under the new regime; Rs 12.75 lakh for salaried taxpayers after ₹75,000 standard deduction.

Revised slab rates:

- Up to Rs 4 lakh: Nil

- Rs 4–8 lakh: 5%

- Rs 8–12 lakh: 10%

- Rs 12–16 lakh: 15%

- Rs 16–20 lakh: 20%

- Rs 20–24 lakh: 25%

- Above Rs 24 lakh: 30%

Tax savings:

- Rs 12 lakh income: Rs 80,000 benefit (zero tax)

- Rs 18 lakh income: Rs 70,000 benefit

- Rs 25 lakh income: Rs 1.1 lakh benefit

Revenue impact: Govt to forgo about Rs 1 lakh crore in direct taxes and Rs 2,600 crore in indirect taxes.

Union Budget FY2025–26: Key numbers at a glance

- Total expenditure: Rs 50.65 lakh crore

- Capital expenditure: Rs 11.21 lakh crore

- Effective capital expenditure (incl. grants for asset creation): Rs 15.48 lakh crore

- Fiscal deficit: Rs 15.69 lakh crore (4.4% of GDP)

- Revenue deficit: Rs 5.24 lakh crore (1.5% of GDP)

- Primary deficit: 0.8% of GDP

- Gross tax revenue: Rs 42.7 lakh crore

- Net tax revenue to Centre: Rs 28.37 lakh crore

- Non-tax revenue: Rs 5.83 lakh crore

- Total transfers to states & UTs: Rs 25.6 lakh crore

- Nominal GDP (FY26): Rs 356.97 lakh crore

- Defence expenditure: Rs 4.92 lakh crore

- Interest payments: Rs 12.76 lakh crore

- Tax foregone due to rate changes:

Direct taxes: Rs 1 lakh crore

Indirect taxes: Rs 2,600 crore