Union Budget 2026 outlined sweeping reforms across the financial sector, ease of doing business, services, tourism, sports, healthcare, and agriculture. Finance Minister Nirmala Sitharaman proposed new committees, sector-specific missions, and targeted schemes to accelerate India’s journey towards Viksit Bharat.

Author: Aditya Pareek | EQMint | Budget 2026

Presenting Union Budget 2026 in Parliament, Nirmala Sitharaman announced a comprehensive set of reforms and initiatives spanning the financial sector, services, ease of doing business, healthcare, tourism, sports, agriculture, and emerging technologies. The proposals are aimed at strengthening institutional capacity, improving productivity, and positioning India as a global growth leader by 2047.

High-Level Committee on Banking for Viksit Bharat

Addressing reforms in the financial sector, the Finance Minister proposed the setting up of a high-level committee on banking for Viksit Bharat. The committee will undertake a comprehensive review of the banking sector, examining structure, governance, efficiency, and future readiness.

In addition, Sitharaman announced proposals for:

• Restructuring of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC)
• A comprehensive review of Foreign Exchange Management (Non-Debt Instruments) Rules
• New proposals aimed at strengthening the Corporate Bond and Municipal Bond markets

These measures are expected to deepen capital markets, improve financial intermediation, and support long-term infrastructure financing.

Ease of Doing Business: Boost for Foreign Portfolio Investors

On Ease of Doing Business, the Finance Minister announced significant liberalisation measures to attract global capital.

Key proposals include:

• Permitting individuals residing outside India to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme
• Increasing the investment limit for PROI (Persons Resident Outside India) from 5% to 10%

These steps are aimed at improving market liquidity, broadening the investor base, and enhancing India’s attractiveness as a destination for foreign portfolio investments.

AVGC Content Creator Labs and New National Institute of Design

To strengthen India’s creative and design ecosystem, Sitharaman proposed support for the Indian Institute of Creative Technologies, Mumbai, to establish AVGC (Animation, Visual Effects, Gaming and Comics) content creator labs.

The initiative will roll out:

• AVGC labs in 15,000 secondary schools
• AVGC labs in 500 colleges

In addition, the Finance Minister announced the establishment of a new National Institute of Design (NID) to boost design education and development in Eastern India, strengthening regional access to world-class design training.

Promoting India as a Hub for Medical-Value Tourism

In a major push for healthcare and wellness, the Finance Minister announced proposals to promote India as a global hub for medical-value tourism.

Key initiatives include:

• Support for Allied Health Practitioners
• Training programmes for caregivers
• A scheme to support States in establishing five regional medical hubs in partnership with the private sector

Further, in the field of Yoga and Ayurveda, Sitharaman announced:

• Establishment of three new All India Institutes for Ayurveda
• Upgradation of AYUSH pharmacies
• Upgradation of the WHO Traditional Medicine Centre in Jamnagar

These measures aim to integrate healthcare delivery, wellness, and traditional medicine into a globally competitive ecosystem.

Making India a Global Leader in the Service Sector by 2047

Speaking on emerging technologies and artificial intelligence, Sitharaman announced the proposal to set up a high-powered committee to recommend measures for positioning the service sector as a key growth driver of Viksit Bharat.

The committee will also:

• Assess the impact of emerging technologies and AI on jobs
• Recommend policy interventions to enhance productivity and competitiveness

The initiative underscores the government’s recognition of the service sector as a cornerstone of India’s long-term economic growth.

Agriculture and Rural Focus: Coconut Production and High-Value Crops

Under the third Kartavya, the Finance Minister emphasised:

• Increasing farmer incomes
• Empowering divyangjan
• Supporting vulnerable sections with access to mental health and trauma care

A special focus will be placed on North-Eastern States to expand development opportunities.

In the agriculture sector, Sitharaman announced proposals for fisheries and animal husbandry, alongside targeted support for high-value agriculture in coastal areas.

Key announcements include:

• Coconut Production Scheme to enhance productivity
• Similar productivity enhancement proposals for cashew, cocoa, and sandalwood

These initiatives aim to diversify farm incomes and strengthen value chains for high-value crops.

Launch of Khelo India Mission

To transform India’s sports ecosystem, Sitharaman announced the launch of a Khelo India Mission.

The mission will focus on:

• Training of coaches
• Establishing competitions and sports leagues
• Strengthening grassroots and professional sports infrastructure

The initiative aims to build sporting excellence while generating employment and promoting fitness.

Tourism Sector: Digital, Ecological and Cultural Push

The Finance Minister outlined a comprehensive tourism development plan, including:

• Establishment of a National Institute of Hospitality by upgrading the existing council
• A pilot scheme to upskill 10,000 tourist guides across 20 tourist destinations
• Creation of a National Destination Digital Knowledge Grid for researchers, historians, and content creators

In addition, Sitharaman announced:

• Development of ecological trails in Himachal Pradesh, Uttarakhand, and Jammu & Kashmir
• Turtle trails in Kerala, Odisha, and Karnataka
• Bird-watching trails along Pulicat Lake
• Development of 15 archaeological sites

These measures aim to promote sustainable, experiential, and heritage tourism across India.

Conclusion

Union Budget 2026 presents a far-reaching and integrated reform agenda, with Finance Minister Nirmala Sitharaman announcing decisive initiatives across banking, services, healthcare, tourism, sports, agriculture, and creative industries. With a strong emphasis on institutional reform, skill development, sustainability, and global competitiveness, the Budget lays a comprehensive foundation for achieving the vision of Viksit Bharat.

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Disclaimer: This article is for informational and educational purposes only. Budget proposals and policy announcements are subject to legislative approval, detailed guidelines, and subsequent notifications. Readers are advised to consult professional advisors before making financial, business, or investment decisions.