India’s Union Budget aligns with the expectations of steady fiscal consolidation, reinforcing a positive outlook on the country’s sovereign credit ratings, according to a report on Tuesday.

The central government revised its fiscal deficit estimate to 4.8 per cent of GDP for the year ending March 31, 2025, slightly lower than the earlier projection of 4.9 per cent in the Union Budget presented on February 1.

For fiscal 2026, the government has set an even lower deficit target of 4.4 per cent aligning with a commitment to financial discipline and sustainable growth.

Despite adjustments in income tax thresholds and a gradual normalisation of economic growth, India is expected to achieve these fiscal targets, the S&P Global Ratings report said.

Finance Minister Nirmala Sitharaman on Saturday enhanced the total outlay for Jal Jeevan Mission to Rs 67,000 crore in her proposals for Budget 2025-26 and said that the Mission stands extended until 2028.

FM Sitharaman stated that 15 crore households representing 80 per cent of India's rural population have benefitted from the Jal Jeevan Mission since 2019.

She added that access to potable tap water connections is provided under this Mission, and in the next three years, the target is to achieve 100 per cent coverage.

Jal Jeevan Mission's focus will be on the quality of infrastructure and operation and maintenance of rural piped water supply schemes through "Jan Bhagidhari".

Finance Minister Nirmala Sitharaman identified agriculture as "the first engine" for India’s development journey with the announcement of a slew of measures in Budget 2025-26 to raise farm production and increase the incomes of farmers.

She said that a Makhana Board would be set up in Bihar, to improve the production, processing, value addition, and marketing of makhana (fox nut) as well as support the people engaged in these activities to be organised into Farmer Producer Organisations (FPOs). The Board will provide handholding and training support to makhana farmers and also work to ensure they receive the benefits of all relevant government schemes, she added.

The Minister also stated that a National Mission on High Yielding Seeds will be launched with an aim to strengthen the research ecosystem, targeted development and propagation of seeds with high yield, pest resistance and climate resilience, and commercial availability of more than 100 seed varieties released since July 2024.

Finance Minister Nirmala Sitharaman on Saturday announced an increase in the FDI limit for the insurance sector from 74 per cent to 100 per cent in the Budget for 2025-26 as part of far-reaching reforms in the financial sector.

This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified, the Finance Minister said.

Budget 2025-26 aims to initiate transformative reforms across six domains which will augment our growth potential and global competitiveness during the next five years, she while presenting the Budget in Parliament.

One of these domains is the financial sector which encompasses sectors like insurance, pensions, bilateral investment treaties (BIT) and so forth, she said.

The Indian stock market on Saturday closed flat over weak global cues as Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament.

Despite touching the day's high of 77,899.05, the BSE Sensex settled at 77,505.96 with 5.39 points or 0.01 per cent up from its previous close.

The NSE Nifty ended lower by 26.25 points, or 0.11 per cent, at 23,482.15. Throughout the session, the index moved between a high of 23,632.45 and a low of 23,318.30.

"The Nifty has witnessed a roller-coaster ride during the Budget session. On the daily chart, a small-bodied candle has formed, indicating indecision,” market experts said.

Among sectoral indices, FMCG, Consumer Durables, and Auto stocks saw strong gains.

In a move set to impact the hospitality and commercial sectors, oil marketing companies have reduced the price of 19 kg commercial LPG cylinders by Rs 7, effective immediately.

The revision comes just ahead of the Union Budget presentation, scheduled for 11 AM in Parliament.

Following this reduction, the cost of a 19 kg commercial LPG cylinder in Delhi has dropped from Rs 1,809 to Rs 1,797. However, there has been no revision in the price of 14 kg domestic LPG cylinders.

In other major cities, the previous rates stood at Rs 1,756 in Mumbai, Rs 1,911 in Kolkata and Rs 1,966 in Chennai.

In a major move to ease the tax burden on middle-class taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced fresh tax slabs under the New Tax regime in the Union Budget 2025-26.

The new tax slabs aim to provide relief to individuals earning up to Rs 12 lakh annually and the exemption limit is Rs 12.75 lakh for salaried individuals (including standard deductions).

Finance Minister Sitharaman said that after the changes made under the new tax regime, there will be a saving of Rs 80,000 on an income of Rs 12 lakh, Rs 70,000 on an income of Rs 18 lakh, and Rs 1,10,000 on an income of Rs 25 lakh.

Under the new tax slabs announced in the Budget, there is no tax on annual incomes up to Rs 4 lakh.

In a bid to further strengthen the maritime security in Maharashtra, the state Fisheries Department issued directives on Friday making it mandatory for every sailor going for fishing at all ports in the state to carry a QR coded Aadhaar card.

Fisheries Department Commissioner Kishor Tawde's directions came days after the Fisheries and Port Development Minister Nitesh Rane had visited Sassoon Dock in south Mumbai where he noticed that most of the sailors did not have Aadhaar cards.

At that time, Rane had given instructions to issue a directive, making it binding for sailors going for fishing to have Aadhaar cards. Accordingly, the Fisheries Development Commissioner on Friday issued the directive.

In a bid to help improve transparency and inclusivity in the decision-making process, the Centre on Friday expanded Aadhaar authentication to government and private entities for providing various services in the public interest boosting innovation, knowledge and public service enhancement.

The IT Ministry notified the Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025 under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

According to the ministry, the amendment seeks to enhance the scope and utility of Aadhaar authentication to further promote good governance, social welfare, innovation, and knowledge dissemination allowing the usage of Aadhaar for improving service delivery and, thereby, enhancing ease of living for residents and enabling better access to various services for them.

US space agency NASA on Thursday announced that Indian-origin astronaut Sunita Williams, along with colleague Butch Wilmore, have begun their second spacewalk for maintenance and scientific experiments.

"Astronaut Suni Williams is conducting her ninth career spacewalk and Butch Wilmore is conducting his fifth career spacewalk today," NASA said in a blog post.

This is Williams' second spacewalk in 12 years.

The first took place earlier this month, where Williams undertook the spacewalk along with colleague Nick Hague.