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India Union Budget 2027-28
Event overview
Finance Minister's pre-election budget speech and Finance Bill.
1 February 2027 is the scheduled presentation of the Union Budget 2027-28 to Parliament. Finance Minister Nirmala Sitharaman, or whichever finance minister holds the portfolio, delivers the speech at 11:00 IST in the Lok Sabha. Budget documents, the Finance Bill and the Appropriation Bill are tabled together; this edition is the government's final full budget before the 17th Lok Sabha's five-year term concludes in mid-2029.
The Union Budget has moved to a 1 February presentation date since Budget 2017-18, replacing the earlier late-February slot and advancing the appropriation cycle so that spending can begin on 1 April. The 2026-27 budget, presented on 1 February 2026, revised the personal-income-tax slabs following the DTC 2025 framework, targeted a fiscal deficit below 4.4 per cent of GDP and allocated ₹11.21 lakh crore to capital expenditure. Gross tax receipts for 2025-26 crossed ₹38 lakh crore for the first time, reflecting both nominal GDP growth and post-GST 2.0 collection trends.
The 2027-28 edition will absorb three significant inputs: the outcome of the 16th Finance Commission's recommendations, the reorganised GST 2.0 rate structure that became effective 22 September 2025, and the baseline-resetting impact of the Census 2027 enumeration. The budget must also reconcile GST compensation cess sunset arrangements and the Income-tax Act, 2025 transition that came into force on 1 April 2026. The 16th Finance Commission, chaired by Arvind Panagariya, is due to submit its report by 31 October 2025 covering the five-year award period 2026-31. Capital expenditure in defence, railways and clean energy typically frames headline coverage.
1 February 2027 is the last pre-election full budget window, giving the finance ministry a final chance to set a multi-year expenditure trajectory before the model code of conduct constrains discretionary announcements in early 2029. Markets watch personal-income-tax signalling, capex allocation and borrowing plans; the RBI synchronises its February monetary policy against the fiscal numbers. State finance ministers also lock their own budget assumptions against Finance Commission devolution shares announced here. A parallel is the 2018-19 budget — the last full budget before the 2019 general election — which lifted PM-Kisan, MSP guarantees and health insurance as defining pre-election interventions.
India's nominal GDP is projected near ₹355 lakh crore for FY28, implying a fiscal deficit ceiling of around ₹14 lakh crore at a 4 per cent target. Gross market borrowing typically runs at roughly 75 per cent of fiscal deficit, putting FY28 G-sec issuance above ₹16 lakh crore and setting the yield-curve anchor for the entire domestic bond market. Capex multipliers estimated in the Economic Survey 2024-25 at 2.45x over one year make the budget capex number the single biggest fiscal lever on near-term growth. Insurance, NBFC and banking sectors also track the Finance Bill for tax treatment changes that can move listed-company valuations by double-digit percentages on budget day.
The budget follows the India Economic Survey 2027 by one day and builds on the RBI Financial Stability Report December 2026 assessment, landing ahead of the Uttar Pradesh Assembly Election 2027 polling window.
When exactly is the Union Budget 2027-28 presented? 11:00 IST on 1 February 2027 in the Lok Sabha, subject to the Budget Session calendar notified by the Ministry of Parliamentary Affairs.
Is the date confirmed or expected? Expected. The 1-February convention has held every year since 2017 barring exceptional circumstances such as election-year interim budgets.
Who is responsible? The Ministry of Finance, specifically the Department of Economic Affairs budget division, with the finance minister presenting to Parliament.
Where can I read the official announcement? indiabudget.gov.in publishes the speech, Finance Bill, Memorandum to Finance Bill, receipts and expenditure statements immediately after presentation.
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