Finance Minister Nirmala Sitharaman has made reassuring announcements for everyone from students to industry stakeholders while presenting the Union Budget 2026. This budget is particularly important for students dreaming of pursuing higher education abroad. The government has focused on reducing education-related expenses to make citizens' lives more convenient.
Foreign education now more affordable
The budget has announced concessions on certain fees and taxes on the amount sent for education abroad. This will reduce the financial burden on students going abroad for higher education. This is considered a major relief for middle-class families. The government's policy clearly reflects the intention to provide global opportunities to the youth by considering education as an investment.
Boost to Export Sector
To make India's export sector more robust, the government has decided to increase the duty-free import limit for marine, leather, and textile products. This will reduce production costs, making Indian goods more competitive in the global market. Particularly, incentives for seafood exports have been increased, which will greatly benefit fishermen and related industries. For leather and synthetic footwear exporters, the export deadline for final products has been extended from 6 months to 1 year. This will give exporters more time for planning and will support export growth.
Focus on Energy Transition and Security
The government has made several important decisions to promote self-sufficiency and green energy in the energy sector. The customs duty exemption on essential components for lithium-ion cells, battery energy storage systems, and nuclear energy projects has been increased. This is likely to make electric vehicles and energy storage systems cheaper. Providing a major relief to the solar energy sector, the customs duty on sodium antimonate used for solar glass manufacturing has been completely waived. This will boost domestic solar equipment manufacturing.
Benefits to Industry and Technology Sector
Concessions have been granted on capital goods required for the processing of critical minerals, and the value of biogas has been excluded from excise duty on biogas mixed CNG. This will make clean fuel more affordable. A proposal has been made to exempt customs duty on components and raw materials required for civil and defense aviation. Additionally, customs duty has been exempted on parts of microwave ovens to increase value addition in the electronics sector.