Union Budget 2026: Tax exemption for aircraft parts; Microwave appliance components to become cheaper

NEW DELHI: Union Finance Minister Nirmala Sitharaman on Sunday announced a reduction in taxes on parts used in microwave appliances during the presentation of the third Budget of the third Modi government. The tax cut is expected to lower the prices of such appliances, providing relief to consumers across the country.

The Finance Minister also announced a complete tax exemption on aircraft parts. She said taxes on sending money abroad would be reduced. Customs duty has been waived on 17 cancer medicines. There is no change in income tax slabs. The Budget also proposed an increase in the limit for duty-free imports.

Nirmala Sitharaman highlighted that India has achieved economic growth and stability, and added that poverty has been reduced in the country. With today’s presentation, she has created history by presenting the Union Budget for the ninth consecutive time.

Meanwhile, Kerala has been included in the rare earth corridor project. A special scheme has been announced to promote handloom and traditional textiles. A dedicated plan will support Ayurveda treatment, including assistance for those cultivating and processing medicinal plants. Three new All India Institutes of Ayurveda will be established, and the quality of Ayush pharmacies will be enhanced. Additionally, 1.5 lakh caregivers will be trained for yoga and wellness schemes. A special program has also been announced to promote coconut farming.