CURRENT AFFAIRS | MARCH 2026
CLAT Relevance
• FM Nirmala Sitharaman’s 9th consecutive budget
• Three Kartavyas framework — growth, inclusion, investment
• Total expenditure: Rs 50.65 lakh crore
• Fiscal deficit target: 4.4% of GDP
• Article 112 — Annual Financial Statement
• FM Nirmala Sitharaman’s 9th consecutive budget
• Three Kartavyas framework — growth, inclusion, investment
• Total expenditure: Rs 50.65 lakh crore
• Fiscal deficit target: 4.4% of GDP
• Article 112 — Annual Financial Statement
Budget 2026-27 — Overview
Quick Facts
• Presented: 1 February 2026 by FM Nirmala Sitharaman
• Record: 9th consecutive budget (surpassing Morarji Desai’s record)
• Total expenditure: Rs 50.65 lakh crore
• Total receipts: Rs 39.47 lakh crore (excluding borrowings)
• Fiscal deficit: 4.4% of GDP (path to below 4.5%)
• Capital expenditure: Rs 11.21 lakh crore
• Presented: 1 February 2026 by FM Nirmala Sitharaman
• Record: 9th consecutive budget (surpassing Morarji Desai’s record)
• Total expenditure: Rs 50.65 lakh crore
• Total receipts: Rs 39.47 lakh crore (excluding borrowings)
• Fiscal deficit: 4.4% of GDP (path to below 4.5%)
• Capital expenditure: Rs 11.21 lakh crore
The Three Kartavyas
CLAT Angle — Budget Framework
The Budget 2026-27 is structured around Three Kartavyas (duties/responsibilities) — this is the thematic framework guiding all allocations and policy announcements.
The Budget 2026-27 is structured around Three Kartavyas (duties/responsibilities) — this is the thematic framework guiding all allocations and policy announcements.
Kartavya 1: Accelerating Growth
- GDP growth target: 6.5-7% for FY27
- Infrastructure push: Rs 11.21 lakh crore capex (highways, railways, ports)
- MSME support: credit guarantee enhancement, technology upgradation
- Manufacturing: PLI scheme expansion, Make in India 2.0
- Digital economy: AI Mission, semiconductor fab incentives
Kartavya 2: Securing Inclusive Development
- Agriculture: PM Kisan enhancement, Kisan Credit Card expansion
- Education: PM SETU, 1000 ITI upgrades, NEP implementation
- Health: Ayushman Bharat expansion, PM-ABHIM for health infrastructure
- Women: Gender Budget at 8.86%, Poshan 2.0
- Housing: PM Awas Yojana — 3 crore additional houses target
Kartavya 3: Stimulating Private Sector Investment
- Corporate tax: competitive rates maintained (22% for existing, 15% for new manufacturing)
- FDI reforms: further liberalisation in insurance (up to 100%), defence, retail
- Ease of doing business: regulatory simplification, single-window clearances
- Green energy: Rs 19,744 crore for Green Hydrogen Mission
- InvIT/REIT: infrastructure monetisation pipeline
Sector-wise Key Highlights
Agriculture & Rural
- PM Kisan: Rs 6,000/year to farmers (continued)
- Natural farming: 1 crore farmers targeted in 5 years
- Digital agriculture: Agri Stack, drone-based farming support
Infrastructure
- Railways: 400 Vande Bharat trains, 3 new dedicated freight corridors
- Highways: 15,000 km National Highway construction target
- Urban: Metro expansion in 25+ cities
Green Energy
- 500 GW renewable energy target by 2030
- Green Steel Taxonomy implementation support
- Battery storage: PLI-ACC Rs 18,100 crore
- EV ecosystem: charging infrastructure in 500 cities
Constitutional Framework
Constitutional Provisions
• Article 112: Annual Financial Statement to be laid before Parliament
• Article 110: Definition of Money Bill
• Article 265: No tax shall be levied except by authority of law
• Article 266: Consolidated Fund of India
• Part A: Economic policy, schemes, allocations
• Part B: Tax proposals (income tax, customs, excise)
• Article 112: Annual Financial Statement to be laid before Parliament
• Article 110: Definition of Money Bill
• Article 265: No tax shall be levied except by authority of law
• Article 266: Consolidated Fund of India
• Part A: Economic policy, schemes, allocations
• Part B: Tax proposals (income tax, customs, excise)
Key Terms for CLAT
- Fiscal deficit — Total expenditure minus total receipts (excluding borrowing)
- Capital expenditure — Spending on asset creation (infrastructure, equipment)
- Revenue expenditure — Day-to-day running costs (salaries, subsidies)
- Kartavya — Duty/responsibility (thematic framework of Budget 2026-27)
- Article 112 — Constitutional mandate for Union Budget
Source: UPSC Essentials, The Indian Express — March 2026
Practice Quiz
Test your understanding with these 10 MCQs:
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Quick answers
Union Budget 2026-27 is FM Nirmala Sitharamans _____ consecutive budget:
9th. Budget 2026-27 is FM Nirmala Sitharamans 9th consecutive budget presentation.
The Budget 2026-27 is built around how many Kartavyas?
Three. The Budget is structured around Three Kartavyas (duties/responsibilities).
Total expenditure in Budget 2026-27 is approximately:
Rs 50.65 lakh crore. Total expenditure in Budget 2026-27 is approximately Rs 50.65 lakh crore.
Fiscal deficit target for 2026-27 is:
4.3% of GDP. Fiscal deficit target for FY27 is 4.4% of GDP (continuing the path of fiscal consolidation).
Which of these is one of the Three Kartavyas?
Inclusive development and growth acceleration. The Three Kartavyas focus on economic growth, inclusive development, and private sector investment.
Budget 2026-27 was presented on:
1 February 2026. Union Budget 2026-27 was presented on 1 February 2026.
