The deed is done. The Budget 2026 was presented to Parliament on Sunday, 1 February, for the ninth straight time by Finance Minister Nirmala Sitharaman, the longest serving finance minister of India. At I hour 25 minutes it was middle of the range, the shortest lasting 1 hour 14 minutes in 2025, the longest lasting a weary 2 hours 39 minutes in 2020. TOI. To prevent profiteering from advanced knowledge of any tax changes, utmost secrecy is observed. "Fifteen days prior to the presentation of the budget, security at the finance ministry is tightened dramatically." "The full budget statement is printed just 24 hours" before presentation and "The printing process is conducted under extreme secrecy, with staff involved in production kept in isolation and the entire operation secured by heavy surveillance." India Today. In a droll ritual a "Halwa (semolina pudding) is held annually at North Block to mark the final stage of preparation before the budget is presented in Parliament." News 18. The budget is not meant to be a triumph for the finance minister or officials, but is an anxious document for citizens who have to bear the burden of tax changes. The stock markets slumped, reflecting the verdict of investors. "The Nifty fifty fell 1.96% to 24,825.45, while the BSE Sensex lost 1.88%to 80,772.94, marking their worst budget-day performance in six years." Reuters. As is usual, news channels are full of platitudes. "For one brief, glorious period every year, Indian business folks" who "otherwise outsource everything from tax planning to PPTs - suddenly become macroeconomists, fiscal theorists, deficit hawks and growth evangelists," wrote industrialist Harsh Goenka. Before the Budget they "submit wishlists that would make a genie nervous." While just after, "Phones vibrate, heads nod and messages fly: 'Very positive.' 'Strong signal.' 'Game changer.' " "Behind closed doors, of course, nuance returns." "But, publicly, the verdict is unanimous: 10 on 10. Standing ovation." ET. "Led by Thomas Piketty, leftist economists protest inequalities are getting intolerable, so the richest should be taxed severely." But, instead of excoriating the super rich, the middle class would rather join them, wrote Swaminathan Aiyar. India does levy a surcharge at a maximum rate of 25% on income above Rs 20 million. cleartax.in. "Originally conceived as a 'temporary' measure to boost revenue, India's tax surcharges have become a permanent and heavy fixture of the fiscal landscape." "As incomes rise nominally due to inflation, more taxpayers are pushed into higher surcharge brackets without a corresponding increase in real purchasing power." ET. In July last year, the Finance Ministry told Parliament that "it expects to collect Rs 5.91 trillion from cess and surcharge in the current financial year, which is 9.43% higher than the previous financial year." ET. The silly rituals and the knee-jerk, obsequious praise by wealthy businessmen show that inequality of power between the rulers and the ruled in India. They share halwa with broad smiles. We groan through gritted teeth. And pay for the halwa.
