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The Indian government is set to launch a coastal cargo promotion scheme aimed at increasing the share of inland waterways and coastal shipping from 6% to 12% by 2047, as part of its 2026-27 Union Budget. Finance Minister Nirmala Sitharaman announced plans to operationalise 20 new national waterways over the next five years, addressing the current reliance on road and rail transport, which dominate freight movement at 65% and 26%, respectively. The initiative includes establishing dedicated freight corridors, such as one connecting Dankuni in the East to Surat in the West, and enhancing connectivity to mineral-rich areas in Odisha. Experts emphasize the need for effective execution to create a competitive maritime ecosystem, while the promotion of locally manufactured containers is expected to improve logistics efficiency. Currently, only 2-3% of freight is transported via inland waterways, despite India having 14,500 km of navigable routes. 
Published: Feb 01 2026, 6 pmeznews.inThe Indian pharmaceutical industry is poised for a significant boost following the Union Budget for 2026-27, which has earmarked ₹10,000 crores for the Biopharma Shakti programme. This initiative aims to transition India from a global supplier of medicines to a leader in biopharma innovation, according to industry leaders like K Satish Reddy of Dr Reddy’s Laboratories. The budget also includes the establishment of three new National Institutes of Pharmaceutical Education and Research (NIPER) and a network of 1,000 accredited clinical trial sites, enhancing the country’s capacity for complex therapies. Kiran Mazumdar-Shaw of Biocon Group emphasized the importance of biologics and biosimilars in addressing rising health challenges such as cancer and diabetes. While experts welcome the initiatives, concerns remain about the adequacy of funding given the high R&D costs in biopharma. The true impact will depend on the detailed implementation of these measures.
Published: Feb 01 2026, 7 pmeznews.inIn a significant boost for sandalwood cultivation, Finance Minister Nirmala Sitharaman announced support for high-value agriculture in the Budget 2026-27, allocating Rs 350 crore for crops including sandalwood, cashew, cocoa, and agar. Sitharaman emphasized the cultural importance of sandalwood, stating that the government will collaborate with state authorities to enhance cultivation and post-harvest processing, aiming to revive the Indian Sandalwood ecosystem. K Amaranarayana, President of the All India Sandalwood and Tree Culture Association, praised the initiative, highlighting sandalwood's global demand and its status as a pride product of India. However, he urged for farm-grown sandalwood to be exempt from forest department regulations, advocating for amendments to the Indian Forest Act of 1927. Currently, sandalwood is cultivated on approximately 18,000 hectares nationwide, with Karnataka being the largest producer, followed by Telangana and Tamil Nadu.
Published: Feb 01 2026, 7 pmeznews.inThe Ministry of Road Transport and Highways (MoRTH) has announced a budgetary allocation of ₹3,09,875.30 crore for the fiscal year 2026–27, a notable increase from ₹2,87,333.16 crore in the previous year. The National Highways Authority of India (NHAI) will receive ₹1,87,293.16 crore, up from ₹1,70,266.00 crore, aimed at enhancing national highways, expressways, and greenfield corridors. The budget also allocates ₹86,125 crore for "Road Works," an increase from ₹78,295 crore, focusing on two-laning and four-laning projects. Special programmes will target road connectivity in Left Wing Extremism-affected areas, last-mile connectivity, and the development of Multi-Modal Logistics Parks. Additionally, maintenance and repair funding for national highways has risen to ₹5,020 crore from ₹4,595 crore, with a new mechanism in place to ensure accountability in maintenance efforts. The budget reflects a comprehensive approach to improving India's road infrastructure.
Published: Feb 01 2026, 7 pmeznews.inIn a significant boost for Indian Railways, the Union Budget has allocated a record ₹2,93,030 crore for capital expenditure (capex) in FY27, marking a 10.5% increase from the previous fiscal year. This funding aims to enhance railway infrastructure, focusing on the construction of new lines, doubling existing tracks, and upgrading traffic facilities and rolling stock. Notably, the budget includes provisions for high-speed rail corridors in Southern States and a dedicated freight corridor linking Dankuni to Surat. Additionally, the revenue expenditure is set at ₹2,99,500 crore, reflecting an 8% rise, while gross traffic receipts are projected to reach ₹3,01,700 crore, a growth of 8.4%. Despite falling short of revenue targets in FY26, the operating ratio is expected to improve slightly from 98.9% to 98.4% in FY27, indicating a cautious optimism for the sector's financial health.
Published: Feb 01 2026, 7 pmeznews.inThe Tea Board India has received a substantial 36% increase in its budget allocation for the financial year 2026-27, amounting to ₹380 crore, making it the highest among commodity boards, surpassing allocations for the Coffee, Rubber, and Spices Boards. This increase from the revised ₹278.47 crore for FY25-26 comes despite a significant drop from the original ₹771.55 crore allocated for the current year. Industry leaders, including Indian Tea Association Chairman Hemant Bangur, have expressed concerns over the lack of financial support for growers amid declining tea prices, which threaten the industry's viability. The budget also extends the Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY) for another year, aimed at improving welfare for tea workers in Assam and West Bengal. The Indian tea sector anticipates a rise in both production and exports in 2025, driven by increased shipments to key markets like Iran, Iraq, and China.
Published: Feb 01 2026, 7 pmeznews.inIn a significant boost for India's coastal economy, Finance Minister Nirmala Sitharaman has announced new promotional schemes in the Budget, elevating coconut from a traditional crop to a high-value product. This initiative aims to diversify farm outputs, enhance productivity, and create employment opportunities for the 30 million people reliant on coconuts, including 10 million farmers. A key component is the Coconut Promotion Scheme, which focuses on rejuvenating ageing plantations by replacing senile trees with high-yielding varieties in major coconut-producing states like Kerala and Tamil Nadu. The government has allocated ₹125 crore for various initiatives under the 2025-26 scheme, marking a significant increase from previous years. This recognition of coconut as a high-value crop is expected to enhance branding and marketing efforts in global markets, while also addressing the current shortage of raw materials for industries reliant on coconut shells.
Published: Feb 01 2026, 6 pmeznews.inIn a significant boost to the education sector, the Union Budget for 2026-27 has announced the establishment of a new National Institute of Design (NID) in eastern India, alongside a range of initiatives aimed at enhancing educational infrastructure. Union Finance Minister Nirmala Sitharaman revealed plans for five university townships near major industrial corridors, the creation of girls' hostels in every district, and the introduction of content creator labs in 15,000 schools. The budget allocates over Rs 1.39 lakh crore for education, including Rs 55,727 crore for higher education. Additionally, a loan-linked support scheme for veterinary colleges and a reduction in the tax collection at source (TCS) rate for education-related remittances from 5% to 2% were proposed. Union Education Minister Dharmendra Pradhan praised the budget as a blueprint for future development, emphasizing its focus on education and employment creation.
Published: Feb 01 2026, 6 pmeznews.inUnion Defence Minister Rajnath Singh has hailed the record budget allocation of ₹7.85 lakh crore for the defence sector in the Union Budget 2026-27, emphasizing its potential to bolster military capabilities and promote indigenous manufacturing. Singh expressed gratitude to Prime Minister Narendra Modi, linking the budget to the success of Operation Sindoor and highlighting its role in enhancing the security-development-self-reliance balance. Notably, over ₹2.19 lakh crore is allocated for capital expenditure, with ₹1.85 lakh crore earmarked for capital acquisition, marking a 24% increase from the previous fiscal year. The budget also prioritizes veteran welfare, with a 45.49% increase in funding for the Ex-Servicemen Contributory Health Scheme. Industry leaders, including the Society of Indian Defence Manufacturers, view the allocation as a catalyst for growth and innovation in the defence sector, while measures to simplify customs duties and support MSMEs are expected to further enhance domestic production capabilities.
Published: Feb 01 2026, 6 pmeznews.inIn a bid to stimulate the issuance of high-value municipal bonds, India's Union Budget for FY2027 has introduced a ₹100 crore incentive for cities issuing bonds exceeding ₹1,000 crore. This initiative complements the existing Atal Mission for Rejuvenation and Urban Transformation (AMRUT), which continues to support smaller towns with incentives for bond issuances up to ₹200 crore. Union Finance Minister Nirmala Sitharaman highlighted that this move aligns with the Reserve Bank of India's efforts to enhance the municipal bond market, including its November 2025 decision to accept these bonds as collateral for repo transactions. Experts, including Venkatakrishnan Srinivasan of Rockfort Fincap LLP, noted that the new budgetary incentives encourage municipalities to pursue larger, benchmark-sized issuances, potentially lowering borrowing costs below 5.5%. This layered approach marks a significant policy shift towards making municipal bonds a mainstream financing source for urban infrastructure.
Published: Feb 01 2026, 6 pm
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