Guide to Budget Session 2026: What happens, when and how before the Budget speech

The Budget session of Parliament will kick off on January 28 with President Droupadi Murmu’s address to both the houses in the Lok Sabha chamber.

The Session, to be held in two phases, will continue till April 2, 2026.

The first phase of the Budget session will conclude on February 13, 2026, before the Parliament reassembles again on March 9, 2026.

This year’s Budget assumes greater significance because of the rising geopolitical uncertainty (unrest in Iran, prolonged Russia-Ukraine war, and Venezuelan leader Nicolas Maduro’s capture) and steep tariffs imposed by US President Donald Trump on Indian goods.

Crucial phase before the Budget session

The Finance Minister holds wide-ranging consultation meetings with the stakeholders in the run-up to the Budget session. On January 10, Finance Minister Nirmala Sitharaman chaired the pre-budget consultations with states and union territories (with legislature) in New Delhi.

“Many participants highlighted that the Scheme for Special Assistance to States for Capital Investment (SASCI) be continued with higher allocations as it helps in fast-tracking asset creation and supports capital investments in the States and UTs with legislature,” the finance ministry said in a statement.

On December 30, 2025, Prime Minister Narendra Modi held a pre-Budget meeting, which was attended by Sitharaman, NITI Aayog Vice Chairman Suman Bery and leading economists.

The discussions focused on key priorities and inputs for the Union Budget.

The government also encourages public participation in the consultation process by inviting them to share their valuable ideas for the Budget. For the Union Budget 2026-27, mygov.in took submissions from December 17, 2025 to January 16, 2025.

Several suggestions received through the portal have been successfully incorporated into the annual budget, according to the government.

No Budget without halwa

The customary Halwa ceremony, which marks the final stage of the Budget preparation, is performed every year before the ‘lock-in’ process of officials involved in the process. As part of the ceremony, the Finance Minister usually takes a tour of the Budget Press and reviews the preparations.

The “lock-in” or quarantine of staff involved in printing of Budget documents is one of the most distinctive features of the Budget preparation. Once printing begins, officials and press workers are confined to the press area, cut off from the outside world, with no access to phones or external communication.

Before the COVID-19 pandemic, this quarantine typically lasted 10 to 12 days.

With fewer physical copies now required, the lock-in period has been reduced to just under a week. Access to senior officials involved in the exercise is also restricted during this period.

President’s address sets the tone

The session opens with the President’s address to a joint sitting of both Houses of Parliament of India, outlining the government’s broad policy priorities and legislative agenda for the year ahead.

This is followed by a debate on the motion of thanks in both the Lok Sabha and the Rajya Sabha, during which opposition parties raise political, economic and governance issues. The Prime Minister replies to the debate.

Economic Survey before the Budget

A day or two ahead of the Budget presentation, the government tables the Economic Survey in Parliament.

Prepared by the Chief Economic Adviser, the Survey reviews macroeconomic trends, growth prospects, inflation, fiscal position and global risks, and provides the analytical backdrop for the Budget without announcing specific policy measures.

Budget presentation on February 1

The Union Budget for 2026–27 will be presented by the Finance Minister in the Lok Sabha on February 1, in keeping with the practice followed since 2017.

It will also be the first time when the Union Budget will be presented on a Sunday.

The equity market will be open for trading on Sunday, February 1, as the Finance Minister Nirmala Sitharaman will present the 2026-27 Union Budget on that day.

The timings will remain the same, with a pre-market session from 9 am to 9:08 am, and the normal market session from 9:15 am to 3:30 pm.

The futures and options (F&O) and commodity derivatives segments will also remain open on Sunday, "as per standard market timings."