New Delhi: Finance Minister Nirmala Sitharaman presented her ninth Budget in the Parliament today (February 1, 2026). This marks the first time in the history of India that the Union Budget has been presented on a Sunday. 

India’s semiconductor mission 2.0

Building on India’s semiconductor mission 1.0, the government will launch ISM 2.0 to produce equipment and materials, design full-stack Indian IT and fortify supply chains. There is also a proposal to increase the outlay for Electronics Components Manufacturing Scheme to Rs. 40,000 crore.

Dedicated rare-earth corridors

Speaking on the scheme for rare-earth, permanent magnets, Ms. Sitharaman proposed to support the mineral -rich States of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish dedicated rare-earth corridors to promote mining, processing, research and manufacturing

Saket Mehra, Partner, Auto and EV, Grant Thornton Bharat, reacted to the proposals and said, “The Honourable Finance Minister’s announcement to develop industrial corridors across Odisha, Karnataka, Andhra Pradesh, and Tamil Nadu reinforces the Government’s vision to reduce import dependency for manufacturing components critical to the EV ecosystem. This development will accelerate the rollout of the INR 7,280‑crore scheme announced in 2025, which aims to expand India’s capabilities from mining to the entire value‑chain system, strengthening domestic manufacturing and enabling end‑to‑end value creation.”