The government’s aim to create big home-grown accounting and advisory firms found a mention in this year’s Union Budget speech as Finance Minister Nirmala Sitharaman announced various tax measures that will foster the ease of doing business.

While presenting her ninth consecutive Budget, Sitharaman also said the “Reform Express is well on its way and will maintain its momentum to help us fulfil our kartavya.” The government will set up a Joint Committee of Ministry of Corporate Affairs and Central Board of Direct Taxes for incorporating the requirements of Income Computation and Disclosure Standards (ICDS) in the Indian Accounting Standards (IndAS) itself.

She also said that the separate accounting requirement based on ICDS will be done away with from the tax year 2027-28.

“To support PM Modi’s vision of home-grown accounting and advisory firms to become global leaders, I propose to rationalise the definition of accountant for the purposes of Safe Harbour Rules,” Sitharaman said.

Generally, safe harbour rules provide protection from liabilities in transactions subject to various conditions.

In the Budget, various announcements have also been made to attract high-quality foreign investment and foster technology and knowledge partnerships.

Published on February 1, 2026

The Bombay Stock Exchange has modified the reference price calculation for gold and silver exchange-traded funds effective only February 1, 2026, shifting to T-1 net asset value as the basis for daily price bands instead of previous day’s closing prices.

The change, announced through Notice, comes as precious metals witnessed extreme volatility with gold futures plunging approximately 16 per cent from recent peaks above ₹1,80,000 to around ₹1,49,500, while silver experienced a sharper correction of nearly 40 per cent from highs near ₹4,20,000 to ₹2,91,000 levels in late January.

Under the revised framework, the prescribed price band of plus or minus 20 per cent will now be applied to the previous day’s NAV published by respective mutual funds and asset management companies, rather than market closing prices.

BSE’s Head of Trading Operations Ketan Jantre issued the directive to trading members, citing volatility in underlying gold and silver prices as the primary reason for the adjustment.

The violent correction followed President Trump’s nomination of Kevin Warsh as the next US Federal Reserve Chair on January 30. Warsh, known for his hawkish stance on inflation, triggered a rapid repricing across markets as the dollar strengthened and real yields rose, leading to aggressive unwinding of leveraged positions in precious metals.

Despite the sharp selloff, market analysts maintain that the secular bullish structure remains intact, supported by central bank gold accumulation and silver’s structural supply deficits driven by industrial demand from green energy, electric vehicles, and electronics sectors. The correction is being characterized as a leverage flush rather than a fundamental trend reversal.

The BSE’s technical adjustment aims to provide more accurate price discovery for ETF trading by aligning daily bands with fund valuations rather than potentially distorted market prices during periods of extreme volatility.

Published on February 1, 2026

NEW DELHI, 01/02/2026. Finance Minister Nirmala Sitharaman ahead of the presentation of the Union Budget 2026-27 at the Finance Ministry in Kartavya Bhavan 1 in New Delhi on February 01, 2026.
| Photo Credit:
MOORTHY RV

Union Finance Minister Nirmala Sitharaman on Sunday announced a dedicated initiative for high-quality sports goods manufacturing and research, while presenting the Union Budget 2026-27.

“I propose a dedicated initiative for high-quality sports goods manufacturing, research and innovation in equipment design as well as material sciences,” Sitharaman said.

India, she said, has the potential to emerge as a global hub for high-quality, affordable sports goods.

Sitharaman proposed to introduce a scheme to revive 200 legacy industrial clusters “to improve their cost competitiveness and efficiency through infrastructure and technology upgradation.”

The Finance Minister said that the sports Sector provides multiple means of employment, skilling and job opportunities.

“Taking forward the systematic nurturing of sports talent which is set in motion through the Khelo India programme, I propose to launch a Khelo India Mission to transform the Sports sector over the next decade,” she said.

Furhter, for the labour-intensive textile sector, Finance Minister Nirmala Sitharaman proposed an integrated programme with key components.

The Minister emphasised that the first pillar of her plan, the National Fibre Scheme, aims to “achieve self-reliance in natural fibres like silk, wool, and jute, as well as man-made and new industrial-age fibres.”

The second is the Textile Expansion and Employment Scheme, which seeks to modernise traditional clusters by providing capital support for machinery, technology upgrades, and common testing and certification centres.

The third component is the National Handloom and Handicraft Programme (NHHP), designed to integrate and strengthen existing schemes while ensuring targeted support for weavers and artisans.

With the introduction of Samarth 2.0, the government aims to align the workforce with future demands.

To promote globally competent and sustainable textiles and apparel, Sitharaman said, “Samarth 2.0 is to modernise and upgrade the textile skilling ecosystem through collaboration with industry and academic institutions,” ensuring that the next generation of workers is as tech-savvy as they are skilled.

Closing her remarks on the sector, the Finance Minister turned to large-scale infrastructure as the ultimate solution to improve efficiency.

She envisioned a future in which production and value addition occur under one roof, reducing logistics costs and boosting exports.

To achieve this, she told the assembly, “I propose to set up a mega textile park,” further clarifying that “they can also focus on bringing value addition to technical textiles.”

This strategic focus on technical textiles–used in everything from healthcare to automotive industries–suggests a shift toward high-value manufacturing that could redefine India’s role in the global market.

Published on February 1, 2026