New Delhi, Jan. 31 -- As the Union Budget 2026 is set to be presented in Parliament by Union Finance Minister Nirmala Sitharaman on Sunday, February 1, market expectations remain measured, with investors largely focused on policy continuity rather than headline-grabbing reforms.

Since the last Union Budget, the global landscape has taken a sharp turn for the worse, marked by rising protectionism following US President Donald Trump's announcement of tariffs on several nations, including a steep 50% higher tariff on India. This move has disrupted a global order that had remained largely intact for decades.

While recent tax cuts, tax exemptions for individual taxpayers, and the rationalisation of GST rates are yet to meaningfully play out,...