Finance Minister Nirmala Sitharaman presented the Union Budget 2026 on February 1. In a major move to support the creative sector, the government has announced the setting up of Content Creator Labs. These labs will be established in 15,000 secondary schools and 500 colleges across the country. This initiative focuses on the Animation, Visual Effects, Gaming, and Comics (AVGC) sector.
आपके लिए प्रकाशित: Budget 2026: Foreign Travel to become cheaper with 2% TCS, Price of Mobile and Microwave to drop।
What is the aim of these new labs?
The government calls this a step towards boosting India’s “Orange Economy”. The main objective is to prepare a workforce of 20 lakh professionals in this field by 2030. Students will get access to modern tools to learn digital content creation at an early age. The Indian Institute of Creative Technologies (IICT), Mumbai will be the main agency to help set up and manage these labs. This will provide technical support to schools and colleges.
Tax rules and other major updates
The budget also brought changes for taxpayers and investors. The new Income Tax Act 2025 will apply from April 1, 2026, but there are no changes in the tax slabs this time. People sending money abroad for education or medical treatment will now pay less tax collected at source (TCS). The rate has been cut from 5% to 2%. The same benefit applies to overseas tour packages.
Key Highlights of Budget 2026:
- Fiscal Deficit: Target set at 4.3% of GDP for FY 2026-27.
- STT on Futures: Increased to 0.05%.
- STT on Options: Increased to 0.15%.
- Biopharma Hub: ₹10,000 crore allocated to make India a global hub.
- Women Welfare: One girls’ hostel to be built in every district.
