5 min readMumbaiFeb 2, 2026 09:48 AM IST First published on: Feb 2, 2026 at 09:48 AM IST
Good morning, The India-Pakistan match is often the marquee event at cricket tournaments. But fans may be left without the spectacle at the upcoming T20 World Cup, starting February 7. The Pakistan government has directed its team to skip the fixtureagainst India, scheduled for February 15 in Colombo, while allowing it to compete in the tournament. The Pakistan Cricket Board (PCB) is yet to formally convey this decision to the International Cricket Council (ICC). However, the global body issued a statement last evening, cautioning that “selective participation” could carry “long-term implications.” Earlier, Scotland was chosen to play in the World Cup to replace Bangladesh, which has boycotted the tournament.
On that note, let’s get into the rest of today’s edition.👇
🚨 Big Story
In an 83-minute speech, Union Finance Minister Nirmala Sitharaman laid down the key points of India’s 80th Union Budget for the year 2026-27. In the face of global headwinds, the Modi 3.0 government has chosen to stay the course in its second year, while focusing on manufacturing to ease tariff-related stress.
What should you know about the Budget? What changes for you? Our reporters and editors break it down:
📌 There were no changes to the Income Tax brackets this year. However, trading futures and options will get more expensive. The government has proposed a hike in the Securities Transaction Taxfor F&O to discourage speculative tendencies. Besides, it also had made provisions to bring relief to taxpayers from penalties, and a one-time scheme to disclose foreign assets for small taxpayers. Read.
📌 The Budget responds to several US demands, as well as addresses issues arising out of the steep 50% tariffs. The government will give a big tax break to foreign firms providing cloud services using India-based data centres. The move will likely benefit top American companies. It also proposes zero customs duty on nuclear-generation equipment and aircraft components — two key sectors for US firms. Read more.
📌 You can now bring in duty-free goods worth up to Rs 75,000, up from the current Rs 50,000. The basic customs duty on all goods imported for personal use has also been slashed to 10%, which would mean that buying smartphones and other electronic items from abroad could become cheaper.
📌 Studying abroad? Well, the government is cutting the Tax Collected on Source for foreign remittances for education or medical expenses, as well as for international travel. This is expected to boost outbound tourism, overseas education and medical treatments.
📌 The Budget makes a push for growth in employment opportunities. The government will form a standing committee to prioritise areas with potential to create jobs, and assess the impact of artificial intelligence (AI) on key sectors.
The bigger picture: Is the Indian economy witnessing its “goldilocks period”? The GDP is pegged to grow at 7.4% in the current financial year — a robust growth rate. However, there’s another way to look at the economy — through the nominal GDP (growth measured in today’s prices, with inflation factored in). India’s nominal GDP is showing “extremely weak” rate of growth. What does this mean? What does the Budget say? Our in-house economist Udit Misra explains.
Also read: Seven cities have been identified as “City Economic Regions” to boost growth over the next five years. The allocation for Defence saw a 15% hike in the aftermath of Operation Sindoor. Meanwhile, the government will focus on high-speed rail corridors to boost connectivity and dedicated “rare earth corridors” in mineral-rich states to reduce import dependence.
🎧 Tune in to today’s ‘3 Things’ podcast episode, where Udit Misra joins the host to unpack the Budget.
⚡Only in Express
Bhupender Yadav heads the Union Ministry of Environment, Forests and Climate Change when the global climate governance is in flux. He is also tasked with tackling India’s growing pollution crisis, as well as the BJP’s election campaign in the poll-bound West Bengal. He talks about all this, including the row over the Aravallis and the Great Nicobar Island Project, and more, in the latest Idea Exchange session.
📰 From the Front Page
Will India buy oil from Venezuela? Well, US President Donald Trump indicated as such, adding that the “concept” of such a deal is in place. While there has been no official response, sources sayIndia’s decision to buy oil is based on market dynamics and that certain Indian refiners may be keen to restart buying oil from Venezuela.
📌 Must Read
Is egg freezing for you? Women are born with a finite number of eggs, and this reserve begins to decline with the onset of puberty and natural ageing. Lifestyle factors and exposure to pollutants or toxins can further compromise egg quality and fertility. Against this backdrop, a growing number of women are choosing to freeze their eggs. However, high costs mean this choice remains out of reach for many. How do women budget for fertility? Ankita Upadhyay reports.
⏳ And Finally…
The day kicked off with the glitz and glamour of the Grammys. Pop sensation Billie Eilish walked away with the “Song of the Year” for “Wildflower”. It was also a big night for Kendrick Lamar and Lady Gaga. Follow live updates here.
That’s all for today, folks! Until tomorrow, Sonal Gupta
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