Latest News: Union Budget 2026–27 Highlights: New Income Tax Act, 2025 to be effective from April 2026; simplified tax rules and forms will be notified soon * Safe harbor limit for IT services raised from ₹300 crore to ₹2000 crore * Foreign cloud service providers granted a tax holiday until 2047 * All non-residents paying tax on an estimated basis exempted from Minimum Alternate Tax * Securities Transaction Tax on futures trading increased from 0.02% to 0.05% * Customs duty exemption extended for capital goods used in lithium-ion battery cell manufacturing * Customs duty exemption granted for capital goods required in processing critical minerals * Tariff rate on goods imported for personal use reduced from 20% to 10% * Basic customs duty exemption extended to 17 medicines and drugs * BioPharma Shakti program with an outlay of ₹10,000 crore to build an ecosystem for domestic production of biologics and biosimilars * Proposal for a ₹10,000 crore SME Development Fund to support MSMEs * Public capital expenditure increased from ₹11.2 lakh crore to ₹12.2 lakh crore in FY 2026–27 * Seven high-speed rail corridors to be developed as Growth Transport Links for sustainable passenger systems * Indian Institute of Design Technology, Mumbai to set up AVGC content creation labs in 15,000 high schools and 500 colleges * A girls’ hostel to be built in every district to address challenges faced by female students in higher education and STEM institutions * In partnership with IIMs, a 12-week hybrid training program will upgrade skills of 10,000 guides across 20 tourist destinations * ICAR packages on agricultural portals and practices to be integrated with AI systems as a multilingual AI tool * Tax on foreign travel packages reduced from current five per cent and 20% to two per cent * Customs bonded warehouse framework revamped into an operator-centric system with self-declaration, electronic monitoring, and risk-based accounting * Indian share markets will be open for trading on Sunday, February 01, as the Union Budget is being presented on that day * Key Highlights of Economic Survey 2025–26: GDP & GVA Growth Estimates for FY 2026: First advance estimates at 7.4% and 7.3% respectively * India’s Core Growth Projection: Around 7%, with real GDP growth for FY 2027 expected between 6.8% and 7.2% * Central Government Revenue: Rose to 11.6% of GDP in FY 2025 * Non-Performing Assets: Declined to a multi-decade low of 2.2% * PMJDY Accounts: Over 552 million bank accounts opened by March 2025; 366 million in rural and semi-urban areas * Investor Base: Surpassed 120 million by September 2025, with women comprising ~25% * Global Trade Share: India’s export share doubled from 1% in 2005 to 1.8% in 2024 * Services Export: Reached an all-time high of $387.6 billion in FY 2025, up 13.6% * Global Deposits: India became the largest recipient in FY 2025 with $135.4 billion * Foreign Exchange Reserves: Hit $701.4 billion on January 16, 2026—covering 11 months of imports and 94% of external debt * Inflation: Averaged 1.7% from April to December 2025 * Foodgrain Production: Reached 357.73 million metric tons in 2024–25, up 25.43 MMT from the previous year * PM-Kisan Scheme: Over ₹4.09 lakh crore disbursed to eligible farmers since inception * Rural Employment Alignment: “Viksit Bharat – Jee Ram Ji” initiative launched to replace MGNREGA in the vision for a developed India by 2047 * Manufacturing Growth: 7.72% in Q1 and 9.13% in Q2 of FY 2026 * PLI Scheme Impact: ₹2 lakh crore in actual investment across 14 sectors; production and sales exceeded ₹18.7 lakh crore; over 1.26 million jobs created by September 2025 * Semiconductor Mission: Domestic capacity boosted with ₹1.6 lakh crore invested across 10 projects * Railway High-Speed Corridor: Expanded from 550 km in FY 2014 to 5,364 km; 3,500 km added in FY 2026 * Civil Aviation: India became the third-largest domestic air travel market; airports increased from 74 in 2014 to 164 in 2025 * DISCOMs Turnaround: Recorded first-ever positive PAT of ₹20,701 crore in FY 2025 * Renewable Energy: India ranked third globally in total renewable and installed solar capacity * Satellite Docking: India became the fourth country to achieve autonomous satellite docking capability * School Enrollment Ratios: Primary – 90.9%, Upper Primary – 90.3%, Secondary – 78.7% * Higher Education Expansion: India now has 23 IITs, 21 IIMs, and 20 AIIMS; international IIT campuses established in Zanzibar and Abu Dhabi * Maternal & Infant Mortality: Declined since 1990, now below global average

Baba Saheb Ambedkar, A man of study and action…


The sparkling life history of Baba Saheb Dr Bhim Rao Ambedkar shows that he was a man of study and action. He acquired a sound knowledge of Economics, Politics, Law, Philosophy and Sociology, in pursuing his studies; he had to face many social odds. However, he did not spend all his life reading and studying in the libraries.

He refused the higher posts with attractive salaries because he never forgot his brothers in the depressed class. He dedicated the rest of his life to equality, brotherhood and humanity. He tried his best to uplift the depressed classes.

Dr Ambedkar was born on 14 April 1891, he was the 14th and last child of his parents. He was the son of British Army’s Subedar Ramji Maloji Sakpal, a follower of Sant Kabir and was also a well-read person.

Dr Ambedkar was hardly two years old when his father retired from service. His mother died when he was only about six. Babasaheb got his early education in Mumbai, then Bombay. Since his school days, he realized with intense shock what it was to be an untouchable in India.

Dr Ambedkar was taking his school education in Satara. Unfortunately, he lost his mother. His aunt looked after him. Afterwards, they shifted to Bombay. Throughout his school education, he suffered from the curse of untouchability. His marriage took place after his matriculation in the year 1907 in an open shed of a market.

Dr Ambedkar completed his graduation at Elphinston College of Bombay, for which he was getting a scholarship from His Highness Sayajirao Gaikwad of Baroda. After his graduation, he had to join Baroda Sansthan according to the bond. He lost his father when he was in Baroda, 1913 is the year when Dr Ambedkar was selected as a scholar to go to the USA, for higher studies. This was the turning point of his educational career.

He got his MA and PhD degrees from Columbia University in 1915 and 1916 respectively. He then left for London for further studies. He was admitted there to the Gray’s Inn for Law and also allowed to prepare for the DSc at the London School of Economics and Political Science. But he was called back to India by the Dewan of Baroda. Later, he got his Bar-at-Law and DSc degrees. He studied for some time at Bonn University in Germany.

In 1916 he read an essay on ‘Castes in India — their Mechanism, Genesis, and Development’. In 1916, he wrote his thesis ‘National Dividend for India — A Historic and Analytical Study’ and got his PhD Degree. This was published after eight years under the title — “Evolution of Provincial Finance in British India.” Then after getting this highest degree, he returned to India and was appointed a Military Secretary to the Maharaja of Baroda to groom him as the finance minister in the long run.

Babasaheb returned to the city in September 1917 as his scholarship tenure ended and joined the service. But after a brief stay in the city till November 1917, he left for Mumbai. The maltreatment he faced on grounds of untouchability had forced him to leave the service.

Dr Ambedkar returned to Bombay and joined Sydenham College as a Professor of Political Economy. As he was well-read, he was very popular among the students. But he resigned his post, to resume his studies in Law and Economics in London. Maharaja of Kolhapur gave him the financial help. In 1921, he wrote his thesis. “Provincial Decentralization of Imperial Finance in British India,’ and got his MSc Degree from the London University. Then he spent some period at Bonn University in Germany. In 1923, he submitted his thesis — “Problem of Rupee Its Origin and Solution”, for the DSc Degree. He was called to the Bar in 1923.

After coming back from England in 1924 he started an Association for the welfare of the depressed classes, with Sir Chimanlal Setalvad as the President and Dr Ambedkar as the Chairman. To spread education, improve economic conditions and represent the grievances of depressed classes were the immediate objects of the Association.

The Bahiskrit Bharat, newspaper was started on April 3, 1927, to address the cause of the depressed classes given the new reform.

In 1928, he became a Professor at Government Law College, Bombay and on June 1, 1935, he became the Principal of the same college and remained in that position till his resignation in 1938.

On October 13, 1935, a provincial conference of the depressed classes was held a Yeola in Nasik District. In this conference, he gave the shock to the Hindus by announcing. “I was born in Hinduism but I will not die as a Hindu” Thousands of his followers supported his decision. In 1936 he addressed the Bombay Presidency Mahar Conference and advocated the renunciation of Hinduism.

On August 15, 1936, he formed the Independent Labour Party to safeguard the interest of the depressed classes, which mostly formed the labour population.

In 1938, Congress introduced a bill making change in the name of untouchables. Dr Ambedkar criticized it. In his point of view changing the name is not the solution to the problem.

In 1942, he was appointed to the Executive Council of the Governor General of India as a Labour member, in 1946, he was elected to the Constituent Assembly from Bengal. At the same time, he published his book, Who Were Shudras?

After Independence, in 1947, he was appointed as a Minister of Law and Justice in Nehru’s first cabinet. But in 1951, he resigned his ministership, expressing his differences on the Kashmir issue, India’s Foreign Policy and Nehru’s Policy towards the Hindu Code Bill.

In 1952, Columbia University conferred upon him the degree of LLD in recognition of the work done by him in connection with the drafting of India’s Constitution. In 1955, he published his book titled ‘Thoughts on Linguistic States’.

Dr BR Ambedkar was awarded a Doctorate on January 12, 1953, from Osmania University. Ultimately after 21 years, he proved true, what he had announced in Yeola in 1935, that “I will not die as a Hindu”. On 14th October 1956, he embraced Buddhism in a historic ceremony in Nagpur and died on 6th December 1956.

Dr Babasaheb Ambedkar was conferred with the title of “Bodhisattva” by the Buddhist monks at the “Jagatik Buddhism Council” in 1954 in Kathmandu. The special thing is that Dr Ambedkar was conferred with the title of Bodhisattva while he was alive.

He also contributed to India’s Independence struggle and its reforms post-independence. Apart from this, Babasaheb played a significant role in the formation of the Reserve Bank of India. The Central Bank was formed on the concept presented by Babasaheb to the Hilton Young Commission.

After having gone through his life history it is necessary and proper to study and analyze his main contribution and their relevance.