Money Update – February 2026

February 2026 highlights: India's GDP growth at 7.4%, record forex reserves of $709B, India-EU Free Trade Agreement, 61,000+ new crorepati taxpayers, and key Budget proposals impacting personal finance.

TOP 10 UPDATES

1. The Economic Survey 2025-26 officially estimates India's real GDP growth at 7.4% for FY26, reaffirming India's status as the world's fastest-growing major economy for the fourth consecutive year.
2. India's forex reserves rose by $8.053 billion to reach a new all-time high of $709.413 billion for the week ended January 23, 2026, providing a comfortable buffer sufficient to cover approximately 11 months of imports.
3. India and the European Union signed a landmark Free Trade Agreement. The FTA is expected to open Indian exports worth ₹6.4 lakh crore to EU markets, and engineering exports to the EU are projected to rise significantly.
4. India added 61,000+ new crorepati taxpayers, taking the total to 3.51 lakh. The number of ₹10 crore+ income earners also rose sharply, driven by better tax compliance and data analytics.
5. India's small savings inflows give govt extra borrowing comfort. National Small Savings Fund collections have reached ₹2.17 lakh crore, nearing two-thirds of the fiscal year's budget estimate.
6. Centre's capital spending is projected to cross ₹12 lakh crore by FY27, pointing to a consistent rise in government-led capex reinforcing long-term growth momentum.
7. According to the Ministry of Railways in January 2026, the broad-gauge network has reached 99.2% electrification — 69,427 Route Kilometres (RKM) out of a total 70,001 RKM.
8. India's CPI inflation remained below 2% for several months, easing pressure on consumers and policymakers. Low retail inflation in December helped maintain price stability.
9. Gold and Silver Prices touched lifetime highs during the month before correcting sharply towards the end.
10. Gross Non-Performing Asset (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a multi-decade low of 2.1%–2.2% as of September 2025.

CHANGE IN INDICES (Absolute Returns)

Indices	Values	1M	6M	1Y	3Y	5Y	10Y
SENSEX	82269	-4.01%	+1.33%	+6.15%	+38.15%	+77.74%	+230.79%
NASDAQ	23461	+0.41%	+11.073%	+19.53%	+102.56%	+79.50%	+408.58%
GOLD	165795	+30.96%	+68.26%	+101.97%	+178.41%	+258.20%	+566.64%
SILVER	339350	+106.46%	+208.64%	+262.81%	+395.31%	+386.83%	+889.07%
INR-USD	91.69	-2.60%	-4.60%	-5.755%	-12.10%	-25.74%	-34.99%

HIGHEST FD RATES

Company	Tenor (Months)	Rates
ICICI Home Finance	60	7.00%
Bajaj Finance	60	6.95%
LIC Housing Finance	60	6.90%
ICICI Bank	60	6.60%
HDFC Bank	60	6.15%

KEY BUDGET PROPOSALS IMPACTING PERSONAL FINANCE

1. Securities Transaction Tax (STT) on Futures hiked from 0.02% to 0.05%, and on Options (premium) from 0.1% to 0.15% to curb excessive speculation.
2. The tariff on dutiable goods imported for personal use has been halved from 20% to 10%.
3. One-time foreign asset disclosure scheme for small taxpayers, students, and returning NRIs.
4. Taxpayers now have an extended window to file revised returns until March 31 (up from December 31) upon payment of a nominal fee.
5. Tax Collected at Source (TCS) for education and medical remittances under LRS has been reduced from 5% to 2%. TCS on overseas tour packages rationalized to a flat 2%.
6. Small taxpayers — including senior citizens earning bank interest, freelancers, and rental income recipients — no longer need to visit tax offices. The system will generate certificates automatically.
7. Removal of the requirement for resident buyers to obtain TAN when purchasing property from an NRI.
8. No changes were made to the slabs or rates for both the old and new tax regimes.
9. Interest awarded by the Motor Accident Claims Tribunal is now fully exempt from income tax, and all associated TDS has been removed.
10. Cheaper Cancer Drugs, EVs, Solar Panels, and Mobiles.
11. Starting April 1, 2026, the capital gains tax exemption on holding of SGBs till maturity will be limited to original subscribers only.

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Forthcoming New Fund Offers (NFOs)

Mirae Asset Nifty 500 Healthcare ETF – Others-Index Funds/ETFs, Open Ended, Opens: 27-Jan-26, Closes: 6-Feb-26, Very High Risk
Axis BSE India Sector Leaders Index Fund – Others-Index Funds/ETFs, Open Ended, Opens: 23-Jan-26, Closes: 6-Feb-26, Very High Risk
Mirae Asset Nifty India Infrastructure & Logistics ETF – Others-Index Funds/ETFs, Open Ended, Opens: 27-Jan-26, Closes: 9-Feb-26, Very High Risk
Edelweiss Financial Services Fund – Equity-Sectoral/Thematic, Open Ended, Opens: 27-Jan-26, Closes: 10-Feb-26, Very High Risk
Motilal Oswal Financial Services Fund – Equity-Sectoral/Thematic, Open Ended, Opens: 27-Jan-26, Closes: 10-Feb-26, Very High Risk

Article: War And Equity Investments

Message from the Founder

Author: CA Madhusudan Chandak

Disclaimer: Private and confidential

Opposites attract — or do they?

One of our long-term clients recently visited our office. We spent almost half an hour discussing family updates, sharing gifts and laughter even before discussing work. That's when I realised — it's not just for the sake of work that we have been associated for so long, but the similarity of thoughts.

We all have heard the phrase 'Opposites attract'. But I believe the exact opposite is true — it's all about vibes. If you look at your larger family, social, and professional circles, you see alignment of thoughts and core beliefs. Similar mindsets are what create lasting connections. Similarity Attracts!

Happy Mahashivratri!!

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