Budget 2026 by Prime Minister Lawrence Wong marks a pivotal moment for Singapore. As the first Budget of the Government’s new term, it arrives amid a landscape of profound global change. Yet, the message on February 12 was clear: Singapore is not just weathering the storm; we are advancing.
Our nation’s systematic strengthening of its economic foundations has paid off. In a fractured world, we have emerged as a “trusted hub”—a reputation that has enabled us to achieve unexpected and optimistic 5 per cent GDP growth in 2025.
This success has allowed the Singapore Budget to expand to roughly double its FY2019 size. It is a testament to disciplined growth, prudent reserve management, and Singaporeans’ collective support for necessary adjustments, such as the GST.
For the Indian community, particularly our business owners and young professionals, the “refreshing” of our economic strategy offers a wealth of opportunities. The most striking highlight is the big push for Artificial Intelligence (AI). With PM Wong himself chairing the new National AI Council, it is evident that AI is no longer a luxury—it is a national necessity.
Through the expanded Enterprise Innovation Scheme, businesses can now claim a staggering 400 per cent tax deduction on qualifying AI expenses (capped at S$50,000 per year) for 2027 and 2028. For individuals, the Government is lowering the barrier to entry: Singaporeans who enrol in selected AI training courses will receive six months of free access to premium AI tools.
While we look toward the future, the Government has not forgotten the “here and now.”
Cost-of-living support continues with a Special Payment of S$200 to S$400 in September 2026, followed by S$500 in CDC vouchers for 1.4 million households in January 2027. It is heartening that these measures—originally introduced to cushion the blow of the pandemic and rising inflation—have been sustained to ensure no one is left behind.
Do set aside some time, especially this weekend, to read through these updates. Whether it is tapping into AI grants or utilising the new SkillsFuture initiatives, staying abreast of these schemes and utilising them is the only way to ensure we grow alongside the nation. Let us use this momentum to keep our community and Singapore shining bright.
