Sunil Agarwal, Co-founder and Chairman of Joy Personal Care (RSH Global)
“The Union Budget 2026 shows clear confidence in India’s manufacturing and MSME sector. The focus on reviving industrial clusters, supporting growing SMEs through a dedicated fund, and strengthening supply chains will help businesses become more resilient and competitive. The continued push on capital spending, easier foreign investment norms, and support for women-led and micro enterprises underline the government’s commitment to inclusive and long-term growth. For Indian consumer brands, this creates the right environment to grow responsibly, innovate with confidence, and play a meaningful role in India’s economic progress.”
Amit Majumdar, Group Chief Strategy Officer, Angel One Ltd
“India’s retail participation and broader financialisation are still in the early stages. Marginal changes in transaction costs do not alter the long‑term behaviour of participants in the capital markets. Over the years, we have transformed Angel One into a diversified franchise spanning wealth, credit, asset management, and soon insurance, adding steady, diversified revenue streams. With more Indians adopting digital investment platforms and building long‑term portfolios, our stated goal of deepening client engagement and continuing to compound as a tech‑led, diversified wealth platform remains intact.
In Q3 FY26, F&O brokerage contributed about 44% of our gross revenue, while interest income from client funding and our broader platform accounted for around 33%, with the rest coming from cash and commodity broking, depository, distribution, and other income streams. This diversified mix reinforces the resilience of our model and gives us confidence that the broader trajectory of our business remains firmly intact.”
Vaqarjaved Khan, Senior Fundamental Analyst, Angel One Ltd. (On the overall impact on markets by the budget developments)
“The Budget strikes a prudent balance between growth and fiscal discipline, with FY27 fiscal deficit targeted at 4.3% of GDP and capex hiked to RS. 12.2 lakh crore, signalling a sustained infrastructure push. Key positives include enhanced incentives for manufacturing, semiconductors, biopharma, textiles, and MSMEs via a Rs. 10,000 crore fund, alongside boosts for agriculture, defence, and clean energy, positioning these sectors for accelerated expansion. The rationalized TDS/customs duties and tax slab simplifications ease compliance, fostering business confidence. For Indian markets, while the STT hike on F&O triggered a knee-jerk sell-off (Sensex down 600+ points), the focus on jobs, exports, and reforms should support long-term equity upside, especially in infra, renewables, and export-oriented plays, amid resilient 6.8–7.2% GDP projections.”
Sandeep Kumar Jain, Managing Director, CDK Global
“The creation of a High‑Powered Education‑to‑Employment and Enterprises Standing Committee signals a landmark shift in India’s approach to human capital development. By directly linking education, skilling, employment, and entrepreneurship, the government is building the connective tissue needed for sustainable growth in the services sector—especially as India aspires for a 10% global share by 2047.
The unified IT Services framework eliminates tax arbitrage, streamlines compliance, and strengthens India’s position as the world’s software and digital services hub. For the technology and services industries, this initiative comes at a pivotal moment. As artificial intelligence and emerging digital platforms redefine work, the focus on adaptive skill pathways will be crucial to ensuring that opportunity keeps pace with innovation. At CDK Global, we see this as an inflection point to deepen industry‑academia collaboration, integrate AI‑driven skill development, and create future‑ready career paths in technology, analytics, and customer experience.
Also, the vision for technology as a societal equalizer—from empowering farmers and women in STEM to enhancing accessibility for divyangjan—echoes our own belief that digital progress must be inclusive by design. This alignment between policy intent and industry capability sets the stage for India’s next chapter as a global leader in technology‑enabled services.”
Shri Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development & Entrepreneurship and Minister of State for Education, Government of India
“The Union Budget 2026–27 presents a confident roadmap for India’s next phase of growth. I congratulate Hon’ble Prime Minister Shri Narendra Modi ji for his visionary leadership and thank Hon’ble Finance Minister Smt. Nirmala Sitharaman ji for a Budget that balances ambition with inclusion, and reforms with responsibility.
This is a truly Yuva Shakti–driven Budget, anchored in the vision of Viksit Bharat 2047. By prioritising productivity, competitiveness, and cutting-edge technologies, including AI, it lays a strong foundation for Viksit Bharat through sustained structural reforms and people-centric growth. It reinforces India’s steady economic trajectory through fiscal discipline, sustained growth, and strategic investments in future-ready capacities.
A strong push to manufacturing, MSMEs, and services stands out as a key growth engine. Investments across biopharma, semiconductors, electronics, textiles (SAMARTH 2.0), chemicals, capital goods, and sports manufacturing will deepen domestic value chains and position India as a trusted global production hub. The three-pronged MSME framework, ₹10,000 crore SME Growth Fund, TReDS-based liquidity, and professional support through “Corporate Mitras”, will empower entrepreneurs to scale and compete.
Initiatives such as AI-backed Bharat Vistaar to integrate agri-stack, creation of SheMarts, Biopharma SHAKTI, ISM 2.0, rejuvenation of industrial clusters, creation of champion MSMEs through equity support, and the 10-year Khelo India Mission reflect a future-ready approach that integrates technology, health, agriculture, and human capital.
A defining feature of this Budget is its decisive commitment to skill development and human capital. The Ministry of Skill Development and Entrepreneurship has received a 62% increase in allocation, with the budget rising from ₹6,100 crore to ₹9,885.80 crore, affirming the Government’s resolve to place skills at the centre of economic transformation. From NSQF-aligned programmes and caregiver training to modernised textile skilling, sports ecosystems and industry-linked pathways, this Budget creates a seamless bridge from education to employment and entrepreneurship, preparing youth to lead in manufacturing, services, technology and the care economy.
The renewed emphasis on the services sector, including healthcare, medical value tourism, AVGC, design, IT, and hospitality, recognises that India’s growth will be powered as much by skills and services as by infrastructure. Continued public capital expenditure will crowd in private investment and expand opportunities across Tier-II and Tier-III cities.
I especially welcome the strong focus on agriculture and allied sectors, particularly for states like Uttar Pradesh, supporting high-value farming, fisheries, animal husbandry, FPOs, and agri-startups. These measures will strengthen farmer incomes while opening new avenues for rural youth and women-led enterprises. Integrating skilling with agriculture and rural entrepreneurship will help move our villages from subsistence to sustainability.
The Budget also advances social inclusion through targeted support for women, Divyangjans, education, healthcare, and social justice. Empowering women through hostels, skilling and entrepreneurship, alongside focused interventions for persons with disabilities, reflects our commitment to ensuring that every citizen participates meaningfully in India’s growth story.
Sports receives a strategic boost as well, recognising its potential for manufacturing, innovation, and youth engagement, while aligning with Uttar Pradesh’s emerging role in sports goods clusters and talent development, and strengthening India’s preparations as we move forward with our bid to host the Olympic Games in 2036. We recently launched SportsEdge Meerut in alignment with this vision—an initiative aimed at building a world-class sports goods manufacturing cluster by integrating skilling, innovation, and MSME support, and I am confident it will add significant value by creating jobs, strengthening local enterprises, and nurturing sporting talent.
Taken together, Budget 2026–27 is not just a financial statement; it is a national mission document. It strengthens economic foundations, unlocks enterprise, empowers farmers and MSMEs, and invests deeply in skills.”
Arijeet Talapatra, CEO at itel India
“The Union Budget 2026 delivers a clear and reassuring message for brands investing in India’s electronics ecosystem, laying a strong framework towards establishing India as a global hub for manufacturing electronics. The increased outlay of the Electronics Component Manufacturing Scheme will help deepen localisation, strengthen the value chains, and improve the cost competitiveness of consumer electronics goods. The announcement of the India Semiconductor Mission 2.0 is a welcome move that will bolster India’s journey towards becoming Atmanirbhar, critical for ensuring uninterrupted access to crucial technologies.
The government’s focus on infrastructure development in Tier-2 and Tier-3 cities will further drive consumer-led growth by improving access, distribution efficiency, and last-mile connectivity. For itel, these initiatives resonate deeply with our commitment of democratizing access to durable, reliable, and affordable technology – empowering millions of consumers across Bharat.”
Dr. Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries:
“The Union Budget FY26–27 reinforces India’s commitment to manufacturing-led growth. The continued drive on capital expenditure, with infrastructure allocation exceeding ₹12 lakh crore, alongside fiscal consolidation at 4.3%, strikes a prudent balance between growth stimulus and macroeconomic stability. Enhanced support to the Self-Reliant India Fund will further strengthen the manufacturing and MSME ecosystem. For the automotive and tyre sectors, sustained investments in infrastructure and logistics will improve cost efficiencies and support demand momentum. The emphasis on tourism and an extensive program of skilling the workforce will go a long way in generating employment. In the context of evolving global trade dynamics, continued focus on ease of doing business, technology adoption, and policy stability will be critical to attract investment and scale exports, strengthening long-term growth momentum.”
Benjamin Lin, President, Delta Electronics India
“This Budget brings together multiple strands of India’s manufacturing and technology growth story in a balanced and forward-looking manner. The ₹40,000 crore allocation for India Semiconductor Mission 2.0 and the enhanced outlay for electronics components manufacturing point to a clear focus on scale, depth, and ecosystem development. When seen alongside targeted support for MSMEs through a ₹10,000 crore growth fund, the policy framework addresses both large-scale manufacturing and the strength of the supplier base. By aligning capital support with capability building and innovation, the Budget creates a solid foundation for sustainable, technology-led growth and reinforces India’s ambition to emerge as a globally competitive electronics manufacturing hub.“
Niranjan Nayak, MD, Delta Electronics India
“What stands out in the Union Budget 2026 is the scale, consistency, and seriousness with which the government is approaching electronics and advanced manufacturing. The launch of India Semiconductor Mission 2.0 with an outlay of ₹40,000 crore, along with the expansion of the electronics components manufacturing scheme to a similar level, clearly signals a long-term commitment to building strong domestic capabilities. Importantly, the focus goes beyond manufacturing capacity to include full-stack design, development of Indian intellectual property, skill creation, and stronger supply-chain resilience. This reflects a practical understanding of how globally competitive technology ecosystems are built. Such clarity and continuity in policy direction give industry the confidence to plan long-term investments, deepen local value addition, and steadily move India up the electronics manufacturing value chain.“
Shailesh Chandra, President, SIAM and MD & CEO, Tata Motors Passenger Vehicles Ltd,
“We welcome the Union Budget 2026–27, which continues to focus on long-term, sustained economic growth with a strong emphasis on manufacturing, infrastructure, including freight corridors & waterways, and fiscal prudence. The decision to raise the capital expenditure target to Rs 12.2 lakh crore for FY 2026-27 from Rs 11.2 lakh crore in the current year will provide a strong impetus to demand creation and industrial activity, including the Automobile sector.
Enhanced support for electronic components manufacturing, setting up dedicated corridors for mining and processing of rare earth, along with initiatives to establish high-tech tool rooms and supporting container manufacturing, will develop supply chain resilience and help in streamlining exports. The allocation of 4,000 e-buses for the Purvodaya States will accelerate the transition toward sustainable public mobility solutions.
Continued exemption of Basic Customs Duty on Capital Goods used for manufacturing lithium-ion batteries, along with the extension of concessional duty benefits for lithium-ion cells and their parts used in manufacturing batteries for electric and hybrid vehicles for a further two years till March 2028, will enable creation of a robust EV ecosystem in the country.”
Anil Agarwal, Chairman – Vedanta Ltd, on the Union Budget 2026:
“A growth-oriented Budget, with a clear focus on increasing public capital expenditure and boosting manufacturing.
It is a Budget which creates opportunities for youth to improve their livelihoods, women to become financially independent, and for employment-intensive sectors like medical tourism to take off.
I welcome the Government’s keen attention to critical minerals and rare earths. The Rare Earths Corridors for mining, processing, R&D, and manufacturing in Odisha, Tamil Nadu, Andhra Pradesh, and Kerala will boost growth, employment, and mineral security. Import duty exemption on capital goods for critical minerals processing is very timely in the current global scenario.
The announcement on flexibility in SEZs, which will permit some sales in the domestic market, is an excellent move.
I congratulate the PM and FM for continuing to steer the Indian economy with a very steady hand in uncertain times.”
Prashanth T.S., President & Head – Mid-Corporates & Medium Enterprises Group, Axis Bank.
“The Budget meaningfully improves the growth runway for MSME banking in India. By expanding credit guarantee coverage and accelerating the adoption of digital receivables financing through TReDS, the government has eased two long-standing structural challenges—collateral dependence and delayed cash flows. This creates a stronger foundation for banks to scale MSME lending, deepen relationships with formalising enterprises, and support credit growth in a more calibrated and resilient manner. Over time, this can strengthen balance sheets and reinforce the role of MSMEs in driving India’s next phase of economic expansion.”
Shekhar Patel, MD and CEO, Ganesh Housing Limited.
“Union Budget 2026 reinforces a clear shift in India’s growth approach by placing Tier-2 and Tier-3 cities at the heart of the Viksit Bharat vision. The continued focus on infrastructure development, MSME expansion, manufacturing, and semiconductor ecosystems, along with digital capacity building across AI and technology, strengthens the foundation for employment creation and enterprise growth beyond traditional metropolitan markets.
For the real estate sector, the Budget improves long-term fundamentals around connectivity, capital confidence, and planned urbanisation. Cities such as Ahmedabad stand to benefit significantly from this approach, given their strong industrial base, improved urban infrastructure, and growing appeal as destinations for businesses, talent, and institutional capital. The emphasis on digital public infrastructure and technology-enabled governance will further shape how such cities plan, develop, and manage real assets, supporting more efficient and future-ready urban ecosystems.
As enterprises, technology-led companies, and GCCs diversify their geographic footprint, demand will increasingly move towards well-planned, compliant residential and commercial developments in emerging markets. Budget 2026 provides the policy stability and execution momentum required for developers to invest with confidence, align supply with economic growth, and support the next phase of balanced urban and economic transformation.”
Dr. Anish Shah, Group CEO & MD, Mahindra Group
“We applaud the Government of India’s Union Budget 2026 presented today by Finance Minister Nirmala Sitharaman. This Budget focuses on enhancing India’s competitiveness in the world, takes meaningful steps towards atmanirbharta and enables a wider participation in the benefits of economic growth.
The emphasis on frontier and strategic manufacturing sectors, including the launch of enhanced schemes such as Biopharma Shakti and the Semiconductor Mission (ISM 2.0), reflects a clear commitment to building global-scale manufacturing capabilities. Strengthening domestic value chains and reducing critical import dependencies will be key to India’s future industrial leadership.
We particularly welcome the significant increase in capital expenditure to ₹12.2 lakh crore for FY27, which underscores an unambiguous policy focus on infrastructure, regional development, and job creation across the country. This will play a pivotal role in crowding in private investment, enhancing productivity, and supporting the growth of tier-2 and tier-3 cities as emerging economic hubs.
The proposal to establish a dedicated ₹10,000 crore SME growth fund and incentives for industry clusters is a positive step toward enabling future job creation, supporting enterprise scaling, and boosting the competitiveness of small and medium businesses.
Initiatives to promote critical minerals, rare earth corridors, and enhanced electronics and capital goods manufacturing are forward-looking and essential for a resilient industrial ecosystem that can thrive amid global uncertainties.
And, most importantly, the emphasis on sabka saath, sabka vikaas is commendable. The actions to ensure every community has access to resources and opportunities will enable robust and sustainable economic growth.
Overall, Budget 2026 signals continuity in policy direction, a firm commitment to sustainable and inclusive growth, and efforts to unlock India’s economic potential at scale. We believe these measures can accelerate innovation, enhance value-added manufacturing, and strengthen India’s standing in the world.”
Manoj Bhat, Managing Director & CEO of Mahindra Holidays & Resorts India Ltd
“The Union Budget 2026 reinforces the government’s intent to use tourism and hospitality as levers for balanced economic growth rather than treating them as standalone consumption sectors. The focus on destination development beyond metros, improved physical connectivity, and a sharper push on spiritual and heritage circuits reflects a recognition that tourism growth must be geographically distributed and locally rooted.
Equally important is the emphasis on skilling and workforce development. As the sector expands into tier two and three markets, the availability of trained talent will determine not just service quality but the sustainability of growth itself. By linking infrastructure creation with human capital development, the Budget moves the conversation from short-term demand creation to building a resilient, employment-generating tourism ecosystem.”
Sudhir Sitapati, Managing Director & Chief Executive Officer, Godrej Consumer Products Ltd.
“We particularly welcome the MAT credit set-off being allowed up to 25% of the tax liability under the new tax regime. This move improves cash flows and makes the new tax regime smoother for companies with accumulated credits, freeing up capital for reinvestment into growth and consumption-led categories.”
Gaurav Pandey, Co-Chairman, FICCI Committee on Urban Development and Real Estate, and Managing Director & CEO, Godrej Properties
“The Union Budget 2026 continues the strong focus on infrastructure-led growth, with a record INR 12.2 lakh crore capital expenditure and sustained emphasis on urban development, connectivity, and city-led growth. Measures such as the Infrastructure Risk Guarantee Fund, expansion of transport corridors, and support for city economic regions are positive for real estate demand over the medium term. The Government’s commitment to fiscal discipline and long-term growth creates a stable macroeconomic foundation, strengthening confidence across sectors and supporting sustained economic expansion.”
Rakesh Jain, CEO, IndusInd General Insurance
Union Budget 2026–27 is a forward-looking and reassuring document presented at a time when global volatility, geopolitical tensions, and supply-chain disruptions continue to shape economic realities. The Finance Minister’s emphasis on accelerating growth, especially in the new age sector, while strengthening resilience, reflects a clear understanding of what India needs at this stage of its development.
For the general insurance sector, several parts of this Budget create strong tailwinds. The MSME-focused measures, including the ₹10,000 crore SME Growth Fund, the additional support to the Self-Reliant India Fund, and the significant strengthening of the TReDS ecosystem through CPSE onboarding, credit guarantee support, GeM linkages, and securitisation of receivables, expand formalisation and improve liquidity for small businesses. These steps broaden the base of insurable enterprises and support wider adoption of property, liability, marine, cyber, and employee health insurance in the country.
The reforms related to motor insurance, particularly the exemption of income tax on interest awarded by the Motor Accident Claims Tribunal and the removal of TDS, will meaningfully improve claimant outcomes and reinforce trust in the claims process. This is an important step towards making motor insurance more customer-centric and responsive.
The Government’s ₹10,000 crore Biopharma Shakti initiative aims to position India as a global hub for biologics and biosimilars, strengthening domestic research and manufacturing. The Budget also expands health capacity by adding Allied Health Professionals, enhancing district-level emergency and trauma care, training caregivers, and supporting regional medical hubs. These measures together improve healthcare delivery, outcomes, and long-term insurance sustainability.
Beyond direct sector touchpoints, the Budget’s large-scale push on infrastructure, including increased public capex of Rs 12.2 lakh crore, dedicated freight corridors, expansion of waterways, high-speed rail development, and city economic regions, opens major avenues for engineering, project liability, and specialty insurance. The proposed Infrastructure Risk Guarantee Fund is also a welcome move that can help de-risk large projects and accelerate private-sector participation.
Equally important is the renewed focus on India’s next phase of urban expansion. The plan to develop Tier 2 and Tier 3 cities through City Economic Regions signals a major shift in how regional growth will be shaped. By channelling investment into these emerging urban centres and strengthening them around their core economic strengths, the government is enabling more balanced urbanisation, stronger commercial ecosystems, and modern infrastructure. As these cities scale, the complexity of economic activity will rise, increasing the demand for holistic risk solutions across property, infrastructure, liability, and transit. Insurers will play a crucial role in helping businesses and communities in these regions manage risks effectively and grow with confidence.
The Budget’s strong emphasis on renewable energy, carbon capture, and advanced manufacturing broadens the risk landscape in areas such as climate-linked exposures, environmental liability, and sustainable energy projects. This creates opportunities to scale parametric covers, catastrophe protection, and climate-risk solutions that will be crucial for India’s long-term resilience.
As India moves confidently towards its vision of Viksit Bharat, the general insurance sector is committed to partnering in this journey, protecting people, supporting businesses, enabling infrastructure, and building a more secure and resilient nation.”
Rajeev Singh, Managing Director, BenQ India and South Asia
The Union Budget 2026 makes a clear statement on reimagining education as a direct driver of employability and economic growth. The proposed Education-to-Employment Standing Committee acknowledges the urgent need to align learning with industry demand and the accelerating impact of technologies such as artificial intelligence.
Initiatives such as Content Creator Labs in 15,000 schools and the development of university townships near industry corridors mark an important shift towards hands-on, technology-enabled, and industry-connected learning environments. These measures will encourage creativity, collaboration, and real-world skill development across K-12 and higher education.
Together with continued support for domestic manufacturing and the semiconductor ecosystem, the Budget creates a strong foundation for modern digital classrooms and future-ready campuses. It enables education and enterprise technology providers to play a meaningful role in building skills, improving learning outcomes, and preparing India’s talent base for global competitiveness. It will be good to see how these initiatives take shape in the coming days, and we will support them to the best of our ability.
Ravi Agarwal, Co-Founder and Managing Director, Cellecor
The Union Budget 2026 reflects a steady and constructive approach toward strengthening India’s consumer electronics and technology manufacturing ecosystem. The near doubling of the Electronics Components Manufacturing Scheme outlay from ₹22,919 crore to ₹40,000 crore is a meaningful step toward building a stronger domestic component supply chain. Alongside the expansion of the India Semiconductor Mission (ISM) 2.0 into a broader, full-stack programme covering materials, equipment, design, and R&D, this signals strong momentum toward positioning India higher on the global electronics value chain.
The parallel focus on employment generation and large-scale skilling in electronics manufacturing and emerging technologies will help create a future-ready workforce across factories, assembly lines, and service ecosystems.
Overall, the Budget creates a supportive environment for consumer electronics brands to invest with confidence. We look forward to contributing to this growth journey through innovation, localisation, and product development.
Pankaj Rana, CEO, Hisense India
The Union Budget 2026 outlines a forward-looking technology roadmap that strengthens India’s position as a global electronics and innovation hub. The sustained focus on semiconductor manufacturing, electronics components, and AI-led innovation reflects a strong policy commitment to building a resilient domestic ecosystem. Initiatives like India Semiconductor Mission 2.0 and the enhanced outlay for electronics manufacturing are expected to deepen local value creation and strengthen supply chains. For the consumer electronics industry, this creates a stable, growth-oriented environment that encourages long-term investments, innovation, and localisation.
Aditya Khemka, Founder & Managing Director, CP PLUS
The Union Budget 2026 signals a decisive shift in India’s technology and security journey, with a clear focus on building capability at home. The strengthened push under the India Semiconductor Mission 2.0 is not only about self-reliance, but about ensuring that the intelligence, computing power, and hardware powering next-generation AI systems are designed and manufactured in India.
The government’s emphasis on artificial intelligence reflects a move from experimentation to real-world, mission-critical deployment. As AI becomes central to public safety, surveillance, and smart infrastructure, this Budget lays the foundation for scalable, secure, and responsible adoption across the country.
For homegrown technology companies, this policy clarity creates long-term confidence to invest locally, innovate for Indian needs, and build globally competitive solutions. It positions India not just as a consumer of advanced technologies, but as a trusted creator of AI-led security and infrastructure solutions aligned with the vision of Make in India
Rahul Garg, Founder-CEO, Moglix
The Budget’s emphasis on artificial intelligence, quantum research, and innovation-led missions strengthens India’s technology backbone. These investments enable enterprises to deploy AI across manufacturing optimisation, procurement automation, and supply chain forecasting. When combined with sectoral programmes such as textile modernisation and industrial cluster rejuvenation, emerging technologies will play a critical role in improving productivity, quality control, and operational efficiency across traditional and advanced industries.
Murali Mantravadi, Joint Managing Director, Energy Bots – Flosenso
Reading the Union Budget 2026, what becomes clear is a steady shift in how technology is being viewed. The push through India Semiconductor Mission 2.0 and higher investment in electronic components suggests the government wants India to build deeper capability, not just scale services. That is an important signal. Sustainable advantage comes from owning design, supply chains, and execution, not only distribution. The continued emphasis on AI, industry-linked research, and creative skills points to an understanding that technology outcomes depend as much on people and process as on policy. The real test now is execution, but the intent feels more structural than symbolic.
Sheetal Arora, Promoter & CEO, Mankind Pharma
“The Union Budget makes a clear and timely choice by placing biopharma at the centre of India’s next manufacturing wave, alongside other frontier sectors. As India’s disease burden shifts towards diabetes, cancer, and autoimmune disorders, and advanced NCD therapies gain wider adoption globally, the focus on biologics and biosimilars is both relevant and necessary. The Bio Pharma Shakti initiative recognises that longevity, quality of life, and affordability will define healthcare outcomes going forward.
The Finance Minister, Nirmala Sitharaman, has reinforced the Viksit Bharat vision through a ₹10,000 crore commitment to build a strong domestic biopharma ecosystem, strengthen institutions, upgrade the Central Drugs Standard Control Organization to global standards, and enable faster, predictable approvals. The full BCD exemption on 17 cancer drugs and targeted relief for rare diseases will further improve patient access while supporting innovation in high-need areas.
Over the coming years, the alignment of these reforms with the evolving **European Union–India trade framework will help Indian pharma move from scale to leadership, attract global investment, and strengthen India’s position as a trusted manufacturing and innovation partner in advanced therapies.”
Sanjiv Navangul, CEO, BSV ( A Mankind Group Company)
The Union Budget 2026 provides much-deserved momentum for India’s biopharma journey. We welcome the government’s intent to strengthen the biopharma ecosystem, and the Biopharma Shakti initiative is an encouraging step in this direction. The focus on building scale across strategic and frontier sectors creates the right environment for long-term improvements in health outcomes. The initiative recognises the need for innovation and research while creating a conducive ecosystem for good health through knowledge sharing and technology.
Alongside this, the emphasis on driving research by setting up new National Institutes of Pharmaceutical Education and Research will not only build talent but also augment the research capabilities of the country.
Strengthening the regulatory landscape through a robust biopharma-focused network, including enhanced capacity and faster approval timelines, will further support innovation and improve patient access.
Further, the proposed investment of Rs 10,000 crore over five years, along with the emphasis on domestic production, will go a long way in strengthening supply security and reducing dependence on imports. This aligns with the vision of BSV, as we remain committed to making in India for India and the world.
Additionally, the Budget’s proposal to promote India as a global hub for sports goods is also encouraging. Improved access to quality sports equipment can help drive wider participation of women in sports while supporting healthier lifestyles.”
Dr. Ankit Gupta, Managing Director, Park Medi World Limited
“The Union Budget 2026 presents a comprehensive roadmap for strengthening India’s healthcare ecosystem at a time when the country’s disease burden is shifting towards non-communicable diseases such as diabetes, cancer, and autoimmune disorders, alongside a rapidly ageing population. The proposed addition of one lakh allied health professionals will help bridge workforce gaps across hospitals, rehabilitation centres, and community-based care settings. This is complemented by plans to train 1.5 lakh caregivers through NSQF-aligned, multi-skilled programmes, strengthening long-term, elderly, and post-acute care services.
The establishment of five regional medical tourism hubs in partnership with the private sector reinforces India’s ambition to emerge as a preferred global healthcare destination. For hospital networks such as Park Hospitals, these initiatives create meaningful opportunities to scale specialised allied services, strengthen geriatric and rehabilitation care, and contribute to medical value tourism aligned with national healthcare priorities.”
Dr Tapash Kumar Ganguli, Director-General, NICMAR.
“The Union Budget has expectedly continued with its policy thrust on deepening the manufacturing and construction ecosystem in the country. Given the still sluggish pick up in corporate investment activity, the Government has used its fiscal headroom to augment and deepen the manufacturing ecosystem in the country through an increase in capital spending. The emphasis on new freight and high-speed rail corridors, 10 inland waterways to push up the share of coastal cargo by 12 percent by 2047, as well as the support to states under SASCI, are all welcome steps in the right direction. Overall, the trajectory of continued policy emphasis on infrastructure creation continues with an almost 20 pct increase in capital expenditure, a strategic choice that will contribute to enhancing the productive sectors of the economy.”
Mukund Vasudevan, MD, SKF India (Industrial) Limited and President – India, Southeast Asia, and Middle East
“The Union Budget 2026–27 delivers a clear, confidence‑boosting push for India’s industrial growth. Despite maintaining fiscal discipline, the higher public CAPEX of ₹12.2 lakh crore signals strong momentum for manufacturing and infrastructure.
Reforms focused on financial access, technology adoption, and competitiveness lay the groundwork for long-term industrial strength – key for India to scale and compete alongside global players. Investments in freight and industrial corridors, along with logistics upgrades, will lower costs, strengthen supply chains, and make Indian manufacturing more efficient.
MSME-focused steps such as the Growth Fund and an expanded TReDS ecosystem should ease liquidity and improve access to capital. Overall, the Budget reinforces India’s direction toward localization, private investment, and resilient industrial growth, giving businesses greater clarity and confidence to scale.”
Vinaya Varma, Managing Director, mjunction services limited
“The Union Budget 2026–27, with FY27 capital expenditure pegged at ₹12.2 lakh crore, reinforces infrastructure-led growth across roads, railways, ports, power, and logistics sectors that anchor demand for steel and coal. Focus on new dedicated freight corridors, expanded inland waterways, and coastal cargo schemes is expected to improve evacuation efficiency, lower logistics costs, and support offtake in bulk commodities.
The policy thrust on digital and AI-enabled systems, trust-based customs processes, and integrated platforms strengthens organized, transparent trade and price discovery across industrial value chains. The ₹20,000 crore CCUS outlay for hard-to-abate sectors signals clear support for green steel, while enhanced MSME financing through the ₹10,000 crore SME Growth Fund and expanded TReDS improves liquidity and market participation.”
We have some very welcome decisions taken, which will significantly strengthen the digital and export infrastructure. The Finance Bill, 202,6 has now omitted Section 13(8)(b) of the IGST Act, 2017. Consequently, the place of supply for intermediary services will be determined under the default rule of Section 13(2), i.e., location of the recipient.
Post this change, our B2B e-auction services for Global customers will now qualify as export of services. This is expected to bring a significant structural relief that directly improves our competitiveness in global markets.”
Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Limited
“Union Budget 2026–27 reinforces India’s medium-term growth trajectory by combining fiscal consolidation with a sustained public capex outlay of ₹12.2 lakh crore, providing long-term visibility for infrastructure and energy investments.
From an energy perspective, the Budget’s focus on system resilience is particularly relevant. As renewable capacity scales rapidly, grid-scale Battery Energy Storage Systems will be essential to manage variability and ensure dependable power delivery. Extending basic customs duty exemption to capital goods used for manufacturing battery energy storage systems is a material step toward accelerating deployment and lowering system costs.
Energy diversification is further strengthened through customs relief for solar manufacturing inputs and a ₹20,000-crore, five-year commitment for carbon capture, utilization, and storage. At scale, this reinforces the need for reliable, technology-enabled power systems to anchor India’s evolving industrial base and energy ambitions.”
Ashok Kumar Bhaiya, Chairman & Managing Director at Aludecor Lamination Pvt. Ltd.
“The Union Budget 2026, presented by the Hon’ble Finance Minister, is aimed at further accelerating the momentum of the construction and building materials sector in India. The sustained growth in public capital expenditure to ₹11.2 lakh crore, and the development of Tier II and Tier III cities with a population of over 5 lakhs as growth centers and City Economic Regions, will help sustain demand for quality construction materials, where quality and compliant façade solutions are becoming increasingly important.
The Scheme for Enhancement of Construction and Infrastructure Equipment is especially important, as it promotes the use of modern and safety-driven construction practices. This will lead to a natural increase in the demand for engineered, fire-rated, and performance-oriented façade materials, which will provide greater opportunities for organized manufacturers.
While the direction outlined in the Budget is encouraging, the pace of on-ground implementation will be key in determining its real impact on the sector. We remain optimistic and look forward to these measures translating into consistent project execution and sustained industry growth.”
Stéphane Deblaise, CEO, Renault Group India
“The Union Budget 2026–27 sends a strong and reassuring signal of policy continuity and intent for India’s manufacturing-led growth. Anchored in the Kartavya pillars for Viksit Bharat, the Budget demonstrates a clear commitment to building resilience, competitiveness, and technological depth across strategic sectors. The progression to India Semiconductor Mission 2.0, with its focus on equipment, materials, full-stack Indian IP, and supply-chain strengthening, aligns closely with the evolving needs of the industry. The targeted push to reduce critical import dependencies, through initiatives on rare earth magnets and continued customs duty exemptions on capital goods for lithium-ion cells, creates confidence for deeper localisation and sustainable mobility. Supported by public capital expenditure of ₹12.2 lakh crore and enhanced logistics corridors, the Budget provides greater momentum to responsible growth of the Indian economy.”
Sasikumar Kallanai, Co-founder & CEO, TenderCuts
The Union Budget’s emphasis on productivity-led growth across agriculture and allied sectors, especially fisheries and animal husbandry, is a constructive step towards strengthening India’s domestic food and protein ecosystem.
Initiatives around better utilisation of inland reservoirs, support for Fish FPOs and women-led groups, and loan-linked capital subsidy for veterinary and para-veterinary infrastructure can improve supply consistency, traceability, and income stability at the source. The integration of AgriStack with AI-led dissemination of agricultural practices and stronger market linkages further strengthens this ecosystem.
For TenderCuts, these measures are aligned with the need to build a modern, sustainable, and inclusive meat and seafood supply chain that delivers quality to customers consistently.
Paul Alukkas, Managing Director, Jos Alukkas, says:
“The Union Budget 2026–27 reinforces confidence in the economy by backing growth of around 7% while staying on a fiscal consolidation path, with the deficit targeted to decline from 4.8% in FY25 to 4.4% in FY26. This focus on macroeconomic stability is reassuring for households and businesses. Measures such as TDS rationalisation and lower TCS on education expenses abroad should boost disposable incomes and discretionary spending, and this is a welcome measure. The continued emphasis on MSMEs, credit availability, and formalisation is expected to support jewellers, particularly in tier-2, tier-3, and rural markets.”
Saurabh Mukherjea, Co-Founder & CIO, Marcellus Investment Managers:
“The Union Budget 2026–27 is directionally positive for India’s long-term economic health, even though markets have reacted nervously in the short term. The increase in Securities Transaction Tax on F&O trading is a necessary corrective. Over the past few years, speculative derivatives trading activity has destroyed large amounts of household capital, and this move should help redirect savings towards consumption and productive investment. Equally important is the government’s decision to set up a high-level committee to review the banking and financial system, which could accelerate PSU bank privatisation and unlock greater participation from global and domestic private capital.
The key concern, however, is the rise in capital expenditure at a time when tax revenues are undershooting. Funding higher capex through increased borrowing risks, tightening financial conditions by pushing up bond yields and the economy’s cost of capital. Overall, the Budget takes important structural steps in the right direction, but its effectiveness will ultimately depend on maintaining fiscal discipline while pursuing growth.”
R.S Subramanian, SVP, DHL Express India
A Landmark Shift Towards a Truly Trust-Based Trade Environment
The trade facilitation measures announced in the Union Budget mark a significant evolution in India’s approach to global commerce. By placing systemic trust and digital integration at the centre of reforms, the government has laid a strong foundation for a more resilient, agile, and globally competitive export-import ecosystem.
A major highlight is the transition towards a fully digital, trust-based customs framework. The adoption of AI-enabled scanning, faster clearance,s and more predictable regulatory rulings goes beyond improving speed and efficiency. It enhances transparency, reduces uncertainty, and provides businesses with the confidence required for long-term investment and operational planning.
Several measures directly address long-standing pain points in cross-border trade. The removal of value caps on courier exports and the simplification of duty structures significantly ease compliance, particularly for MSMEs and e-commerce exporters, apart from Individuals who were always perplexed & unhappy with different duty rates. These steps will help expand India’s footprint in global markets by removing procedural and value-related constraints.
The introduction of seamless export returns and “Return-to-Origin” processes reduces risk, cost, and congestion in international trade. This reform improves shipper confidence, ensures faster resolution of non-clearance scenarios, and creates a more business-friendly trading environment.
Further, the integration of SEZ clearances through a combination of ECCS, ICEGATE, and ICES strengthens the digital trade infrastructure. This will enable Special Economic Zones to operate in a more frictionless manner and remain globally competitive. This also sets the tone for clearances of EOU, IGCRD, MOOWR, etc via Courier.
Another impactful reform is the strengthening of the Authorized Economic Operator (AEO) framework through the introduction of a 30-day deferred duty payment option. This is a significant enabler for working capital efficiency and offers a strong incentive for businesses to adopt higher compliance standards.
Collectively, these measures represent a decisive shift towards a modern, trust-based, and technology-driven trade ecosystem, reinforcing India’s ambition to become a preferred global trade and logistics hub.
Sunil Nair, CEO, Ramky Infrastructure Ltd,
“The Union Budget 2026 underscores a clear continuity of confidence in India’s infrastructure growth story. The proposal to establish an Infrastructure Risk Guarantee Fund is a particularly forward‑looking intervention; it directly addresses one of the biggest hurdles in the sector: risk perception during the early stages of project development and construction. By offering partial credit guarantees to lenders, the Fund will not only ease financing bottlenecks but also embolden private players to invest in new, large‑scale projects with greater assurance.
Equally significant is the government’s move to accelerate asset monetisation through dedicated Real Estate Investment Trusts (REITs) for Central Public Sector Enterprise (CPSE) owned real estate. This will unlock dormant capital, enhance liquidity in the system, and catalyse a new wave of investments across allied sectors like logistics, housing, and industrial infrastructure.
Complementing these reforms, the Budget’s thrust on industrial infrastructure through the Chemical Park and bulk drug park, Biopharma Shakti schemes, enhances India’s manufacturing and innovation ecosystem. The Chemical Park and bulk drug park will create plug‑and‑play clusters to boost domestic chemical production and reduce imports, while the ₹10,000 crore Biopharma Shakti initiative aims to build a globally competitive biopharma ecosystem through new NIPERs, clinical trial networks, and upgraded regulatory standards.
Finally, with a proposed capital expenditure of ₹12.2 lakh crore for FY 2026‑27, the Budget reaffirms infrastructure as the backbone of India’s economic momentum. These measures together create a balanced ecosystem, de‑risked, capital‑efficient, and geared towards sustainable, high‑velocity growth. For developers like Ramky Infrastructure, this paves the way for deeper partnerships in nation‑building.
Manoj Tulsian, CEO & Joint Managing Director, Greenply Industries Ltd.
“The Union Budget 2026 presents a clear and growth-oriented vision for India’s economy, with a strong focus on manufacturing, infrastructure, and job creation. The Government’s continued reform momentum, driven by over 350 reforms announced since Independence Day 2025, including GST simplification, labour reforms, and reduced compliance, will significantly ease operations for organized manufacturers, enabling faster expansion, better efficiency, and improved formalization across sectors like wood panels and interior infrastructure.
Rise in public capex and building focus on infrastructure are expected to drive housing and realty activity in tier II and tier III cities, where the demand for quality, branded interior solutions is increasing at a faster pace. This will, in turn, directly help the homebuyer due to better access to well-finished, durable, and safe interiors as well as enhanced demand for plywood, MDF, and related products.
The emphasis on strengthening MSMEs and reviving traditional industrial clusters is particularly encouraging for the wood-based industry, which depends on a large network of carpenters, fabricators, and small processing units. Improved access to finance, technology, and compliance support will help upgrade skills, enhance productivity, and create more stable livelihoods for skilled and semi-skilled workers across non-metro regions.
At the same time, the Government’s commitment to fiscal discipline, reflected in a gradual reduction in fiscal deficit and debt levels, provides long-term economic stability. At Greenply Industries, this balanced approach between growth and financial discipline gives us the confidence to continue investing in capacity expansion, sustainable manufacturing practices, and skill development, while contributing meaningfully to India’s housing growth and a more responsible interior infrastructure ecosystem.”