Amit Mahajan, Director, Paras Defence and Space Technologies Limited, says:
"As India accelerates its transition from import dependant to a technology-driven and self-reliant defence manufacturing ecosystem, the Union Budget 2026 must deepen industry led research, design and development. It must scale capital and R&D support, along with a stable tax and regulatory framework, for companies building advanced defence technologies.
Defence innovation cannot only remain government led. The industry must be entrusted with greater responsibility for developing cutting edge technologies, whether indigenous or through structured global partnerships, backed by dedicated capital budgets, design linked incentives and long-term visibility of funding. Selection and procurement frameworks should differentiate between companies with proven development and manufacturing heritage, and those that merely aggregate or assemble.
Beyond core defence platforms, strong support is needed for drones, counter drone systems and aerospace technologies, where rapid innovation cycles demand testing infrastructure, development grants and assured procurement pathways. Space and emerging strategic technologies should form the second pillar of budgetary focus, with targeted incentives to scale private sector participation in launch systems, satellites and dual use applications critical to national security."
Pre Budget expectation quote of Mr. Madhu Rajputra Peravalli, Co-founder, Troogue
"We keep talking about enabling startups, but real scale comes when the government becomes a customer, not just a regulator. A single government project says more to investors than ten pitch decks. On skilling too, we need to be brutally honest, training that doesn't lead to employability is just expensive motivation. I would request the FM to consider funding platforms linking skilling to hiring. We also need to democratise AI access, which is currently affordable for only big tech, in order for India to become a leader in AI-led innovation. Finally, strengthening R&D tax incentives for startups building original IP will boost innovation, create more jobs and foster an environment wherein startups thrive."
Pankaj Jathar, Chief Executive Officer, NIIT Limited:
“AI and digital are no longer peripheral skills; they are the core gateway to jobs and competitiveness. As digital learning continues to play a central role in India’s skilling journey, improving affordability will be key to unlocking its full potential. Today, most online courses fall under the 18% GST bracket, which impacts price accessibility at scale. Rationalising GST on verified digital learning programmes to a 5% bracket would make high-quality AI-enabled education more affordable, accelerate widespread adoption, and empower training providers and startups to scale sustainably in support of India’s talent ambitions.
At the same time, the nation must invest more in people. As a skilling-first enabler, we urge the government to set a clear target of 6% of GDP for education, to be delivered through higher absolute allocations that prioritise digital infrastructure, public–private skilling partnerships, and hard-to-reach geographies. India’s skilling gaps are well identified now, and this is a crucial time where we need a national push that combines fiscal incentives for low-cost digital learning with a sustained increase in public education investment to deliver both equity and economic returns.”
Mr Gaurav Sharma, Chief Human Resources Officer, True Balance (Balancehero India & True Credits)
"Ahead of the Union Budget, there is a growing need to move the focus from job creation in numbers to building high-quality, future-ready roles. In fintech and digital lending, organisations need talent that understands both digital systems and evolving compliance requirements.
Higher fund allocation to Skill India programmes, particularly for digital and compliance-focused roles, along with incentives for startups that collaborate with academic institutions, can help create a more prepared workforce. A budget that supports such measures while enabling startups to generate sustainable employment will be critical for responsible growth in the digital economy."
Harinder Singh, Managing Director & CEO, Yokohama India Pvt. Ltd.
"As we approach the Union Budget 2026–27, the tyre industry requires policy continuity that reinforces manufacturing competitiveness and enables scale. While sustained infrastructure investment and the structural shift toward SUVs and premium vehicles have improved demand visibility, input cost stability remains the sector's most pressing challenge.Natural rubber volatility continues to impact margins significantly. With India importing a substantial portion of its natural rubber requirements due to limited domestic availability, duty rationalization on critical raw materials would meaningfully improve cost efficiency and strengthen the global competitiveness of Indian tyre manufacturers.
The passenger vehicle segment is undergoing clear premiumization, with larger rim sizes and performance-oriented fitments increasingly dominating OEM specifications. Yokohama India has proactively aligned with this trend through localization of higher-inch tyres and capacity expansion at our Visakhapatnam facility, positioning us to serve both OEM and replacement demand across price segments.
For India to emerge as a global manufacturing hub for premium tyres, the Budget must deliver on three critical fronts: continued infrastructure capital expenditure to sustain automotive demand, enhanced export facilitation measures including duty drawbacks and logistics support, and stable trade policies on raw materials that provide cost predictability. These interventions would directly advance the Atmanirbhar Bharat vision while strengthening India's position in global automotive supply chains."
Rajesh Rokde, Chairman, All India Gem & Jewellery Domestic Council (GJC) said: "The sharp rise in gold prices has multiplied the absolute GST burden on consumers and created severe working capital stress for jewellers, even though no policy change has occurred. Our recommendations are not for concessions but for restoring proportionality, liquidity and fairness. A modest GST reduction, together with relief on notional inventory gains and job-work clarity, will bring millions of transactions back into the formal economy, protect karigar livelihoods, and make jewellery once again an accessible savings asset for Indian households. We are confident that the Hon'ble Finance Minister will consider these practical, calibrated reforms in the upcoming Budget."
Avinash Gupta, Vice Chairman, GJC added: "Our sector is deeply committed to formalisation, transparency and digital transformation. By operationalising the Tourist GST Refund Scheme, enabling EMI for 22-karat jewellery, capping credit-card MDR, and regulating digital gold, we can significantly enhance traceability, boost tourism-linked exports, and bring younger consumers confidently into the organised market. These steps will also help reduce India's reliance on imported bullion over time by mobilising domestic gold through transparent banking channels. We stand ready to partner with the Government to implement these changes smoothly and effectively."
