Mr. Parthiv Neotia, Sr. Vice President, ICC & Executive Director, Ambuja Neotia Holdings described this year's Budget as "very inclusive" and one of the most interesting in recent years. He highlighted the government's focus on emerging and high-growth sectors such as fisheries, semiconductors, artificial intelligence, the creative economy, hospitality and tourism, calling them key pillars of India's new economic landscape.
He further welcomed the strong push in bio-pharma, innovation and manufacturing, especially in light of India's growing burden of non-communicable diseases (NCDs). "It is encouraging to see substantial investment and focus in healthcare," he noted, pointing to the development of five regional medical tourism hubs as a major step in positioning India as a critical healthcare destination, not only for Indians but also for neighbouring countries seeking affordable, quality treatment.
Mr. Neotia emphasised the government's sustained efforts to reduce India's high logistics costs through infrastructure development, including new highways and the announcement of 20 waterways, which will help make products more affordable domestically and more competitive globally. He also underlined the role of the tax regime, tax incentives, tax holidays and policy measures in reviving foreign investment, noting that the Budget must be viewed alongside recent reforms such as GST 2.0, the India–EU trade agreement, FTAs and ongoing trade negotiations with the US.
For the common citizen, he said the strong focus on MSMEs stands out. "MSMEs are the backbone of Indian industry, employing lakhs of companies and crores of people. The equity infusion scheme for MSMEs will boost the middle layer of employment and economic development. Higher consumption and investment at this level will significantly strengthen the national economy," he added, stating that the Budget is largely designed to support MSMEs, new industries and foreign investment.
Mr. Keshav Bhajanka, Vice President ICC & Executive Director Century Plyboards (I) Ltd acknowledged the challenging global and domestic environment, including economic pressures and the impact of US tariffs on several sectors. He praised the government's fiscal discipline, particularly the 4.3% fiscal deficit target, and the ₹12 lakh crore plus infrastructure investment. He noted that sectors such as pharma, handicrafts, textiles and MSMEs, which have been under pressure, have received support. "While there may be nothing dramatic, this is a good, steady budget in the right direction, especially considering the pressures the government is managing," he said.
Mr. Harish Agarwal, Partner, Ernst & Young LLP, pointed to the continued emphasis on fiscal conservatism and deficit reduction as a strong positive signal. He also welcomed the extension of safe harbour provisions for IT companies, which are facing pressure from AI-led disruption and H1B-related challenges in key markets such as the US. He observed that the Budget remains infrastructure-oriented, with focus areas including tourism, healthcare and freight, and noted the specific focus on the eastern region as particularly encouraging.
Mr. Atanu Sen, Former Senior Advisor, Deloitte Touche Tohmatsu India LLP, commented on the financial sector, noting that while the Budget refers to a healthy and vibrant banking sector and the formation of a committee on banking, relatively limited direct measures were announced for banking, insurance and pensions. He highlighted current challenges on the deposit (liability) side for banks and the need for a level playing field in taxation compared to other financial instruments. He added that banks are increasingly raising funds through instruments such as CDs and bonds due to deposit constraints, which partly explains stock market reactions.
On a positive note, Mr. Sen welcomed references to the development of corporate bond markets, including indices for corporate and municipal bonds, calling this a constructive step. He also emphasized that achieving universal insurance coverage by 2047 and strengthening the pension ecosystem remain important long-term priorities.
Dr. Rajeev Singh, Director General, ICC, on behalf of ICC, congratulated the Honourable Finance Minister for presenting a "very strategic" Budget. He said it lays out both short-term and long-term plans, with the long-term vision focused on building national and industrial capacity for self-reliance (Aatmanirbhar Bharat).
In the short term, he highlighted measures aimed at improving access to finance and equity, risk coverage, ease of doing business, simplification of regulations, decriminalisation of laws, and a more user-friendly customs regime. The Budget's focus on reducing import dependence in key sectors, strengthening skills, agriculture, AI technology and infrastructure, and maintaining fiscal deficit targets, he said, creates a predictable and dependable environment for investors.
Achal Khanna, CEO – SHRM, APAC & MENA-
"The Union Budget 2026-27 is a visionary roadmap that reinforces India's trajectory toward becoming a 'Viksit Bharat' by balancing bold capital expansion with disciplined fiscal prudence. By raising public capital expenditure to ₹12.2 trillion and targeting a reduced fiscal deficit of 4.3%, the government has sent a clear signal of stability to global investors while doubling down on the infrastructure and manufacturing backbones of our economy. The introduction of the 'Biopharma Shakti' scheme and 'Semiconductor Mission 2.0' specifically highlights a strategic shift toward high-tech self-reliance, ensuring that India is not just a participant, but a leader in the global value chain.
Equally commendable is the budget's focus on democratizing growth through the empowerment of MSMEs and the 'Orange Economy.' The creation of a ₹10,000 crore SME Growth Fund and the establishment of AVGC Content Creator Labs across thousands of institutions demonstrate a forward-thinking commitment to skilling our youth for the digital age. By simplifying the tax landscape with the new Income Tax Act and providing targeted relief to the middle class, this budget effectively stimulates domestic consumption while fostering an environment where innovation and enterprise can thrive. It is a comprehensive blueprint that effectively bridges the gap between grassroots development and global competitiveness."
Quote From Mr. Girish Hirde, Global Delivery Head at InfoVision
"It is really encouraging that the Union Budget has increased the safe harbour limit to Rs 2,000 crore. Making it an automatic, rule-based model will simplify the process, save time, and reduce effort for companies. This streamlines accounting, tax, and compliance and also gives IT companies confidence to grow their business in India and contribute more to the country's IT infrastructure. On top of that, the tax holiday for foreign companies with data centres here shows that India is creating a welcoming environment for international investment. The proposal to increase funding for industry-linked labs in tier 2 and tier 3 cities by 20 percent is another positive step, as it will open up more opportunities for emerging technologies and help nurture innovation across the country." -- said Mr. Girish Hirde, Global Delivery Head at InfoVision
Kamal Bali, President & Managing Director, Volvo Group India
"The Indian Union Budget 26-27 signals a decisive focus on accelerating & sustaining the growth momentum towards Viksit Bharat ambition, by investing on empowering & enabling our youth, the msme's and the manufacturing sector in particular, while continuing fiscal prudence. Together with the next gen reforms like GST2.0, the new IT Act, the new labour codes, etc and several important FTAs, there is a decisive shift in India's engagement with global capital by offering greater certainty and long-term policy clarity. This is reinforced by the measures announced such as the expanded 'safe harbour' regimes and simplified 'transfer pricing' via streamlined advance pricing agreements, aimed at reducing disputes and improving predictability. Together with govt's capex support for physical & digital infrastructure, logistics efficiency and technology-driven sectors, the Budget announcements further reaffirm India's position as one of the friendly and trusted destinations for doing business ."
Mr. Ajit Chauhan, Chairman, Amity University Online
"The rise in education spending to ₹1,39,289 crore in Budget 2026–27, an 8.27% increase over last year, signals a strong national resolve to build future-ready human capital through sustained investment in learning.
The creation of the high-powered Education to Employment and Enterprise Standing Committee is a timely step, especially with its focus on the services sector as a growth engine for Viksit Bharat. By assessing how emerging technologies like AI are reshaping jobs and skill requirements, it can keep curricula and career pathways aligned with real market demand and help institutions respond faster. The priority now is outcome-led implementation and wider, high-quality online participation so future-ready skills scale beyond a few campuses.
These proposed measures will help make India's talent pipeline a global growth engine, powering our country's next phase of productivity, innovation, and competitiveness."
Sammir Inamdar, Founder and CEO, Enthral
"India's approach to AI is becoming more grounded and outcome-focused. By positioning AI and emerging technologies as growth multipliers rather than a prestige race, the focus shifts to human-AI collaboration. Further, the proposal to set up a committee to review AI's impact on the services sector with the ambition of capturing 10% of global services exports by 2047, highlights the scale of opportunity ahead and makes one thing clear: large-scale upskilling is a non-negotiable so the workforce can use AI confidently, ethically, and productively. Regulation will matter, but real value will come from enabling talent to apply AI effectively in everyday work."
Dr. Ramakrishnan Raman, Vice-Chancellor, Symbiosis International (Deemed) University:
“The Union Budget 2026 presents a thoughtful and forward-looking roadmap for nation-building by placing strong emphasis on education and healthcare as foundational pillars of growth. The strategic push toward initiatives such as SHAKTI biopharma, the development of university townships, and the establishment of Education Excellence Zones demonstrates a clear commitment to strengthening India's research, innovation, and academic ecosystems. Equally significant is the recognition of India's traditional knowledge heritage through the focused promotion of Ayurveda, Yoga, and Indian Knowledge Systems. This balanced approach - combining cutting-edge scientific advancement with cultural and intellectual traditions - reflects a truly holistic vision aligned with the aspirations of Viksit Bharat. Such imaginative and transformative investments will not only enhance institutional capacities but also empower future generations to contribute meaningfully to national and global progress.”
Budget Quote from Mr. Aditya Narayan Mishra, MD & CEO, CIEL HR Services Limited
Commenting on the Budget, Aditya Narayan Mishra, MD & CEO of CIEL HR, said: "Union Budget 2026 represents a fundamental shift in how India approaches workforce development. By prioritising capex, MSMEs, skills and future-facing industries, the government has laid the foundation for a more formal, skilled and geographically distributed talent ecosystem. From an HR perspective, this is exactly what the market needs, a move away from reactive hiring to proactive workforce capacity building. The proposed TDS rate of 1% for the Staffing companies is a welcome change which will improve the cash flows for HR solutions companies like CIEL HR.
The true measure of success lies in execution. We must ensure that budgetary allocations are effectively channelled to the appropriate sectors. The critical challenge is the swift and large-scale bridging of skill deficits. Can we cultivate a nimble, industry-ready workforce capable of keeping pace with advancements in AI, automation and other emerging technologies? A positive affirmation to these questions is the key to unlocking India's next, truly transformative phase of economic growth; a phase fuelled not just by investment and technology, but by our capacity to develop, deploy and continually upskill our human capital."
Mr. Dikshu C. Kukreja, Infrastructure Expert and Urban Town Planner-
Quote:
"The jump in public capital expenditure from ₹2 lakh crore in 2014-15 to ₹11.2 lakh crore in Budget 2025- 26, with a proposed increase to ₹12.2 lakh crore in FY 2026-27, reflects the government's long-term commitment to infrastructure-led growth. This scale of investment will significantly reduce logistics costs, bring in private capital, and accelerate the economic development of urban precincts across India.
Infrastructure development requires patient capital and risk confidence. The proposed Infrastructure Risk Guarantee Fund, alongside asset monetization tools like REITs and InvITs, directly addresses construction-phase risks and will unlock large-scale private investment into roads, urban infrastructure, and real estate-linked assets."
CEO of TrustLine Holdings, N. ArunaGiri
"From a stock market perspective, the budget is largely an event that is now behind us. Beyond the initial knee-jerk reaction, markets are likely to move on quickly, reverting to broader macro and earnings drivers.
Looking at specifics, much of the heavy lifting on structural reforms has already occurred outside the Budget—starting with GST-led reforms, Labour reforms, opening up of sectors such as nuclear energy to private and foreign participation, and a sustained focus on free trade agreements, etc. Against this backdrop, expectations of any blockbuster announcements were naturally limited. The Budget was more expected to be about intent, continuity, and presentation of financial numbers rather than dramatic policy shifts. Given the constraints imposed by fiscal consolidation, this Budget has broadly delivered in line with expectations, without any big-bang moves.
That said, there are some important medium- to long-term positives worth highlighting: a key positive is the clear focus on long-term FDI, particularly measures that can support capital inflows and, over time, the currency. The safe harbour clarifications and related provisions introduced in the Budget are likely to meaningfully boost investments by Global Capability Centres (GCCs). In the same direction, the tax exemption for foreign investments in data centres is a welcome step and reinforces India's positioning as a global investment destination for data centres. These two measures stand out as the most meaningful structural long-term positives. At the margin, another positive for investors is the change in buyback taxation, where gains for minority shareholders will now be treated more like capital gains rather than regular income. This addresses a long-standing investor concern and is incrementally market-friendly. Similarly, the ceiling hike for PIOs through NRI route in PMSs is another incremental positive.
On the other hand, there are a few mild negatives, such as the increase in STT on Futures and Options, though these are unlikely to materially alter market direction in the medium term. Today's market reaction appears largely knee-jerk, with attention skewed towards STT changes rather than long-term fundamentals."
Perspective on Union Budget 2026 - 27 of Mr Rohan Khatau, Director CCI Projects
"Union Budget 2026 gives limited direct emphasis to real estate or homebuyers. The Infrastructure Risk Guarantee Fund and REITs for CPSE assets can unlock funds and speed up monetization. Simplifying TDS on property sales by non-residents through PAN challans will ease transactions and improve transparency for foreign buyers. Stronger municipal finances and market-based funding will aid development of integrated townships. Growing economy coupled with better infrastructure framework will lead to balancing real estate dynamics." - Rohan Khatau Director CCI Projects
Shweta Rai, Managing Director – India and Country Division Head – South Asia, Bayer Pharmaceuticals-
"The Union Budget 2026 positions healthcare and life sciences as a critical pillar of India's long-term economic and social progress, aligned with the vision of Viksit Bharat. We welcome the government's focus on the Biopharma Shakti initiative, with an outlay of ₹10,000 crore over the next five years, which will strengthen domestic biopharma manufacturing and research and development capabilities. The Budget's emphasis on supportive R&D tax incentives will further encourage innovation in biologics and biosimilars while rationalisation of customs duties on APIs, raw material and medical devices will strengthen domestic value chains.
In parallel, patient-focused measures addressing India's growing non-communicable disease burden, including the exemption of Basic Customs Duty on 17 drugs and medicines and the addition of seven rare diseases under import duty exemption for personal medical use, will help improve access to critical therapies. We particularly appreciate the measures aimed at strengthening clinical research capabilities through a nationwide network of 1,000 accredited clinical trial sites, alongside efforts to enhance the capacity of the Central Drugs Standard Control Organisation to enable globally aligned regulatory standards and faster approval timelines.
These steps will support innovation, translate scientific advances into real-world clinical impact, improve patient access to high-quality therapies, and reinforce India's transition from volume-based manufacturing to value-driven pharmaceutical leadership. We look forward to continued collaboration with the government to advance healthcare innovation and long-term health outcomes for patients in India and health for all."
"India Semiconductor Mission 2.0, announced in the Union Budget 2026, is a positive step towards strengthening India's semiconductor ecosystem. We are proud to contribute through our growing capabilities designed to accelerate research and innovation in partnership with industry and academia", Avi Avula, President, Applied Materials India.
Deepak Pahwa - Chairman, Pahwa Group & Managing Director, Bry-Air on India Semiconductor Mission 2.0 :
"Budget 2026 marks a structural shift in India's semiconductor strategy by recognising that scale without sustainability is not globally competitive. With India Semiconductor Mission 2.0 and a proposed Rs 40,000 crore outlay for electronics manufacturing, the focus now moves beyond capacity creation to process excellence. Semiconductor plants are among the most energy and environment intensive manufacturing units, making energy efficiency, contamination control and decarbonisation non-negotiable. India's real advantage will come from building fabs that are cleaner, more efficient and cost-competitive by design. This approach will determine whether India becomes a serious semiconductor manufacturing hub or merely an assembly destination."
On India Semiconductor Mission 2.0
Mr. Anil Agrawal, Founder & CEO of CIMCON Automation, believes the Union Budget 2026's push in the India Semiconductor Mission 2.0 will significantly help the country's utilities automation sector, saying, "The India Semiconductor Mission 2.0 represents a meaningful commitment by the Government of India to the growth of the utilities automation sector. With a ₹40,000 crore outlay, this initiative provides vital support to full-stack, deep-tech enterprises like ours as we develop domestic intellectual property and scale Indian innovation globally. The localization of critical semiconductor components will create a powerful snowball effect: improving accessibility, reducing lead times, and lowering costs, unlocking opportunities in price-sensitive domestic markets, accelerating the digital transformation of utilities."
On Public Infrastructure development in Tier-2 and Tier-3 cities:
Mr. Anil Agrawal, Founder & CEO of CIMCON Automation, believes that the Union Budget 2026's focus on public infrastructure development in Tier-2 and Tier-3 cities presents a strategic opportunity for the infrastructure automation sector, saying, "The Union Budget 2026's emphasis on developing public infrastructure in cities with over 5 lakh population, the Tier II and Tier III cities, opens up significant growth aspects for the utilities automation sector. This will help the industry to make inroads in reference to digitally transforming mission critical infrastructure with water automation and smart lighting, which will essentially contribute in reducing general expenditure and the country's carbon footprint."
Rajeev Tiwari, Founder & CFO, STEMROBO.
"The Union Budget 2026 presented by Finance Minister Nirmala Sitharaman underscores India's strategic push towards a technology-driven future while making growth more inclusive and equitable. The government's vision, framed within the new three-Kartavya framework, explicitly targets opportunities for youth, women, and disadvantaged groups as catalysts for sustainable growth and innovation.
Importantly, this Budget continues to recognise artificial intelligence (AI) and emerging technologies as key pillars for the next phase of India's economic transformation. With advanced tech and digital infrastructure high on the policy agenda, India aims to accelerate technology adoption across sectors, support industry competitiveness, and catalyse innovation ecosystems that now emphasise deep-tech, AI research, and applied learning. Experts have highlighted that AI should shift from policy signal to actual execution across real-world applications.
Crucially, improved access to STEM education and lab-based experiential learning, particularly for girls and women, is central to bridging gender gaps in high-tech fields. By strengthening STEM institutions and linking them with industry and research initiatives, this Budget not only fosters skill development but also creates a pipeline of women technologists and innovators who can power India's digital economy and contribute to global leadership in AI and technology."
"The Union Budget 2026 reflects the government's intent to monetise Central Public Sector Undertaking assets located in prime areas across India through REITs. These assets carry considerable real estate and commercial value and could unlock quality land parcels for developers to create commercial buildings, IT parks and allied infrastructure. However, implementation is likely to be complex due to existing lease arrangements and procedural requirements. While the focus on infrastructure development in Tier 2 and Tier 3 cities is evident, expectations around higher affordable housing limits and home loan relief remain unaddressed. In the near term, the direct impact on real estate appears limited, though the emphasis on data centres, AI and job creation could support commercial real estate growth over the longer term." said Umang Badjatya, CEO Kumar Corp Bangalore.
Mr. Dheeraj Arora, CEO & MD, HRIPL-
Quote: "Budget 2026 represents extension of the government's ongoing reform and growth agenda. The government continue to focus on ease of doing business, sustained economic growth, manufacturing, dedicated support for MSME and emphasis on long term employment generation. The government commitment to investment on Infrastructure while maintaining the fiscal discipline.
At the same time, introduction of New Income Tax 2025 which centres on streamlining compliance processes, simplifying rules, forms, and procedures rather than introducing major changes to tax slabs will support business and corporate at large.
Furthermore, the budget introduces a range of technology-driven initiatives and supportive policies that foster an enabling ecosystem for AI adoption and comprehensive digital transformation in both manufacturing and services sectors. These efforts are geared toward propelling Indian businesses beyond traditional cost advantages, positioning them as global leaders in capability, innovation, and value creation."
Quote from Mr. Bhagirath Goswami, Founder at Being Exporter
Union Budget 2026 may not announce headline export incentives, yet it reflects a clear understanding of what exporters truly need. From the Being Exporter community's ground-level experience, sustained investment in ports, logistics, freight corridors, and container capacity directly improves delivery reliability and buyer confidence. Customs duty rationalisation on critical inputs eases cost pressure for exporters across textiles, leather, food processing, marine products, and electronics. The Budget's deeper interpretation is simple: exports grow when manufacturing quality, compliance, and execution improve. This is a prepare-and-perform moment, policy creates momentum, but results will come from disciplined pricing, stronger processes, and long-term buyer relationships globally.-- said Mr. Bhagirath Goswami, Founder at Being Exporter
Quote by Sandeep Lanjewar, Senior Director, Palladium India
"Budget 2026 presents a cohesive national vision for skill development and MSME‑led growth. In textile sector, modernized clusters, mega parks and sustainability‑driven innovation will strengthen MSMEs and empower artisans, a critical need as India gains competitive advantage through the recent India–EU trade deal. Simultaneously, the expansion of ABGC creator labs across 15,000 schools and colleges, along with a new National Institute of Design, builds a futuristic talent pipeline. The skilling thrust extends to tourism as well, with 10,000 guides to be trained across 20 iconic destinations. Together, these interventions unlock inclusive growth and globally competitive value chains across sectors."
Kailas Patil, Senior Director, Palladium India
"The Union Budget 2026 marks a watershed moment where road safety is no longer a peripheral concern but a core engineering mandate. With the Ministry's allocation reaching ₹2.90 lakh crore, our focus is pivoting from 'pavement to prevention.'
By leveraging the newly allocated 30 GHz radio frequency for V2V communication and integrating AI-based crash prediction models into our National Highways, we are moving toward a proactive 'zero-harm' ecosystem.
Furthermore, the deployment of 4,000 new e-buses under the expanded PM e-Bus Sewa highlights our commitment to making public transit not just green, but the safest and most reliable choice for every Indian citizen.
Sunil Bharti Mittal, Founder & Chairman, Bharti Enterprises
“A bold Budget that combines growth with inclusion. The strong emphasis on skilling, alongside sustained investments in science, innovation, and research are timely & will strengthen domestic capabilities, advancing import substitution in critical sectors. Bolstering infrastructure and logistics with a focus on energy-efficiency & impetus to data centre ecosystem will further reinforce confidence in our burgeoning digital economy.
Bharti remains highly committed to play its part in enabling technology-led growth, expanding financial inclusion, and accelerating future-ready education through Bharti Airtel Foundation to secure India’s talent dividend.”
"The Union Budget 2026 reflects the government's intent to monetise Central Public Sector Undertaking assets located in prime areas across India through REITs. These assets carry considerable real estate and commercial value and could unlock quality land parcels for developers to create commercial buildings, IT parks and allied infrastructure. However, implementation is likely to be complex due to existing lease arrangements and procedural requirements. While the focus on infrastructure development in Tier 2 and Tier 3 cities is evident, expectations around higher affordable housing limits and home loan relief remain unaddressed. In the near term, the direct impact on real estate appears limited, though the emphasis on data centres, AI and job creation could support commercial real estate growth over the longer term." said Umang Badjatya, CEO Kumar Corp Bangalore.
"This Budget looks at healthcare the right way—not as charity, but as an economic responsibility and a shared Kartavya. There is a clear intent to expand hospital infrastructure and increase bed capacity. That will work only if doctors are properly incentivised to set up and run hospitals. Large Indian companies should also be encouraged to partner with hospitals and expand care networks, especially beyond metros.
The push on AYUSH and Ayurveda is timely. Global interest is growing, but it will last only if it is backed by proof, quality and consistency. Support for seeds, food processing, MSMEs and R&D gives the nutraceutical sector a base to build on.
Industry's Kartavya is to build on this by converting science and tradition into trusted, affordable products with transparent claims and wide accessibility. What matters now isn't another policy, but how fast things actually move on the ground. Speed will decide how quickly these investments turn into real access and real results."
- Mr. Sanjaya Mariwala, Executive Chairman and Managing Director, OmniActive Health Technologies Ltd.
Mr. Saugata Gupta, MD & CEO, Marico Limited.
"The Union Budget 2026–27 lays out India's growth strategy with a clear focus on sustained public investment, manufacturing scale-up, support to MSMEs, employment generation and fiscal consolidation, a decisive shift towards people-first, consumption-led growth aligned with the vision of Viksit Bharat.
The continued emphasis on enhancing agricultural incomes through higher productivity and value addition is structurally positive for rural and semi-urban demand, creating sustained tailwinds for consumption.
At the same time, the thrust on strengthening MSMEs and legacy industrial clusters, supported by improved access to credit and deeper formalisation, will further improve domestic supply chains, particularly across Tier II and Tier III markets. This is complemented by the public capital expenditure target of ₹12.2 lakh crore and continued investments in freight corridors, inland waterways and multimodal logistics, which are expected to enhance distribution networks, improve supply chain efficiencies and enable faster scale up of emerging consumption hubs.
The Budget positions technology-backed artificial intelligence as a powerful driver of inclusive growth. Initiatives such as Bharat VISTAAR are an encouraging step towards boosting farm productivity, while the expanded AI Mission and enhanced R&D focus are set to accelerate innovation and services across sectors. Collectively, these measures reflect a strong commitment to leveraging technology to bridge regional, income and capability gaps.
Additionally, the simplification of compliances reflects the government's intent to build trust-based governance.
Overall, this Budget reflects a consistent, reform first approach anchored in fiscal prudence, infrastructure-led development and inclusive growth, creating a supportive ecosystem for long term, consumption driven growth across both urban and rural India. The emphasis is firmly on execution, competitiveness and long-term capacity building as we advance towards becoming an Atmanirbhar Bharat."
Prasanna Tantri, Associate Professor of Finance and the Executive Director of the Centre for Analytical Finance at the Indian School of Business (ISB):
"Given the challenging macroeconomic environment, this is a broadly reasonable budget. The most notable positive is the government's ability to maintain a fiscal deficit of 4.4 percent of GDP despite meaningful tax cuts. This signals fiscal discipline rather than cosmetic accounting. Government expenditure as a share of GDP continues to decline, from 13.9 percent this year to a projected 13.7 percent next year, reinforcing the consolidation path. The stated intent to reduce the central government debt to GDP ratio to 55 percent over time is also welcome and long overdue. The increase in defence capital expenditure is another positive, although given the depreciation of the rupee and India's import dependence in defence, a larger real increase would have been justified.
That said, there are three concerns. First, fiscal consolidation has been partly achieved by sharply cutting capital grants to states, by over ₹1 lakh crore in FY 2025–26. This risks merely shifting borrowing from the Centre to the states, weakening the quality rather than the level of fiscal adjustment. Second, the increase in the Securities Transaction Tax is defensible in isolation, but it contradicts the original logic of STT as a substitute for capital gains taxation. India now has both high capital gains taxes and a rising STT, which distorts market incentives. Third, while the budget acknowledges innovation, it remains largely silent on the creation of high-quality human capital. Without sustained investment in advanced skills, research, and higher education, innovation policy will remain rhetoric rather than reality."
Mr. Abhay Parnerkar, CEO, Godrej Foods Ltd-
“The Union Budget 2026 reflects a strong and welcome focus on strengthening India’s Agri and animal husbandry ecosystem. The government’s push towards credit-linked support for animal husbandry, development of farmer producer organizations, and integrated approaches to improving farmer incomes will go a long way in reinforcing resilient, future-ready food value chains. At Godrej Foods Ltd, our farm-to-fork model is built on deep partnerships with farmers, who remain central to everything we do, from quality and traceability to consumer trust. Continued investment in agricultural infrastructure, innovation, and manufacturing capabilities not only empowers farmers but also enables food brands to deliver safe, nutritious, and responsibly produced food to Indian households. These measures signal a positive step towards building a more sustainable and inclusive food economy.”
Attributed to Rajeev Ranka, Partner at Incubate Fund Asia
"The Finance Minister's emphasis on building the MSME ecosystem with strategic capital allocation, including the SME Growth Fund of ₹10,000 crores and the infusion of ₹2,000 crores into risk capital for micro-enterprises, is a timely and impactful step. These measures will greatly help alleviate liquidity constraints and give emerging entrepreneurs the confidence to scale without sacrificing financial resilience. The overall thrust on aligning education, employment, and enterprise is yet another step in the right direction to build a strong foundation for sustainable growth. As Investors, we believe that this budget further cements long-term confidence in the entrepreneurial ecosystem in India and its ability to create innovation-driven, job-creating enterprises at scale."
Mohal Lalbhai, Founder & Group CEO on behalf of Matter Motor -India's first geared electric bike manufacturer.
"The Union Budget 2026 reinforces the Government's long-term focus on strengthening India's advanced manufacturing ecosystem, even as direct EV-specific incentives remain measured. The emphasis on strategic manufacturing, India Semiconductor Mission 2.0, and high-precision engineering underlines a clear shift towards capability-led growth over short-term subsidies.
For electric mobility, this is critical. Future competitiveness will be driven by power electronics, battery management systems, motor technologies, intelligent vehicle platforms, innovation in alternate materials, and AI Defined Vehicles (AIDV). The Budget's focus on critical minerals, rare earth processing, and component ecosystems supports resilient, India-based supply chains for next-generation EV powertrains.
At MATTER, built on deep in-house engineering and integrated manufacturing, this policy direction aligns strongly with our approach, enabling Indian EV companies to compete globally on performance, innovation, and export readiness in line with the Innovate in India, Make in India, Make for the World vision."
"Union Budget 2026–27 reinforces productivity-led growth and stable fiscal management, which supports long-term confidence in discretionary categories like jewellery. While there are no direct consumption incentives for the sector, the broader focus on trade facilitation, process simplification, and competitiveness is constructive for organised, compliance-driven players. The Budget's intent to deepen capital market participation, including enabling wider NRI participation, is also a positive signal for overall investor sentiment. The gems and jewellery industry will track detailed notifications as they follow, especially around customs duty rationalisation. For emerging categories like lab-grown diamonds-a more sustainable, innovation-led segment, long-term competitiveness will be shaped by stronger manufacturing capabilities, skilling depth, and export readiness, along with building deeper consumer trust through transparency, clear quality standards, and consistent value communication. Overall, the Budget signals a steady, execution-focused growth roadmap that rewards credible businesses and strengthens India's long-term economic fundamentals."
— Namita Kothari, Founder, Akoirah by Augmont.
"The Union Budget 2026–27 marks an important inflection point in India's journey towards the Viksit Bharat vision, with a clear shift from capacity expansion to systemic efficiency and productivity. The government's emphasis on smart metering, grid modernisation, and Battery Energy Storage Systems strengthens the foundation of a flexible and reliable power system where every unit of energy delivers higher economic value.
Measures to revive 200 legacy industrial clusters and the ₹10,000 crore SME Growth Fund provide critical support for scaling MSMEs while embedding energy and resource efficiency into their growth pathways. The strong push for railways, dedicated freight corridors, and inland waterways signals a design-led approach to logistics, offering a generational opportunity to reduce costs, emissions, and energy intensity.
The Budget sends a clear signal to industry and investors: efficiency is no longer a peripheral consideration, but a central pillar of competitiveness and resilience. AEEE urges stakeholders to leverage these policy frameworks to accelerate the adoption of energy-efficient technologies and practices, enabling India to decouple economic growth from emissions and build a productive, self-reliant, and sustainable future."
– Dr Satish Kumar, President and Executive Director, Alliance for an Energy Efficient Economy (AEEE).
