Pre-Budget Expectations Quote 2026 by Mr. Nikkhil K. Masurkar, CEO, ENTOD Pharmaceuticals-
India's pharmaceutical and healthcare ecosystem must take center stage in the 2026–27 Union Budget to sustain and accelerate our global momentum. With US tariff uncertainties, supply-chain disruptions, and geopolitical headwinds intensifying, decisive and forward-looking policy support is no longer optional, it is imperative to protect our competitiveness and strengthen India's strategic advantage. We need significantly stronger R&D incentives, larger tax credits, grants, and innovation-linked funding, to catalyse truly differentiated specialty products, from complex generics to next-generation therapies that address unmet global needs. Equally critical is an unwavering push toward domestic manufacturing and API self-reliance. Reducing import dependence will build resilient supply chains capable of withstanding external shocks while reinforcing India's pharmaceutical sovereignty.
Extending and strengthening PLI schemes, along with manufacturing-linked incentives, will further expand production capacity and generate high quality employment across the country. For pharma MSMEs, the true backbone of grassroots innovation, targeted Budgetary support for R&D infrastructure, quality systems, and regulatory compliance will be essential to meet revised Schedule M requirements and succeed in stringent global audits such as USFDA and EMA.
Simplified regulations, faster approvals, and long-term policy predictability are equally vital to improving ease of doing business, enabling companies to focus their energy on patients rather than paperwork. These reforms directly translate into affordable, accessible medicines reaching every corner of India, from rural communities to metropolitan centres.
I remain optimistic that the upcoming Budget will strike the right balance between innovation, affordability, and industrial strength, reinforcing India's position as a trusted global pharmaceutical leader.
Pankaj Thapa Co-Founder and CEO of Mirror Security
As India approaches Budget 2026, securing artificial intelligence must become as critical as deploying it. Generative and agentic AI systems are rapidly being adopted across defence, finance, healthcare, and governance, but they also introduce complex, evolving risks that traditional security frameworks are not equipped to address.Budget 2026 presents a timely opportunity to prioritise AI security focusing on protecting AI agents, continuously stress-testing systems through automated red-teaming, and embedding privacy-preserving technologies that safeguard sensitive data across the entire AI lifecycle.
Looking ahead, India's ability to safely scale AI will depend on building security directly into how AI is trained, deployed, and governed. A stronger policy and budgetary emphasis on AI security - one that prioritises cryptographic sovereignty alongside Geographic sovereignty - will be essential to protecting critical infrastructure and sensitive data, while enabling the country to develop trusted, sovereign, and globally competitive AI systems. AI sovereignty isn't just about where it runs; it's about who controls it. Securing AI at scale must become a foundational pillar of India's digital and national security strategy for the future.
Akansha Agarwal, Co-founder & CMO, Int2Cruises
"As we approach the Union Budget, easing the taxation framework for overseas travel, particularly TCS, is critical for improving affordability and planning confidence among travellers. Under the current structure, overseas tour packages attract 5% TCS up to ₹10 lakh and 20% beyond that, and cruise holidays often cross this threshold once flights, visas, and accommodation are bundled. Treating cruise holidays separately from overseas tour packages, similar to international flight tickets, would significantly reduce the upfront cash outflow at the time of booking. This step can encourage earlier bookings and support the long-term growth of India's outbound cruise travel market."
Mr Madhu Sudan Pahwa, Managing Director, Womancart
"As we head into the Union Budget, there is a strong expectation for policy interventions that support the next phase of growth in India's retail and consumer commerce ecosystem. With quick commerce and hyperlocal retail expanding rapidly beyond metro cities, focused investment in last-mile infrastructure, urban warehousing, and local fulfilment hubs is essential. Clearer policies around zoning, compliance, and logistics costs can significantly improve execution efficiency for fast-delivery and omni-channel retail models.
GST rationalisation across fashion, beauty, and lifestyle categories remains a critical need. Multiple GST slabs add unnecessary complexity for brands operating across both offline and online channels. A more uniform and simplified GST structure would ease compliance, improve pricing transparency, and create a more seamless shopping experience for consumers.
Inventory-led and Indian D2C brands also require greater policy support, particularly in the form of easier access to working capital, MSME-linked benefits, and growth incentives. Unlike marketplace-led models, inventory-driven businesses involve higher upfront investments, and targeted measures can help these brands scale responsibly and sustainably.Additionally, continued focus on strengthening digital infrastructure, payment systems, and consumer-tech innovation will be crucial as Tier-2 and Tier-3 markets drive the next wave of demand. Finally, initiatives that encourage women-focused entrepreneurship and workforce participation in retail would go a long way in fostering inclusive and long-term economic growth."
Parag Shah, CEO, Kisna Diamond & Gold Jewellery, said, “As the Union Budget 2026 approaches, the gems and jewellery industry seeks targeted policy support for a sector that is a major employment generator and export contributor. Rationalising import duties and GST on gold, silver and jewellery is critical to improving cost competitiveness and sustaining demand, especially in a low-margin industry facing rising input costs. A stable, predictable tax framework would boost consumption, enhance export pricing and curb informal trade. Addressing blocked input tax credits on essential services like security, logistics, rentals, insurance and compliance is equally important, as these constraints strain liquidity and raise operating costs. Simplified ITC provisions would unlock working capital and accelerate formalisation. The industry also recommends capping digital payment charges at a fixed rupee value to encourage digital adoption for high-value transactions. Finally, enabling compliance for MSMEs through simplified returns and harmonised reporting would support productivity, scale and long-term growth.”
“The upcoming Union Budget 2026 is a significant moment for the technology sector, as India continues to advance its digital and manufacturing ambitions. We are keen to see measures that further strengthen domestic electronics manufacturing, deepen the ICT supply chain, and support large-scale adoption of emerging technologies. Continued focus on infrastructure development, AI-led innovation, and next-generation digital ecosystems will be critical in enabling sustainable industry growth. Additionally, policies that prioritise skill development and future-ready talent will play an important role in reinforcing India’s position as a global technology hub. We are optimistic that the Budget will create meaningful opportunities and drive long-term value for the technology ecosystem.” Rajesh Goenka, CEO, Rashi Peripherals Limited.
Deepak Pahwa - Chairman, Pahwa Group & Managing Director, Bry-Air on Manufacturing Industry and Industrial Economy :
"The upcoming budget is expected to give a decisive push towards achieving India's ambitious climate goals. In the pursuit, the policies should focus on industrial economy hinging on green and resilient infrastructure. Initiatives for boosting sustainable manufacturing, adoption of energy-efficient technologies and decarbonizing the industry should form the core of the framework. Accordingly, it is expected that the upcoming budget will table fiscal incentives for promoting green industry delving deep into pioneering environmental control solutions. Investments in climate-robust infrastructure for reducing emissions across the production cycles will aid in fortifying global competitiveness of the industry. Altogether, prioritizing operational efficiency, circular models and optimal resource utilization will help mitigate the carbon footprint of the industries and instate their climate leadership globally."
Himanshu Arya, Founder, Luxury Cart (India's leading destination for pre-owned luxury cars) on automobile industry :
"Ahead of the Budget, I don't think the industry is looking for anything dramatic. What matters more is that there are no surprises. In the pre-owned luxury car space, clarity around taxation and ownership transfers makes a real difference to day-to-day transactions. Buyers are already careful with their decisions, especially in a high-value category like this. When rules keep changing, people tend to pause rather than move ahead. The resale market does play a role in keeping cars in use for longer, but it works best when the ground rules are clear. When there is consistency, businesses know how to operate and customers feel comfortable taking a call in their own time, without feeling pushed or held back."
A Vikram Joshe, Founder of WAE Ltd., on Manufacturing, SMEs and GET:
"As a manufacturing SME, our foremost expectation from the Budget is a fundamental correction in how GST is imposed. Today, manufacturers are forced to act as financiers to the tax system, paying GST upfront after investing capital in raw materials, production, and compliance, while payment from buyers is realised months later. This structure severely strains working capital and penalises those who actually create goods and jobs. GST must move to a buyer-paid or cash-realisation basis for SMEs. If the intent is to strengthen manufacturing, liquidity cannot be drained at the factory gate. Relief here would immediately unlock growth, improve compliance, and reduce dependence on debt."
Shri Mahavir Goel, Chairman of Venkateshwar International School (VIS), on Education:
"With Budget 2026 on the horizon, the education sector is looking forward to policy measures that meaningfully enhance learning quality. With nearly 40% of India's population under the age of 25, upcoming reforms must prioritise robust digital infrastructure, encourage a culture of deep research, and enable a futuristic curriculum rooted in AI, data science, and emerging technologies. This calls for increased public investment in digital learning, teacher development, and infrastructure that can genuinely strengthen and future-proof India's education ecosystem."
Mr. Sandip Weling, Whole-time Director and Chief Business Officer – Global Retail, Aptech Limited-
"The Government's focus on India's AVGC- XR sectors and Creator's economy reflects a clear recognition of talent, training & upskilling as strategic growth drivers in India's journey towards Viksit Bharat. Policy initiatives aimed at strengthening skilling, infrastructure, and ecosystem development should create meaningful pathways for youth to participate in high-value creative and technology-led careers.
Over the last 4 decades, our training brands at Aptech are deeply engaged in creative education . During this time, we have witnessed growing interest to pursue creative careers and industry alignment across animation, VFX, gaming, digital content creation, beauty & wellness and other creative sectors that are fast becoming pillars of a Viksit Bharat. These industries combine creativity with advanced technology, enabling scalable employment, entrepreneurship, and global competitiveness.
We believe that long-term impact is driven by industry-aligned curriculum, continuous evolution with technology, public-private-community collaborations, and a strong focus on employability. To sustain and drive this momentum, continued policy support for vocational and industry-aligned education, sustained industry-academia collaborative platforms, and targeted incentives for homegrown talent and startups will be crucial. Such targeted measures can accelerate job creation and innovation, reinforcing India's position as a global hub for creative excellence., aligned with the Honourable Prime Minister's vision of inclusive growth and long-term national progress."
