Quote by Ackshay Jain, Co-Founder & CEO, Culture Circle:
This budget is a strong signal that India wants its next generation of global consumer brands to be MSME-led and digital-first. The removal of the courier export cap and the push towards invoice-based financing are game-changers for platforms like us. Faster liquidity for sellers and smoother cross-border trade allows us to help Indian hype brands scale globally without being constrained by capital or logistics. This is exactly the kind of structural support the ecosystem needed.
Quote by Vidushi Jain, Co- Founder, Attrangi
The Union Budget 2026 offers a positive outlook for the jewellery and fashion jewellery sector, particularly through its focus on strengthening MSMEs and improving the overall business ecosystem. While the industry had anticipated more direct relief on import duties for raw materials, the continued emphasis on MSME support and easier access to credit is a welcome move for small and medium manufacturers who drive innovation and production in this space.
For jewellery brands like Attrangi, these measures can help offset global cost pressures and stabilise supply chains, ultimately enabling brands to offer high-quality, design-led jewellery at more accessible price points.
At a time when global uncertainties are impacting sourcing and pricing, the Budget's focus on empowering local businesses and improving trade infrastructure lays a strong foundation for sustainable growth and greater affordability in the jewellery market.
Ashish Raheja, CEO & MD, Raheja Universal-
"The Union Budget 2026 continues the government's push towards infrastructure-led growth, with a strong capital expenditure commitment of ₹12.2 lakh crore. What stands out for us is the focus on building well-planned cities beyond the metros. The creation of city economic regions, with ₹50,000 crore allocated per region over five years, will significantly improve connectivity and urban infrastructure in Tier II and Tier III markets, opening up new opportunities across residential, commercial and mixed-use developments.
The proposed Infrastructure Risk Guarantee Fund is a practical step that can ease construction-phase risks and encourage greater private investment in large, long-gestation projects. We also see this as a positive signal for the commercial real estate market. The proposed tax holiday for Global Capability Centres (GCCs) is expected to generate demand for large-scale data centres and facilitate local employment.
Overall, these measures support the broader vision of Viksit Bharat by helping create more sustainable, liveable and future-ready cities for both developers and homebuyers."
“The Union Budget 2026 strongly reinforces a manufacturing-first, 'Make in India' approach, which is encouraging for companies that are deeply invested in domestic production and local supply chains. The continued push on infrastructure, with capital expenditure raised to ₹12.2 lakh crore, will directly benefit beverage manufacturers by improving logistics efficiency, distribution reach, and last-mile connectivity across markets. The focus on localisation across bottling, packaging and allied inputs supports greater cost stability and resilience, while sustained support for MSMEs remains critical given their integral role in our vendor and transport ecosystem. Although there were no direct tax incentives for non-alcoholic beverages, the broader pro-manufacturing and pro-consumption policy environment, along with ongoing discussions on GST rationalisation, provides a positive foundation for volume-led growth and long-term expansion of India's packaged beverage sector.”-Mr. Paritosh Ladhani, Joint Managing Director of SLMG Beverages.
Sandiip Bhammer, Founder and Managing Partner, Green Frontier Capital-"The Union Budget 2026 marks a decisive shift toward green and strategic industrial growth, with sustainability firmly embedded at the core of India's economic agenda. The push for dedicated rare earth corridors, green logistics, and the ₹20,000 crore commitment to Carbon Capture, Utilisation and Storage strengthens India's position in critical clean-energy supply chains while reducing long-term import dependence.
The energy transition gains clear support through extended customs duty exemptions on capital goods for lithium-ion cell and battery energy storage systems manufacturing, duty exemption on solar glass inputs, and expanded exemptions for nuclear power project imports all of which can catalyse sustainable infrastructure and domestic clean manufacturing. We see this as a meaningful opportunity to scale climate-positive infrastructure through long-term capital and effective public–private collaboration.
Dr. Yajulu Medury, Vice Chancellor, Mahindra University- "The Union Budget 2026-27 takes a bold step toward making India a global knowledge hub. By focusing on 'Yuva Shakti' initiative, the government is bridging the gap between classroom learning and real-world careers, especially as the economy becomes more knowledge-driven. India will become a world leader in services sector with 10% share by 2047 due to introduction of high-powered Education-to-Employment Enterprises Standing Committee. The proposal for five new university townships and modular 'Corporate Mitra' courses will change how we train our youth for the global market.”
"The Union Budget for FY 2026-2027 presents a forward-looking roadmap aligned with India's vision of Viksit Bharat and to target above 7% growth rate. The budget introduces transformative reforms across six strategic domains that will enhance the nation's growth potential and global competitiveness over the next five years.
The Finance Minister has taken a balanced approach to growth amid a challenging global environment through comprehensive reforms in Taxation, the Power Sector, Urban Development, Mining, the Financial Sector, and Regulatory frameworks.
A particularly impactful measure is the extension of Basic Customs Duty (BCD) exemption to capital goods used in manufacturing Lithium-Ion Cells for battery energy storage systems. This policy will create a multiplier effect, accelerating the adoption of clean energy solutions across India's manufacturing sector."-Mr. Manan Thakkar, Co-Founder & Managing Director, Prozeal Green Energy Limited
"To sustain India's robust economic growth, the Finance Minister has prioritised power sector reforms in the Union Budget for FY 2026-27. The proposed incentivization of electricity distribution reforms and augmentation of intra-state transmission capacity will accelerate the adoption of advanced transmission infrastructure and energy storage systems. These measures are designed to strengthen the financial health and operational capacity of electricity companies. States will be allowed additional borrowing of 0.5 percent of GSDP, contingent upon implementing these reforms.
In line with India's commitment to climate-friendly development, the government has announced the National Clean Tech Manufacturing Mission to support clean technology manufacturing across small, medium, and large industries. The mission will focus on critical sectors, including motors and controllers, electrolysers, wind turbines, very-high-voltage transmission equipment, and grid-scale batteries.
To bolster domestic manufacturing capabilities, the FM has granted an exemption from Basic Customs Duty (BCD) on imports of sodium antimonate used in solar glass production. This initiative aims to enhance domestic value addition and strengthen India's ecosystem for solar PV cells and EV batteries."-Mr. Shobit Rai, Co-Founder & Managing Director, Prozeal Green Energy Limited
Tanmay Kumar, CFO at Shiprocket-
"The Union Budget 2026 reflects the Government's Three Kartavyas of accelerating and sustaining economic growth, with a clear emphasis on strengthening MSMEs and small businesses that form the backbone of India's commerce ecosystem. Initiatives such as mandatory TReDS adoption by CPSEs and fresh capital infusion into the Self-Reliant India Fund are aimed at improving liquidity, ensuring timely payments, and creating a more stable operating environment for small sellers.
The proposed ₹10,000-crore 'Champion SME' Fund recognises the need to nurture high-potential enterprises, enhance manufacturing competitiveness, and deepen sector-specific value chains, including targeted support for industries such as textiles. For e-commerce and logistics partners, increased formalisation and better access to working capital can help accelerate order cycles, reduce cash-flow friction, and enable wider participation of micro and small enterprises in the digital economy. Continued focus on last-mile finance, simplified compliance, and integrated digital systems will be critical in empowering sellers across tier-2, tier-3, and rural India to scale sustainably and compete effectively in global markets."
"What sets this budget apart is its recognition that manufacturing competitiveness today requires more than capital, it demands integrated ecosystems of R&D, skilling, technology adoption, and patient capital. This can be the starting point of creating the institutional scaffolding for a manufacturing-led growth trajectory that is both inclusive and globally competitive. The toy manufacturing initiative is particularly transformative. By investing in research, equipment design, and material sciences, India is positioning itself as a global hub for affordable, high-quality sports goods, mirroring the strategic approach we've seen succeed in pharmaceuticals and automotive components. It is heartening to see that the consumer manufacturing sector now has the structural support it has long deserved.
Additionally with ₹10,000 crore dedicated to creating 'champion SMEs' and ₹10,000 crore for the Fund of Funds for Startups- this budget transcends incremental policy adjustments to architect a comprehensive ecosystem for scale and innovation. As well for startups, the doubling of credit guarantee coverage and mandatory TReDS adoption by central PSEs addresses the twin challenges of capital access and working capital management that have constrained hypergrowth. This isn't just funding, it's the plumbing infrastructure that allows innovation to scale.-Attributed to, Vivek Singhal Co - Founder, BIDSO.
Mr. Mudit Agarwal, President, Pharma Chapter, Kumaun Chamber of Commerce & Industry, Uttarakhand said,"On behalf of the Pharma Chapter of the Kumaun Chamber of Commerce & Industry, Uttarakhand, I extend my sincere appreciation to the Hon'ble Finance Minister and the Government of India for the progressive and industry-oriented measures introduced in the Union Budget 2026.
The allocation of ₹2,000 crores for the MSME sector, with a special focus on the bio-pharmaceutical and life sciences industry, is a commendable and forward-looking initiative. This support will significantly strengthen small and medium pharmaceutical manufacturers by enabling technological upgradation, regulatory compliance, research and development, and employment generation. For an industrially growing state like Uttarakhand, this step is particularly encouraging.
We also welcome the relief provided to genuine and compliant taxpayers, which reflects the Government's intent to promote transparency, ease of doing business, and voluntary tax compliance.
However, apart from these positive measures, the pharmaceutical industry was also expecting certain sector-specific tax reliefs, considering that the pharma sector is engaged in the manufacture of a large number of life-saving drugs and plays a crucial role in safeguarding public health. Additional production-linked or tax-based incentives could have further strengthened the sector and helped ensure wider availability of essential medicines at affordable prices.
Overall, the Union Budget 2026 presents a balanced and growth-oriented approach towards MSME empowerment, expansion of the bio-pharma sector, and recognition of honest taxpayers. The Pharma Chapter of the Kumaun Chamber of Commerce & Industry fully supports these initiatives and looks forward to further policy interventions that address the practical and operational needs of the pharmaceutical industry.
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, and therefore our stated goal of deepening client engagement and continue compounding 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.
Dr. Aparna Govil Bhasker, Bariatric, Hernia, and Laparoscopic surgeon, Founder- MetaHeal clinic
Consultant at: Dr. LH Hiranandani Hospital, Apollo, Saifee Hospital, and Namaha Hospitals, Mumbai
Finance Minister Nirmala Sitharaman's emphasis on Biopharma Shakti is a timely and much-needed step as India's disease burden rapidly shifts towards lifestyle-linked non-communicable conditions such as obesity and diabetes. We are witnessing a sharp rise in obesity across all age groups, which is now one of the leading drivers of type 2 diabetes, heart disease, fatty liver, and joint problems. Bariatric and metabolic surgery has emerged as a proven, long-term solution for severe obesity and diabetes control, but access and affordability remain challenges for many patients. The proposed ₹10,000-crore Biopharma Shakti initiative can strengthen research, innovation, and domestic manufacturing of advanced metabolic drugs, nutritional therapies, and post-surgery care solutions. By building India as a biopharma manufacturing hub, this strategy can support comprehensive obesity management, improve diabetes outcomes, and reduce the long-term healthcare burden on families and the system, while promoting preventive and sustainable care.
Paul Salnikoff, Managing Director and CEO, Executive Centre India Limited-
“The Union Budget underscores the government’s continued focus on strengthening urban infrastructure and improving capital access for long-term commercial development. Over the past decade, instruments such as REITs and InvITs have enhanced transparency and institutional participation in India’s real estate ecosystem. The proposed infrastructure risk guarantee fund and calibrated partial credit guarantees further reinforce lender confidence by addressing construction-phase risks. For enterprise-focused workspace providers operating in India’s leading business districts, these measures support the creation of high-quality, professionally managed office environments aligned with evolving occupier expectations. The parallel emphasis on strengthening hospitality and service-led institutions also contributes to building a skilled, customer-centric workforce, supporting sustainable growth across office and workspace platforms.”
Mr. M.K. Dhanuka, Chairman, Dhanuka Agritech Limited
Quote: We highly appreciate the government's initiative to focus on farmer-centric growth and modernising Indian agriculture. The emphasis on high-value crops, crop diversification, post-harvest processing, and region-specific programmes for coconut, sandalwood, and nut crops is a positive step towards improving farmer incomes and reducing production risks. The announcement of AI-based platforms like Bharat Vistaar, which will provide customised advisories in local languages, is particularly encouraging. These initiatives can empower farmers to make better and more timely decisions at the field level, supporting productivity and efficient farm management.
From the industry perspective, there was hope for stronger support towards agri-innovation through enhanced R&D incentives and rationalisation of GST on essential crop-protection products, which are vital for safeguarding crop productivity. These initiatives are in line with our vision of a self-reliant, prosperous, and sustainable agricultural future. We thank the government for these forward-looking decisions that can drive agricultural development and strengthen India's path towards Aatmanirbhar Krishi
Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
"The expansion of the Lakhpati Didi programme reflects a clear policy shift from livelihood support to enterprise ownership for women. This marks a forward-looking step and stresses the Government's focus of creating diversified non-agricultural livelihood programs for women at the last mile. We believe such measures are essential to build shock-proof communities and build a more resilient nation. When women have access to innovative financial instruments, the impact is beyond income generation and contributes to long-term economic security. This direction aligns closely with our Digital Naari mission of equipping women with digital, financial, and business capabilities, and we are keen to contribute to building women-led local economies and sustained income pathways."
Gurjodhpal Singh, India CEO at Tide
"The Union Budget signals a continued intent to champion MSMEs as key contributors to India's growth trajectory. The structured scale-up approach for creating champion MSMEs, supported by the ₹10,000 crore SME Growth Fund and a top-up to the Self-Reliant India Fund, aims to improve access to growth capital for enterprises seeking to formalise and expand. The proposed 'Education to Employment and Enterprise' Standing Committee also reflects an effort to align skills, services, and emerging technologies such as AI with future employment and enterprise needs.
"With services contributing over half of India's GDP and India's share in global services exports expanding, strengthening MSME capacity will be essential to fully utilise opportunities arising from India's growing free trade agreements. Additionally, building on the Lakpati Didi programme, support for rural women to transition from credit-linked livelihoods to enterprise ownership through community-owned She Marts and innovative financing is a positive step. Greater clarity on implementation timelines, funding, and market linkages could further strengthen the impact of these initiatives."
Mr. Shezaan Bhojani, CEO & Co-founder, DesignCafe, said:
"The Union Budget 2026 provides a significant impetus to India's organised home interiors and renovation sector. Measures supporting MSMEs, the establishment of a new Design Institute in Eastern India, and a strong emphasis on future-ready skills and AI adoption within the services sector collectively encourage innovation, entrepreneurship, and technology-led growth. The focus on infrastructure development across Tier-II and Tier-III cities will expand the sector's reach beyond major metros, enabling design and renovation businesses to serve a wider base of homeowners. Taken together, these initiatives are expected to enhance consumer confidence, stimulate housing demand, and accelerate the professionalisation of the interior design ecosystem while generating meaningful employment opportunities."
Ms. Akansha Agarwal, Co-Founder & CMO, Int2Cruises, said:
The Union Budget 2026 underscores the government's strategic focus on strengthening India's tourism sector. Initiatives such as the establishment of a National Institute of Hospitality, large-scale training of tourist guides, and the enhancement of trekking and heritage trails highlight a clear commitment to improving domestic travel experiences. At the same time, the reduction of TCS on overseas tour packages to 2% is a well-timed move that improves affordability and reinforces traveller confidence. Together, these measures are set to drive growth across both domestic and outbound tourism, promote premium travel segments such as cruises, and support the long-term development of a resilient tourism ecosystem.
Mr. Manish Agarwal, Managing Director, Satya Group, President, CREDAI Haryana-
"In the lead-up to Union Budget 2026, the real estate sector was looking for a combination of demand-side support, tax incentives, and reforms to ease project delivery and financing. While a few of these did not receive immediate focus, the Budget's clear commitment to reform anchored in an infrastructure-led growth strategy, emphasis on Tier-1 and Tier-2 markets, and a reforms-over-rhetoric approach—offers a strong foundation for sustainable sector growth.
At the same time, the industry continues to look forward to sharper policy support for affordable housing, particularly through rationalised transaction costs, improved access to finance, and measures that enhance viability for developers while preserving affordability for end users. Strengthening affordable housing remains critical for maintaining broad-based demand and urban inclusivity.
The proposal to monetise and recycle CPSE-owned real estate reflects a pragmatic reform mindset by addressing the long-standing scarcity of well-located urban land. When aligned with investments in future-ready infrastructure and connectivity, these measures can ease supply constraints, encourage planned densification, and attract institutional capital. Over time, this can enable more balanced, efficient, and economically productive urban development across India, while positioning emerging cities as sustainable engines of real estate demand."
