Mr. A Balasubramanian, Managing Director & CEO, Aditya Birla Sun Life AMC Ltd.
"The Budget remains focused on sustaining long-term economic growth while maintaining fiscal discipline. India's growth story is expected to remain intact with announcements on manufacturing, MSME's and agriculture along with services sector including healthcare, tourism and hospitality will create employment opportunities for the younger population at large. This coupled with focus on technology aligns well with India's vision of becoming Viksit Bharat by 2047. The proposals to deepen the corporate bond market and improve access to capital are particularly positive. The increase in STT on derivatives may impact trading but it should be looked at as an encouragement to gradually shift towards cash market and long-term investing."
Mr. Harish Krishnan, CIO – Equity, Aditya Birla Sun Life AMC Ltd.
"In the backdrop of persistent global uncertainty, the budget reflects realism on policy and fiscal prudence. The government remains steadfast on its commitment to consolidation; there is a notable shift from supply-side capex-led stimulus towards supporting domestic consumption. However, elevated borrowing levels may case market discomfort in the near term but expectations in the budget seem to be conservative and leave room for upside. The outlook for equities over the medium term does not alter too much. We believe the current phase represents a reset – investors should reassess portfolios with a fresh lens, as new themes are likely to emerge as winners over the next 3-4 years."
Mr. Kaustubh Gupta, CIO – Fixed Income, Aditya Birla Sun Life AMC Ltd.
"The budget is largely an extension of the government's core philosophy of supply driven growth, boosting manufacturing capacity and macro stability. Fiscal discipline, incentive for manufacturing and simplification of doing business seems to be the key thrust area. Overall, the budget numbers seem to be conservative and there is possibility of over-achieving targets both for FY26 and FY27. Continued focus on capex while being fiscally prudent also boosts medium to long term potential growth while keeping inflation in check."
P. G Babu, Vice-Chancellor, Vidyashilp University: "The focus on Orange Economy with emphasis on art, design and innovation will promote digital content creation capacity in the country. A much needed focus on applied psychology, behavioral science, mental health, wellness and yoga has found voice in the budget. Given the rise in mental health issues, more open discussions about such traumas, and autoimmune diseases, one wishes for at least one NIMHANS in each of the four zones."
Bipin Sony , Assistant Professor of Economics and Finance, School of Liberal Arts and Sciences, Vidyashilp University : "A fiscaly prudent budget with focus on emerging areas in AI, data centers, rare earths, bio-pharma, transportation, defence modernization and employment generation. This is consistent with the policy followed by government in the previous years. However, the budget misses any big reforms"
Sundeep Talwar, CEO , IGF India: "At India Global Forum, we believe that progress is not singular — it must be holistic. True national development is achieved when healthcare, education, skills, and environmental stewardship advance together. Through our integrated programmes across these sectors, IGF is committed to building solutions that create lasting and measurable impact."
"Our vision aligns deeply with the ethos of Viksit Bharat — an India that is inclusive, sustainable and globally competitive.
Focussed interventions and investments of Rs 10,000 crore in Bio Pharma Shakti scheme will position India as a global hub for healthcare and District hospitals gain 50% more capacity through new emergencies. This will augment the services for the critical and curative patients identified by our Mobile Medical Units and preventive healthcare diagnostic services across 16 states of India. Additional the Customs duty exemptions apply to 17 cancer drugs and extend benefits to seven rare diseases, easing costs and OPE (out-of-pocket expenses) for patients and families. Thankful to the Govt of India for an inclusive budget .
Unnati Gala, Founder & CEO, Chakrum Brand Communications
"Budget 2026 continues to prioritise infrastructure, manufacturing and MSME growth, which is encouraging for overall economic momentum. However, the service sector — particularly knowledge-led industries such as public relations, brand strategy, and communications — would benefit from more direct policy recognition.
As India positions itself as a global manufacturing and export hub, strategic communication and reputation management become critical enablers of business growth. The proposed MSME Growth Fund and sectoral expansion measures will indirectly stimulate demand for professional services, but incentives supporting digital services exports, skill development in communication technologies, and rationalised compliance frameworks for service-led enterprises would further strengthen the ecosystem.
The service economy is a major contributor to India's GDP. Future budgets could look at structured support for high-value, intellectual-capital-driven industries that help Indian brands compete globally."
Yashmit Gala, CEO, Galaji Spices
"Ahead of Budget 2026, the FMCG sector was hoping for stronger measures around GST rationalisation, easing of compliance for MSMEs, and demand-side stimulus to revive rural consumption.
The announcement of the ₹10,000 crore MSME Growth Fund is a positive step toward enabling scale and competitiveness for small and mid-sized manufacturers. Access to structured growth capital can help regional brands modernise operations, strengthen supply chains, and invest in technology.
However, for the FMCG sector — rationalisation of GST slabs and correction of inverted duty structures would have provided more immediate working capital relief and pricing flexibility. Rural demand revival remains critical for sustained volume growth in our category.
Going forward, continued focus on ease of doing business, export facilitation for Indian food products, and stable input cost structures will be essential to help domestic manufacturers compete globally while strengthening India's position as a trusted food processing hub."
Mr. Sunny Bhanushali
Founder, Aliens Tattoo Studio & School
"Budget 2026 made significant announcements with new AIIMS, Ayurveda institutes, and a national design school — all important steps toward strengthening healthcare and creative education infrastructure.
However, alongside building institutions, there should have been a stronger and more direct focus on skilling and credit-linked livelihood support. Infrastructure creates opportunity, but access creates impact.
In our experience at Aliens School, several students from credit-constrained communities have turned out to be exceptional artists when given structured training and financial support. What many talented individuals need is not just institutions — but accessible skilling pathways and affordable credit to turn talent into sustainable income.
In my opinion, future budgets must look beyond expansion and actively enable grassroots talent to participate in India's growth story."
Punit Agarwal
Founder & CEO, KoinX
"Budget 2026 is a step towards more practical and trust-based compliance. Decriminalising minor offences and simplifying assessment and penalty proceedings recognises that most crypto tax issues stem from complexity, not intent.
Allowing taxpayers to update returns even after reassessment is especially relevant for crypto, where reconciliation often happens late due to high transaction volumes. The one-time foreign asset disclosure window and extended revision timelines will reduce fear and encourage voluntary compliance, particularly for small and first-time investors.
That said, the ecosystem was hoping for progress on allowing loss offset for crypto transactions, which would have brought parity with other asset classes and reflected economic reality. Overall, the direction is positive, and continued refinement will be key as digital asset adoption grows."
Radhika Iyer Talati
Wellness Expert, Ayurveda Practitioner & Founder, Anahata Organic
"Budget 2026 signals a meaningful shift toward strengthening India's wellness and traditional healthcare ecosystem. The announcement of three new Ayurveda institutes, National Mental Health Institutes in Northern India, and the plan to train 1.5 lakh caregivers for wellness, yoga, and operational services reflects a clear recognition of preventive and integrative healthcare as a national priority.
Ayurveda has always emphasised the interconnectedness of physical, emotional, and mental wellbeing. Expanding institutional capacity alongside building a trained caregiver workforce can generate employment while enabling accessible, community-based care — especially at a time when mental health challenges are rising across demographics.
The proposed ₹10,000 crore SME Growth Fund further strengthens this direction. For Ayurveda-led enterprises, particularly those focused on exporting high-quality wellness products, this presents an opportunity to scale responsibly and position India as a credible global leader in traditional and plant-based healthcare."
Prof Sanket Goel, Chair Professor and Head (Center for Research Excellence in Semiconductor Technologies- CREST), BITS Pilani-
"Today's Budget marks a strategic leap for our country, moving from a semiconductor consumer to designer to manufacturer to a semiconductor 'Architect.' I find the launch of ISM 2.0 a perfectly aligned step in this direction. By focusing on the production of equipment and materials and the design of 'Full-stack Indian IP,' the most critical, high-value layers of the value chain will be addressed. This isn't just about manufacturing; it's about technological sovereignty.
The expansion of the Electronics Components Manufacturing Scheme to ₹40,000 crore and the creation of 'Rare Earth Corridors' provide the physical and material backbone needed for truly scalable microelectronics. For the research community, the commitment to industry-led training centers is a call to action. We are now ready to bridge the gap between lab-scale innovation and global-scale manufacturing, ensuring India owns the intellectual, equipment and material core of the future's semiconductor hardware."
"The Union Budget meaningfully advances the vision of Viksit Bharat by strengthening India's electronics and semiconductor manufacturing backbone. The ₹40,000 crore allocation for electronics components and semiconductors will directly benefit Aimtron by improving domestic availability of semiconductor-linked components, reducing import dependence, and enabling faster scale-up of our EMS, PCB assembly, box-build, and system integration operations serving India, the US, and global customers. Coupled with the SME Growth Fund and logistics-led infrastructure investments, the budget reinforces India's role as a trusted, export-ready manufacturing hub, aligning closely with Aimtron's India–US growth strategy."
Mukesh Vasani, Chairman & Managing Director, Aimtron Electronics.
"This is a landmark Budget anchored in the spirit of Kartavya and focused on building economic resilience. The proposal to create Rare Earth Corridors is the missing link for India's EV sovereignty, directly addressing long standing dependence on imported NdFeB magnets. By de risking the value chain from mining to advanced manufacturing and backing strategic and frontier sectors, Budget 2026 lays the foundation for true Atmanirbharta in electric mobility."
- Mr. Jaideep Wadhwa, Director, Sterling Tools Limited
The Union Budget 2026 reinforces India's manufacturing ambitions with an enhanced ₹40,000 crore outlay for electronics manufacturing and a ₹10,000 crore SME Growth Fund to strengthen domestic value chains. These measures will support innovation and scale across the sector, creating a more robust ecosystem in which companies like Calcom Vision can contribute to technology-driven growth and energy-efficient solutions, furthering India's journey as a globally competitive manufacturing hub.
— Mr. Abhishek Malik, Executive Director, Calcom Vision Limited
" Aligned with the vision of Viksit Bharat, the Union Budget reinforces the focus on sustainability-driven growth for India's core manufacturing sectors. For stainless steel manufacturers, decarbonisation is pivotal to long-term competitiveness and aligning with global export standards.
The ₹20,000 crore commitment towards carbon capture and utilisation acknowledges the challenges faced by hard-to-abate sectors and is expected to accelerate the adoption of cleaner, more efficient processes across the steel value chain. A well-defined implementation roadmap and access to advanced technologies will be crucial in translating this support into tangible, industry-wide impact. "
- Chandragupt Prakash Mangal, Managing Director, Mangalam Worldwide Limited.
The Union budget 2026 meaningfully reshapes the growth conversation around India's Tier 2 and Tier 3 cities. The ₹5,000 crore yearly allocation for urban infrastructure reflects a clear intent to build these cities as self-sustaining growth centers rather than spillovers of metros. These markets are seeing rising housing demand driven by improving connectivity, employment migration, and lifestyle aspirations. While Tier 1 cities are nearing peak maturity, emerging cities offer long-term scalability. The proposed Infrastructure Risk Guarantee Fund is a pragmatic move that strengthens lender confidence during the construction phase, enabling smoother execution and responsible private investment." - Anil Godara, Founder and Managing Director, J Estates.
The budget's focus on strengthening Tier 2 and Tier 3 cities is a timely and practical step for the real estate sector. A dedicated ₹5,000 crore allocation for urban infrastructure sends a clear signal that these cities are being positioned as credible growth hubs, not secondary markets. With improving civic amenities and transport networks, demand from homebuyers and professionals is naturally accelerating. For developers, these locations offer far greater flexibility than mature Tier 1 cities. The Infrastructure Risk Guarantee Fund further strengthens the ecosystem by offering calibrated credit support, reducing execution risk and enabling more responsible private participation - Parvinder Singh, CEO, Trident Realty.
The Union Budget 2026 sends a strong, reassuring signal to the real estate and infrastructure ecosystem. The focused allocation for Tier 2 markets recognises where India's next major real estate opportunity will take shape. These cities offer something compelling: land availability, room to scale, and strong growth potential. The introduction of the Infrastructure Risk Guarantee Fund is a timely intervention that will help unlock long-term capital and reduce execution risks, especially for large-scale projects. Combined with the continued infrastructure push, this budget strengthens economic momentum, improves connectivity, and creates a virtuous cycle for housing, industry, and employment. For developers, it restores confidence to plan, invest, and build for sustainable growth." - Aman Sharma, Founder and Managing Director, Aarize Group.
Strategic initiatives, such as the seven high-speed rail corridors and the North-East Buddha Circuit, exemplify a shift toward inclusive, multimodal connectivity. Furthermore, the Infrastructure Risk Guarantee Fund is a pivotal reform; by mitigating construction-phase risks, it bolsters lender confidence and ensures the timely execution of mega-projects. Together, these measures create a robust foundation for regional integration, tourism, and sustained economic expansion. - Mohit Jandu, MD, J Infratech.
Duraisamy Rajan Palani (Durai), Founder and CEO of Archimedis Digital-
"The Union Budget 2026 announcement around BioPharma Shakti with a ₹10,000 crore outlay is a timely and strategic move to position India as a global biopharma manufacturing and innovation hub, especially as the country's disease burden shifts towards chronic and non-communicable conditions. What will truly differentiate this push is the intelligent adoption of digital technologies and AI across the biopharma value chain—from R&D and clinical trials to manufacturing, quality assurance and regulatory compliance. As India moves to implement the revised Schedule M, digital-first systems, AI-led data analytics, and real-time quality intelligence will be critical to embedding data integrity, audit readiness, and traceability by design—rather than as post-facto compliance. Technologies such as digital twins and predictive modelling can significantly shorten development cycles, improve yield efficiency, and ensure consistent adherence to global GMP and data integrity standards expected by regulators. This convergence of regulatory reform and advanced technology has the potential to elevate global confidence in Indian biopharma—from being seen as a cost-efficient manufacturer to a trusted, high-quality innovation partner. Additionally, the government's emphasis on cutting-edge technologies under the three Kartavya framework sends a clear signal that India's biopharma growth will be driven not just by capacity, but by technology-led competitiveness, credibility, and resilience. For Archimedis Digital, this creates a powerful opportunity to build digital-first, future-ready biopharma ecosystems that can take Indian innovation confidently to the world."
Rajat Grover, Founder & CEO, Elite Marque, an integrated communications firm-
'The announcement on AVGC and content creator labs is a timely step towards aligning India's education system with the realities of a rapidly evolving creative economy. By formally integrating animation, gaming, visual effects, and content creation into schools and colleges, the policy strengthens the talent pipeline and recognises creative skills as part of India's economic infrastructure rather than an informal career path.
This initiative will significantly improve talent availability. The next opportunity lies in aligning training with how the market actually functions. As brands increasingly look for content that builds relevance and engagement, integrating storytelling, strategic context, and brand understanding alongside technical skills will ensure this growing talent pool is immediately usable in real-world environments. A curriculum shaped by live projects and evolving brand needs can translate scale into sustained impact.
The proposal to develop university townships near industry corridors further strengthens this alignment. Closer collaboration between educational institutions, agencies, studios, and technology providers can help curricula stay relevant as formats and workflows evolve. With AI-assisted creation, real-time production, and immersive content becoming mainstream, training systems will need to remain dynamic and forward-looking.
At the same time, this shift will influence how companies approach content. Marketing budgets today are heavily skewed towards performance and distribution, while structured investment in storytelling remains limited. As access to skilled creators improves, brands will increasingly need to treat content not just as execution, but as a strategic asset that builds long-term brand value.
For communication and PR agencies, this evolution reinforces their role as narrative partners. Agencies are positioned to connect business objectives with content, creators, and credibility, helping brands move from isolated campaigns to coherent, long-term storytelling. The policy lays a strong foundation. Its long-term impact will depend on how effectively talent development, storytelling investment, and market demand are brought together.'
Anshita Kulshrestha - Founder & CEO Tuktuki Entertainments
This budget sends a strong signal that India is ready to treat the creator economy as serious national infrastructure, not a side hustle. The recognition of the orange economy, the focus on skilling through Content Creator Labs and social security for platform workers shows intent to professionalise digital storytelling at scale. The opportunity now lies in execution: ensuring capital access, clear monetisation frameworks, and creator-first policies keep pace with the talent pipeline. If done right, India won't just produce content for itself, but export culture to the world.
NBFC sector by Mr Kapil Garg, MD of Mufin Green Finance-
"The Union Budget 2026 outlines a clear roadmap to strengthen India's financial ecosystem and support growth through a well-structured reform agenda. With the government aiming to achieve robust GDP growth of around 6.8–7.2% and maintain fiscal discipline while accelerating investment, reforms in financial institutions are central to this vision.
The proposal to restructure PSU NBFCs such as Power Finance Corporation and Rural Electrification Corporation will help improve operational efficiency and capital utilisation, enabling them to support critical sectors like infrastructure, energy transition and rural electrification more effectively. These moves will enhance credit flow in long-gestation sectors that are vital for India's development. In addition, the Budget's focus on expanding capital expenditure to a record ₹12.2 lakh crore highlights the government's commitment to growth-led public investment.
The announcement to set up a high-level committee on banking and financial sector reforms is a significant step toward aligning the financial ecosystem, including NBFCs and banks, with India's long-term goals. This committee can help refine regulatory frameworks, improve risk management, and ensure that NBFCs play a complementary role in credit delivery alongside banks. Overall, these measures will strengthen credit access for MSMEs, infrastructure, and underserved markets, making NBFCs effective partners in India's journey towards a developed and inclusive economy."
