Mr. Rajesh Rokde, Chairman, All India Gem & Jewellery Domestic Council (GJC)
“The Union Budget 2026–27 reflects a stable and sensitive approach towards the Gems & Jewellery industry. The absence of any increase in customs duty or GST, continued policy certainty, strong MSME and cluster support, ease-of-doing-business measures, and litigation-reducing income-tax reforms together provide confidence to the trade and reinforce the Government’s recognition of our sector as a key contributor to employment, exports, and economic growth.”
Mr. Avinash Gupta, Vice Chairman, All India Gem & Jewellery Domestic Council (GJC)*
“The Gems & Jewellery trade welcomes the Union Budget 2026-27. The absence of any increase in customs duty, combined with strong MSME support, improved access to finance, simplified income-tax compliance, and enhanced ease-of-doing-business measures, will enable jewellers across the value chain to plan confidently and focus on sustainable growth amid global uncertainties.”
Piyush Prakashchandra Somani, Promoter, Managing Director and Chairman, ESDS-
The Union Budget 2026-27 sends a clear message to global cloud and hyperscale companies — set up your data center operations in India, serve the world from here, and enjoy a tax holiday until 2047. This is India's play to compete with Singapore, Ireland, and the Middle East for global cloud infrastructure investment.
It is important to understand what this provision actually does. The tax holiday is exclusively designed to attract foreign companies to establish data center operations in India and serve their international customers from Indian soil. Existing Indian cloud service providers who have been building and operating data centers in India for years do not receive any tax benefit from this provision. The incentive is squarely aimed at bringing foreign investment and global workloads into India — not at supporting the domestic cloud industry that already operates here.
The strategic logic is sound. India offers competitive real estate costs, abundant technical talent, improving power infrastructure, and a massive domestic market that foreign players can access through Indian reseller entities. The tax holiday sweetens this proposition significantly for global hyperscalers who are today choosing between data center locations in Southeast Asia, the Middle East, and Europe.
For India's domestic cloud industry, while there is no direct tax benefit, the opportunity lies in the ecosystem this creates. When global players build data center capacity in India, it raises the overall infrastructure standard, creates thousands of skilled jobs, develops the supply chain, and ultimately makes India a more credible destination for enterprise cloud services globally. However, policymakers should also consider how India's homegrown cloud companies — who have been investing in this infrastructure long before these incentives — can be supported to compete on a level playing field.
Gaurav Soni, Founder and Managing Director, Botanic Healthcare said, "The Union Budget 2026 clearly signals the government's intent to move healthcare from volume-led manufacturing to value- and innovation-driven growth. The focus on strengthening biopharma capabilities, R&D, and domestic manufacturing lays an important foundation for the next phase of India's healthcare evolution. Equally significant is the implicit recognition of preventive and science-backed wellness as part of the larger health continuum. For the industry, this is an opportunity to invest deeper in quality, clinical validation, and global-grade manufacturing, ensuring India not only meets domestic demand but also strengthens its position as a trusted health innovation hub globally. That said, clearer regulatory pathways and targeted fiscal incentives for nutraceutical and preventive health innovation would have further accelerated industry-led investments and global competitiveness."
Mr. Sunil Kataria, MD & CEO, Godrej Agrovet Ltd.
“Placing a strong emphasis on productivity, resilience and inclusive growth, the proposals tabled in today’s Union Budget once again reinforce agriculture as a key pillar in India’s journey towards Viksit Bharat. The targeted attention on livestock, fisheries and allied sectors showcases a clear shift towards diversified and income-resilient farm systems. In this context, the new loan linked capital support for veterinary education, hospitals, diagnostics and breeding infrastructure will expand capacity and high quality services across rural India. Additionally, future science-led interventions in the areas of cattle genetics and breeding would help accelerate livestock productivity and farm incomes. It is also encouraging to see the Government’s focus on leveraging technology-driven agriculture through the introduction of multilingual AI platform. Amidst evolving climate and market conditions, delivering customized and risk-aware advisory at a scale is need of an hour to empower farmers to make informed decisions and adapt better. We also appreciate the extension of tax deduction to primary co-operatives supplying cattle feed and cotton seed to federal co operatives and government organisations, which will strengthen formal input supply chains and improve farmer realization. Together, through a calibrated approach by integrates productivity, innovation, inclusion, and institutional support, this year’s Budget once again lays a strong foundation for a future ready agricultural ecosystem and reinforces agriculture’s role as a long term contributor to India’s economic growth.”
"The Union Budget 2026 lays a strong basis for the next stage of expansion in India's real estate market. The government's focus on infrastructure development, urban regeneration and making it easier to do business shows that they know what the sector needs to grow quicker and more sustainably.
Stronger regulations and more options for residential and commercial development have improved the industry's ability to meet the needs of a modern, ambitious India. These steps that look to the future will not only make investors feel more confident but they will also help build lively, well-planned communities.
We at Sanghvi Realty see this Budget as a strong force that will speed up growth, inspire new ideas, and help developers finish projects that really improve the urban experience."— Mr.Shankesh Sanghvi, Managing Director, Sanghvi Realty.
Ms. Santosh Agarwal, CEO of Paisabazaar, said
Budget 2026 signals a strong leap towards a Viskit Bharat with timely push toward strengthening India's credit ecosystem, particularly for small businesses and individual taxpayers.
The Government has continued its focus on widening access to credit and creating a robust financial system. India's small businesses have traditionally faced challenges in accessing formal credit; the proposed ₹10,000 crore SME Growth Fund can be a significant step toward energising the growth of the key sector. Additionally, the proposed ₹2,000 crore top-up to the Self Reliant India Fund improves the supply of capital for micro and small enterprises. Together these two initiatives can improve the pipeline of credit-ready businesses and deepen the formal lending ecosystem.
Also, with a larger push towards infrastructure development at scale, the government clearly aims to provide fresh impetus to employment generation across sectors. Special domestic provisions such as ODOP (One District One Product) and policies encouraging multinational companies to establish global data centres in India underscore the government's proactive approach to changing economic and technological landscapes.
As India targets long-term, broad-based economic growth, setting up of a high-level committee on banking for Viksit Bharat can also become an important step towards strengthening the financial sector.
On the direct tax side, the introduction of the Income Tax Act 2025, represents a major step toward simplification of process and rationalisation of assessment. A simplified journey and a removal of ambiguities will ease compliance for individuals and small businesses.
Harsha Solanki, VP GM Asia, Infobip, said, "We welcome the Union Budget 2026, which reinforces India's shift towards a competitive, AI-driven digital economy. By prioritizing new technologies and promoting innovation through initiatives such as the AI Mission, the National Quantum Mission, and the Research and Development and Innovation Fund, the government is laying a solid foundation, enabling businesses to adopt smarter, more intelligent solutions across their operations.
The long-term tax holiday for global cloud service providers and investments in data centers will help free up costs, allowing companies to invest more in AI innovation, ensure performance and reliability, and expand their infrastructure. Complementing this, expanding the safe harbor threshold for IT and tech services will ensure regulatory clarity and reduce compliance burdens, making it easier for technology providers to scale their operations.
For SMEs, these initiatives are transformative. The combination of AI technologies, simplified compliance, and accessible digital infrastructure opens new paths for growth. It empowers them to improve efficiency, engage customers better, expand their presence, and participate more in India's next phase of digital growth. At Infobip, we sit at the intersection of intelligent automation and cloud communications, and these measures will enable tech platforms like us to innovate more responsibly and deepen localization while empowering businesses to create a more connected, safer, and outcome-driven experience for their customers."
Mr. Abhijeet Sinha, National Program Director, Ease of Doing Busines-
"Budget 2026 draws a clear line between India's proven economy (2014–2024) and the emerging economy agenda (2025–2030).The last decade was driven by the Startup Economy, MSME inclusion, ODOP Product Economy, and Manufacturing Economy, this phase built scale, formalisation, and jobs.
Now, the next growth cycle is being framed around five upcoming pillars: Cultural Economy boost, Service Export Economy, Tech for Circular Economy, Ease of Living in India, and Ease of Mobility in India. The focus is visible destination-led tourism and cultural infrastructure, stronger credit access for women-led MSME service exporters, and decisive movement towards lower cost of doing business through compliance reduction and tax simplification. The Budget also signals a push to attract stable climate-tech capital via faster approvals, clearer taxation, and formal recognition of transition finance, along with long-term security through critical minerals investment.
On delivery, Ease of Living and Mobility must translate into measurable, citizen-visible outcomes—cleaner air, better roads, reliable public services, and modern mobility systems including automated tolling, parking and EV charging infrastructure."
Sakchi Jain- CA and Financial Educator:
"Budget 2026 continues the shift away from headline tax cuts towards improving how the income-tax system works. Personal tax slabs remain unchanged, with the new tax regime exempting income up to ₹4 lakh and applying gradual slab rates thereafter, culminating in a 30% rate beyond ₹24 lakh. The real changes lie in execution and compliance like TCS on overseas travel, education and medical expenses has been reduced to 2%, TDS treatment for manpower services has been clarified, and small taxpayers can now obtain lower or nil TDS certificates through an automated process instead of manual applications.
Return filing has been made more practical through staggered due dates and an extended revised-return window till 31 March with a nominal fee. The Budget also softens the prosecution framework for certain procedural lapses, allows deduction of inter-cooperative society dividend income under the new regime, widens overseas investment access for non-residents, and confirms the rollout of the simplified Income Tax Act, 2025 from April 2026. Overall, the difference this year is stability in rates and meaningful reduction in uncertainty and compliance burden."
This is a Budget that excites on paper but invites scrutiny on execution, its legacy will be written not by announcements but by measurable outcomes. With fiscal headroom narrowing, delivery over the next 12–24 months will ultimately determine its credibility says Akshat Khetan, Founder AU Corporate Advisory & Legal Services.
Jashan Arora, Director at Master Trust Group-
Markets are likely to remain volatile and largely range-bound in the near term as higher transaction costs weigh on investor sentiment, particularly in the derivatives segment. The increase in STT and F&O-related costs could dampen trading volumes, putting near-term pressure on brokerages and exchanges that are heavily dependent on market activity. This may also lead to more cautious participation from retail traders, adding to short-term uncertainty.
The broader macro picture remains supportive. The Budget strikes a careful balance between growth and fiscal discipline, reinforcing the government's commitment to capital expenditure without compromising on consolidation. This is constructive for the medium-term outlook, especially for banks and infrastructure companies.
Capex-led growth is expected to drive sustained credit demand, improving asset quality and earnings visibility for banks. Infrastructure players should benefit from continued public spending and project execution. Overall, investors may see selective stock-specific opportunities, with a clear preference for banks and infrastructure over high-risk capital market-linked stocks in the current environment.
Mr. Arvind Kumar, CEO, Abante Integrated Management Services: "The Honourable Finance Minister Nirmala Sitharaman has presented a forward-looking Budget that underlines the importance of sustained infrastructure growth and organised urban development, which is directly relevant for the facility management sector. As infrastructure projects, commercial spaces and institutional assets expand across cities and emerging urban centres, the need for professional facility and asset management continues to grow. Measures aimed at improving MSME liquidity, easing compliance and strengthening urban infrastructure create a more stable environment for service providers like us and support more organised, efficient and compliant growth."
Amit Prakash, Co-Founder & CBO, Urban Money:
"Budget 2026 marks a clear transition from stabilising the financial system to scaling credit delivery. Risk-sharing mechanisms, deeper bond markets, simpler tax compliance and improved household liquidity together strengthen mortgage readiness, especially for first-time homebuyers, and set the foundation for sustained, housing-led credit growth."
Samir MC, CEO, Tamara Leisure Experiences-
“This Budget lays out a coherent, long-term blueprint to take India’s hospitality and tourism sector decisively onto the global stage. By strengthening institutional capability through a National Institute of Hospitality, envisioned as a bridge between academia, industry, and government, alongside a clear emphasis on skilling and connectivity, it creates a strong foundation for sustainable sectoral growth.
Particularly encouraging is the shift towards experience-led tourism, spanning archaeological and heritage sites, spiritual and Buddhist circuits, temple towns, and nature-based destinations across emerging regions. The focus on immersive storytelling, destination-led infrastructure, and development beyond metros reflects an approach aligned with building responsible hospitality destinations that are rooted in place, culture, and community. With improved regional and last-mile connectivity, greener mobility solutions, streamlined clearances, and targeted support for Tier II and Tier III cities as growth engines, the ecosystem is becoming more conducive to long-term, responsible growth.
Lastly, the emphasis on regional medical hubs and integrated wellness and AYUSH ecosystems further strengthens India’s appeal as a holistic destination, expanding the scope of tourism beyond leisure into healthcare-led, high-value travel. For us, this Budget closely mirrors the long-term vision we have always believed is essential for building meaningful hospitality destinations.”
"A Budget pitched as reform has ended up as a restraint. The Street had hoped for an honourable cremation of STT; instead, it has received a steeper levy dressed up as responsibility. The message is blunt: to hold the fiscal deficit line at 4.3%, sentiment is expendable, but spreadsheet sanctity is not. This is not a populist spectacle of giveaways, nor an event that will send indices into a celebratory sprint. It is a budget that chooses to please ratings agencies and economists rather than traders and brokers. In that sense, it reflects a government more worried about its bond yields than its television sound bites. Markets may sulk in the short term, but the subtext is clear: ' *fiscal* *prudence*', not political indulgence, will frame this year's playbook, at least on paper," said Dr Akshay Kulkarni, a seasoned Independent Financial Advisor, Investment Strategist, and Founder & Principal Advisor of Bulls N Bucks, with over 15 years of experience in market advisory and wealth management.
Quote by Nirmal Reddy, President, ETO Motors
"Union Budget 2026–27 clearly highlights the role of digital and technology infrastructure in shaping India's next phase of growth. The emphasis on data centres, cloud services and integrated logistics creates a strong foundation for scalable, connected and software-driven electric mobility solutions. As EV adoption expands, seamless data management, real-time intelligence and platform-led operations will be central to improving efficiency, reliability and customer experience.
The IT sector reforms, particularly the rationalisation of transfer pricing safe harbour norms, are a welcome move to reduce compliance complexity and encourage greater investment in technology, AI-driven platforms and global capability centres. This will further strengthen India's position as a preferred destination for digital innovation.
The ₹40,000 crore allocation under the India Semiconductor Mission 2.0 is a strategically significant step. By strengthening capabilities in chip design, R&D and talent development, the Budget enhances resilience across technology supply chains and accelerates progress in intelligent mobility, advanced computing and smart energy systems. Overall, the Budget adopts a forward-looking, ecosystem-led approach that supports sustainable, technology-enabled mobility growth."
R Rajasekhar Reddy, Founder & MD, Trendsquares Constructions
"The Union Budget 2026–27 clearly recognises that India's next phase of real estate growth will be driven by the quality of urban infrastructure and the economic strength of cities. The focus on City Economic Regions, continued development of Tier II and Tier III cities, and sustained public capex in transport, logistics and urban infrastructure will significantly expand the addressable housing and commercial real estate market.
We particularly welcome the proposal to recycle real estate assets of CPSEs through dedicated REITs and the incentive framework for large municipal bond issuances, as these measures will strengthen city finances and accelerate high-quality urban development. The creation of an Infrastructure Risk Guarantee Fund is another important step that will improve access to long-term capital for large projects.
Overall, the Budget creates a more stable, investible and demand-led environment for real estate developers, enabling us to focus on delivering well-planned, sustainable communities aligned with India's urbanisation ambitions."
Post Budget Reaction From Dr Bipin Chevale, CEO - Gleneagles Hospital ,Mumbai
Initiatives such as Biopharma Shakti will help build a reliable domestic ecosystem for advanced diagnostics, devices and therapies, which is essential for hospitals delivering high-quality, technology-driven care. Greater focus on preventive health, early detection and digital integration will support timely diagnosis and improved patient outcomes. The emphasis on skill development for allied health professionals is equally important, as trained teams are critical to safely adopting new technologies. Overall, the Budget supports a sustainable healthcare model where hospitals can deliver efficient, affordable and globally benchmarked care while contributing to India's growth as a trusted healthcare.
Yudhistir Govinda Das ,Director of Communications or ISKCON India
"Budget 2026's focus on tribal welfare, including the creation of self-reliant clusters, community creches, and health observatories, reflects a strong commitment to improving education, healthcare, and livelihoods in underserved regions. Our ongoing initiatives in tribal areas, ranging from education and nutrition programs to skill development and women's empowerment align closely with these priorities. We welcome these measures and see them as an opportunity to further strengthen our efforts, ensuring that tribal communities have access to quality education, sustainable livelihoods, and holistic development. Collaborative efforts between civil society and government programs can help realize the full potential of these initiatives, driving meaningful and long-term impact"
