On Sunday, Finance Minister Nirmala Sitharaman unveiled a budget focused on expanding infrastructure, enhancing domestic manufacturing, simplifying tax compliance, establishing a more defined strategy for AI and digital infrastructure, and maintaining a consistent fiscal roadmap. The government anticipates an economic growth of approximately 7 percent in the upcoming year, while aiming to keep the fiscal deficit at 4.3 percent. This document is structured around the government’s three Kartavya philosophy, which prioritizes growth, competitiveness, and inclusion in policy formulation.
Here’s is a curated set of reactions from industry leaders:
“The announcement of a dedicated Rs. 10,000 crore MSME Growth Fund in Budget 2026 is a monumental stride towards strengthening India’s micro, small and medium enterprises at a pivotal moment for the economy. This visionary initiative not only provides crucial capital to empower MSMEs to innovate, modernize and scale, but also strategically tariff-proofs the sector against global trade disruptions. At a time when MSMEs face liquidity challenges, delayed payments and intense competitive pressures, this Fund will act as a catalyst for enhanced competitiveness, improved access to global markets, and deeper integration into value chains. Coupled with enhanced credit access and structural support measures in the Budget, this move underscores the government’s enduring commitment to unleashing the full potential of MSMEs — the backbone of India’s industrial growth, employment generation, and export prowess. We welcome this forward-looking step which will fuel inclusive growth, strengthen resilience, and help build a truly self-reliant MSME ecosystem.”
-CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB
The Union Budget 2026-27 presented by Finance Minister Nirmala Sitharaman today marks a significant step forward for India’s real estate sector, emphasizing sustainable growth and infrastructure-led development. The increase in public capital expenditure to ₹12.2 trillion for FY2026-27 will undoubtedly accelerate urban infrastructure projects, creating new opportunities in Tier 1 and Tier 2 cities where demand for quality housing and commercial spaces is surging. The proposal to establish dedicated Real Estate Investment Trusts (REITs) for recycling significant real estate assets held by Central Public Sector Enterprises is a game-changer, unlocking underutilized land and fostering greater investment in the sector. Additionally, the Infrastructure Risk Guarantee Fund will provide much-needed credit guarantees, reducing risks for lenders and enabling smoother financing for large-scale developments.We are optimistic that these measures will enhance affordability, boost rental housing initiatives, and drive overall sectoral momentum. This budget aligns well with our vision of creating future-ready communities, and we look forward to contributing to India’s Viksit Bharat journey.
-Nitesh Kumar MD & CEO Emami Realty
The continued focus on maintaining and improving the current growth rate in the Union Budget 2026-27 should help the economy to enhance productivity and competitiveness, by building resilience to a volatile global economy. The budget proposals are a welcome move for the entire productive sector, including the mobility sector. The maintenance and sustenance of growth will encourage consumption across the board, creating a larger market for high value items. Coupled with ease of handling direct taxation and customs related rules, the economy should continue in an upward trend. Overall the measures are targeted at maintaining the momentum of the Indian economy.”
–Jyoti Malhotra, Managing Director, Volvo Car India
“The Union Budget 2026 clearly underscores the growing role of services in driving India’s next phase of growth. The emphasis on digital infrastructure, skilling, and technology-led delivery will significantly enhance how industries such as healthcare, utilities, telecom, and financial services engage with customers. This budget lays the foundation for more efficient, responsive, and citizen-centric service ecosystems across sectors.”
– Pankaj Dhanuka CEO and Co -Founder |Fusion CX
“The Union Budget 2026–27 is a watershed moment that validates a conviction I have held for years: the future of food security lies at the intersection of biology and technology. The Finance Minister’s announcement of ‘Bharat Vistaar’—an AI-enabled advisory system—alongside a substantial ₹1.52 lakh crore allocation, bridges the gap between tech and the soil.We often view agriculture as traditional and tech as modern, but this Budget proves they are symbiotic.The focused push on high-value crops like coconut and cocoa will stimulate farm incomes, while the strategic recalibration of customs duties encourages the domestic value addition we have long championed under ‘Make in India’. At Matix, our foundation is built on resilience and efficiency. We see the removal of exemptions not as a hurdle, but as a necessary step toward the self-reliance and predictable environment required for capital-intensive sectors to thrive. We are ready to translate this policy framework into action, ensuring that as India moves toward ‘Viksit Bharat,’ our farmers are equipped with both the best nutrients and the best intelligence.”
–Nishant Kanodia, Chairman, Matix Fertilisers & Chemicals Ltd.
“We thank the Government for a positive, growth-focused Budget that addresses key bottlenecks and gives fresh momentum to India’s gems and jewellery sector. It improves liquidity, supports manufacturing and strengthens exports across the value chain. GJEPC welcomes the Union Budget’s transformative customs reforms, recommended for adoption. Trust-based processes, digital appraisals, and simplified clearances will slash delays and costs, accelerating business growth.We also applaud the limited sales from SEZs to the Domestic Tariff Area at concessional duties. This will enable factories to utilize idle capacity, safeguard jobs, and strengthen trade amid US tariffs and global demand volatility.The removal of the ₹10 lakh cap on courier exports is a big boost for e-commerce, enabling MSMEs, artisans and small jewellery brands to reach global buyers directly, with smoother handling of returns and quicker turnaround.Filing the Bill of Entry in advance for trusted importers will enable immediate clearance of goods on arrival, reducing waiting time at ports, speeding up deliveries and lowering logistics costs for exporters and manufacturers.With MSMEs forming over 80% of our industry, measures such as the INR 10,000 crore SME Growth Fund, INR 2,000 crore support for micro units and INR 7,00,000 crore liquidity through TReDS, along with stronger banks, restructuring NBFCs will ease credit and drive expansion.Extending the duty deferment period for Authorised Economic Operators (AEOs) from 15 to 30 days and offering similar benefits to eligible manufacturers will improve cash flow, reduce compliance burden and enable faster, helping exporters move goods quicker and operate with greater ease.Extending duty-free import of Lab-Grown Diamond (LGD) seeds and Sawn Diamonds till March 2028 is a timely and practical step. It keeps input costs low, supports production and exports, and safeguards a fast-growing segment where India already leads globally, helping secure the future of our industry.Setting up a new National Institute of Design will strengthen design talent and innovation in the country. For the gems and jewellery sector, this means better product development, contemporary styling and stronger branding, helping Indian manufacturers move up the value chain and compete more effectively in global markets.Overall, this Budget gives the right push for growth towards Viksit Bharat and moves us closer to our goal of scaling exports to $100 billion by 2047.”
–Kirit Bhansali, Chairman, GJEPC
“The Union Budget 2026 reflects the government’s continued focus on strengthening India’s healthcare ecosystem. Key announcements such as the ₹10,000-crore BioPharma Shakti initiative, strengthening of the Central Drugs Standard Control Organisation through faster scientific approvals, exemptions on select cancer and rare disease drugs, and continued investments in medical education, rural healthcare, hospital capacity, and digital health platforms are positive steps towards improving access, quality, and affordability of care. The expansion of allied health professionals, creation of advanced mental health institutions including NIMHANS 2.0, and support for traditional systems of medicine through upgraded AYUSH infrastructure further strengthen the overall healthcare delivery ecosystem. From an industry standpoint, the Budget provides an enabling environment for health insurers to enhance affordability, encourage wider adoption of health insurance, and support the broader goal of healthcare security for all.”
–Srikanth Kandikonda, Chief Financial Officer, ManipalCigna Health Insurance
“ The Union Budget 2026–27 reflects a confident and future ready macroeconomic vision, firmly aligned with India’s Viksit Bharat aspirations. By combining strong fiscal discipline with a record public capital expenditure outlay of ₹12.2 lakh crore, the government has reinforced the foundation for inclusive, broad based, and durable growth. The Budget’s strategic push on manufacturing and technology is especially significant for the consumer durables sector. Initiatives such as the India Semiconductor Mission 2.0 and the enhanced ₹40,000 crore outlay for electronics component manufacturing will meaningfully deepen domestic value addition. These measures not only improve affordability for consumers but also elevate India’s competitiveness in global value chains. Equally important is the Budget’s sustained emphasis on urban infrastructure development. Investments in modern transit systems, housing, and smart city capabilities create a multiplier effect, boosting jobs, strengthening income visibility, and expanding the addressable market for technology-driven, energy-efficient appliances. The introduction of the New Income Tax Act and the Government’s focused efforts on easing compliance are timely reforms that will enhance household confidence. As disposable incomes rise and purchasing power strengthens, we expect a positive impact on discretionary consumption across categories. Overall, this Budget strengthens a constructive growth cycle, enhanced investments will translate into more robust incomes, which in turn will drive demand for Make in India, energy-efficient, and smart consumer technologies. It sets the stage for sustained momentum in domestic manufacturing and positions India strongly for the next phase of transformation.”
–Mukundan Menon, MD, Voltas Ltd.
