Education to Employment and Enterprise Standing Committee, increased allocation for school education, emphasis on emerging technologies, girls� hostels in every district, and allied health education�positioning the budget as a step towards a future-ready and inclusive education ecosystem.

"The introduction of SHE-Marts is a thoughtful step in supporting rural women-led enterprises, helping them move from credit-led livelihoods to ownership and enterprise growth. By linking community-owned outlets with innovative financing, the initiative can strengthen local value chains and create sustainable income opportunities. For institutions like BlackSoil, which finance MFIs serving these enterprises, this creates an enabling environment where capital reaches women entrepreneurs efficiently, supporting scale, resilience, and long-term impact."

"The Union Budget 2026 clearly reinforces the idea that India's education transformation will succeed only when learning moves beyond screens and textbooks. While digital access is important, the real impact will come from investing in hands-on STEM infrastructure�robotics labs, AI learning spaces, and innovation-driven classrooms�especially in Tier-2 and Tier-3 schools where talent exists but exposure does not. The Budget's emphasis on skills, emerging technologies, and teacher enablement is a step in the right direction. However, technology investments must be matched with structured teacher training and curriculum integration; otherwise, even the best tools remain underutilised. Practical STEM education builds problem-solving, creativity, and applied thinking�skills that directly influence employability and innovation capacity. If Budget support continues to strengthen experiential learning and school-level innovation, India can create a strong pipeline of future-ready students aligned with global technology needs. Education is not just a social investment�it is long-term economic infrastructure, and Budget 2026 moves that conversation forward.�

"Budget 2026-27 is envisioning India as a future global hub for cloud and AI infrastructure, especially by the offer of a 20 year tax holiday till 2047 for foreign companies using local data centres. This will certainly speed up investments in data centres and bring in global hyperscalers to run their workloads in India. Although this is good for physical infrastructure, the matter of India's digital economy is raised: Are we making a cloud leadership or just hosting it? Without giving equal attention to Indian cloud service providers and platforms, India risks becoming mainly a reseller and a hosting base for foreign providers. The real leadership in compute is not only about the things in a data centre but the control over platforms, services, and customer relationships. If the policy incentives are nice for both the global players to come and the strengthening of domestic cloud ecosystems, India can be the backbone and the brain of global compute at the same time. If not, we will be leaving value on export while we will be stuck with only infrastructure costs.�

"Union Budget 2026 has clearly reinforced the government's long-term commitment to infrastructure-led growth by sustaining capital expenditure across roads, urban development, housing, and large public projects. This continuity is crucial for the construction ecosystem, as predictable capex enables better planning, capacity building, and investment in modern construction practices. That said, the next phase of infrastructure growth must focus not only on how much is spent, but on how efficiently projects are executed on ground. As project sizes and timelines become more ambitious, traditional, labour-intensive construction methods are increasingly unsustainable. Modern formwork and scaffolding systems play a critical role in improving construction speed, structural quality, and on-site safety�three factors that directly impact project delivery and cost control. Budget 2026 presents an opportunity to accelerate this transition by encouraging mechanised construction, standardised safety norms, and support for domestic manufacturers supplying engineered construction solutions. Streamlined payment cycles, faster project clearances, and recognition of construction productivity as a national priority can significantly improve outcomes. If India aims to build world-class infrastructure at scale, the focus must now shift from expenditure alone to productivity, safety, and execution excellence.�

"This budget is a masterstroke for India's digital future. The 100% tax holiday for data centers until 2047 is a '1,000-pound gorilla' move. This is similar to the 90s software boom all over again. We are already adopting AI; now we are building the 'AI Factory of the World,' firing up massive capex in power, cables, and infrastructure. The fine print is equally vital; widening the IT services definition finally provides transfer pricing certainty for GCCs, signalling to the world that India is open for high-end tech business. However, we must be realistic about the impact of STT on capital markets. The STT hike and the removal of dividend set-offs seem to be bringing a headwind to markets. They make many high-frequency and arbitrage trades unviable, which will squeeze market liquidity and leverage in the short term. But with a prudent 4.3% fiscal deficit and a 12.2 lakh crore capex push, the long-term earnings story remains the real hero for India. Watch out for forthcoming monetary policy for continued credit growth of 13-15% to get nominal GDP growth of 10%+."

The Union Budget 2026 provides long-term clarity on how India's cities will grow. Its emphasis on infrastructure-led development, stronger regional economic clusters and improved intercity connectivity creates a stable foundation for large-scale real estate planning across commercial, mixed-use and residential formats. The focus on GCCs in emerging cities and sustained support for digital infrastructure, including data centres, strengthens demand for high-quality office ecosystems beyond traditional metros. At the same time, better-funded urban infrastructure and city-level financing mechanisms improve the overall livability and resilience of growing cities. At Sattva Group, we see this Budget as reinforcing the importance of integrated development that is thoughtfully planned, digitally ready and built for long-term relevance.�

The focus on infrastructure spending has a real ripple effect. Better connectivity improves ease of travel, enables more efficient sharing of resources, and leads to stronger utilisation across manufacturing and infrastructure. This helps accelerate consumption and creates a more balanced economy. The scale of the capex push reflects fiscal prudence and a long-term, structural approach to growth. The push to strengthen the service economy through supportive tax structures for data centres and Global Capability Centres will build growth momentum, accelerate value creation, and reinforce India's position as a preferred destination for global enterprises.�

The decision taken by the Union Government in order to raise public capital expenditure to ?12.2 lakh crore indicates a strong and reassuring signal of the policy continuity at a particular time when private investors are looking for stability and predictability as well. Sustained public capex has been the backbone of India's infrastructure revival, and this step will further increase the confidence across the developers, lenders, and long-term investors as well. The proposed Infrastructure Risk Guarantee Fund is a very significant intervention made by the government. By offering prudentially calibrated partial credit guarantees during the construction phase, the government is directly addressing one of the most critical challenge periods in the development of infrastructure. This will meaningfully improve bankability, reduce the cost of financing, and accelerate the private capital participation, mainly in large urban, transport, and logistics projects. The clear emphasis on tier 2 and tier 3 cities, city economic regions, and temple towns indicates a mature understanding of India's next growth cycle. Financing urban infrastructure beyond the metros will also create new investment corridors, support regional economic clusters, and enable a more balanced, inclusive growth. In the Union Budget 2026-27, capital market reforms are also announced, such as market making in corporate bonds, total return swaps, and incentives for larger municipal bond issuances�these are long-awaited measures. This will also help to deepen the Indian debt market and gradually reduce overreliance on bank financing for both infrastructure and urban development. Overall Budget 2026-27 marks a decisive shift towards execution-led, risk-aware financing. By integrating the capital support with risk mitigation and market depth, it also strengthens the long-term investment attractiveness and lays the foundation for sustainable growth.

"The 2026 Union Budget marks a clear shift toward outcome-oriented education and skilling, emphasizing inclusion, innovation, and employability. Initiatives such as girls' hostels in every district aim to improve access and retention, particularly for women in secondary and higher education. The Budget introduces university townships, academic zones, and the High-Powered Education to Employment and Enterprise Standing Committee to strengthen higher education and skilling ecosystems. Strategic investments in allied health institutes, Ayurveda, semiconductors, biotechnology, and deep-tech support research, innovation, and global competitiveness. By prioritizing measurable outcomes, practical skills, and inclusive opportunities, the Budget positions education and skilling as central drivers of India's medium-term growth, ensuring human capital translates into jobs, innovation, and a globally competitive workforce.�

"The 2026 Union Budget marks a decisive shift in India's education and skilling strategy, moving from alignment to outcome-oriented delivery with a strong focus on inclusion, innovation, and employability. The Budget underscores equitable access with initiatives such as girls' hostels in every district, ensuring participation and retention, particularly for women in secondary and higher education. Innovation and applied learning receive a major boost through the introduction of IIT Creator Labs and a new design-focused institution, complementing the technology-focused efforts of previous years. The emphasis on short, modular, industry-designed courses reflects a shift toward faster, outcome-linked skilling pathways that respond to evolving economic and technological demands. Beyond access and capability-building, these measures signal a strategic integration of education, skills, and employment, reinforcing the link between learning and workforce readiness. By prioritizing measurable outcomes, fostering creativity and practical skills, and targeting inclusion, the 2026 Budget positions education and skilling as central drivers of India's medium-term growth strategy, ensuring that human capital translates into jobs, innovation, and a globally competitive workforce.�

"The 2026 Union Budget reflects a clear vision for building a future-ready workforce by strengthening STEM education, innovation, and emerging creative skills. Initiatives such as content creator labs in 1,500 schools and 500 colleges, alongside digital and creative skill labs and girls' hostels in every district, signal a strong push towards improving access, participation, and hands-on learning, particularly for women in technology- and media-driven fields. Complementing this, the revitalised Khelo India Mission focuses on talent identification, coaching development, grassroots-to-elite competitions, and sports innovation, opening new pathways for skill development, employment, and professional growth. By integrating education, skilling, and sports with measurable outcomes, the Budget adopts a holistic approach to human capital development, cultivating inclusion, creativity, and innovation while positioning India as a competitive force on the global stage.�

"The 2026 Union Budget demonstrates a clear shift from alignment to delivery in India's education and skilling strategy. While 2025 focused on preparing institutions and integrating technology, 2026 places inclusion, innovation, and measurable outcomes at the centre. From girls' hostels in every district to IIT Creator Labs and industry-linked modular courses, the Budget signals that human capital is no longer just an input but a driver of jobs, equity, and India's future-ready economy.�

"The Union Budget 2026�27 places human capital development at the centre of India's Viksit Bharat vision, with a clear focus on education quality, skilling, and employment readiness. The Budget strengthens higher education through support for premier institutions and encourages international research collaborations to enhance India's global academic presence. A key highlight is the establishment of a Centre of Excellence for Artificial Intelligence in Education, aimed at advancing digital pedagogy and personalized learning. Measures to promote inclusivity include digital learning resources in Indian languages, the creation of girls' hostels in every district, and new Ayurveda institutes integrating Indian Knowledge Systems. Skilling and employability are reinforced through five National Centres of Excellence in Skilling, aligned with industry needs, while employment generation is linked to manufacturing-led growth in labour-intensive sectors. Enhanced support for MSMEs and startups is expected to boost entrepreneurship and job creation. Overall, the Union Budget 2026�27 presents a focused and forward-looking framework for building a skilled, inclusive, and globally competitive workforce�

Ms. Sunitha Nambiar, CEO, Manav Rachna International Schools

"Budget 2026�27 places schools where they truly belong: at the foundation of India's future. What stands out this year is the clear push to strengthen STEM learning at the school level through better digital infrastructure, content creator labs, and exposure to emerging technologies. These steps move learning beyond textbooks and help children develop problem-solving, creativity and digital confidence early in life. This Budget is not just about new schemes. It is about responsibility. It challenges schools to modernise classrooms, adopt technology meaningfully, integrate experiential STEM learning, and create environments where academics and skill development grow together.�

Mr. Sunil Kumar Roy, Professor and Dean, School of Business, Manav Rachna University,

"The Budget 2026 appears to be progressive and in line with the vision of Viksit Bharat 2047. Heartening to see focus on MSME growth, biopharma and clean energy. Recognising MSMEs as engines of growth, the Finance Minister's announcemment about the top up of the Self Reliance India Fund with ?4,000 crore in FY27 to provide equity support to MSMEs, and the creation of a ?10,000-crore fund to develop "champion SMEs� is reflective of the Government's commitment to scale up manufacturing and competitiveness.�

"Budget 2026 stands out as a budget of stability and growth amid persistent geopolitical uncertainty. By placing skilling, education, and employability at the core of its strategy, the Finance Minister has clearly signalled confidence in India's youth as the drivers of the nation's future growth. Greater clarity and expansion of safe harbour rules for related-party transactions in the IT sector, rationalisation of international taxation on services, reduction in TCS on Liberalised Foreign Remittances for education and health, compliance ease in filing ITRs, implementation of new Income Tax Act, 2025 from 1st April, 2026 and the announcement of a high-level committee for banking sector reforms are important steps towards improving ease of doing business and financial resilience. The decision to maintain capital expenditure at ?12.2 lakh crore, alongside large-scale enhancement of public infrastructure through REITs, NIIF, and the development of City Economic Regions, will also increase private investment. The announcement of seven high-speed rail corridors, while keeping the fiscal deficit at a disciplined 4.3% of GDP, provides a strong impetus to growth while reinforcing macroeconomic stability. Overall, the Budget signals strong confidence in India's long-term growth trajectory, while simultaneously addressing immediate economic challenges.

The Union Budget 2026�27 comes as a huge encouragement for education and skilling centres in the country. The Finance Minister has provided an impetus by increasing the outlay for education by nearly 8%, with significant encouragement to the healthcare, health and wellness, and hospitality sectors by raising the skilling outlay by almost 62%, a whopping increase over the past years, which clearly shows the direction the government is specifying through the Budget for education and skilling, demarcating it as the future of the country.

"The Union Budget strengthens the framework for expanding formal credit access to MSMEs and last-mile borrowers, which is a meaningful positive for the microfinance sector. Measures such as the proposed ?10,000 crore SME Growth Fund and the introduction of Corporate Mitras to support MSMEs in meeting compliance requirements are expected to improve the availability of timely and affordable credit for micro-entrepreneurs, particularly in regions where traditional banking penetration remains limited. Initiatives such as She Marts can further strengthen livelihood outcomes by providing rural women entrepreneurs with structured market linkages. When complemented with access to formal credit, such platforms can enable Self-Help Group entrepreneurs to scale their enterprises, improve market access, and build more sustainable income streams. For Fusion Finance, these reforms support a more structured and formalised approach to scaling our microfinance operations. They enable deeper borrower engagement, improved credit absorption, and calibrated growth anchored in stronger repayment performance. We will look to actively leverage these policy enablers to expand credit access in underserved regions, while continuing to build a sustainable and responsible microfinance portfolio that supports livelihood growth at the grassroots level.� Additionally, we would be keen to explore an interaction or authored article with Mr. Garyali on how the Budget's "MSMEs as National Champions� vision including the MSME Growth Fund, TReDS-led liquidity, Corporate Mitras, and export reforms can accelerate MSME scale, credit access, and competitiveness.

Indian equities ended sharply lower as the Finance Minister proposed an increase in the STT on F&O transactions in the Union Budget 2026. Higher STT directly impacts the trading profitability for active participants and raises concerns around liquidity and volume growth. This triggered a strong selling pressure in Capital Market stocks including brokerages and exchanges. Benchmark Nifty50 plunged 593 points to close at 24,825 (-2.3%). The broader market also reacted negatively, with Nifty Midcap100 and Smallcap100 declining 2.2% and 2.7% respectively. On the sectoral front, Data Centre and AI-linked stocks gained as the Budget proposed a tax holiday till 2047 for foreign companies providing cloud services globally from data centres based in India. In contrast, shares of defence companies fell sharply, as the government's capex plans for the sector failed to meet market expectations. Pharma and healthcare stocks reacted positively, driven by measures such as launch of Biopharma Shakti (?10,000 crore outlay over five years) to build a global biologics and biosimilar hub, along with over 1,000 accredited clinical trial sites to accelerate drug approvals and boost R&D activity. Additionally, plans to develop five medical value tourism hubs in partnership with private hospitals are supportive for leading hospital chains. Capital expenditure was raised to a record ~?12.2 lakh crore to drive infrastructure development and job creation. India's FY27 real GDP growth was projected at 6.8�7.2% (vs 6.3-6.8% in FY26), while the fiscal deficit was pegged at ~4.3% of GDP, keeping debt-to-GDP on a declining path ( at 55.6% in FY27). Overall, the Budget prioritised productivity-led growth with fiscal discipline, infrastructure expansion, supply-side reforms, and strategic sector support amid global uncertainties, focusing on long-term investment over short-term relief. Going ahead, we expect the market to remain subdued in the near term amid weak investor sentiments, though attention is likely to shift from headline announcements to the Budget's fine print. This, along with the upcoming earning announcements and global market cues would lay a key role in shaping market direction.

"The Union Budget 2026 projects a clear shift in how healthcare is being approached in India. It has transformed into a long-term national investment rather than a short-term intervention. The focus has shifted on strengthening domestic pharma and biopharma, along with expanding healthcare infrastructure and building workforce capacity, addressing the gaps which industry has been talking about for years . By making care more scalable, providing clinicians with better decision-making tools, and enhancing access to essential treatments, especially in underserved areas, digital health and healthtech platforms can help close long-standing access gaps. It is also encouraging to see that traditional medicine is coming closer to contemporary healthcare. If implemented carefully, it will allow a more comprehensive, data-driven care model that will be specifically tailored to India. We can say that The 2026 budget establishes the foundation for a more integrated, proactive, and outcome-oriented healthcare system."

"With a vision to make cities 'Atma Nirbhar' i.e. self-reliant in infrastructure development & aligning with the aim of "Viksit Bharat @2047", Finance Minister Nirmala Sitharaman proposed incentives of Rs 100 crore for single bond issuance by municipal corporations of more than Rs 1,000 crore. The move is targeted to boost urban infrastructure financing in large cities. This significant policy move demonstrates government commitment to supporting municipal corporations' access to capital markets, lowering the cost of borrowing & promoting sustainable urban development through improved bond market frameworks. Under AMRUT 2.0 scheme, Urban Local Bodies (ULBs) each receive incentive upto Rs 13 Cr for every Rs100 Cr of bonds issued subject to a maximum of Rs 26 Cr. Further, ULBs which have already claimed incentive during AMRUT or AMRUT 2.0 periods by issuing municipal bonds, will be eligible for incentive second time if they issue green bonds. Incentive will be Rs 10 Cr for every Rs 100 Cr of green bonds issued by the ULBs, subject to a maximum of Rs 20 Cr.�

The Budget advances India's long-term growth agenda with a decisive focus on manufacturing, supply-chain resilience and macroeconomic stability, aligned with the Viksit Bharat 2047 vision. At a time of heightened geopolitical volatility and global trade disruptions, it prioritises reducing import dependence and securing strategic sectors such as semiconductors, rare earths, electronics and biopharma. A robust capex push to ?12.2 lakh crore in FY26�27 strengthens infrastructure, logistics and city economic regions, while fiscal consolidation remains on track with debt-to-GDP easing to 55% and the fiscal deficit at 4.4%. Together, these measures are beneficial for the country in the long term by enhancing resilience, competitiveness and sustainable growth.

"The 2026 Union Budget and its continued focus on domestic manufacturing, critical minerals and stronger supply chains showcase long-term strategic thinking. The Rare-earth corridors will make a long term difference and basic customs duty exemption on import of capital goods required for processing of critical minerals is a good step in this direction. Equally important is how effective capex expenditure translates into strategic tech demand, including Defence at ?5,94,585 crore and 'Technology in National Security' at ?9,800 crore, which we feel should be expanded even further. Execution and predictable procurement in our case will drive Indigenously-designed and manufactured EO/IR imaging payloads to scale faster. The Budget's proposal to exempt basic customs duty on imports supporting civil aviation and defence manufacturing, including aircraft parts and raw materials, is also commendable.�

"For us, supply chains and smooth procurement can sometimes be challenging, especially electronics, components, boards, and subsystem vendors and the present Union Budget's continued support for domestic manufacturing is a welcome move. The allocation of INR 1,500 crore for the Electronics Components Manufacturing Scheme, and ?8,000 crore for the modified programme aimed at strengthening India's semiconductors and display manufacturing ecosystem. On the MSME side, liquidity and scale-up support is also a practical enabler, with ?9,000 crore for the GECL facility, ?1,900 crore for the MSME Fund of Funds, and ?1,500 crore under RAMP. This will help to further reduce bottlenecks across the domestic supplier base.�?

"Critical minerals and exports sit at the core of supply-chain resilience. Measures like ?500 crore for activities through the National Mineral Exploration and Development Trust are directionally relevant because material security ultimately feeds advanced manufacturing. On the export side, instruments like Lines of Credit under IDEAS at ?1,675 crore can help Indian technology engage overseas through structured financing channels. For emerging-tech capability, Budget support for R&D in IT/Electronics/CCBT at ?1,248 crore and PM One Nation One Subscription at ?2,200 crore strengthens the knowledge and innovation base that deeptech hardware teams depend on.�

"The Union Budget 2026�27 is directionally positive for India's long-term economic health, even though markets have reacted nervously in the short term. The increase in Securities Transaction Tax on F&O trading is a necessary corrective. Over the past few years, speculative derivatives trading activity has destroyed large amounts of household capital, and this move should help redirect savings towards consumption and productive investment. Equally important is the government's decision to set up a high-level committee to review the banking and financial system, which could accelerate PSU bank privatisation and unlock greater participation from global and domestic private capital. The key concern, however, is the rise in capital expenditure at a time when tax revenues are undershooting. Funding higher capex through increased borrowing risks tightening financial conditions by pushing up bond yields and the economy's cost of capital. Overall, the Budget takes important structural steps in the right direction, but its effectiveness will ultimately depend on maintaining fiscal discipline while pursuing growth.� " Reviving 2,000 textile clusters and introducing a ?10,000 crore MSME growth fund is a big moment for India�s textile story. As the founder of a next-gen activewear brand, I see this as an opportunity to empower the backbone of our industry, our MSMEs, our manufacturers, and the skilled artisans who make world-class products possible. Mega textile parks with modern infrastructure can truly change the game by enabling scale, innovation, and sustainable production. If implemented well, this can help Indian brands like RYZ compete globally while proudly building in India, for the world. " Rachit Soota , Founder at RYZ "The government's proposal to revive 2,000 industry clusters, create a ?10,000 crore MSME growth fund, and establish mega textile parks is a strong signal of long-term commitment to India�s manufacturing backbone. These measures will not only strengthen MSMEs but also modernise the textile and garment ecosystem, enabling scale, innovation, and global competitiveness. At IVYN, we strongly believe that Indian textiles and garments are poised to become a dominant global force over the next decade. With supportive policies, infrastructure-led growth, and increasing foreign alignments, the sector is well-positioned to excel on the world stage.� Nitin Jain, Founder at IVYN " As a founder building from Jamshedpur ( Tier 2 City ), I see Budget 2026 as a decisive turning point in India�s startup narrative, one where the momentum is finally shifting from metro-centric hubs to grassroots innovation. By scaling the GENESIS programme and reinforcing the Fund of Funds and Seed Fund schemes, the government is tackling the very hurdles we face outside the major metros: access to patient capital, high-level mentorship, and robust infrastructure. The specific focus on first-time entrepreneurs, particularly women and SC/ST founders, signals a powerful intent to democratize entrepreneurship rather than leaving it to a privileged few. For those of us operating in Tier 2 and Tier 3 cities, measures like enhanced credit guarantees, extended tax holidays, and the rise of innovation universities are game-changers. They significantly lower the risk for early-stage ventures and provide the cash-flow visibility essential for scaling. Collectively, these aren't just headline announcements; they lay the groundwork for a more inclusive, resilient, and deeptech-driven ecosystem where innovation is no longer a prisoner of geography. "

Mr. Adeeb Jamal, Founder at ARAF

"The positive market response, with the Nifty Pharma and BSE Healthcare Index rising by 1.7 - 2%, reflects strong confidence in the government�s vision of positioning India as a global bio-pharma development hub. Beyond capital markets, the proposal to train 1.5 lakh caregivers is a critical step toward strengthening healthcare delivery at the grassroots level. A skilled caregiver workforce is essential not only to address the growing burden of chronic and age-related conditions but also to provide much-needed support for mental health care, where early intervention, empathy, and continuity of care are crucial. Together, these measures signal a balanced approach that combines innovation, investment, human capital development, and mental well-being, ultimately improving patient outcomes and reinforcing the long-term resilience of India�s healthcare ecosystem.� Sakshi Shah, Founder, Goodlives

Mr. Abhinav Saxena, Founding Partner at Saxenas And Kumar Law Chambers LLP

"The Union Budget 2026 is a definitive step towards de-clogging India's legal and regulatory arteries. We specifically welcome the proposal to implement a comprehensive New Income Tax Act to replace the six-decade-old law. For the legal fraternity and our corporate clients, this simplification is a long-awaited reform that will drastically reduce interpretation disputes and compliance friction. Furthermore, the focus on digitizing NCLT tribunals and the introduction of a Customs Amnesty Scheme signal a clear shift towards a Trust-Based governance model. By smoothing out the insolvency process and reducing legacy tax litigation, the Government is allowing firms to focus on value creation rather than courtroom battles. For startups and MSMEs, this Ease of Doing Business is the most valuable capital of all."

"We welcome the Union Budget 2026 as a Relief Budget for the common man. At Expert Panel, we believe the first step to becoming debt-free is having more disposable income, and the Finance Minister�s decision to make income up to ?12 Lakh tax-free (under the new regime) is a direct lifeline for salaried families. This extra liquidity will empower thousands of distressed borrowers to regularize their EMIs and regain their financial dignity. Furthermore, the introduction of Credit Cards with a ?5 Lakh limit for Micro Enterprises and the Credit Guarantee cover of ?20 Crore are masterstrokes against the menace of predatory lending. By ensuring easy access to formal credit for small businesses and first-time entrepreneurs, the Government has built a safety net that will prevent thousands from falling into a debt trap. This Budget truly lays the foundation for a financially stable and Viksit Bharat"

The Union Budget 2026 is a decisive step in India�s journey towards becoming a Viksit Bharat, with a strong, execution-led focus on SMEs, MSMEs, skill development, and travel-driven demand creation. The Finance Minister, Nirmala Sitharaman, has clearly shifted the narrative from short-term relief to long-term competitiveness and scale. The announcement of a ?10,000 crore MSME Growth Fund is a landmark move, aimed at building tariff-resilient, export-ready enterprises rather than subsidy-dependent businesses. This will enable high-potential MSMEs to invest in technology, productivity enhancement, and global market access�key pillars for India�s manufacturing and export ambitions. Equally transformative is the integration of GeM with TReDS and the move to make TReDS receivables tradable through asset-backed securities. This structural reform directly addresses the long-standing working capital challenges of MSMEs by converting invoices and receivables into bankable, market-linked assets, thereby lowering the cost of capital and improving liquidity. In this context, Plutos ONE is actively working with Bharat Connect to enable Bharat Connect for Business, focused on invoice-based lending solutions for MSMEs and SMEs. By leveraging digital rails and receivables-based financing, such initiatives align seamlessly with the Budget�s vision of formalisation, credit deepening, and sustainable growth. Overall, Budget 2026 lays a strong foundation for self-reliance, exports, and inclusive economic expansion

"The Union Budget 2026 underscores a steadfast commitment to deepening India's capital markets and strengthening the role of long-term savings in driving economic growth. AMFI has consistently emphasized that a vibrant and expanding debt market provides both corporates and the government greater funding flexibility, while ensuring efficient deployment of India's deep savings pool. It is therefore encouraging to see the clear focus on corporate bond market development through the proposed market-making framework and the introduction of total-return swaps in corporate bonds. These initiatives will significantly enhance depth, liquidity, and risk management in the bond market. Alongside the push for REITs, overseas investment avenues, and improved financing access for MSMEs, these measures will further enable the mutual fund industry to channel household savings into productive assets. Collectively, they will support capital formation and help advance the three �kartavyas' articulated by the Hon'ble Finance Minister�

"The Union Budget recognises young people as India's most valuable asset and places education at the heart of the nation's growth story, reflecting a Yuva Shakti�driven vision. The focus on the Education-to-Employment Standing Committee, AVGC labs (Animation, Visual Effects, Gaming and Comics Labs), and skilling pathways reflects a strong commitment to preparing students for future-ready careers. The proposed strengthening of scientific infrastructure, research capabilities, and AI-led capacity building will further inspire young learners, particularly in STEM disciplines. By aligning education with emerging technologies, creative industries, and inclusive skill development, the Budget ensures that learning remains relevant in a rapidly evolving world. At Shiv Nadar School, we see this as a timely step towards nurturing confident, capable, and globally competitive learners for a Viksit Bharat.�

"Budget 2026 marks a substantive shift in education policy from access and enrolment to employability and economic productivity. The proposed Education to Employment and Enterprise Standing Committee is a significant institutional signal that the government recognizes India's core challenge as a skills mismatch rather than a capacity deficit. This is reinforced by the explicit focus on services, exports, and the impact of AI on jobs, which is economically sound given that services contribute over half of India's GVA and nearly half of exports. The Budget also moves beyond abstractions by committing to concrete workforce outcomes, including adding 100,000 allied health professionals over five years and training 150,000 caregivers, sectors with high employment elasticity. However, the real test will be whether these reforms translate into binding curriculum changes, industry participation, and state-level execution. Without accountability mechanisms, even well-designed institutions risk remaining advisory rather than transformative.�

"Budget 2026 adopts a deliberately conservative tax stance that prioritizes predictability, compliance reform, and fiscal credibility over short-term stimulus. The decision to avoid changes in income tax slabs preserves revenue buoyancy at a time when net tax receipts are projected at about ?28.7 lakh crore, reinforcing confidence in the fiscal consolidation path. The more consequential reform lies in the operationalization of the simplified Income Tax Act from April 2026, which aims to reduce complexity, litigation, and compliance costs over time. However, the increase in securities transaction tax on derivatives introduces immediate friction in capital markets by raising trading costs and potentially reducing liquidity. While defensible from a revenue and stability perspective, this move partly explains market unease. Overall, the tax strategy strengthens macro discipline but falls short in addressing the near-term demand slowdown facing middle-income households.�

"The Budget's approach to startups reflects policy maturity rather than neglect. Instead of expanding tax incentives, the focus shifts to scale, exports, and financing infrastructure. The removal of the ?10 lakh per consignment cap on courier exports directly benefits D2C startups and small exporters accessing global markets. The ?10,000 crore SME Growth Fund and enhanced TReDS ecosystem address capital constraints faced by scale-stage firms, not just early experimentation. Given that MSMEs contribute over 40 percent of employment, this shift improves capital efficiency and survival rates. While early-stage sentiment may remain subdued, the Budget strengthens the foundations for sustainable entrepreneurship.�

Budget 2026 adopts a pragmatic and economically coherent approach to climate policy by embedding sustainability within industrial competitiveness rather than pursuing headline green spending. The allocation of ?20,000 crores over five years for carbon capture, utilization and storage directly targets emissions in hard-to-abate sectors such as steel, cement and refining, where abrupt decarburization would be economically disruptive. Equally important is the logistics transition strategy, with the Budget aiming to raise the share of inland waterways and coastal shipping from about 6 percent today to 12 percent by 2047, lowering both transport costs and carbon intensity. From an investor perspective, this reduces transition risk and regulatory uncertainty, improving long-term capital allocation decisions. The limitation is pace. The Budget prioritizes stability over acceleration, which supports competitiveness but delays faster climate alignment.

Strengthening human capital is a central theme of Budget 2026, with multiple initiatives to improve skills and job readiness. In the healthcare sector, the government will upgrade existing Allied Health Professional institutes and establish new ones across 10 disciplines � a plan set to add 100,000 trained AHPs over five years, and roll out programs to train 150,000 multi-skilled caregivers in the coming year. This not only addresses rising demand in geriatric and medical care but also provides large-scale employment opportunities. The tourism and services sector is another focus: a new National Institute of Hospitality is being created by elevating an existing council, to act as a bridge between academia and industry, and a pilot scheme will upskill 10,000 tourist guides via a high-quality 12-week course run in partnership with an IIM. Traditional industries aren't left behind either � for example, Samarth 2.0 is launched to modernize the textile skilling ecosystem through industry-academic collaboration. Alongside new educational hubs (like proposed "University Townships� near industrial corridors) and funding support for skill programs, these efforts collectively aim to align the workforce's skills with market needs, enhancing employability and productivity.

The Budget 2026 underscores a dual focus on ramping up infrastructure investment and advancing defence indigenization. Overall public capital expenditure is slated to rise to a new peak of ?12.2 lakh crore in FY 2026�27, extending the government's strategy of pump-priming economic growth through infrastructure build-out. This higher capex supports an array of big projects: for example, an East-West Dedicated Freight Corridor is planned to improve goods movement efficiency, and 20 new National Waterways are being made operational (starting with a key inland waterway in Odisha) to connect mineral hubs to ports. Alongside these, the Budget envisions seven new High-Speed Rail corridors to link major city clusters, and initiatives like a Seaplane subsidy scheme to boost regional connectivity � illustrating a broad strategic corridor approach. On defense, the budgetary measures lean into Make-in-India goals. Customs duties have been waived on critical inputs for aircraft manufacturing: components and parts for civil and trainer aircraft will see zero basic duty, and imports of raw material for making aircraft parts used in Defence-sector MRO are now exempt as well. These incentives should lower costs for domestic aerospace firms and encourage local production. By coupling record infrastructure spending with targeted tax breaks for defence manufacturing, the Budget aims to strengthen economic foundations and self-reliance in strategic sectors

As India speeds up its progress towards a robust and 'Atmanirbhar' energy system, Budget 2026 offers a clear policy vision and long-term assurance for the renewable energy sector. The customs duty exemption announced by Hon'ble Finance Minister Nirmala Sitharaman, which includes energy storage systems, lithium-ion cell manufacturing equipment, and key solar glass materials such as sodium antimonite, will ease the burden of manufacturing and will help to strengthen the value chain. The extension of customs duty exemptions for nuclear power projects until 2035 will further enhance the energy security plan for the country. In the current global context that is under the influence of supply chain pressures and the growing need for essential resources, the focus of the budget on dispatchable renewable energy and grid resilience is both pragmatic and visionary. This transition from capacity expansion to reliability and storage happens seamlessly in line with the vision of Viksit Bharat. For Gautam Solar, these steps create a stable policy framework that promotes innovation, scaling, and growth in the clean energy transition in India

The Union Budget 2026 sends a positive signal for India's investment ecosystem, especially through its focus on innovative financing tools. The move to introduce dedicated REITs for monetising CPSE assets and strengthen infrastructure-linked investment vehicles can help unlock private capital and improve market liquidity. This opens up more stable, yield-focused investment opportunities for both institutional and retail investors. At hBits, we see this as an important step toward making real estate and infrastructure investing more accessible and transparent. Clearer frameworks around REITs can also help attract long-term global capital while spreading risk more effectively. Over time, these measures can support deeper asset markets, drive sustainable growth, and contribute to job creation across the economy.

"The 2026 Budget clearly signals an intent to drive India's growth towards a more sustainable and future-ready economy. An important provision has been made for data centers and cloud service providers operating in India, which offers a long-term tax holiday. This strengthens India's goal of becoming a global center for cloud, AI, and data-led services and makes digital infrastructure a national priority. It is a significant step toward expanding the digital economy, drawing in international investment, and producing skilled jobs. The Budget signals a commitment to steady, sustainable, and broadly distributed growth. By prioritizing areas such as MSMEs, manufacturing, skills development, green energy, and digital systems, the intent is to foster innovation across the entire economy rather than confining it to a limited number of major sectors. Furthermore, the persistent focus on ESG principles underscores the belief that contemporary growth must be grounded in transparency, trust, and robust governance. For businesses, policy intent now needs to be matched with execution. Companies must strengthen their operating models, manage risks better, use technology responsibly, and also invest in cybersecurity and compliance. Companies that will combine growth with resilience and strong governance will be best equipped to compete on a global scale and make a significant contribution to establishing India's long-term economic leadership".

"Budget 2026 signals a smart shift from reaction to strategy. By rationalising personal import duties and sharpening trade positioning, India is showing it won't fight tariff wars emotionally, but competitively. The message is clear: protect domestic growth while staying open enough to win global supply chains"

"A growth-focused, simplification-heavy budget with strong welfare and infra underpinnings The 2026-27 Union Budget, delivered from Kartavya Bhavan under the guiding principles of the three Kartavyas, delivers a robust, reform-oriented roadmap for Viksit Bharat. It sustains high capex momentum (up to ?12.2 lakh crore), accelerates manufacturing in frontier sectors (e.g., ISM 2.0 with ?40,000 crore, BioPharma Shakti at ?10,000 crore), rejuvenates legacy clusters, champions MSMEs through equity funds and liquidity tweaks, and pushes infrastructure with high-speed rail corridors, waterways, and city economic regions. Specifically for general insurance industry, the compassionate exemption of TDS (and full tax) on Motor Accident Claims Tribunal interest awards stands out as a victim-friendly relief, ensuring faster, untaxed access to compensation for those in distress� a thoughtful step toward ease of living. A particularly positive move for investors and corporates is the revised taxation of share buybacks: proceeds are now taxed as capital gains for all shareholders, addressing past anomalies and aligning buybacks more equitably with other equity distributions. This promotes fairness for minority shareholders while curbing potential tax arbitrage�corporate promoters face an effective 22% rate, non-corporate at 30% via additional levies. Overall, it streamlines corporate capital allocation, reduces differential treatment, and could encourage more transparent shareholder returns without excessive complexity. On the flip side, the hike in Securities Transaction Tax (STT) on futures and options�futures to 0.05% (from 0.02%) and options premium/exercise to 0.15% (from 0.1%/0.125%)�is a negative for active traders and the derivatives ecosystem. It raises transaction costs, potentially curbing speculative volumes, impacting liquidity in F&O, and contributing to immediate market pressure (e.g., Sensex/Nifty drops post-announcement). While aimed at moderating excessive derivatives activity and boosting revenue, it could dampen retail participation in a bull phase and affect broking revenues short-term. Net-net, this is a growth-focused, simplification-heavy budget with strong welfare and infra underpinnings�balanced by prudent revenue measures. The buyback tweak is a clear win for equity market health, while the STT increase tempers enthusiasm in high-frequency trading circles. Execution and market adaptation will define its success in the coming year."

"This Budget sets a clear, outcome-oriented direction for Bharat by aligning technology, capital, and market access to strengthen farmers and MSMEs at scale. The launch of Bharat VISTAAR, integrating AgriStack with AI-enabled advisory, has the potential to support better farm-level decision-making, reduce risk, and improve productivity across diverse agro-ecologies. The announcement of the 10,000 crore MSME Growth Fund sends a strong signal of intent to back India's entrepreneurial backbone and create equity pathways for high-potential micro and small enterprises. Alongside measures to improve liquidity and access to formal finance, this can significantly enhance supply-chain capacity and accelerate value addition. The renewed focus on high-value crops such as coconut, cocoa, cashew, sandalwood, and horticulture opens up meaningful opportunities to diversify cropping patterns and strengthen farm incomes. When combined with aggregation, post-harvest support, and better price discovery, these measures can translate into measurable gains in rural livelihoods. We welcome the Budget's clarity of intent and look forward to partnering with industry, financial institutions, and government to convert policy direction into measurable outcomes for farmers, FPOs and small enterprises across the country."

"From a capital markets point of view, Budget 2026 is all about building on the confidence factor rather than focusing on short-term momentum. The glide path on fiscal deficit, the commitment to capital expenditure of ?12.2 lakh crores, and the overall focus on manufacturing-driven growth indicate stability in the overall macro framework of India. From a capital markets point of view, this provides a conducive environment for long-term capital formation and visibility. Overall, the focus on infrastructure, semiconductors, bio-pharma, and strategic manufacturing is a positive factor for the overall investment story of India and broadens the investment universe beyond a specific set of sectors. Although increased transaction costs in specific sectors of the capital markets may affect trading sentiment, overall continuity and fiscal prudence would be much more important factors for long-term investors. We expect the capital markets to increasingly reward quality, balance sheet, and businesses that are structurally aligned with India's growth themes."

"Budget 2026 is clearly growth oriented, with a strong push on infrastructure, ease of doing business and trade facilitation. Steps to simplify customs, support MSMEs and encourage manufacturing send a positive signal for investment and global competitiveness."

" The Budget's proposal to set up an Education to Employment and Enterprise committee signals a shift from access-led education to outcome-led education. By anchoring skills, services, and AI-driven job disruption within the same policy frame, the Budget recognises that education policy is economic policy. The real test will be how quickly intent translates into institutional and curriculum reform. "

" Budget 2026 marks a substantive shift in education policy from access and enrolment to employability and economic productivity. The proposed Education to Employment and Enterprise Standing Committee is a significant institutional signal that the government recognizes India's core challenge as a skills mismatch rather than a capacity deficit. This is reinforced by the explicit focus on services, exports, and the impact of AI on jobs, which is economically sound given that services contribute over half of India's GVA and nearly half of exports. The Budget also moves beyond abstractions by committing to concrete workforce outcomes, including adding 100,000 allied health professionals over five years and training 150,000 caregivers, sectors with high employment elasticity. However, the real test will be whether these reforms translate into binding curriculum changes, industry participation, and state-level execution. Without accountability mechanisms, even well-designed institutions risk remaining advisory rather than transformative. "

" Budget 2026 adopts a deliberately conservative tax stance that prioritizes predictability, compliance reform, and fiscal credibility over short-term stimulus. The decision to avoid changes in income tax slabs preserves revenue buoyancy at a time when net tax receipts are projected at about ?28.7 lakh crore, reinforcing confidence in the fiscal consolidation path. The more consequential reform lies in the operationalization of the simplified Income Tax Act from April 2026, which aims to reduce complexity, litigation, and compliance costs over time. However, the increase in securities transaction tax on derivatives introduces immediate friction in capital markets by raising trading costs and potentially reducing liquidity. While defensible from a revenue and stability perspective, this move partly explains market unease. Overall, the tax strategy strengthens macro discipline but falls short in addressing the near-term demand slowdown facing middle-income households. "

" Budget 2026 reinforces a disciplined, supply-side growth strategy that prioritizes investment quality over short-term acceleration. The continuation of public capital expenditure at ?12.2 lakh crore anchors the investment cycle, while the projected reduction in the fiscal deficit to 4.3 percent of GDP signals commitment to macro stability. This balance is particularly important in a global environment marked by high interest rates, a strong dollar, and volatile capital flows. The Budget consciously avoids broad consumption stimulus, implying that growth will remain investment-led and productivity-driven in the near term. This strengthens medium-term earnings durability and sovereign credibility, but limits immediate upside to demand-sensitive sectors. From a financial markets perspective, the strategy is sound but patience-testing. The growth model is robust, yet its payoff is incremental rather than dramatic. "

" The 2026 Budget signals India's shift from e-Governance to intelligent Governance - where productivity, service delivery and policy execution are powered by intelligence, not just systems. A sovereign, domain-trained AI platform in governance, education, agriculture and public services will become the enabler to for governments to operate at population scale. By explicitly calling "AI a force multiplier for better governance", the Budget elevates it to a strategic national priority. Continued support for the India AI Mission alongside other frontier missions signals long-term institutional commitment. This is about building Sovereign domain-trained AI capability in core areas like governance, education, critical infrastructure, public services, education and agriculture. "

The Union Budget 2026�27 is positive from a longer-term economic growth perspective, especially with its continued focus on fiscal discipline and structural reforms. However, there has been a fair amount of disappointment when compared to market expectations. The increase in STT rates on futures and options has particularly impacted short-term traders, who were hoping for some relief or stability on the taxation front. This has led to near-term nervousness and profit booking in the markets, which is reflected in the current negative sentiment. While the budget reinforces the government's commitment to sustainable growth, the absence of immediate catalysts for the equity markets and the added cost burden on derivatives trading have dampened short-term enthusiasm. The current market reaction appears more sentiment-driven, and as clarity improves, focus is likely to shift back to fundamentals and earnings growth.

The Union Budget 2026�27 lays out a clear roadmap to strengthen India's economic architecture and boost financial confidence among citizens. Measures that ease income-tax compliance and rationalise prosecution provisions will make tax filing more predictable and less intimidating for individuals and families. Simplified procedures, extended filing windows, and lower thresholds to contest tax demands will ease cash-flow pressures and encourage more people to participate in the formal financial system. Coupled with reforms that promote investment, transparency, and capital access, this budget sends a strong signal that personal financial empowerment and inclusive growth remain high on the national agenda.

The Union Budget 2026�27 sets a strong foundation for India's next phase of economic growth. Encouraging regulatory reforms around foreign investment and a clearer, more predictable tax framework will enhance India's attractiveness as a destination for global capital. Startups and early-stage companies will benefit from improved access to funding and a more supportive ecosystem. At the same time, income-tax reforms that simplify compliance and reduce punitive measures will build greater confidence among the common taxpayer and ordinary investor. Together, these initiatives signal a future in which India is not only a hub for innovation and capital formation but also a more inclusive and trustworthy marketplace for all stakeholders.

Mr. Apurva Agarwal, Founder, Universal Legal, Mumbai

Union Budget 2026 reflects a complex but deliberate shift in India's legal, tax, and regulatory landscape. While markets reacted sharply in the short term, particularly to the increase in the Securities Transaction Tax on derivatives, the larger intent of the budget appears to be structural reform rather than headline-driven relief. From a legal standpoint, the announcement of a new Income Tax Act effective April 2026, coupled with the rationalisation of prosecution provisions and simplified compliance processes, signals a move towards greater predictability and reduced litigation for taxpayers and businesses alike. Sector-specific measures across manufacturing, healthcare, electronics, and infrastructure indicate a strong policy push towards long-term capacity building, even as concerns remain around adequacy of capital expenditure and regional equity. For foreign and NRI investors, higher investment limits and proposed regulatory reforms provide renewed confidence in India's investment framework. While political responses to the budget have been mixed, the underlying legal reforms, particularly those aimed at decriminalisation, compliance simplification, and regulatory clarity, are likely to strengthen trust in the system over time and reduce friction between taxpayers, businesses, and enforcement authorities.

"We see the Union Budget 2026 as a positive and forward-looking step for India's MSMEs and the broader industrial and infrastructure ecosystem. The focus on providing growth capital, such as the Rs 10,000 crore SME Growth Fund, along with the Rs 2,000 crore top-up to the Self Reliant India Fund, directly addresses the structural challenges that often hold enterprises back, including access to timely capital and predictable cash flows. Measures aimed at easing liquidity, improving transparency, and supporting compliance provide businesses the confidence to scale responsibly, innovate, and create long-term employment opportunities. From our perspective, these steps reinforce the idea that the government is not just offering short-term relief, but building an ecosystem that enables sustainable enterprise growth. At the same time, the continued emphasis on infrastructure, with capital expenditure projected at Rs 12.2 lakh crore, coupled with initiatives like the Infrastructure Risk Guarantee Fund, sends a clear signal of long-term commitment to building a future-ready economy. These measures help strengthen investor confidence, encourage private participation, and create a more resilient industrial landscape. Overall, the Budget provides a credible framework for MSMEs and infrastructure players to plan boldly, expand operations, and contribute meaningfully to India's economic growth and job creation, while positioning the country as a competitive and self-reliant manufacturing hub."

The Union Budget maintains a measured, growth-oriented stance, prioritizing strategic manufacturing and infrastructure while accepting a slower glide path on fiscal consolidation. Importantly, several announcements align well with our current portfolio positioning. On manufacturing, budgetary support for biologics and biosimilars reinforces India's move up the pharmaceutical value chain and complements the Government's push on medical tourism. The emphasis on positioning India as a global healthcare destination is positive for organized healthcare providers, and we own leading hospital platforms in our portfolios that should benefit from higher international patient inflows and improving operating leverage. The 40,000 crore outlay for a full-stack semiconductor ecosystem signals strong long-term policy commitment. Alongside this, the Rare Earths Development Scheme, including State-led corridors and three dedicated chemical parks, is structurally positive for electronics, clean energy and defence-linked manufacturing. The creation of high-technology tool rooms for capital goods, coupled with continued infrastructure expansion through a new East-West Dedicated Freight Corridor, additional waterways and seven high-speed rail corridors, is supportive for engineering, capital goods and infrastructure companies. We remain overweight on these segments and see improved order visibility over the medium term. In financials, PFC and REC reforms aimed at restructuring and capital efficiency are constructive for the power financing ecosystem. In contrast, the increase in STT on futures and options is a clear negative for brokerages and exchanges; we remain underweight brokerages, a stance reinforced by this Budget. From a consumption and macro lens, the absence of an excise duty hike on petrol and diesel is supportive for inflation management and downstream fuel marketing economics. This is positive for our overweight positions in OMCs. Additionally, the scheme to boost coconut production supports raw material availability for FMCG players Overall, the Budget reinforces long-duration growth themes already embedded in our portfolios.

"The Union Budget sends a strong and reassuring signal to India's manufacturing sector, reaffirming the government's intent to position India as a globally competitive production and export hub. The continued emphasis on ease of doing business, coupled with policy stability, will go a long way in encouraging manufacturers to plan long-term capacity expansion and technology investments. Particularly encouraging are the measures aimed at simplifying customs procedures and rationalising duties, which will help reduce cost inefficiencies, improve turnaround times at ports, and enhance supply chain reliability. For export-oriented manufacturers, predictable trade policies and faster customs clearances are critical to competing in global markets, and these announcements address long-standing industry concerns. The focus on integrating Indian manufacturing more deeply into global value chains aligns well with the 'Make in India for the World' vision. As infrastructure and logistics efficiency improve alongside regulatory reforms, Indian manufacturers will be better positioned to scale exports, attract global customers, and strengthen India's standing as a trusted manufacturing partner worldwide."

"The Union Budget 2026 clearly recognises that India's healthcare priorities must now shift from reactive treatment to long-term preparedness, research and disease prevention. The ?10,000 crore commitment over five years towards establishing a national Biopharma Hub and strengthening non-communicable disease control is both timely and visionary, as India faces a sharp rise in cancer, diabetes and cardiovascular illnesses. The proposal to set up trauma centres in every district hospital is a landmark step that will significantly improve emergency response and reduce mortality due to accidents and critical conditions, especially in semi-urban and rural India. Equally encouraging is the creation of a nationwide network of 1,000 accredited clinical trial sites, which will help bridge the gap between scientific innovation and patient access to new therapies. Strengthening CDSCO and streamlining regulatory processes will further enhance India's credibility in global healthcare and pharmaceutical manufacturing. Combined with the government's focus on allied healthcare professionals and medical tourism, this Budget lays the foundation for a healthcare system that is not only technologically advanced but also inclusive and globally competitive. It positions India as a trusted destination for advanced treatment, research collaboration and affordable biologics, while ensuring that quality care reaches the last mile."

"Budget 2026 reflects a strategic vision that positions healthcare as a key driver of India's economic and social development. The focus on strengthening research, regulatory systems and infrastructure demonstrates the government's intent to move India up the global healthcare value chain. The expansion of accredited clinical trial networks and creation of scientific review mechanisms will significantly reduce approval timelines while ensuring patient safety and global compliance. This will accelerate innovation and improve access to advanced therapies for Indian patients. With India's economy projected to grow above 7 per cent, the healthcare industry is poised to emerge as a major employment generator and investment destination. Budget 2026 strengthens the entire healthcare innovation pipeline � from research and regulation to delivery and manpower. This holistic approach will build global confidence in India's healthcare ecosystem and reinforce the country's vision to become a trusted hub for high-quality, affordable and technologically advanced healthcare solutions."

"The Union Budget 2026 places strong emphasis on strengthening healthcare accessibility and preparedness in Tier 2 and Tier 3 cities, which is essential for achieving true universal health coverage. The decision to upgrade district hospitals with trauma and emergency care facilities will significantly enhance critical care access for millions of people outside metropolitan regions. India's growing burden of lifestyle diseases requires not just treatment but early intervention and structured healthcare networks at the regional level. By investing in district-level infrastructure and expanding clinical research networks, the government is ensuring that advanced care and innovation are no longer limited to select urban centres. The focus on allied healthcare professionals and skill development addresses one of the most pressing gaps in the system � trained manpower. From technicians and nurses to paramedics and rehabilitation experts, this workforce will be central to delivering quality outcomes. Budget 2026 builds a framework for a more balanced healthcare ecosystem that connects primary care, emergency services, research and skilled manpower. It signals a shift from fragmented growth to integrated healthcare planning, which will ultimately improve patient outcomes and strengthen trust in India's public and private healthcare systems alike."

"The decision to establish five new Medical Hubs across India and integrate AYUSH centres into these hubs through private-sector participation will provide a major boost to medical tourism and give fresh momentum to the 'Heal in India' initiative. This positions medical tourism as a defining pillar of India's healthcare strategy in Budget 2026, reinforcing the country's growing reputation as a global destination for advanced and affordable treatment. The government's emphasis on allied healthcare professionals, research infrastructure and regulatory strengthening will directly support India's ability to serve international patients with quality and consistency. India's healthcare success story now depends on building world-class systems that combine clinical excellence with strong emergency and support services. The proposal to establish trauma centres across district hospitals will strengthen the backbone of emergency care and enhance confidence in India's healthcare readiness. Equally important is the development of 1,000 accredited clinical trial sites, which will accelerate research, encourage innovation and ensure that Indian institutions contribute meaningfully to global medical science. Budget 2026 recognises that healthcare leadership today requires integration of infrastructure, innovation and international trust. By linking medical tourism, research and system-wide capacity building, the Budget creates long-term opportunities for hospitals to expand globally while continuing to serve domestic patients with excellence. It lays the foundation for India to emerge as a healthcare destination that is trusted not only for cost efficiency but for clinical quality and scientific credibility."

"The move to establish five new Medical Hubs across India and integrate AYUSH centres into these hubs through private-sector participation marks a strategic shift in how India positions its healthcare ecosystem globally. This initiative will significantly strengthen the 'Heal in India' mission while also expanding access to advanced and holistic care within the country, particularly across Tier 2 and Tier 3 cities. Budget 2026 clearly signals that healthcare is no longer viewed only as a social sector, but as a pillar of economic growth and global competitiveness. The emphasis on strengthening trauma care, expanding research capacity and building a skilled allied healthcare workforce reflects an understanding that trust in healthcare is built through systems, not just institutions. The expansion of accredited clinical trial networks and regulatory reforms will further reinforce India's standing in medical innovation and therapeutic development, enabling deeper collaboration with global research and life sciences partners. With India projected to grow at over 7 per cent, healthcare will play an increasingly important role in driving employment, investment and international engagement. At the same time, the creation of healthcare hubs beyond metropolitan centres will help decentralise quality care and reduce the burden on urban hospitals. Budget 2026 positions healthcare as a cornerstone of the Viksit Bharat vision � where infrastructure, innovation and credibility converge. It underlines that India's healthcare journey is now about leadership on the global stage, backed by strong policy direction and long-term institutional confidence."

The Indian REITs Association welcomes the Union Budget 2026-27 announcement on the creation of dedicated Real Estate Investment Trusts (REITs) for Central Public Sector Enterprises (CPSEs), which marks a significant and forward-looking shift in the Government's approach to public asset management. The proposal to monetise large, underutilised government-owned real estate through REIT structures is a strong signal of intent. It reflects a clear move from passive ownership to efficient, market-linked asset management, while unlocking long-term value from mature public assets and recycling capital into fresh infrastructure development. By positioning REITs as a key mechanism for asset monetisation, the Budget reinforces their growing role in India's infrastructure financing ecosystem. Dedicated CPSE REITs can accelerate capital recycling, improve balance-sheet efficiency for public enterprises, and expand access to high-quality, income-generating assets for a wider investor base through transparent and regulated instruments. The Budget's continued emphasis on infrastructure investment � with capital expenditure raised by 9% to ?12.2 lakh crore for FY27 � further strengthens the backdrop for REITs and InvITs. The sustained focus on urban centres, including cities with populations above five lakh, opens new opportunities for commercial, transport and public infrastructure assets across both established and emerging markets. Overall, the Union Budget 2026-27 underscores the Government's commitment to leveraging REITs and InvITs as strategic tools for infrastructure funding, capital market deepening, and sustainable economic growth.

The Union Budget 2026 reinforces India's position as one of the most compelling long-term investment destinations globally. The Government's sustained commitment to infrastructure-led economic growth with increase in capital expenditure to a record ?12.2 lakh crore, alongside the proposed Infrastructure Risk Guarantee Fund, meaningfully improves project viability, enhances risk-sharing, and will further mobilises long-duration institutional capital. The continued emphasis on highways, freight corridors, inland waterways, and coastal logistics, including the phased operationalisation of 20 inland waterways over the next five years, will enhance connectivity and productivity across the economy, supporting the next phase of industrial and urban expansion. At the same time, the Government's strong focus on energy sustainability, with a ?20,000 crore outlay for carbon capture initiatives and duty reductions on select solar equipment components, reinforces India's commitment to a scalable, lower-carbon growth pathway. Alongside this, the Budget's continued focus on manufacturing, innovation, and Make in India is expected to drive sustained growth in Global Capability Centres, supporting long-term demand for high-quality commercial office space in major and emerging cities. The recognition of data centres as critical infrastructure, combined with long-term tax incentives for cloud service providers, positions India as a structurally important market for digital infrastructure investment. The Budget's fcoused on expanding REITs and InvITs, including dedicated structures for CPSE asset recycling, is a decisive step towards unlocking value from mature assets, deepening capital markets, and broadening institutional-grade alternative investment opportunities in India. Overall, the Budget strengthens the investability of India's real asset ecosystem across infrastructure, energy, digital assets, and commercial real estate, creating durable opportunities for long-term capital aligned with the country's growth ambitions.

"The government appears to be walking a fine line between driving growth and maintaining macroeconomic stability, gradually tapering support while safeguarding capital expenditure. Markets have welcomed this measured approach. Key highlights include a fiscal deficit target of 4.3% for FY27, signalling a credible path of consolidation, and a medium-term debt to GDP target of 50% by 2031, with FY27 debt to GDP is expected at 55.6%. While gross borrowing at ?17.2 lakh crore slightly exceeded estimates, largely due to ?5.5 lakh crore in old debt repayments (redemptions), net borrowing at ?11.7 lakh crore keeps the trajectory stable. Market expects RBI liquidity support to keep bond yields in check. Overall, this budget balances growth-oriented spending with fiscal prudence, reflecting a strategy likely to sustain investor confidence and market stability."

"Union Budget 2026 delivers a transformative vision for India's digital future. The tax holiday until 2047 for cloud providers leveraging Indian data centers is bold policy-making that positions us as a global hub while advancing our $3 trillion digital economy ambition. What's truly significant is recognizing digital infrastructure as the great enabler. Robust telecom networks and data centers don't serve one sector�they power fintech innovations, telemedicine reaching villages, smart manufacturing, AI research, and digital governance. When we strengthen this foundation, we catalyze growth across every economic horizon. The Rs 10,000 crore SME Growth Fund and Rs 2,000 crore top-up for the Self-Reliant India Fund are the game-changers. Digital infrastructure deployment relies heavily on SMEs and micro enterprises�from tower installation to network maintenance, from fiber laying to equipment manufacturing. These funds will help scale high-potential firms while keeping smaller players viable, creating a resilient supply chain. The sustainability measures�exempting customs duty on battery storage and solar glass�demonstrate foresight and powering EV. We're building infrastructure that serves both Viksit Bharat 2047 and Net Zero 2070 commitments. Green data centers and energy-efficient networks define our future. The mandatory Indian reseller framework ensures technology transfer and capability building. This Budget validates that strengthening our digital backbone enables India's transformation into a digitally empowered, economically vibrant, and environmentally responsible nation."

Budget 2026 is a big positive signal for the future growth story of India. The emphasis on public capital expenditure, from ?2 lakh crore in 2014-15 to a target of ?12.2 lakh crore in FY 2026-27, is a clear indication of the government�s commitment to keeping infrastructure development at the forefront of economic planning. The introduction of the Infrastructure Risk Guarantee Fund is a very encouraging move, as it has been a long-standing issue related to risk in the development and construction stages. Equally important is the emphasis on monetizing assets through specific REITs for CPSE real estate, which will facilitate better recycling of capital. The specific attention given to Tier-2 and Tier-3 cities, temple towns, and City Economic Regions reflects a well-balanced approach to urban development, which will generate new engines of economic activity in non-metro cities. In gist, Budget 2026 provides a practical and future-proof foundation for sustainable infrastructure development, urbanization, and PPP.

One of the most significant measures welcomed by the travel industry is the reduction in Tax Collected at Source (TCS) on overseas tour packages to a flat 2%, easing the upfront financial burden on travellers and encouraging outbound travel. This move is expected to improve booking sentiment and enhance affordability for Indian travellers planning international trips. The budget also places strong emphasis on connectivity and infrastructure, announcing new air routes, seven high-speed rail corridors, expanded inland waterways, and incentives for seaplane operations to improve access to remote and scenic destinations. These initiatives are expected to strengthen both domestic and inbound tourism by reducing travel time and improving last-mile connectivity.

The Union Budget 2026 presents a forward-looking and comprehensive vision for strengthening India�s tourism and travel ecosystem. With tourism contributing nearly 5-6% to India�s GDP and supporting over 40 million jobs, the Budget�s focus on heritage and medical tourism, the proposed National Institute of Hospitality, structured guide upskilling in collaboration with IIMs, promotion of trekking and experiential travel, and sustainability reflects a strong push toward quality-led, experience-driven growth.

The emphasis on medical tourism is particularly encouraging, as India already attracts millions of international patients annually, supported by cost-effective care and growing global trust in its healthcare ecosystem. When combined with investments in AI and emerging technologies, improved high-speed rail connectivity, and sustainable travel infrastructure, these measures create a strong foundation for digital innovation, regional job creation, and inclusive growth. This budget is an opportunity to work closely with government, industry, and local communities to make travel more seamless, data-driven, and sustainable while unlocking new demand across both domestic and inbound travel markets.

"The Union Budget reflects continuity with purpose. It clearly recognises that India�s growth will be powered not only by large enterprises but by the strength of MSMEs, Tier II and Tier III city businesses, and the ecosystems that support them. The rise in public capital expenditure, targeted MSME financing, high-precision toolrooms and revival of legacy industrial clusters together indicate that competitiveness is being built structurally. Measures such as the SME Growth Fund, TReDS-linked liquidity and affordable compliance support will help emerging enterprises scale with greater confidence and discipline. Competitiveness today goes beyond cost; it is about quality, delivery reliability and sustainability. Focus on container manufacturing, logistics efficiency and carbon capture aligns India with global supply-chain expectations. Coming from a Tier II city myself, the emphasis on transforming regional potential into performance through skills and governance support is deeply relevant. The budget supports indigenisation, employment and global competitiveness, while leaving room for deeper sector-specific incentives in healthcare, rail and advanced manufacturing."

The Union Budget 2026 reinforces the significance of housing and urban development as a crucial agenda of India�s growth strategy. With sustained emphasis on infrastructure outlays and a stable financial structure, the overall framework for residential demand remains conducive. Clarity and predictability in taxation and interest rates can further enhance the confidence of homebuyers, especially first-time and end-use homebuyers. Policies that promote long-term homeownership and ensure transparency will go a long way in maintaining the momentum in the housing market.

No Big Surprises, But Steady Signals for Wealth Creation. "The Budget is less about instant gratification and more about reinforcing long-term discipline. While there were no headline tax giveaways for investors, the continued focus on fiscal consolidation, capital expenditure, infrastructure growth, and economic stability creates a supportive backdrop for sustainable wealth creation. Markets often respond better to predictability than populism, and this Budget reinforces that intent. For investors, the message is clear: returns will be driven by asset allocation, earnings growth, and time in the market rather than tax arbitrage. In the absence of disruptive policy changes, portfolios should stay focused on quality assets across equities, fixed income and alternatives, aligned to individual risk profiles and long-term goals. In that sense, the Budget may not excite in the short term, but it strengthens the foundations for compounding over time."

"Small policy moves for the bond market really with the market-making framework will enhance liquidity in the secondary market and introduction of bond indices will bring in more transparency for pricing and hedging credit risk. Big boost for municipal bond issuance with incentive for issuance raised to INR 100cr. Streamlining the process of 15G/15H TDS exemption forms by individuals will make things easier for retail bond investors. Although fiscal prudence is demonstrated with 4.4% fiscal deficit achieved for FY26 and 4.3% projection for FY27, the larger than expected gross borrowing plan of INR 17.2 lac crores may have the market worried in spite of net borrowing number of INR 11.7 lac crores being in line. All eyes now on RBI policy later in the week to address bond market concerns."

"India's tourism and hospitality sector needs institution building and not just incentives. The proposed National Institute of Hospitality can play a defining role in creating future ready professionals who understand destination led hospitality, regional cultures, and experiential dining. For tourism and hospitality markets like Goa, which attract a strong international tourist audience, what we offer directly shapes India's global tourism image and contributes to the economy. In such markets, success depends on authenticity, skill, and local relevance rather than replication. A structured bridge between academia, industry, and government will help raise standards, encourage innovation, and ensure that tourism growth is sustainable, meaningful, and globally competitive."

"The proposed National Institute of Hospitality addresses a long standing gap between classroom learning and the realities of running hospitality businesses. For cities like Pune and Mumbai, which are growing as food culture and lifestyle hubs, this initiative can create professionals who are operationally strong, creatively confident, and business aware. By acting as a bridge between academia, industry, and government, the institute has the potential to professionalise the sector, strengthen service standards, and support the next phase of sustainable growth in India's hospitality ecosystem."

The government's push to develop rare earth corridors across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu marks a strategic move to secure India's critical mineral supply chain and reduce reliance on China, particularly for rare earth magnets used in electronics, EVs, and defence applications. The focus on integrated exploration, mining, refining, and downstream manufacturing enhances domestic value addition and supports India's high-tech manufacturing ambitions. This is structurally positive for players like Gujarat Mineral Development Corporation, which operates across the rare earth value chain from ore beneficiation to magnet manufacturing. Additionally, NLC India Limited's collaboration with IREL (India) Limited strengthens execution capability in rare earth mining and processing, positioning these firms as long-term beneficiaries of this policy thrust.

The increased 40,000 crore outlay for the semiconductor mission, coupled with industry-led research and training centres, significantly strengthens India's ambition to build a self-reliant chip ecosystem while reducing structural dependence on China for critical semiconductor supplies. The enhanced fiscal support improves project viability, lowers entry costs, and boosts global competitiveness for domestic manufacturers, while accelerating innovation in chip design and advanced manufacturing. This creates a favourable environment for companies such as Kaynes Technology India Limited, CG Power and Industrial Solutions Limited, and Tata Electronics Private Limited as they scale fabrication and advanced electronics capabilities. Additionally, EMS players looking to backward integrate into semiconductors stand to benefit through higher value capture and long-term earnings visibility

The capex target for FY26 has been set at Rs 12.2 lakh crore. This is a significant jump over 11.1 lakh crore set for FY25. This translates to a jump of 9.9% over FY25. This is a positive for infrastructure development which remains of the key focus areas of the government.

The proposal announced by Finance Minister Nirmala Sitharaman to develop seven high-speed rail corridors, including key economic routes such as Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru and Bengaluru-Chennai, represents a structural push toward decongested, high-capacity rail infrastructure. Dedicated high-speed corridors are likely to accelerate project execution, improve asset utilisation, and unlock large EPC order inflows across track laying, electrification, signalling and station development. This is materially positive for railway infrastructure players such as Rail Vikas Nigam Limited and IRCON International Limited, while electrification and civil contractors like KEC International Limited, NCC Limited and Ashoka Buildcon Limited should see sustained order momentum. Financing support from Indian Railway Finance Corporation further strengthens funding visibility for long-term rail expansion.

The capex target for FY26 has been set at Rs 12.2 lakh crore. This is a significant jump over 11.1 lakh crore set for FY25. This translates to a jump of 9.9% over FY25. This is a positive for infrastructure development which remains of the key focus areas of the government.

The proposal announced by Finance Minister Nirmala Sitharaman to develop seven high-speed rail corridors, including key economic routes such as Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru and Bengaluru-Chennai, represents a structural push toward decongested, high-capacity rail infrastructure. Dedicated high-speed corridors are likely to accelerate project execution, improve asset utilisation, and unlock large EPC order inflows across track laying, electrification, signalling and station development. This is materially positive for railway infrastructure players such as Rail Vikas Nigam Limited and IRCON International Limited, while electrification and civil contractors like KEC International Limited, NCC Limited and Ashoka Buildcon Limited should see sustained order momentum. Financing support from Indian Railway Finance Corporation further strengthens funding visibility for long-term rail expansion.

The enhanced 40,000 crore allocation under the ECMS 2.0 scheme significantly strengthens the cost competitiveness of Indian electronics manufacturing services (EMS) players, particularly in export markets, while simultaneously improving the availability of high-quality electronics domestically. The broader coverage of component-level projects and higher financial assistance lowers capital intensity, supports localisation of supply chains, and improves operating margins across the sector. This creates a strong structural tailwind for leading EMS and component manufacturers such as Avalon Technologies Limited, Kaynes Technology India Limited, Syrma SGS Technology Limited, Amber Enterprises India Limited, Dixon Technologies (India) Limited and Cyient Limited, enabling higher value addition, scale-led profitability and long-term earnings visibility.

The government's push to promote tourism through the development of mountain train networks is set to unlock significant economic activity across hilly destinations, particularly in regions such as Jammu and Kashmir. Beyond tourism-led consumption, the initiative is structurally positive for the railway manufacturing and capital goods ecosystem, as specialised rolling stock, high-gradient locomotives and enhanced safety systems will be required. Wagon and coach manufacturers such as Titagarh Rail Systems Limited, Jupiter Wagons Limited, Bharat Heavy Electricals Limited and Texmaco Rail & Engineering Limited should benefit from niche orders, while high-powered locomotive and propulsion demand creates opportunities for Cummins India Limited and ABB India Limited, supporting sustained infrastructure-led earnings growth.

The 10,000 crore allocation for container manufacturing reflects the government's strategic focus on strengthening India's railway-led logistics ecosystem by improving cargo mobility, lowering freight costs, and enhancing supply chain efficiency. Higher availability of modern containers will accelerate modal shift from road to rail, enabling faster turnaround times and more economical bulk transportation for industries such as manufacturing, agriculture, and exports. This is structurally positive for rail-linked logistics and equipment players, particularly Texmaco Rail & Engineering Limited, which is well positioned in rail infrastructure and fabrication, and Container Corporation of India Limited, the country's dominant container freight operator. Over time, improved rail freight economics should drive higher volumes, stronger revenue visibility for logistics providers, and incremental monetisation opportunities for the broader railway network.

The Finance Minister's proposal to restructure PFC and REC underscores a strategic pivot in strengthening India's financial institutions backing the power sector. This move aims to address legacy balance-sheet stress, improve capital allocation efficiencies, and elevate the credit profile of these key NBFC lenders. From a sectoral perspective, a well-executed restructuring can unlock capital for fresh lending into transmission, distribution, and renewable projects while reducing systemic risk.

The government's focus on high-lift systems for multi-storey infrastructure, tunnel boring equipment for metro projects, and specialised machinery for high-altitude road highlights a clear intent to accelerate complex urban and strategic infrastructure development across India. This scheme would directly benefit capital goods companies such as Action Construction Equipment , Elecon Engineering , Crown Lifters which are in the business of supplying such tunnel boring equipments and such specialized machinery. This scheme reflects government aims to eventually strneghten the metro networks in India and increase connectivity to high altitude regions in India. This may result into faster and higher tendering of metro projects and complexed bridge projects . This may benefit EPC companies such as Ceigall , Afcons Infrastructure, NCC , KEC international , GR Infraprojects and H.G Infra companies which have high expertise in metro and high complex projects.