Finance Minister Nirmala Sitharaman’s Union Budget 2026–27 has drawn a largely positive response from Corporate India, with industry leaders highlighting its focus on manufacturing-led growth, MSME financing, infrastructure expansion, clean energy, agriculture resilience and skill development. Anchored in the government’s Viksit Bharat vision, the Budget combines record public capital expenditure, policy continuity and targeted reforms aimed at strengthening competitiveness, boosting employment and improving long-term economic resilience. As markets digest the announcements, companies across banking, industry, real estate, energy, agriculture and insurance see the Budget as a confidence-building roadmap amid global uncertainty.
Industry Reactions
“The Budget strengthens the growth outlook for MSME banking by expanding credit guarantee coverage and accelerating digital receivables financing through TReDS. By easing collateral constraints and improving cash flows, these measures enable banks to scale MSME lending more sustainably, deepen engagement with formalising enterprises, and support resilient credit growth as MSMEs drive India’s next phase of economic expansion.” - Mr. Prashanth T.S., President & Head – Mid-Corporates & Medium Enterprises Group, Axis Bank
“The Union Budget is growth-oriented, with a strong push for public capital expenditure and manufacturing, while creating meaningful opportunities for youth, women, and employment-intensive sectors such as medical tourism. The focus on critical minerals and the proposed Rare Earths Corridors across key states, along with timely import duty exemptions and greater flexibility in SEZs, will strengthen mineral security, boost jobs, and support India’s economic momentum amid global uncertainty.”- Anil Agarwal, Chairman, Vedanta Ltd
“The Union Budget 2026–27 is a forward-looking and reassuring roadmap that strengthens economic resilience amid global uncertainty. Its strong focus on MSMEs, infrastructure, healthcare, urban development, and new-age sectors will deepen formalisation, expand the base of insurable assets, and boost trust in insurance mechanisms, particularly in motor and health segments. The emphasis on infrastructure, Tier-2 and Tier-3 city growth, and climate-aligned initiatives creates significant opportunities for insurance-led risk management, supporting sustainable and inclusive growth.” - Rakesh Jain, CEO, IndusInd General Insurance
“The Budget balances productivity, resilience, and affordability to meet the evolving needs of Indian agriculture, with a strong focus on district-level outcomes, better seeds, diversified cropping, and digital advisory platforms. Substantial support for domestically produced fertilisers, along with rationalisation of customs duties and correction of inverted GST structures, strengthens supply security, improves cost efficiency, and ensures affordable access for farmers while building a more resilient fertiliser ecosystem.” - Mr. S. Sankarasubramanian, Chairman, The Fertiliser Association of India, and MD & CEO, Coromandel International
“The Budget steers agriculture towards more local, scientific, and accountable decision-making through stronger seed systems, support for pulses and diversified crops, district-level programmes, and multilingual digital advisories. Continued and substantial fertiliser allocations signal a clear preference for domestic capability and supply stability, while support for bio-inputs and proposed customs duty and GST corrections can improve efficiency, affordability, and resilience across the fertiliser supply chain if executed effectively.” - Dr. Suresh Kumar Chaudhari, Director General, The Fertiliser Association of India
“We particularly welcome the MAT credit set-off being allowed up to 25% of the tax liability under the new tax regime. This move improves cash flows and makes the new tax regime smoother for companies with accumulated credits, freeing up capital for reinvestment into growth and consumption-led categories”- Sudhir Sitapati, Managing Director and CEO, Godrej Consumer Products Limited (GCPL)
“The Union Budget 2026 reinforces infrastructure-led growth with record capital expenditure and a sustained push on urban development, connectivity, and city-led expansion. Initiatives such as the Infrastructure Risk Guarantee Fund, transport corridor expansion, and support for city economic regions are expected to aid medium-term real estate demand, while the government’s commitment to fiscal discipline strengthens confidence and provides a stable foundation for long-term economic growth.” - Mr. Gaurav Pandey, Co-Chairman, FICCI Committee on Urban Development and Real Estate, and MD & CEO, Godrej Properties
“Budget 2026 delivers a strong boost to India’s clean-energy manufacturing ecosystem by providing long-term demand visibility through record capital expenditure and higher allocations for the PM Surya Ghar Muft Bijli Yojana. Continued customs duty support for battery storage and key solar inputs, along with rationalisation of exemptions and duty inversions, strengthens cost competitiveness, energy security, and export readiness, reinforcing India’s position as a globally competitive clean-energy manufacturing hub.” - Mr. Prashant Mathur, CEO, Saatvik Green Energy
“The Union Budget 2026–27 presents a confident, youth-driven roadmap for Viksit Bharat, balancing ambition with inclusion and reform with responsibility. With a strong push to manufacturing, MSMEs, services, and future technologies like AI, alongside a 62% increase in allocations for skill development, the Budget places human capital at the centre of economic transformation, empowering youth, entrepreneurs, women, and farmers to drive India’s next phase of inclusive and sustainable growth.” - Shri Jayant Chaudhary, Minister of State (IC) for Skill Development & Entrepreneurship and Minister of State for Education
“The Union Budget 2026–27 reinforces policy continuity and intent for manufacturing-led growth under the vision of Viksit Bharat. With a strong focus on building technological depth through initiatives such as India Semiconductor Mission 2.0, reducing critical import dependencies, and supporting sustainable mobility, alongside robust public capital expenditure and logistics expansion, the Budget strengthens confidence and momentum for resilient and competitive industrial growth.” - Mr. Stéphane Deblaise, CEO, Renault Group India
“The Union Budget 2026–27 strengthens the role of traditional wellness systems within India’s healthcare framework by focusing on skill development, healthcare training, and quality upgradation of AYUSH pharmacies and testing facilities. These measures enhance safety, credibility, and global competitiveness of Ayurveda, building consumer trust and supporting its wider adoption in preventive and wellness-led healthcare, both in India and international markets.” - Ajay Sharma, Director, Shree Baidyanath Ayurved Bhawan Pvt Ltd
"The budget is mature and detail-oriented, maintaining continuity with minimal changes to tax rates. It is fiscally prudent, keeping the deficit at 4.3% despite global headwinds, while introducing incremental measures across sectors like textiles, animal husbandry, and tourism. The proposed high-level committee to review the banking system could accelerate industry consolidation, and the framework to boost corporate bond liquidity is likely to strengthen debt markets," - Mr. Chandan Churiwal, CEO and Whole-Time Director of Assets Care & Reconstruction Enterprise Ltd (ACRE).
"The Union Budget 2026 sets a clear, growth-oriented vision with a strong focus on manufacturing, infrastructure, and job creation. Continued reforms, including GST simplification and labour reforms, will ease operations for organized manufacturers, while rising public capex and infrastructure focus are expected to boost housing and interior solutions demand in tier II and III cities. Strengthening MSMEs and traditional industrial clusters, along with fiscal discipline, provides long-term stability, giving Greenply Industries the confidence to invest in capacity expansion, sustainable manufacturing, and skill development," - Mr. Manoj Tulsian, CEO and Joint Managing Director of Greenply Industries Ltd.
"The Union Budget’s focus on productivity-led growth in agriculture, fisheries, and animal husbandry is a positive step for India’s food and protein ecosystem. Support for Fish FPOs, women-led groups, veterinary infrastructure, and AI-driven AgriStack initiatives will improve supply consistency, traceability, and income stability. These measures align with TenderCuts’ goal of building a modern, sustainable, and inclusive meat and seafood supply chain," - Mr. Sasikumar Kallanai, Co-founder & CEO of TenderCuts.
"The 2026–27 Budget highlights the importance of strengthening grassroots incomes through support for farmers, weavers, and small enterprises, recognizing that stable rural incomes and access to formal finance drive growth. Initiatives like Bharat Vistaar AI, AgriStack, and investments in rural infrastructure and high-value agriculture can boost productivity and livelihoods. Measures such as the ₹10,000 crore SME Growth Fund, expanded TReDS, and higher RIDF allocations signal a commitment to enhancing rural credit delivery, enabling institutions like Dvara KGFS to continue offering responsible, last-mile financial solutions," - Murty LVLN, CEO of Dvara KGFS.
"The Union Budget 2026–27 lays out a strong roadmap for a sustainable, technologically advanced future. We welcome support for the EV ecosystem, including customs duty exemptions for Lithium-Ion cell manufacturing and Rare Earth Corridors to boost domestic production. Initiatives like 4,000 e-buses, biogas exemptions, and the India Semiconductor Mission 2.0 will strengthen green mobility and supply chains, while the ₹10,000 crore SME Growth Fund, TReDS mandate, and MACT tax relief support dealers and consumers alike," - Mr. C.S. Vigneshwar, President of FADA.
"The Union Budget 2026–27, with capital expenditure of ₹12.2 lakh crore, reinforces infrastructure-led growth across roads, railways, ports, power, and logistics, boosting demand for steel and coal. Initiatives like dedicated freight corridors, inland waterways, digital platforms, and AI-enabled systems will improve efficiency, transparency, and trade. The Finance Bill’s change to IGST rules now qualifies our B2B e-auction services as exports, providing structural relief and enhancing global competitiveness," - Mr. Vinaya Varma, Managing Director of mjunction services limited.
"The Union Budget rightly prioritizes India’s energy security and the growing role of renewables. Customs duty relief for solar glass and exemptions for Lithium-Ion cell manufacturing and battery storage systems will reduce costs, boost domestic production, and enhance solar power reliability. These measures strengthen renewable energy’s role in sustainable development and reducing dependence on imported fossil fuels," - Mr. Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group.
"The Union Budget 2026 continues India’s long-term development vision, strengthening cooperatives, MSMEs, and rural women-led enterprises while boosting global competitiveness. Measures like cooperative tax incentives, the SME Growth Fund, Corporate Mitras, and SHE-Marts will improve capital flow, formalisation, and financial inclusion. Initiatives such as the Banking for Viksit Bharat committee and tax benefits for digital infrastructure will make the banking system future-ready and position India as a hub for high-skilled jobs and investment," - Shri Prabhat Chaturvedi, CEO of NUCFDC.
"The Union Budget 2026 reinforces India’s commitment to a sustainable, future-ready mobility ecosystem, with 4,000 electric buses and investments in high-speed rail and dedicated freight corridors strengthening clean and efficient transport. Rising public capital expenditure and risk-mitigated financing will boost EV and infrastructure deployment, while initiatives for inclusivity support independent mobility for Divyangjan. For EKA Mobility, these measures provide a strong foundation to expand EV offerings, integrate mass transit, and promote low-carbon transport across cities, industrial corridors, and tourism hubs," - Dr. Sudhir Mehta, Founder and Chairman of EKA Mobility.
"The Union Budget 2026–27 reinforces economic confidence by targeting 7% growth while reducing the fiscal deficit to 4.4%, providing reassurance to households and businesses. Measures like TDS rationalisation and lower TCS on education abroad will boost disposable incomes, while continued support for MSMEs and credit availability is expected to benefit jewellers in tier-2, tier-3, and rural markets," - Mr. Paul Alukkas, Managing Director of Jos Alukkas.
"We welcome the government’s focus on boosting local manufacturing and promoting green mobility through incentives for EV components. Increased disposable income and enhanced credit support for MSMEs and startups will strengthen consumer purchasing power and drive the shift toward sustainable mobility, laying a strong foundation for growth and economic resilience," - Mr. Nemin Vora, CEO of Odysse Electric.
"The Union Budget 2026 marks a significant shift in India’s approach to mental health and neuroscience, including a second NIMHANS in North India. By expanding research, education, and clinical services, and focusing on building a skilled caregiving workforce, the Budget supports lifelong, specialised care for individuals on the spectrum, addressing the critical shortage of trained autism-specific caregivers," - Mr. Jaishankar Natarajan, CEO and Director of India Autism Center.
"Artificial Intelligence is not just an efficiency tool but a powerful driver for governance, productivity, and inclusive growth. The government’s support through initiatives like IndiaAI Mission, research funds, and the National Quantum Mission will strengthen a homegrown AI ecosystem, while measures like the Education to Employment and Enterprise Committee will help reskill the workforce. Practical applications such as Bharat-VISTAAR for farmers and assistive AI for Divyangjan demonstrate how technology can empower citizens and transform services," - Vijisha Sahoo, Advisor – Tech & Innovation, SAI International Education Group.
"The Union Budget 2026–27 sends a strong signal that research and innovation are central to India’s growth. Support for the Anusandhan National Research Fund, industry-academia collaboration, medical and AYUSH research, and investments in scientific infrastructure will drive scalable solutions, technological autonomy, and economic outcomes. Allocations for carbon capture and assistive technology R&D highlight the focus on sustainability and inclusive innovation, strengthening research-led education and positioning India as a global leader in science and healthcare," - Vikram Aditya Sahoo, Director – Research and Innovation, SAI International Education Group.
"The Union Budget 2026 emphasizes outcome-driven, future-ready education by linking learning with employment through the new High-Powered Education to Employment and Enterprise Committee. Initiatives like University Townships, girls’ hostels for STEM, expansion of allied health professionals, and AVGC labs aim to align skills, research, and industry needs while promoting inclusivity and creativity. Measures such as simplified TCS on education and medical expenses abroad further support accessible learning," - Vishal Aditya Sahoo, Director – New Age Learning, SAI International Education Group.
"The Union Budget 2026–27 sets a clear path for India to become a global technology leader, with initiatives like the India Semiconductor Mission 2.0, ₹40,000 crore for electronics manufacturing, and Rare Earth Corridors strengthening domestic supply chains. The focus on skilling and the ₹10,000 crore MSME Growth Fund will boost innovation, competitiveness, and employment in the electrical sector, supporting the vision of an ‘Aatmanirbhar’ and ‘Viksit Bharat’ by 2047," - Mr. Meenu Singhal, Regional Managing Director of Socomec Innovative Power Solutions.
"The Union Budget 2026, with the ₹10,000 crore BioPharma Shakti initiative, strengthens India’s position as a global vaccine and biologics hub. Investments in advanced manufacturing, high-containment facilities, and indigenous raw materials will enhance supply chain resilience, helping India transition from a volume-driven supplier to an innovation-led biopharma leader and a trusted global source for affordable vaccines and health security," - Dr. K. Anand Kumar, MD of Indian Immunologicals Ltd.
"The Union Budget 2026 emphasizes emerging technologies, particularly AI, and shifts from degree-centric to skill-centric education to boost employability. The proposed Education to Employment committee, expansion of higher education, and focus on future-ready skills will create vibrant learning ecosystems, empower youth, and build a globally competitive workforce," - Rahul Attuluri, CEO and Co-Founder of NxtWave Disruptive Technologies.
"The Union Budget 2026 reinforces that India’s growth will be driven by human capital, deep tech, and employability. With AI-focused investments, support for women in STEM, and strengthened digital infrastructure, the Budget shifts education from access to outcomes, enabling edtech and skilling companies to build job-ready talent through industry-aligned curricula and hands-on learning," - Mr. Karun Tadepalli, Co-Founder & CEO of byteXL Pvt Ltd.
"The Budget’s emphasis on the AVGC sector and content creation in schools and colleges is a game-changer for India’s creative economy. Labs for animation, VFX, gaming, and comics will nurture talent, support regional creators, and strengthen India’s position as a global hub for digital content," - Rajiv Chilaka, Founder & CEO of Green Gold Animation.
"The ₹10,000 crore SME Growth Fund and ₹2,000 crore top-up to the Self-Reliant India Fund demonstrate the government’s push to strengthen MSMEs beyond metros. Measures like TReDS reforms, credit support, and ‘Corporate Mitras’ will ease compliance, improve working capital access, and help manufacturers in Tier-II and Tier-III towns scale sustainably," - Dr. Irfan Khan, Chairman of EBG Group.
"Home Credit India welcomes Budget 2026’s focus on strengthening access to risk capital for small businesses and micro-enterprises. Initiatives like the ₹10,000 crore SME Growth Fund, ₹2,000 crore micro-enterprise top-up, and support for NBFCs will stabilize consumer spending and boost job creation in tier-2 and tier-3 cities. Combined with infrastructure investment, skilling programs, and MSME compliance support, these measures are expected to promote sustained, need-based consumption," - Vivek Singh, CEO of Home Credit India.
"The Union Budget 2026 is set to accelerate growth in India’s construction and building materials sector. Increased public capital expenditure, development of Tier-II and III cities, and the Scheme for Enhancement of Construction and Infrastructure Equipment will boost demand for quality, compliant materials and modern construction practices. While implementation will be key, we are optimistic about sustained industry growth," - Mr. Ashok Kumar Bhaiya, Chairman & MD of Aludecor Lamination Pvt. Ltd.
"Union Budget 2026 provides a strong framework to boost India’s manufacturing and export competitiveness, with capital expenditure of ₹12.2 lakh crore and fiscal stability at 4.3% of GDP. Measures supporting capacity building, technology modernisation, and trade facilitation give manufacturers, including engineering exporters like Skipper, the confidence to invest long-term and compete globally," - Mr. Devesh Bansal, Director of Skipper Limited.
"The Union Budget 2026’s focus on capital-led growth and long-term infrastructure development, with capital expenditure raised to ₹12.2 trillion and a fiscal deficit target of 4.3% of GDP, provides stability and visibility for infrastructure developers. Emphasis on productive spending, accountability, and energy transition supports grid modernisation, aligning with Skipper’s capacity to supply power equipment and advanced engineering solutions," - Mr. Sharan Bansal, Director of Skipper Limited.
“The Union Budget 2026-27 maintains policy continuity, tax predictability while attempting a fine balancing act between rural and urban, legacy and sunrise sectors. Structurally the budget has continued its focus on emerging sectors with notable scaling up in manufacturing, coupled with focus on semiconductors, data centre, AI and infrastructure. The announcement on setting up a dedicated SME Growth fund and mandate on TREDS backed by Credit Guarantee Support, will definitely act as a key driver for the MSME sector. Major initiatives in Pharma, tourism, skilling and sports will further facilitate development and employment generation. Financing aspect of Viksit Bharat has been elaborately addressed with measures such as Committee on Banking, Infrastructure Risk Guarantee Fund, recycling of CPSE real estate assets and extension of tax holiday for GIFT City." - Mr. Challa Sreenivasulu Setty, Chairman, SBI & Chairman, IBA
"The Finance Minister’s focus on the AVGC sector and content creation in schools and colleges is a transformative step for India’s creative economy. Establishing labs for animation, VFX, gaming, and comics will build a strong talent pipeline, support regional creators, and accelerate original IP creation, positioning India as a global hub for digital content, gaming, and animation," - Rajiv Chilaka, Founder & CEO of Green Gold Animation.
"The Union Budget 2026–27 strengthens support for the housing sector with the ₹15,000-crore SWAMIH Fund to complete stalled projects, easing developer liquidity and boosting homebuyer confidence. Measures to raise disposable incomes, urban development initiatives, and simplified NRI property taxation are expected to support housing demand and encourage greater NRI participation," - Mr. Navin Kumar, Managing Director of Navin’s.
"Budget 2026’s exemption of tax and TDS on Motor Accident Claims Tribunal awards ensures victims receive full compensation, while the focus on infrastructure and MSME growth highlights insurance’s role in protecting assets and livelihoods. These measures reinforce insurance as a key pillar of financial security and inclusive growth, especially in tier-2 and tier-3 markets," - Ms. Shanai Ghosh, MD and CEO of Zuno General Insurance.
"Budget 2026 demonstrates a strong commitment to inclusive growth, focusing on empowering youth and improving access to healthcare and education. Initiatives to upgrade allied health institutions, train caregivers, establish regional medical hubs, and strengthen AYUSH, along with reduced TCS on overseas education, aim to position India as a global hub for medical education and value tourism," - Mr. Kadwin Pillai, MD of Transworld Educare.
“The Union Budget 2026–27 signals that electric mobility and sustainable transport are central to India’s growth. The deployment of 4,000 electric buses in the North-East, along with investments in national waterways, freight corridors, and high-speed rail, will improve connectivity, reduce emissions, and boost tourism. Measures like the Infrastructure Risk Guarantee Fund provide crucial support for scaling EV fleets and charging networks. For GreenCell Mobility, these initiatives create a conducive environment to expand electric bus operations and smart mobility solutions, reinforcing a long-term vision for low-carbon, inclusive, and future-ready transportation.” - Mr. Devndra Chawla, MD & CEO, GreenCell Mobility.
"The Union Budget reinforces agriculture as a key pillar of India’s Viksit Bharat journey by focusing on productivity, resilience and inclusive growth. He noted that targeted support for livestock, fisheries and allied sectors promotes diversified and income-resilient farming, while loan-linked capital assistance for veterinary education, hospitals and breeding infrastructure will strengthen rural capacity and service quality. The emphasis on science-led interventions in cattle genetics, technology-driven agriculture through multilingual AI platforms, and tax relief for primary cooperatives is expected to boost farm productivity, improve farmer incomes, and strengthen formal input supply chains, laying a strong foundation for a future-ready agricultural ecosystem."- Mr. Sunil Kataria, MD & CEO, Godrej Agrovet Ltd.
"The Union Budget 2026 provides a strong and consistent policy framework for India’s emergence as a global powerhouse under the leadership of Prime Minister Narendra Modi. The sustained push on infrastructure, higher capital expenditure, and reforms aimed at easing business conditions will help in attracting private investment and strengthening supply-chain resilience. We welcome the focus on clean energy solutions, MSME growth, and technology-led inclusion - benefiting farmers, women in STEM, youth, and the differently abled. The focus on scaling manufacturing in strategic sectors, building domestic value chains for critical minerals and rare earths, and expanding semiconductor and advanced technology capabilities will be vital for the future of EVs, electronics, and next-generation mobility."- Mr. Sudarshan Venu, Chairman, TVS Motor Company.
The Union Budget 2026–27 is decisive and forward-looking, firmly positioning infrastructure as the backbone of India’s growth. He noted that the strong push for port modernisation, inland waterways, coastal shipping and logistics corridors marks a structural shift and will enhance India’s global competitiveness. The focus on expanding national waterways, strengthening east coast connectivity, container manufacturing and port digitalisation aligns well with the vision of integrated, port-led logistics ecosystems. The emphasis on green ports, sustainability-linked financing, ship repair and smart-port technologies further strengthens India’s maritime competitiveness and supports its ambition to emerge as a global maritime and logistics hub.- Mr. Rinkesh Roy, Joint Managing Director and CEO, JSW Infrastructure Ltd.
"Union Budget 2026–27 delivers a capex-led stimulus, supported by system enhancements and policy interventions. Capital expenditure is pegged at ₹12.2 lakh crore, nearly four times higher than 2014 levels, when the BJP-led government came to power. This signals sustained commitment to infrastructure, job creation, and domestic infrastructure manufacturing competitiveness. For DBL 2.0, with its multi-asset class focus powered by a well-oiled EPC engine, the budget provides strong visibility and confidence in future growth opportunities."- Mr. Dilip Suryavanshi, Chairman & Managing Director, Dilip Buildcon Limited