The Union Budget 2026–27, presented by Finance Minister Nirmala Sitharaman, has set a clear and ambitious trajectory for India’s journey toward 2047. With a record ₹12.2 lakh crore capital expenditure and a sharp focus on sustainability, MSME empowerment, and technological sovereignty, the Budget has received a warm welcome from leaders across India’s core and emerging sectors.
Here is how captains of industry view the key pillars of this year’s fiscal roadmap.
Strengthening the MSME Backbone
With MSMEs contributing nearly 30% to India’s GDP, the Budget’s focus on liquidity and structural growth capital is being seen as a game-changer for small enterprises.
Ashok Mittal, MD & CEO, BillMart Fintech:
“Overall, this is a good and balanced Budget, with a clear focus on strengthening the MSME sector, which contributes nearly 30% to India’s GDP. The announcement of a dedicated ₹10,000-crore fund for MSMEs is a strong step and will support faster growth for small and medium enterprises. The measures proposed to strengthen the Trade Receivables Discounting System (TReDS) are equally encouraging, as they address long payment cycles that often stretch to 60–90 days for MSMEs. Mandating TReDS for CPSE purchases, linking GeM with TReDS, and introducing credit guarantees for invoice discounting will help improve cash-flow visibility and ease working-capital pressure. Together, these initiatives will give MSME entrepreneurs greater confidence to focus on scaling their businesses.”
Infrastructure, Real Estate & Sustainable Construction
The Budget has reinforced infrastructure as the backbone of economic momentum, shifting focus from mere capacity building to execution and de-risking.
Sunil Nair, CEO, Ramky Infrastructure Ltd:
“The Union Budget 2026 underscores a clear continuity of confidence in India’s infrastructure growth story. The proposal to establish an Infrastructure Risk Guarantee Fund is a particularly forward-looking intervention; it directly addresses one of the biggest hurdles in the sector: risk perception during the early stages of project development and construction… With a proposed capital expenditure of ₹12.2 lakh crore, the Budget reaffirms infrastructure as the backbone of India’s economic momentum.”
Arun Shukla, President and Director, JK Lakshmi Cement:
“The Union Budget remains true to the Government’s Viksit Bharat and 2070 Net Zero vision and sends a clear signal on the direction of India’s growth—combining infrastructure-led development with a sharper focus on sustainability. The emphasis on Carbon Capture and Utilisation reflects an important step towards enabling cleaner industrial growth.”
Bala Ramajayam, Founder and Managing Director, G Square Group:
“We congratulate the government on presenting a forward-looking Union Budget that reinforces infrastructure as a foundation for sustainable real estate growth. The continued focus on infrastructure development, city economic regions, and improved connectivity will accelerate planned urban expansion and enhance the attractiveness of well-developed residential locations.”
The Tech & Manufacturing Revolution: Semiconductors & Cloud
India’s digital and manufacturing ambitions received a massive boost with the announcement of Semiconductor Mission 2.0 and landmark tax holidays for cloud infrastructure.
Stéphane Deblaise, CEO, Renault Group India:
“The Union Budget 2026–27 sends a strong and reassuring signal of policy continuity and intent for India’s manufacturing-led growth. The progression to India Semiconductor Mission 2.0, with its focus on equipment, materials, full-stack Indian IP and supply-chain strengthening, aligns closely with the evolving needs of the industry.”
Veena Khandke, SVP & Managing Director of Ensono India:
“The Union Budget 2026 represents the Government of India’s bold commitment to positioning the IT services sector as the cornerstone of ‘Viksit Bharat.’ The tax holiday until 2047 for cloud service providers leveraging Indian data centers is a landmark policy that positions India as a global hub for cloud computing.”
Mukund Vasudevan, MD SKF India (Industrial) Limited:
“Reforms focused on financial access, technology adoption, and competitiveness lay the groundwork for long-term industrial strength. MSME-focused steps such as the Growth Fund and an expanded TReDS ecosystem should ease liquidity and improve access to capital.”
Healthcare & Biopharma: Global Leadership
The Budget’s ‘Biopharma Shakti’ initiative and its focus on medical tourism and Ayurveda position India as a global health and wellness hub.
Sujay Shetty, Partner and Leader – Health Industries, PwC India:
“Union Budget 2026–27 sends across a powerful statement of intent for India’s biopharma sector… Taken together—across biopharma, medical tourism, Ayurveda, wellness, and skills building—these proposals make this a truly forward-looking Budget that will take India well on its way to achieving the goals of a Viksit Bharat.”
Energy Transition & Climate Action
With a ₹20,000 crore CCUS Mission, India is moving from chasing green targets to building green industrial systems.
Sambitosh Mohapatra, Partner and Leader, Climate and Energy, PwC India:
“India’s latest Union Budget marks a decisive shift from chasing capacity targets to building true system resilience. It signals a bold ambition: to lead the global green industrial revolution… This isn’t just a green budget—it’s a competitive industrial strategy.”
Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Limited:
“Energy diversification is further strengthened through customs relief for solar manufacturing inputs and a ₹20,000-crore, five-year commitment for carbon capture, utilization and storage. This reinforces the need for reliable, technology-enabled power systems to anchor India’s energy ambitions.”
Agriculture & Fertilisers: Resilience at the Root
The Budget prioritizes the farmer through district-level programs and domestic manufacturing of nutrients to ensure food security.
S. Sankarasubramanian, Chairman, The Fertiliser Association of India:
“This Budget brings together productivity, resilience, and affordability in a way that reflects the evolving needs of Indian agriculture. The fertiliser allocations underline a steady commitment to domestic capability, reinforcing supply security while maintaining farmer access to affordable nutrients.”
Conclusion: A Balanced Path to 2047
As summarized by Gayathri Parthasarathy, Partner and Leader – Financial Services, PwC India, the Budget reinforces the “dual priority of sustaining growth while maintaining fiscal discipline.” By focusing on governance, technology-driven reforms, and deep capital pools, Budget 2026–27 has successfully de-risked India’s growth engine for the long term.
