Top Reactions from Business & Industry Leaders on Union Budget 2026

New Delhi, February 2nd, 2026: The Indian business community largely views the Union Budget 2026–27 as a supporting framework for sustained economic growth, infrastructure expansion, and technological advancement. While most industry leaders responded positively, particularly on capital expenditure and MSME support, there are also critical voices calling for more targeted measures, deeper reforms and clearer benefits for startups and specific sectors.

Here’s an overview of Indian business leaders’ reactions to the Union Budget 2026–27:

“The Union Budget 2026-27 reinforces the services sector as a core engine of Viksit Bharat, with targeted measures across education-to-employment linkages, medical value tourism, IT and digital services, tourism, and the creative economy. Initiatives such as rationalisation of safe harbour provisions for IT services, promotion of medical value tourism hubs, stronger skilling pathways for allied health and caregiving services, and trust-based trade facilitation are poised to lift India's global competitiveness in services exports. SEPC welcomes these forward-looking steps, which will further improve ease of doing business, strengthen service quality and compliance readiness, and provide a clearer runway for sustained, export-led growth in India's services sector." …….Abhay Sinha, Director General, SEPC - Services Export Promotion Council

"The rise in education spending to INR 1,39,289 crore in Budget 2026–27, an 8.27% increase over last year, signals a strong national resolve to build future-ready human capital through sustained investment in learning. The creation of the high-powered Education to Employment and Enterprise Standing Committee is a timely step, especially with its focus on the services sector as a growth engine for Viksit Bharat." ……. Ajit Chauhan, Chairman, Amity University Online

"The Union Budget 2026–27 reflects continuity with conviction, demonstrating the government's ability to balance growth, fiscal discipline and structural reforms amid global uncertainty. With GDP growth guided around 7% and the fiscal deficit narrowing to 4.3% of GDP, the focus remains firmly on macro stability without compromising on public investment, which has increased nearly six-folds since FY15.” …….Ajit Mishra – SVP, Research, Religare Broking Ltd

“We welcome the Union Budget 2026-27 on strengthening the technology and electronics ecosystem. The launch of India Semiconductor Mission 2.0 with an expanded INR 40,000 crore outlay for electronics and semiconductor manufacturing underscores a decisive push to build India into a global high-technology manufacturing hub. The announcement granting strategic importance to data centre infrastructure and efforts to enhance compute-ready environments aligns well with the growing need for high-performance computing and AI-enabled solutions across sectors.“……. Alok Dubey, Chief Financial Officer, Acer India

“Budget 2026 delivers a major structural boost to the Indian IT services sector by consolidating service categories, expanding and simplifying safe harbour tax provisions, accelerating APA processes, and offering long-term incentives for cloud and data centre investments — all aimed at enhancing global competitiveness and easing compliance for domestic and multinational IT firms. It focuses on services-led growth, skilling, STEM capacity, and continued emphasis on semiconductor and digital infrastructure development.” ……. Amit Bajoria, Chief Financial Officer, Virtusa Corporation

"The Union Budget 2026–27 introduces measures relevant to real estate, particularly across asset monetization, infrastructure spending, and transaction ease. The proposal to use REITs for monetizing Central Public Sector Enterprise assets is expected to unlock value from underutilized government land and attract institutional capital. Continued capital expenditure on infrastructure and urban connectivity may support demand in Tier-2 and Tier-3 markets." …….Amit Chopra, President- NAR India

"Union Budget 2026 maintains an emphasis on capital expenditure and infrastructure investment as key levers for urban development further reinforcing a policy direction that markets have increasingly priced in. With infrastructure capital outlay budgeted at approximately INR12 lakh crore in FY26 (~9% increase YoY), continued spending on mass transit, road networks and city infrastructure is likely to have a bearing on mobility, operating efficiencies and long-term liveability in major metros, where housing demand remains relatively stable." ……. Amit Jain, CMD, Arkade Developers Limited

“The Union Budget 2026–27 sets a clear direction for India's long term growth, with a strong focus on capital investment, manufacturing competitiveness and technology led development. Continued high spending on infrastructure strengthens confidence in execution and supports progress across transportation, urban development and logistics. The emphasis on high speed rail, alongside roads, metros, ports and urban infrastructure, signals a move towards next generation connectivity.” …….Amit Sharma, MD & CEO, Tata Consulting Engineers

“We see the Union Budget 2026 as a very encouraging step for the future of healthcare and biopharma in India. It creates the kind of stable, long-term ecosystem the industry needs to plan boldly and invest with confidence. With the Rs 10,000 crore Biopharma Shakti programme, stronger research, expanded clinical trial networks, and more robust regulatory systems, the budget clearly puts innovation and quality manufacturing at the heart of the national agenda.” ……. Arushi Jain, Director of Akums Drugs & Pharmaceuticals Ltd.

"The Union Budget 2026 continues the government's push towards infrastructure-led growth, with a strong capital expenditure commitment of INR12.2 lakh crore. What stands out for us is the focus on building well-planned cities beyond the metros. The creation of city economic regions, with INR 50,000 crore allocated per region over five years, will significantly improve connectivity and urban infrastructure in Tier II and Tier III markets.” …….Ashish Raheja, CEO & MD, Raheja Universal

“As India’s disease burden shifts towards non-communicable diseases, the Budget is observed strengthening the healthcare landscape at a critical time. The emphasis on building robust biopharmaceutical capabilities and promoting India as a global medical tourism hub holds a future for expanding access to innovative cancer therapies and reducing dependency on imports. Complementing this, the exemption of basic customs duty on 17 cancer drugs and the inclusion of additional rare diseases for import duty relief will significantly ease the financial burden on patients.” ……. Avik Chauhan, Cluster Chief Operating Officer at HCG Cancer Centre, Mumbai

"The Union Budget 2026-27 presents a robust roadmap for the various sectors transition toward a sustainable and technologically advanced future. We particularly welcome the governments commitment to the electric vehicle (EV) ecosystem by extending basic customs duty exemptions for capital goods used in manufacturing Lithium-Ion Cells,. This, combined with the establishment of Rare Earth Corridors in mineral-rich states to support permanent magnet manufacturing, will significantly bolster domestic EV production and affordability.” ……. C.S. Vigneshwar, President, Federation of Automobile Dealers Associations (FADA)

"The Union Budget 2026-27 strikes the right chord for the real estate industry by underscoring the pivotal role of Tier 1 and Tier 2 cities in India's growth story. The renewed policy momentum — backed by sustained infrastructure investment and reforms that target urban expansion — will unlock demand across key micro-markets and support broader investment flows into both residential and commercial segments." …….Chandresh Vithalani, Director- Palladian Partner Advisory Limited

"The Union Budget 2026 lays a strong foundation for India's next phase of digital and industrial growth. While global developments such as US tariffs are being monitored, the government is signaling that India is prepared to think beyond dependency on any single market, expanding opportunities in Europe, and improving ease of doing business. Initiatives across healthcare, semiconductor manufacturing under the GaN-focused Semiconductor 2.0 plan, and the expansion of Digital Public Infrastructure (DPI) into agriculture, compliance, taxation, infrastructure, and healthcare reflect India's intent to build globally competitive and resilient ecosystems. With this rapid digital and industrial growth, cybersecurity is no longer optional but essential, creating an urgent need for enterprises to adopt advanced solutions to protect critical data and enable trusted, scalable growth." …….Deep Chanda, CEO at Ampcus Cyber

“The Union Budget brings reassurance for patients and families at a time when healthcare costs are rising and lifestyle-related illnesses are becoming more common, especially in Tier 2 and Tier 3 cities. The focus on strengthening the biopharma ecosystem is particularly timely, as conditions such as cancer, diabetes, and autoimmune disorders often require long-term and advanced treatment. By encouraging domestic manufacturing of biologics and biosimilars, the Budget supports better availability and affordability of these therapies.” …….Dr Dharminder Nagar, Co-Chair, FICCI Health and Services and MD, Paras Health

“The Union Budget 2026 marks a meaningful shift in how India is beginning to view mental health and neuroscience, particularly through the announcement of a second NIMHANS in North India. By expanding advanced neuroscience research, mental health education, and clinical services, the Budget acknowledges that mental health infrastructure must grow in depth, scale, and expertise to meet rising needs.” …….Jaishankar Natarajan, Chief Executive Officer and Director, India Autism Center

“As India moves forward with the INR 10,000 Cr BioPharma Shakti initiative, the Union Budget presented a defining moment to strengthen the country’s position as a global vaccine and biologics manufacturing hub. India already supplies nearly 60% of the world’s vaccines, and this initiative has the potential to accelerate our transition from being a volume-driven supplier to an innovation-led biopharma leader.” ……. K. Anand Kumar, MD, Indian Immunologicals Ltd

“What stands out from this Budget is the continuity in supporting sectors that require sustained capital investment and long-term planning. There is a clear acknowledgement of emerging areas such as alternative and clean fuels, alongside core segments like nuclear power and steel. For industries that operate on long execution cycles, policy stability and public investment provide the confidence needed to plan capacity, deepen localisation, and strengthen manufacturing capabilities over time. Equally important are the customs reforms announced, particularly the move towards automated, trust-based clearance and reduced compliance touchpoints.” …….K.L. Bansal, Chairman and Managing Director, DEE Development Engineers

"This budget provides a massive boost to the capital market by creating new, efficient pathways for raising capital. The INR 100 crore incentive for municipal bonds and the push for CPSEs to launch dedicated REITs show a clear strategy to unlock value from public assets. By simplifying the Foreign Exchange Management (FEMA) rules and expanding the Portfolio Investment Scheme, the government is opening the doors wide for global capital to flow into Indian companies. These reforms make it significantly easier and cheaper for both the government and private enterprises to fund their next phase of growth.” …….Mahavir Lunawat, Chairman & Managing Director, Pantomath Capital

"The announcement of a dedicated Rs. 10,000 crore MSME Growth Fund in Budget 2026 is a monumental stride towards strengthening India's micro, small and medium enterprises at a pivotal moment for the economy. This visionary initiative not only provides crucial capital to empower MSMEs to innovate, modernize and scale, but also strategically tariff-proofs the sector against global trade disruptions" …….Mamta Binani, President of MSME Development Forum, West Bengal

"The Budget sustains India's infrastructure momentum by improving both funding visibility and execution certainty without compromising on fiscal deficit for long term sustainability/ impact. Increasing the FY27 public capital expenditure to iNR 12.2 lakh crore, coupled with the setting up of Infrastructure Risk Guarantee, will bolster lender confidence and de-risk bank financing, particularly during high-risk early development phases.” …….Manish Mohnot, Managing Director & CEO, Kalpataru Projects International Limited

“The Union Budget 2026 presents a clear and growth-oriented vision for India’s economy, with a strong focus on manufacturing, infrastructure and job creation. The Government’s continued reform momentum, driven by over 350 reforms announced since Independence Day 2025, including GST simplification, labour reforms and reduced compliance will significantly ease operations for organized manufacturers, enabling faster expansion, better efficiency and improved formalization across sectors like wood panels and interior infrastructure.” …….Manoj Tulsian, CEO & Joint Managing Director, Greenply Industries Ltd

“The Union Budget 2026–27 is entirely on our expected lines. Formulated against a backdrop of global economic uncertainty, inflationary pressures, and domestic priorities such as employment generation, manufacturing competitiveness, rural development, and fiscal consolidation, the Budget focused on a "three-Kartavya" framework — duties aimed at accelerating growth, empowering citizens, and increasing inclusivity.” …….Manoranjan Sharma, Chief Economist, Infomerics Valuation and Rating Ltd.

“The Union Budget 2026–27 has reinforced support for the housing sector with the announcement of a INR 15,000-crore SWAMIH Fund to expedite the completion of nearly one lakh stalled housing units, a move expected to ease liquidity stress among developers and boost homebuyer confidence. Measures to raise disposable incomes and the continued thrust on urban development are also likely to support housing demand, particularly in the affordable and mid-income segments.” …….Navin Kumar, Managing Director, Navin’s

"Union Budget 2026 is pushing medical value tourism from a "hospital visit" into a full-stack, globally benchmarked care experience. The five regional medical value tourism hubs can standardise patient journeys across diagnostics, treatment, post-care and rehabilitation, while easing pressure on metros by building credible capacity in Tier 2 and Tier 3 cities. What stands out this year is the emphasis on technology as a growth lever, especially AI-enabled diagnostics, clinical decision support, patient coordination, and faster turnaround on care pathways.” ……. Pankaj Chandna, Co-Founder, Vaidam Health

"The Union Budget 2026–27 reinforces confidence in the economy by backing growth of around 7% while staying on a fiscal consolidation path, with the deficit targeted to decline from 4.8% in FY25 to 4.4% in FY26. This focus on macroeconomic stability is reassuring for households and businesses. Measures such as TDS rationalisation and lower TCS on education expenses abroad should boost disposable incomes and discretionary spending and this is a welcome measure. The continued emphasis on MSMEs, credit availability and formalisation is expected to support jewellers, particularly in tier-2, tier-3 and rural markets.” ……. Paul Alukkas, Managing Director, Jos Alukkas

"The Union Budget's focus on developing India's pharmaceutical and biopharmaceutical sector, especially through the 'Biopharma Shakti' initiative with a funding of INR 10,000 crores. Other initiatives like the exemption of basic customs duty on certain cancer medicines and support for the import of rare diseases will also go a long way in making treatment more affordable for patients." …….Raheel Shah, Business Development Director, BDR Pharmaceuticals

The overall gross and net borrowing numbers, along with the lack of any specific measures to address demand for bonds, will clearly weigh on market yields. Effectively, even as broader fiscal consolidation measures and the reduction in the debt-to-GDP ratio are long-term positives, the bond market in the near term will continue to depend on RBI's open market operations to anchor yields. This remains a challenge and could keep yields elevated relative to underlying macroeconomic numbers.” …….Rajeev Radhakrishnan, CFA, CIO - Fixed Income, SBI Mutual Fund

"The Union Budget 2026–27 reflects a stable and sensitive approach towards the Gems & Jewellery industry. The absence of any increase in customs duty or GST, continued policy certainty, strong MSME and cluster support, ease-of-doing-business measures, and litigation-reducing income-tax reforms together provide confidence to the trade and reinforce the Government's recognition of our sector as a key contributor to employment, exports, and economic growth." …….Rajesh Rokde, Chairman, All India Gem & Jewellery Domestic Council (GJC)

"Union Budget 2026 gives limited direct emphasis to real estate or homebuyers. The Infrastructure Risk Guarantee Fund and REITs for CPSE assets can unlock funds and speed up monetization. Simplifying TDS on property sales by non-residents through PAN challans will ease transactions and improve transparency for foreign buyers. Stronger municipal finances and market-based funding will aid development of integrated townships. Growing economy coupled with better infrastructure framework will lead to balancing real estate dynamics." …….Rohan Khatau Director CCI Projects

"What stands out in Budget 2026–27 is the government's conviction on public capex, raised to INR 12.2 lakh crore, even as real estate cycles remain selective. The combination of CPSE asset recycling through dedicated REITs, an Infrastructure Risk Guarantee Fund and INR 5,000 crore allocations per City Economic Region over five years directly improves project viability and lender confidence. Improved logistics under the Coastal Cargo Promotion Scheme further supports destination-led hospitality development. On the demand side, simplifying TDS on non-resident property transactions by removing the TAN requirement meaningfully reduces friction for NRI buyers. Together, these measures strengthen capital flow, execution certainty and long-term investability across hospitality-led real estate markets." …….Sandeep Ahuja, Global CEO, Atmosphere Living

“The Union Budget 2026 gives renewed focus on the government having capital-led growth and developing long-term national infrastructure. The Budget raises capital expenditure to INR12.2 trillion for FY2026-27, up from INR 11.2 trillion in the previous year, reinforcing infrastructure investment as a key growth driver. The unambiguous difference between revenue spending and capital expenditure, as well as long-term commitments to the development of assets, gives infrastructure developers and manufacturers long-term visibility.” ……. Sharan Bansal, Director, Skipper Limited

"A meaningful step towards deepening India's corporate and municipal bond markets by proposing a market-making framework, introducing new derivative instruments, and strengthening incentives for large municipal bond issuances while continuing support under the AMRUT scheme. These measures are expected to improve secondary market liquidity, broaden investor participation, and enhance price discovery, particularly for long-tenor and sub-sovereign issuances" ……. Shubham Jain, Group CEO, Infomerics Valuation and Rating Ltd.

"The Union Budget 2026–27 reinforces railways as a central pillar of India's infrastructure and logistics strategy. The announcement of seven high-speed rail corridors as 'growth connectors', along with a new Dedicated Freight Corridor between Dankuni and Surat, will significantly enhance passenger mobility, freight efficiency and regional economic integration.” ……. Sudipta Mukherjee, Managing Director, Texmaco Rail & Engineering

The Union Budget 2026–27, through the launch of the Biopharma SHAKTI Mission with a INR 10,000-crore, five-year outlay, marks a transformative step for India’s pharmaceutical and biopharma ecosystem. The focus on biologics and biosimilars, establishment of three new NIPERs, and upgradation of seven existing institutes will significantly strengthen academic capacity, advanced research, and industry-ready talent development. The creation of over 1,000 accredited clinical trial sites and the strengthening of CDSCO with a dedicated scientific review cadre will further enhance India’s global credibility in research and regulatory excellence. Together, these reforms signal a decisive shift from generic-led manufacturing to innovation-driven, high-value pharmaceutical production, empowering academia to play a central role in India’s journey towards a Viksit Bharat and global pharmaceutical leadership.” ……. Supriya Shidhaye, Principal of Vivekanand Education Society College of Pharmacy

"Budget 2026's focus on tribal welfare, including the creation of self-reliant clusters, community creches, and health observatories, reflects a strong commitment to improving education, healthcare, and livelihoods in underserved regions. We welcome these measures and see them as an opportunity to further strengthen our efforts, ensuring that tribal communities have access to quality education, sustainable livelihoods, and holistic development." ……. Yudhistir Govinda Das, Director of Communications, ISKCON India

User :- Namita Deshwal

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