Mr. Sidhartha Khurana, Managing Director, STUDDS Accessories Ltd-
“As the auto industry continues to evolve, the Union Budget 2026 comes at a crucial time, especially after a strong recovery driven by GST 2.0 reforms that have improved compliance and strengthened supply chains. Sustained focus on infrastructure development, support for domestic manufacturing and skill upgradation will be key to maintaining growth momentum across the auto and auto ancillary sector as volumes rebound across segments. The industry is also looking for continuity, along with a renewed push towards localization, innovation and ease of operations to enhance global competitiveness. A forward looking budget that supports manufacturing scale-up, road safety and policy stability will enable companies like ours to invest with confidence, create employment and contribute meaningfully to India’s journey as a global automotive manufacturing hub.”
Sundeep Mohindru, Founder & Promoter, M1xchange
"As we approach Union Budget 2026, the government's sustained focus on the MSME sector is encouraging. To achieve India's $10 trillion economic ambition by 2030, the emphasis must now move from intent to impact, particularly in strengthening the cash flows of micro and small enterprises that form over 90% of India's MSME base.
For MSMEs today, the core challenge is not access to credit alone, but timely receipt of payments. While the previous Budget rightly focused on mandatory registration of large buyers on TReDS, the next phase must prioritise active transacting and measurable increases in invoice volumes rather than registrations alone. Greater and more consistent participation from PSUs is especially critical to improving payment discipline across supply chains.
Budget 2026 should encourage phased or targeted mandates for PSU transacting on TReDS platforms, giving lenders higher confidence and enabling MSMEs to unlock working capital against confirmed receivables at lower cost. Expanding credit-guarantee support for invoice-based financing will further reduce borrowing costs for small businesses.
A parallel shift towards cash-flow-based lending by leveraging data from GST filings, e-invoices and utility payments, can significantly widen formal credit access for MSMEs that remain constrained by balance-sheet limitations. Additionally, increased adoption of deep-tier financing platforms will help extend liquidity beyond first-level suppliers, allowing smaller MSMEs to integrate more effectively into value chains and unlock productivity, scale and sustainable growth across the sector."
Munindra Verma CEO of M1 NXT
"Budget 2026 comes at a critical moment for strengthening India's export and import ecosystem. While Indian exporters have shown resilience amid geopolitical disruptions and rising protectionism, sustaining this momentum will require a stable policy framework and predictable trade and foreign exchange regulations.
Access to timely and affordable trade finance remains a key constraint, particularly for MSME exporters. Budget 2026 should therefore prioritise low-cost working capital with effective risk management
Accordingly, Budget should strengthen interest equalisation schemes significantly, widen the adoption of trade credit insurance in a targeted manner, and simplify access to digital trade-finance through All Win Digital Public Infrastructure like ITFS platforms. Predictable access to low-cost credit, coupled with smoother global payment mechanisms, will directly enhance exporter competitiveness in an increasingly uncertain global environment. At the same time, enabling digitalisation, AI-led processes and data-driven financing can help exporters diversify markets and overcome non-tariff barriers more effectively."
Mr. Jignesh Mehta, MD and Founder of Divine Solitaires, India's leading Natural Diamond Jewellery Brand-
"Geopolitical fluctuations at the macro-economical level and price volatility will continue to impact India's natural diamonds industry this year. This budget, we look forward to measures that will not only power the industry to stay resilient amid these shifts but also further cement India's position as the world's leading diamond cutting and polishing centre as well as a globally-recognised trading hub.
For India's diamond trading to leap into its next phase of international growth, Indian-origin consumer brands with a global vision should receive stronger institutional support from the government, whether through duty rationalisation or easier access to financing, enabling them to scale competitively on the global stage.
Rationalising the existing 5% import duty on cut and polished diamonds as well as coloured gemstones to 2.5% will further boost exports, generate employment and push local manufacturing.
Natural diamonds hold great value as emotional purchases as well as lucrative long-term investments and the recent BIS notification clearly differentiating natural from lab-grown diamonds was a step in the right direction for the industry, instilling trust and transparency in buyers.
The current environment calls for a balanced policy approach, one that stimulates domestic demand, strengthens the organised jewellery ecosystem and allows the natural diamond industry to continue contributing meaningfully to India's consumption economy and export growth."
Mr. Suketu Thanawala, Partner at StraCon Business Advisory & Consultancy Firm:
“The Union Budget 2026 comes at a pivotal juncture, with India projected to grow at 7–7.5 percent, positioning it as the fastest-growing major economy. The priority now is improving the quality of that growth. I expect the government to maintain fiscal consolidation, moving the deficit trajectory toward ~4 percent of GDP, while sustaining capital expenditure momentum, likely in the range of ₹12–13 lakh crore. Continued public investment in transport, logistics, energy transition, and digital infrastructure will be essential to crowd in private capital and sustain the investment cycle.
For businesses, stability in direct taxation and further rationalisation of compliance frameworks will be key confidence drivers. Measures that improve MSME access to credit, accelerate technology adoption, and reduce logistics costs—which still hover near 13–14 percent of GDP—can significantly enhance competitiveness.
On trade, with India targeting $2 trillion in exports by 2030, the Budget must align customs rationalisation, faster GST refunds, and correction of inverted duty structures with emerging FTAs, particularly with the EU and the US. The real test will be whether macro stability translates into micro-level enterprise growth, job creation, and export depth rather than just export volume.”
Mukul Bansal, Managing Director & Co-founder, Motiaz-
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"The real estate sector is anticipating targeted reforms to revive the affordable housing sector in the union budget 2026. Since 2017, the definition of 'affordable housing' has remained unchanged and is creating limitations on the supply of affordable housing because there are no longer any affordable land or material costs.
Increasing the limit of ₹2 lakh for home loan tax interest under the new tax regime to at least ₹5 lakh will help middle-class home buyers find relief and encourage home demand & market to ease inflationary pressure.
Furthermore, offering tax incentives for projects involving rental housing and green construction promote sustainable growth in the urban environment. The real estate sector currently accounts for about 7-8% of the national economy (GDP), but it will account for between 13%-15% in 2030.
Investing in infrastructure, particularly through the development of integrated township developments with mixed-use (residential, commercial and industrial) components, will be the primary source of economic activity in developing regions. Such developments will provide residents with better health, increased opportunities to connect with one another, and a more balanced lifestyle as members of the same community."
Pre-budget quotes by Chandra Shekhar, Founder of CuteStory
"As Budget 2026 approaches, early-stage brands in the baby-care retail space are looking at policy through a very grounded, day-to-day lens. The past year has been about navigating rising costs, cautious consumer spending and the responsibility that comes with serving young parents who are thoughtful, informed and deeply particular about what they choose for their children.
What the sector hopes to see from this Budget is recognition of baby care as an essential category rather than a discretionary one. Relief in GST on everyday baby-care products, along with simpler compliance norms for small and growing retailers, would directly ease pressure on prices and operations. Parents today rarely compromise on safety or quality, but affordability remains a concern for many families juggling multiple expenses.
There is also a strong case for encouraging domestic manufacturing and clean, safe product development. Support for sustainable packaging, easier access to working capital and startup-friendly retail policies would allow young brands to invest in better formulations and innovation without passing on higher costs to consumers.
Baby care is built on trust and consistency. A Budget that supports young families while enabling home-grown retail startups to grow responsibly will help create lasting value—both for businesses and for the children they serve."
Mr Rikant Pittie, Co-founder & CEO, EaseMyTrip
Following the policy signals and allocations announced in recent budgets, optimism continues to remain strong within India's travel and tourism industry as the country heads into Budget 2026. The government's continued focus on destination development, including support for iconic tourist centres and island infrastructure, has been widely welcomed by industry stakeholders as a long-term enabler of sustainable tourism growth.
There is growing expectation within the sector for further policy interventions such as granting infrastructure status to hospitality, rationalisation of GST on hotels and restaurants, and enhanced overseas marketing spends to strengthen India's global tourism positioning. If implemented effectively, these measures could significantly accelerate tourism-led economic growth while supporting employment generation across allied sectors .
The government's sustained emphasis on expanding airport infrastructure and improving port connectivity has also been well received. Improved access to emerging and lesser-known destinations is seen as critical to diversifying India's tourism offerings and spreading economic benefits more evenly across regions.
Overall, the industry remains optimistic that continued budgetary support and policy clarity will help strengthen India's tourism ecosystem. Stakeholders believe these efforts will not only enhance India's appeal as a global travel destination but also reinforce economic resilience through diversified and sustainable revenue streams.
Mr. BL Bajaj, Founder and Managing Director of Dynamic Orbits, a leading Investment Banking Firm based in India focusing on Cross Border Business and providing services.
Quote:
As India progresses toward its aspiration of becoming a USD 5 trillion economy, the Union Budget presents a meaningful opportunity to strengthen confidence across financial markets and reinforce the country's appeal to global investors. Stable, growth-oriented financial policies, supported by a more rational and predictable capital gains and corporate tax framework, can encourage long-term investment and attract patient, high-quality capital. Greater clarity and efficiency in regulations governing foreign investments and outbound capital flows will be critical, especially as we continue to attract over USD 80 billion in foreign direct investment. With over 200,000 recognised startups driving innovation across the country, targeted policy measures are needed to support the startup ecosystem, including stronger incentives for private equity and venture capital. Taken together, these steps can enhance the ease of doing business for cross-border transactions, strengthen India's credibility as a global investment hub, and support sustainable economic growth.
Mr. Madhav Sheth, CEO, Ai+ Smartphone and Founder, NxtQuantum Shift Technologies-
"India's consumer tech landscape is on the brink of transformation, moving beyond just assembly lines. With the rise of AI-integrated devices that are increasingly sophisticated and costly, it's imperative that the 2027 Union Budget focuses on more than just scaling up. We need to incentivize deep value creation, pushing for substantial support in manufacturing essential components right here in India such as think camera modules, batteries, PCBs, enclosures, chargers and wearables.
Moreover, backing research, development, and the creation of intellectual property in system design and software-driven innovation is crucial.
Building a robust supply chain isn't merely a choice anymore; it's a necessity for our strategic future. This is the quickest path to lessen our reliance on China as the go-to hub for manufacturing and sourcing. By fortifying our position in this area, we ensure that India remains competitive on a global scale across all sectors."
Dilip Modi, Founder & CEO, Spice Money -
"As India accelerates its financial inclusion journey, the Union Budget should continue to prioritise the non-bank Business Correspondents ecosystem and rural fintechs that enable last-mile access to essential banking services. BCs are the backbone of assisted digital finance in Bharat, delivering critical services such as mATM transactions, AePS, cash-in and cash-out, and CASA access in regions where physical bank branches remain limited. Strengthening this network through better infrastructure support, digital enablement, and sustainable incentive structures will significantly deepen formal banking penetration. Rural fintechs have played a pivotal role in making everyday banking accessible and reliable for underserved communities. Enhanced connectivity in rural areas, and adoption of vernacular and voice-based interfaces can further drive usage and trust among first-time users.
As fintech participation in core banking and payment services grows, there is also a need for clearer regulatory guidelines focused on operational transparency, standardised reporting, and consumer protection. Consistent disclosure norms, improved grievance redressal frameworks, and clear compliance expectations will help strengthen confidence across the ecosystem. A budget that balances inclusion, innovation, and governance will ensure that assisted digital finance continues to empower citizens while supporting sustainable growth in India's rural economy."
Srikrishna Narasimhan, Whole-Time Director & CEO, GlobalPay
"India's cross-border and forex payments landscape is seeing strong momentum, led by students pursuing education overseas, followed by Indian businesses expanding globally and rising outbound leisure travel. The Union Budget offers a timely opportunity to address the distinct needs of these segments through targeted regulatory and infrastructure measures.
While education remittances funded through loans are already exempt from TCS, extending a similar exemption to education-related payments made from a student's own funds would recognise these as essential, non-discretionary expenses.
The increasing reliance on exclusive or semi-closed education payment platforms linked to specific universities raises concerns around fee opacity, pricing power, and limited consumer choice. Ensuring open access and fee neutrality in education remittances is therefore critical.
There is also a need to introduce enforceable safeguards aligned to product positioning and end-use. Where payment instruments are marketed for international education or travel, mandatory submission of relevant documentation should apply at onboarding or usage. Further, explicit purpose tagging across all cross-border instruments, mapped to FEMA categories, will enable regulatory harmonisation based on use case rather than instrument type. Such harmonisation will strengthen reporting integrity, curb misclassification, and support genuine student and traveller needs.
As outbound leisure travel grows, consistent policies and investments in interoperable cross-border infrastructure will be key to delivering transparent and affordable forex solutions and positioning India as a credible global payments hub."
Mr. Nitin Singhal, Managing Director at Sinch India
"In the upcoming Budget, there is an opportunity to accelerate India's next phase of economic growth by enabling targeted tax concessions and concessional bank credit for investments in critical sectors such as Information Security, AI, R&D, and Global Capability Centres (GCCs). In a rapidly evolving geopolitical and regulatory environment, including frameworks like the DPDP Act, such support will help businesses build resilient, compliant, and future-ready capabilities.
Additionally, for the SaaS sector, which faces inherent working capital challenges due to delayed client payments despite timely obligations to MSME and critical vendors, allowing a 45-day window from the start of the next quarter to pay the total GST due would significantly ease cash flow pressures. This will unlock liquidity that can be reinvested into innovation, expansion, and job creation."
Attributed to: Ms Gayathri Vasudevan, Chief Impact Officer, Sambhav Foundation
"As India prepares for the 2026 Union Budget, the focus on skilling must move decisively from counting enrolments to measuring employment outcomes, retention, and long-term adaptability. NEP 2020 laid out a clear vision for integrating education, vocational pathways, and employability. The next phase of reform must therefore be about execution, ensuring that skilling investments translate into sustained workforce participation, especially for those furthest from opportunity.
This also requires deeper investment in research and documentation at a community level. Documentation through longitudinal studies, retention data, and post-placement outcomes is critical to designing skilling systems that respond to real-world constraints rather than assumptions.
As the economy transitions toward AI-enabled work, focus on skilling to keep up with electric mobility and green enterprises, skills can no longer be designed in isolation from industry demand. Initiatives such as the expansion of Atal Tinkering Labs, AI-focused Centres-of-Excellence (CoE), and school-to-college STEM pathways are important in democratising early access to quality science and technology education.
Budgetary support that aligns skilling programs with emerging sectors, strengthens digital public infrastructure for skills, and embeds vocational learning within the schooling-to-work continuum envisioned under NEP 2020 will be critical. For young women and underserved communities, especially, access to skills must also be accompanied by enabling conditions such as nutrition, social protection, credit access, and local market linkages, if learning is to convert into livelihoods.
The Budget also presents an opportunity to deepen public-private-NGO collaboration, particularly in implementing national missions on skilling, foundational learning, and workforce readiness at the last mile. Measuring success through retention, learning outcomes, and transitions into dignified work, rather than certification alone, will determine whether India's demographic dividend becomes a driver of inclusive growth or a missed opportunity."
Mr Ashok Mehta, Chairman of Suchi Semicon, for his expectations from the upcoming Budget 2026:
"India's semiconductor push has moved from intent to tangible momentum, with multiple projects approved under the India Semiconductor Mission and significant capital already committed. Budget 2026 is therefore a critical inflexion point where the focus must decisively shift from announcements to execution. Continuity of PLI, DLI and allied schemes, faster and more predictable incentive disbursements, and long-term policy visibility are essential to unlock scale across manufacturing, advanced packaging and OSAT.
Semiconductor packaging and testing are no longer supporting functions; they are foundational to building cost competitiveness, reliability and supply-chain resilience. Alongside fiscal support, sustained investments in R&D, skilled manpower, and enabling infrastructure such as power and water will be crucial. Ultimately, the success of India's semiconductor mission will not be measured by approvals announced, but by chips shipped, lead times reduced, and domestic design translated into scalable, globally competitive production."
Mr Harsh Bansal, MD of BMW Industries Limited, for his expectations from the upcoming Budget 2026:
“India's steel sector closed FY25 on a strong footing, with finished steel consumption rising to around 140 million tonnes on the back of infrastructure and construction demand, and crude steel output crossing 145 million tonnes. However, a sharp surge in imports—largely from East Asia—has intensified price pressure, particularly for secondary producers. The upcoming Union Budget 2026–27 is an opportunity to address these stresses through GST rationalisation on key inputs, measures to improve scrap availability and recycling, and easier access to long-term financing for capacity expansion. These steps would help protect domestic manufacturers, ease cost pressures and support sustainable growth of the sector.”
Mr Nikul Shah, Co-Founder and CEO of IndieSemiC Pvt Ltd, for his expectations from the upcoming Budget 2026:
"As India approaches Union Budget 2026, fabless semiconductor startups are looking for policy support that strengthens the design and IP layer of the ecosystem, not just manufacturing. Dedicated long-term funding and grant mechanisms are essential to accelerate indigenous chip design, particularly in areas such as RF, power, and mixed-signal technologies. Extending and simplifying the Design Linked Incentive scheme with faster disbursements and wider IP coverage would help reduce execution delays and early-stage uncertainty.
Cost competitiveness remains a major challenge for design-led startups. Targeted tax incentives and GST relief on MPW shuttles, packaging and prototyping can significantly lower entry barriers. Equally important is the creation of a shared national infrastructure for validation, packaging, and testing that startups can access at subsidised rates. Finally, funded industry–academia–startup pilot programs can help build a skilled semiconductor talent pipeline while accelerating commercialisation and strengthening India's global competitiveness."
Mr Dhiraj Agrawal, CBO of Mufin Green Finance, for his expectations from the upcoming Budget 2026:
"EV financing in India is scaling up, but NBFCs face structural challenges: high cost of capital, residual value risk, and limited long-tenure funding. For the Union Budget 2026 to accelerate EV adoption, targeted measures are essential. We propose priority-sector lending (PSL) classification for EV loans and a partial credit guarantee scheme for EV-focused NBFCs to lower borrowing costs and mitigate default risk. Policy clarity on battery ownership, reuse, and resale is also critical. The implementation of a national Battery Passport framework (like 'Battery Pack Aadhaar') will provide transparent data on battery health, improving asset recoveries and reducing risk premiums for lenders. Future growth hinges on enabling sustainable, risk-aligned financing frameworks, moving beyond subsidies."
Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
"As India moves towards becoming a developed economy, the next phase of growth will depend on how effectively we enable access to essential financial and digital services across semi-urban and rural Bharat. With rising aspirations, increasing smartphone usage and stronger digital public infrastructure, citizens are ready to participate more actively in the formal economy.
Waiver of GST on financial services delivered through BC outlets, which play a critical role in enabling access across rural and semi-urban Bharat. This will reduce operating costs for last-mile partners, improve service viability, and encourage more neighbourhood entrepreneurs to participate in the formal financial ecosystem. Rationalisation of TDS provisions and tax benefits on operational expenditure for fintechs, which can improve cash flows and support continued investments in secure technology, agent training and customer awareness. In addition, a dedicated 5% GST slab for startups focused on last-mile service delivery will further strengthen the sustainability of local service networks and help expand access to essential financial and digital services for citizens. Focused policy support for women-led entrepreneurs, which will be key to helping them scale, strengthen household incomes and expand access to essential services within their communities".
· Quotes by Mr. Abhishek Somany, Managing Director and CEO, SOMANY Ceramics
Natural gas constitutes one of the most critical input costs in ceramic tile manufacturing, yet it continues to remain outside the GST framework. This exclusion leads to a significant cascading tax impact, as manufacturers bear tax levies without access to input tax credit, thereby increasing production costs significantly. Bringing natural gas under GST would meaningfully improve cost efficiency and enhance the global competitiveness of Indian tile manufacturers. Additionally, despite tiles being a fundamental material in residential construction and housing-led infrastructure, they continue to be taxed at 18%. A rationalisation of GST on tiles to the 5 % slab would support affordable housing, stimulate demand and strengthen the domestic manufacturing ecosystem. We hope the upcoming Budget considers these measures to enable sustainable growth for the sector.
· Quote By Mr Santosh Shah, MD of VYNA Electric
Strengthening Domestic Electrical Manufacturing Through PLI Support
"With India's electronics PLI scheme disbursing over ₹21,500 crore so far and attracting ₹1.76 lakh crore in committed investment, we expect Budget 2026 to double down on support for domestic manufacturing. A modest reduction in import duties on raw materials and extension of incentives to components for lighting and switchgear would help companies deliver global-quality products at competitive prices. For consumers, this could mean access to safer, more durable home electrical solutions built for Indian conditions. For manufacturers willing to uphold strict quality, it would renew confidence in scaling up responsibly.
· Quote by Mr. Tushar Verma, EVP India & Subcon. REHAU India
As India prepares for the next phase of economic growth, the interiors and furniture sector stands at an important inflection point. Urban housing, commercial real estate, and renovation activity are together creating a strong, long term demand for better designed, more durable, and more sustainable interior solutions. The Union Budget has an opportunity to recognise this shift and support an industry that sits at the intersection of manufacturing, housing, and employment. The sector needs a stable and forward looking policy environment, one that encourages domestic manufacturing, simplifies the cost structure of essential inputs, and improves access to capital for the thousands of MSMEs who form the backbone of the interiors ecosystem. From designers and fabricators to component makers and installers, this value chain drives both innovation and livelihoods. A budget that strengthens housing, infrastructure, and small business financing will directly translate into healthier growth for interior solutions, helping Indian homes and workspaces move toward higher quality, safety, and long term value. That is where the real opportunity lies, for the industry and for the economy as a whole.
Ms. Rima Singh, Head of DPS International
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"As India moves into the next phase of education reform ahead of Budget 2026, the focus should shift to improving learning outcomes and preparing students for the future. Foundational literacy and skill development still need significant attention and funding, even as the country equips its youth for a fast-changing digital economy.
Targeted funding for AI-powered classrooms, strong professional development for teachers, blended learning models, and deeper public-private partnerships aligned with NEP 2020 are essential. These steps will help deliver fair, high-quality education, give students the critical skills they need for innovation and global competitiveness, and nurture a generation ready for Viksit Bharat."
