Andre Eckholt,(Managing Director – Hettich India, SAARC, Middle East & Africa)
"As India moves towards becoming a global manufacturing hub, the upcoming Union Budget 2026 presents a vital opportunity to further strengthen the furniture and manufacturing sectors. However, key challenges such as rising raw material costs and logistics expenses continue to impact competitiveness.We believe addressing these concerns through rationalized duties, stable input costs, and incentives for value-added manufacturing will be critical. We also hope to see continued focus on infrastructure, skill development, and ease of doing business, which are essential for long-term growth. A supportive budget can accelerate local manufacturing and strengthen India's position as a reliable production hub for domestic and export markets.The Make in India initiative and sustained policy support can help domestic manufacturers scale up, innovate, and compete globally."
USD 4,500 per ounce and domestic rates jumping to ₹1.35–1.45 lakh per 10g, the gold industry stands at a critical juncture. Stakeholders are closely watching policy signals in the upcoming 2025-26 budget that will shape the sector's trajectory. At IAGES, we believe that policy makers should recognise gold's role in Indian households while framing fiscal measures and the upcoming budget offers a perfect opportunity to balance fiscal prudence with social realities. Moderate import duties should be maintained to discourage unethical sourcing while protecting government revenue. Domestic refining and recycling should be incentivised, so that a consequent boost reduces import dependence. Since we are seeing a rise in the number of people investing in gold, governance to safeguard investments would further boost this global trend. To further formalise the gold sector, the government should encourage promotion of fair, ethical and transparent practices which will help align Indian gold industry to global standards.
By fostering transparency, sustainability, and investor protection, India can emerge as a leader in the gold ecosystem."— Kaushlendra Sinha, CEO, IAGES.
Prof. (Dr.) Dilip Kumar Patnaik, Vice Chancellor, Medicaps University, Indore
"As expectations from higher education continue to evolve, the Union Budget 2026–27 must also prioritise institutional capacity building. Investments in faculty development, research ecosystems, and modern learning infrastructure are essential to ensure that universities can deliver high quality, outcome oriented education. Strengthening these foundations will allow institutions to sustainably adopt new technologies and teaching models while maintaining academic excellence."
"This Budget should mark a shift from an annual spectacle to economic discipline. For an economy of over $4 trillion, stability matters far more than fresh announcements each year. When incentives, tax structures and duty rates are changed too often, uncertainty quietly creeps into business decisions and eventually shows up as a cost on growth. Large industrial and infrastructure investments are planned over five to seven years, but when policies shift every Budget, companies are forced to keep adjusting their plans. That is why private investment remains cautious, even at a time when government capital expenditure has crossed ₹11 lakh crore in FY25.
The experience of flagship schemes tells a similar story. Under the Production Linked Incentive programme, investments have taken shape, but incentive disbursements remain a fraction of what was promised, pointing to execution gaps rather than intent. An equally pertinent issue can also be observed in terms of the use of the Access and Benefit Sharing funds that are collected by the National Biodiversity Authority. While collections have accrued, the absence of last-mile mechanisms has meant that benefits often fail to reach deserving communities or support sustainable cultivation programmes, instead remaining disconnected from ground-level impact.
What industry needs is not another round of policy declarations, but a clear multi-year framework, with each budget focused on transparent progress reporting and fixing what is not working. Predictability, backed by accountability, will sustain long-term economic momentum."
-Mr. Sanjaya Mariwala, Executive Chairman and Managing Director of OmniActive Health Technologies Ltd.
Pre-Budget Quote by Mr Suvankar Sen, MD & CEO, Senco Gold Ltd
"Despite volatility in gold and silver prices, consumer demand in India has remained resilient, though more carefully budgeted, reaffirming gold jewellery's enduring significance as a symbol of heritage and long-term wealth creation. With gold prices expected to remain elevated, the industry looks forward to policy measures that further enhance affordability and support demand stability.
In this context, initiatives such as regulated small-ticket EMI options for gold jewellery and a review of the current 3% GST structure could meaningfully ease consumer burden and encourage higher participation in the formal market.
We are also witnessing growing traction in old gold exchange, which now accounts for nearly 45% of transactions. Given India's household gold holdings of close to 24,000 tonnes, continued policy focus on innovative mechanisms to mobilise physical gold can help unlock significant long-term value for the economy.
Additionally, steps that strengthen competitiveness, including a review of the current 6% import duty, along with focused vocational training for karigars, greater adoption of technology, and appropriate flexibility for SEZ units to serve domestic demand, would further reinforce the organised jewellery sector's contribution to employment, consumption and exports."
Mr. George Alexander Muthoot, Managing Director, Muthoot Finance, sharing his views on financial inclusion, affordable credit, and the role of gold loan NBFCs-
“As we approach the Union Budget 2026, we are hopeful that the government will continue to prioritise measures that deepen formal credit access for first-time and underserved borrowers. Affordable, secured lending plays a critical role in promoting financial inclusion, especially for households and micro-entrepreneurs who often lack access to traditional banking products.
Recognising the role of gold loan NBFCs through measures such as Priority Sector Lending status would help create a more level playing field, reduce the cost of funds and enable wider outreach in semi-urban and rural India. For many households, small traders and micro-entrepreneurs, a gold loan is frequently their first interaction with institutional finance.
Further, enabling digital innovations such as gold-linked credit lines through UPI can provide first-time borrowers with instant, need-based liquidity at significantly lower costs than unsecured alternatives, while helping them build a formal credit history. Such forward-looking reforms can support near-term consumption and entrepreneurship, while strengthening long-term financial inclusion and resilience among India’s first-time borrowers.”
Shantanu Rooj, Founder and CEO, TeamLease Edtech
"As AI-led disruption reshapes jobs at an unprecedented pace, the gains in productivity will accrue largely to organisations, while workers face growing risks of role displacement. In the upcoming Union Budget, a mandated 1% allocation of corporate profits toward workforce upskilling, could create a dedicated national reskilling pool without materially burdening businesses. At scale, such a mechanism would unlock sustained funding to support role transitions and prepare India's workforce for new-age, AI-enabled jobs."
"India's travel and tourism ecosystem has benefited significantly from the Government's progressive policy outlook towards global mobility and ease of travel. We hope the government maintains this positive outlook.In addition, continued policy support through the upcoming Union Budget - particularly through certain measures to increase the disposable income, as well as targeted travel incentives - would encourage people to spend more on both domestic and international travel, boosting the overall tourism industry. Furthermore, a review of the current foreign exchange limits and taxes on forex transactions would further support this momentum by easing cash-flow pressures for travellers and service providers. Together, such measures can unlock long-term economic value and contribute meaningfully to the vision of a Viksit Bharat." - Shikhar Aggarwal, Joint Managing Director, BLS International.
Ajay Gupta – Principal Consultant & Founder Perceptive Ideas Consulting Engineers Pvt. Ltd-
Perceptive Ideas believes that this Budget comes at a very crucial duration for India's infrastructure and built environment, where policy continuity and calibrated reforms can unlock the next phase of safe and sustainable structural development. The strong emphasis laid down by the government on capital expenditure, modern corridors for transport, and transformation of urban centers has already created encouraging momentum in the construction ecosystem, and we believe that the forthcoming announcements will reinforce the infrastructure story of India.
As a structural design and engineering-focused organisation, we look at the measures that incentivise the adoption of advanced materials, green building standards, seismic safety norms, and digital design tools like BIM across public and private projects. A stable, reform-oriented Budget, which supports faster project clearances, skills development for engineers and site professionals, and innovation in construction technologies, will enhance not only safety and longevity but also empower companies like ours to contribute more effectively to nation-building.
Quote From Ms. Madhumita Agrawal, Founder & CEO of Oben Electric
Oben Electric views the Union Budget 2026–27 as a vital opportunity to strengthen India’s electric mobility journey. While 2025 was a landmark year with EV sales reaching a record 2.3 million units, anchored by 1.28 million two-wheelers, the industry’s long-term health depends on structural tax reforms. A primary concern for domestic manufacturers is the inverted tax structure. While finished EVs attract a 5% GST, the raw materials used to manufacture these vehicles are taxed at 18%. This 13% disparity locks up vital working capital across the industry, driving up production costs and straining liquidity. Aligning GST on all EV components to a uniform 5% is essential to support domestic manufacturing and make ‘Make in India’ EVs more affordable for the mass market.
Furthermore, we believe the next wave of adoption will be led by electric motorcycles. While scooters have seen early success, motorcycles dominate nearly 70% of India’s two-wheeler market but remain significantly under-electrified. To achieve national 2030 targets, the Budget should introduce targeted subsidies and demand incentives specifically for electric motorcycles. Prioritising this dominant segment will unlock the next level of mass-market electrification and move India closer to a truly self-reliant EV ecosystem, said Ms. Madhumita Agrawal, Founder & CEO of Oben Electric.
Quote from Mr. Sameer Moidin, Founder & CEO of EVeium Smart Mobility
The Union Budget 2026–27 must capitalise on the momentum of India’s electric two-wheeler segment, which dominated the EV market in 2025 and already serves millions of daily commuters. The focus should be on Make in India electric two-wheelers that are not merely assembled locally but designed, manufactured, and scaled domestically to create jobs, build resilient supply chains, and reduce import dependency. Incentives should support battery localisation, affordable financing, and mass-scale production, while sustained investment in accessible charging infrastructure will make EVs practical for all users. This Budget has the potential to turn India’s electric mobility promise into reality by strengthening domestic manufacturing and positioning India as a global EV leader, said Mr. Sameer Moidin, Founder & CEO of EVeium Smart Mobility.
Quote From Mr. Shishir Gupta, Co-founder & CEO of Oakter
We expect the Union Budget 2026–27 to strengthen India’s ambition to become a global hub for original design manufacturing and electronics innovation, beyond assembly-led production. For companies building products end-to-end in India, priorities must include design-linked incentives, deeper component localisation, and easier access to working capital. Expanding and refining PLI support for ODM-led manufacturing, along with targeted incentives for batteries, power electronics, IoT hardware, and semiconductor-linked supply chains, will significantly enhance global competitiveness. Lower manufacturing costs through stable GST structures, faster input tax credits, and infrastructure support for automated factories will enable Indian manufacturers to move up the value chain and build IP-driven products for global markets, said Mr. Shishir Gupta, Co-founder & CEO of Oakter.
Quote from Mr. Akhil Nair, Founder and CEO of BigTrunk Communications
Marketing has become a core growth driver of India’s digital economy, but policy support must now align with how the industry operates. As Indian agencies scale globally, the Budget should focus on targeted enablement. AI-led marketing innovation and advanced analytics are essential for global competitiveness. Allocations supporting AI and ML research for marketing use cases, incentives for MSMEs to adopt MarTech tools, simpler compliance, and clearer taxation for digital service exports will help Indian agencies compete globally. Continued investment in Digital Public Infrastructure will further strengthen omnichannel growth and export-ready digital businesses, said Mr. Akhil Nair, Founder and CEO of BigTrunk Communications.
Quote from Dr Sheetal Jindal
As India’s healthcare sector evolves, the Union Budget 2026–27 must support inclusive reproductive care and affordable fertility solutions. Targeted incentives for Assisted Reproductive Technologies such as IVF, including subsidies, tax relief, insurance coverage, and enhanced funding for training and research, will improve access for families in tier-2 and tier-3 cities. Such support will help address shifting fertility trends while promoting equity and innovation in reproductive healthcare, said Dr Sheetal Jindal.
Quote from Mr. Mannuri Vamshi Krishna, Founder & CEO of SafeCredits
The Union Budget 2026–27 presents an opportunity to strengthen India’s MSME and enterprise ecosystem through digital credit governance, transparency, and ease of doing business. Encouraging adoption of AI-driven risk management and RegTech platforms, paperless onboarding, automated KYC, and real-time payment monitoring will improve cash flows, reduce defaults, and enhance operational efficiency. A forward-looking policy framework can enable enterprises to move from manual credit control to predictive, data-led decision-making, said Mr. Mannuri Vamshi Krishna, Founder & CEO of SafeCredits.
Quote from Mr. Ekash Garg, Co-founder & CEO of Cravicious Foods
India’s food processing and frozen foods sector is emerging as a key pillar of value-added agriculture. The Union Budget should prioritise cold-chain infrastructure, modern processing facilities, and advanced freezing technologies. Incentives for energy-efficient cold storage, GST rationalisation, simplified compliance, and easier access to working capital will help domestic brands scale sustainably and reduce food wastage. Strengthening farm-to-fork supply chains is critical to positioning India as a global hub for high-quality frozen foods, said Mr. Ekash Garg, Co-founder & CEO of Cravicious Foods.
Deep Chanda, Chief Officer at Ampcus Cyber
With the upcoming Budget 2026, cybersecurity has clearly emerged as a strategic priority alongside India's broader digital and economic ambitions. With digital adoption accelerating across sectors and cyber threats growing in complexity, forward-looking fiscal measures that support AI-driven security solutions, stronger cyber defence infrastructure, and R&D incentives will be crucial. As digitisation expands rapidly across critical infrastructure, BFSI, healthcare, and government services, strengthening cyber resilience has become essential to sustaining trust and long-term growth. We expect the upcoming Budget to continue supporting digital security through targeted investments in AI-led threat intelligence, cyber infrastructure, and workforce skilling. Greater clarity around data protection norms, simplified compliance frameworks, and tax clarity for organisations adopting advanced cybersecurity practices would help accelerate secure digital adoption. Focused initiatives to build cybersecurity and AI talent can also address the widening skills gap while creating high-value jobs. A Budget that recognises cybersecurity as a core enabler of the digital economy will be critical in reinforcing confidence across enterprises and institutions
Hari Krishna, Founder & CEO at Green Drive Mobility
"India's transition towards sustainable mobility has been strongly supported by the government's clear policy intent around electric vehicles and clean transportation. As Budget 2026 approaches, we are optimistic about continued momentum through targeted support for EV adoption, charging infrastructure, and green mobility solutions. Incentives for electric fleets, financing support for fleet operators, and investments in charging ecosystems can significantly accelerate adoption across commercial and shared mobility segments. We also look forward to policy measures that encourage localisation, battery innovation, and lifecycle sustainability, aligning with India's long-term climate and energy goals. Continued collaboration between the government and private sector will be essential to scale green mobility while maintaining affordability and operational viability. A Budget that reinforces confidence, infrastructure readiness, and long-term policy stability can help position India as a global leader in clean and future-ready transportation."
Rahul Mehra, Co-founder at Roadcast
"As India strengthens its logistics and supply chain backbone, Budget 2026 is an important opportunity to build on the government's sustained focus on infrastructure, digitalisation and efficiency-led growth. Initiatives around multimodal logistics, GST-led formalisation, and technology adoption have already improved transparency and predictability across supply chains. We are hopeful the upcoming Budget will continue to support logistics modernisation through incentives for digital infrastructure, fleet intelligence, and data-driven optimisation. Greater policy emphasis on real-time visibility, safety, and compliance can help logistics players improve service quality while reducing operational inefficiencies. Support for MSMEs and fleet operators through easier access to technology and financing will also be critical. A forward-looking Budget that recognises logistics as a strategic growth enabler can further strengthen India's position as a competitive manufacturing and trade hub while improving last-mile efficiency across sectors."
" As the Union Budget 2026 approaches, the industry would welcome continued support to strengthen India's manufacturing ecosystem through policy stability, infrastructure development, and a level playing field for domestic producers. For the metals and stainless steel sector, factors such as rising steel input costs, raw material volatility, global trade disruptions, and dumping pressures continue to pose challenges. The forthcoming Budget may consider measures such as trade safeguards where appropriate, rationalisation of duties on critical steel inputs, and incentives that encourage capacity expansion and value-added manufacturing. Improved access to long-term financing for technology upgrades, compliance requirements, and scale efficiencies could further support sectoral growth. "
- Chandragupt Prakash Mangal, Managing Director, Mangalam Worldwide Limited.
