What Telecom Industry demands from Nirmala Sitharaman for Budget 2026 states, Shubhendu Sharma, COO, Dabba Network-
"As India looks ahead to the Union Budget 2026–27, sustained government investment in digital infrastructure, particularly telecom, will remain a cornerstone of the country's digital growth. The next phase of expansion calls for complementing public capex with innovative public–private partnership models that enable citizens and local entrepreneurs to co-own and operate last-mile telecom infrastructure. By leveraging on-chain orchestration to ensure transparent coordination between the state, private operators, and community stakeholders, telecom networks can be deployed faster, at lower cost, and with stronger local accountability. A forward-looking Budget 2026–27 framework that formally recognizes and supports community-powered telecom infrastructure can help scale inclusive, resilient, and financially sustainable connectivity across India.
"As India gets ready for Annual Budget 2026, the pharmaceutical sector is focusing on long-term policy stability that encourages innovation, quality, and resilience rather than just short-term benefits.
It will be important to restore competitive R&D incentives, adjust GST on essential therapies, and increase support for API and biosimilar manufacturing.
Smart regulation, rather than strict regulation, can help Indian pharma shift from being volume-driven to being led by innovation.-Hari Kiran Chereddi, MD & CEO, HRV Pharma."
Dr Alok Misra, CEO & Director, Microfinance Industry Network (MFIN) -
“The microfinance sector touching lives of nearly 30 crore low income people needs policy support in the form of robust KYC framework for accurate borrower verification and responsible credit reporting. In light of SC judgement restricting Aadhar use, the issue needs to be addressed through solutions such as Aadhaar last-four-digit storage or tokenisation. The other area requiring policy support is availability of stable funding mechanism. High dependence of NBFC-MFIs on bank funding leads to sudden drying up of funds and affects financial inclusion, like seen for last one year. This has resulted in nearly 50 lakh clients going out of formal finance fold.
Other than that, at a macro level, the sector has shown tangible improvement in credit discipline, with Portfolio at Risk (1–90 days) for RBI regulated entities declining from 5.3% in Dec 2024 to 2.4% by end December 2025 and nearly 96% of borrowers are within prescribed MFIN guardrails. We remain hopeful for an early announcement on the proposed credit guarantee scheme for microfinance, which will further strengthen lender confidence and start a virtuous cycle for the sector.”
Budget Expectation Quote by Jeel Gandhi, CEO, Under25:
"With over 65% of India's population under 35, the upcoming Union Budget is a pivotal moment for the country's youth. It presents a critical opportunity to allocate dedicated funds and provide incentives that support early-stage funding, seed capital access, and enable start-ups for young entrepreneurs. We expect a long-term vision of positioning India as a global hub for young talent, where these dedicated allocations will help reduce entry barriers and give a boost to youth-led innovation.
Being one of the youngest nations in the world, there is immense potential. But this potential needs preparation. Most fresh graduates in India face the same challenge – a degree in hand but limited skills in the real world. Supporting structured, paid internships and industry-academia collaboration can significantly ease young Indian's transition from education to employment. This is essential to leverage India's demographic dividend for economic growth.
Another area that needs consideration is affordable internet and digital infrastructure, particularly in Tier 2 and Tier 3 cities. This will ensure equal access to opportunities, especially in the creator economy. Lastly, we also expect a stronger focus on Gen-Z-ready skills across digital, creative, communication, AI, and other new-age tech to build employability that sustains in the long run."
Here is the Budget Expectation Quote By Niyati Handa, Co-founders & Director of Eklavya School:
"Looking ahead at Budget 2026, there is a bigger expectation that India's education agenda will be recalibrated. The focus should move beyond enrollment numbers to learning outcomes, strengthening critical thinking, conceptual understanding, and teaching excellence that shape young minds.
A substantive increase in the budget for school education is essential, especially at the foundational level. Investments to upgrade teacher training, curriculum modernisation, and age-appropriate learning frameworks have to take place holistically to develop solid academic and cognitive roots for future-ready learners. Likewise, I believe that bridging the urban–rural education gap should remain one of the top priorities. When monetary assistance is enabled in scaling digital and hybrid learning models, it can significantly expand access to quality education in Tier 2, Tier 3, and rural regions, ensuring that geography does not limit potential.
Teacher capacity building also deserves sharper focus. Continuous upskilling of educators with evolving student requirements, new pedagogies, and even interdisciplinary approaches will be key to sustaining educational reform. Additionally, certain policies can also be employed that reinforce merit-based pathways for students through scholarships and need-based financial support. This, in turn, will ensure that deserving students are empowered to pursue their aspirations without financial constraints.
A strong case also exists for closely aligning education with career outcomes, emerging professions and real-world problem-solving. We expect budgetary support for learning to become more relevant and make a difference.
Ultimately, Budget 2026 must envision education as a long-term strategic investment: one that powers India's knowledge economy, drives innovation, advances the research ecosystem, and solidifies the nation's global competitiveness over the years to come."
Mr Kiran Venugopal, CEO and Founder, Bricks and Milestones, on housing and urban development.
Quote:
"India's housing sector stands to benefit most from a Union Budget that continues to strengthen the fundamentals of urban growth. Sustained investment in infrastructure such as transport networks, connectivity and planned city expansion creates long term momentum for housing demand. Equally important is a steady focus on urban services including water, power, mobility and local governance, which enhance liveability and protect property value over time. For today's homebuyers, economic stability and policy consistency inspire confidence. A forward looking Budget that reinforces predictable financing and integrated urban development will support balanced and sustainable growth across Indian cities."
"The Union Budget is a key opportunity to accelerate India's drone and deep-tech ecosystem through an infrastructure-first approach. Strengthening Drone Shakti through incentive-based manufacturing will clearly signal India's shift from pilot adoption to large-scale expansion of the drone economy. Priority support for skill-linked training infrastructure, indigenous component manufacturing, and shared testing and certification facilities is essential to reduce import dependence and speed up innovation.
For founders in this industry, the real opportunity lies in building globally competitive, IP-driven drone manufacturing and service capabilities - not just assembly. Simplified and incentivised R&D frameworks and policy support for the Drone-as-a-Service model across agriculture, infrastructure and public services can further drive adoption, jobs and long-term scale." - Dr. Preet Sandhu, Founder & Managing Director, AVPL International.
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. At PayNearby, we see neighbourhood retailers and women entrepreneurs as critical partners in taking banking, credit, assurance and commerce closer to every household through our Distribution-as-a-Service model, converting policy intent into everyday access. To further strengthen this ecosystem, Budget 2026 can play a key role in enabling long-term capacity and scale.
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".
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."
Shared mobility is intended to improve connectivity across urban and inter-city corridors, especially as India's transport ecosystem is expected to enter a phase of sustained infrastructure investment. Institutions such as Convergence Energy Services Limited (CESL) have played a role in creating a structured framework for scaling electric bus adoption through Public-Private Partnerships, with the Payment Security Mechanism expected to emerge as a key enabler in building confidence among private operators. In parallel, investments in electric mobility, digital infrastructure, telematics, and advanced safety systems are expected to enhance operational efficiency and service reliability. Together, these measures are believed to support the expansion of multi-modal transport, improve commuter experience, and address rising travel demand as economic activity strengthens contributing to a more future-ready mobility ecosystem.- Sanyam Gandhi, Whole-time Director, Chartered Speed limited.
- Mr. Deepak Chand Thakur, Chairman and Managing Director of NPST
As India continues its digital transformation, the Union Budget 2026–27 comes at an important moment for the payments ecosystem. With UPI processing over 228.3 billion transactions in 2025, digital payments have become deeply embedded in everyday economic activity. They also reflect India's leadership in building digital public infrastructure at scale.
As the ecosystem matures, there is an opportunity to strengthen the economic foundations that support this growth. The zero MDR framework has played a critical role in accelerating adoption and inclusion. At the same time, rising transaction volumes and system complexity point to the need for funding models that allow payment service providers to continue investing in infrastructure, security, and innovation. This is especially important for expanding reach in rural and underserved areas.
Recent reductions in incentive allocations, alongside higher performance expectations, highlight the importance of predictable and balanced support mechanisms. Providers continue to invest significantly, with annual costs estimated at ₹4,000 to ₹5,000 crore. They also meet stringent benchmarks on uptime, reliability, and technical performance. These standards are essential to maintaining trust in the system and deserve strong fiscal alignment.
Budget 2026 presents an opportunity to reinforce the long-term sustainability of digital payments. Options such as a calibrated MDR for high-turnover merchants or a structured multi-year reimbursement framework could help create a more resilient operating model. Such approaches can preserve affordability while enabling continued investment.
Continued focus on core payment infrastructure will also be critical. Scalable platforms, automated reconciliation, advanced risk management, and strong cybersecurity capabilities underpin real-time payments. Strengthening these areas will support banks, fintechs, and ecosystem partners in delivering secure and high-quality services across India.
With thoughtful policy choices, the Union Budget can help shape the next phase of growth. It can ensure that India's payments ecosystem remains inclusive, resilient, innovative, and globally trusted.
- Siddhartha Abburi, Director, Avantel Limited
"As India approaches the Union Budget, we anticipate a sharper policy emphasis on building sovereign technology capabilities across strategic communications, defence electronics, and satellite-enabled systems. Sustained investment in defence modernisation, space-based connectivity, and secure digital infrastructure will be essential to creating resilient, mission-critical platforms that are designed, developed, and manufactured domestically.
For the defence and space communications ecosystem, focused support for design-led R&D, domestic production of advanced communication technologies, and long-term procurement clarity can enable Indian enterprises to play a deeper and more predictable role in national security and strategic infrastructure. Policy measures that accelerate indigenisation across high-value electronics, system integration, and software-defined communication architectures will be increasingly critical as operational requirements scale in both sophistication and complexity.
A strong emphasis on R&D incentives, advanced skills in communications and embedded systems, and an improved ease-of-doing-business environment for technology manufacturers can position India to deliver globally competitive, indigenous solutions, thereby strengthening strategic self-reliance while generating high-value employment and innovation-led growth."
- Sameer Kanodia, Managing Director and CEO of Lumina Datamatics Limited
As India prepares for the Union Budget, we expect a sharper policy focus on strengthening digital and AI-led infrastructure that underpins knowledge services, publishing, and the fast-growing retail and e-commerce ecosystem. Continued investments in advanced technologies such as AI, automation, and cloud platforms will be critical to improving productivity across content creation, digital publishing workflows, and large-scale retail operations.
For the publishing sector, targeted support for technology-enabled content production, research digitisation, and global content services exports can help Indian companies deepen their role in the international knowledge economy. Similarly, policy measures that encourage data-driven retail operations, catalogue automation, and digital supply chains will be vital as e-commerce scales in complexity and volume.
Aligned with our expectations, a strong emphasis on AI-focused skill development, R&D incentives, and ease of doing business for technology-driven service providers that can enable companies to continue building globally competitive solutions from India, while creating high-value employment and accelerating innovation across publishing and commerce."
"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.
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