Budget 2026 Expectations Live: Focus On Manufacturing, MSME Push And More

Santanu Sengupta, Global Banking & Board Leader and former Managing Director, Wells Fargo says, "The upcoming Budget must shift from optics to execution." He says industry is looking for regulatory simplicity, faster GST refunds and customs rationalisation to unlock investment. Sengupta adds that "exporters hit by US tariffs need certainty on remission schemes, quicker refunds and interest subvention to ease working-capital stress. Markets are also seeking tax certainty, clarity on capital gains and relief from perceived double taxation via STT and capital gains to stem FPI outflows. A fiscally credible Budget can lift confidence amid global trade tensions."

Navneet Daga, Co-founder and CEO, Zenergize says, "To advance Atmanirbhar Bharat, energy infrastructure such as EV chargers and solar inverters must be treated as vital national assets." He expects Budget 2026 to address the inverted GST structure on these products to improve affordability and adoption. Daga adds that lowering duties on essential electronic components, while increasing duties on partially or fully assembled imports, can strengthen domestic manufacturing. Such measures, he says, will boost local value addition and reduce import dependence.

Shishir Joshi, Founder and CEO, Project Mumbai, and Convenor, Mumbai Climate Week says, "India’s urban centres are central to economic growth, but climate adaptation must be embedded in development strategies." He says Budget 2026 should move from prescriptive schemes to flexible, outcome-based finance that allows cities to respond to local needs. Such an approach, Joshi adds, can "improve air quality, water security and infrastructure resilience while de-risking private investment. Clear frameworks for green bonds and blended finance can help cities lead climate action and long-term resilience."

Tejas Jain, CEO and Founder, BimaKavach says, "Budget 2026 is an opportunity to rethink tax support for business risk protection." He says tax benefits are skewed toward life and health insurance, while essential commercial covers lack parity. Clear deductions and a simpler framework, Jain adds, can improve insurance adoption among MSMEs. This would help businesses view insurance as a growth enabler rather than a compliance cost.

Nipun Sharma, CEO, TeamLease Degree Apprenticeship says, "Apprenticeships should be positioned as a central pillar of India’s workforce strategy in Budget FY27." He says experiential learning improves employability, productivity and socio-economic mobility. Sharma expects "targeted tax incentives to encourage MSMEs and women apprentices. Greater alignment between NAPS and NATS frameworks and stronger industry–academia collaboration can formalise skilling and improve outcomes."

Mohit Jandu, Managing Director, J Infratech says, "Infrastructure is emerging as a strategic national asset rather than just a growth driver." He says continued focus on transport, energy, green infrastructure and multimodal logistics is strengthening resilience. Jandu adds that timely approvals, stable policy frameworks and deeper private participation are critical to sustain momentum. Effective execution, he says, can enhance competitiveness, jobs and quality of life.

Aditya B Yamsanwar, Director, Team One Architects says, "Urban infrastructure investments and SEZ reforms have made Indian cities more predictable and investment-ready." He says Budget 2026 should deepen capital allocation toward transit-led corridors and integrated city planning. Yamsanwar adds that "enabling tier-2 markets to evolve into GCC and innovation hubs will define the next phase of commercial real estate growth. Execution at scale will be key to durable value creation."

Raji Naveen, Co-founder, Beyond 8 says, "India’s startup ecosystem has matured from speed-focused growth to building resilient, long-term businesses." She expects Budget 2026 to reduce friction through simpler compliance, predictable taxation and access to patient capital. Support for deep-tech, climate innovation and long-cycle ventures, Naveen adds, is critical. Strengthening founder pipelines from education to incubation, she says, can deliver durable innovation and job creation.

Balbir Singh Dhillon, Brand Director, Audi India says, "Union Budget 2026 is an opportunity to reinforce consumer confidence amid global uncertainty." He says the luxury auto segment benefits from macro stability, rising incomes and a buoyant investment climate. Dhillon adds that continued infrastructure development, especially roads and charging networks, along with GST and duty rationalisation, can accelerate growth. A stable long-term policy framework, he says, will support sustained consumption.

Subodh Garg, CFO, Cashify says, "Budget 2026 can help shift India’s electronics sector from scale to sustainable value creation." He expects ESOP taxation to be aligned with actual monetisation and greater consistency in capital gains treatment for unlisted shares. Garg adds that "recognising certified refurbishment and recommerce can reduce import dependence. Moving from ‘Make in India’ to ‘Make it Last in India’ can multiply long-term economic returns."

Varun Gupta, Co-founder, GOBOULT says, "India’s audio and wearables sector has transitioned from assembly-led to capability-led manufacturing, supported by PLI-driven scale." He says the next growth phase depends on deeper investment in component manufacturing and R&D. "Continued PLI support, targeted incentives for high-value components and export-linked benefits", Gupta adds, "can help Indian manufacturers move up the value chain. Strengthening these levers can position India as a global electronics innovation hub."

Uttam Digga, CEO, Porter says, "India’s logistics sector is entering a phase of meaningful transformation, driven by MSME growth, infrastructure investment and GST rationalisation." He says tech-enabled road logistics is becoming a critical competitiveness lever for MSMEs. Digga adds that "ambiguity in regulatory and tax interpretation across app-based and traditional logistics models risks raising compliance costs. Clearer distinctions between logistics models can support MSME efficiency, formalisation and lower intracity logistics costs."

Anil G Verma, Executive Director and CEO, Godrej Enterprises Group says, "Union Budget 2026–27 should further strengthen manufacturing as India’s primary growth engine." He expects continued policy support for PLI schemes, the National Manufacturing Mission and improved MSME credit access. Verma adds that deeper supply-chain integration, better logistics and technology-enabled manufacturing are essential for global competitiveness. "Supporting Industry 4.0 adoption, skilling at scale and simplified taxation", he says, "can drive domestic demand and unlock a strong manufacturing multiplier."