Abhyuday Jindal
Managing Director, Jindal Stainless
“The Union Budget 2026 lays out a growth-oriented roadmap to strengthen India’s economic momentum, anchored in the principles of self-reliance, long-term resilience, and sustainability.
I am particularly encouraged by the emphasis on deepening domestic manufacturing, strengthening energy security, and insulating supply chains from geopolitical disruptions, an imperative in the backdrop of the global landscape.
A dedicated capital expenditure towards sectors, such as INR 12.2 lakh crores for infrastructure, and others such as logistics, green, sustainable manufacturing and defence, will not only provide a sustained momentum and self-reliance in these sectors, but also spur further innovation, scale, employment, and overall value creation.
Stainless steel plays a key role in ensuring long-term sustainability in nation-building sectors, owing to its inherent properties such as corrosion-resistance, durability, and superior lifecycle cost. As the Budget reinforces a strong infrastructure push, it creates further opportunities for the manufacturing sector to contribute meaningfully to this ambition. In this context, the continuation of the exemption of basic customs duty on a few critical input raw materials is a positive step.
Further, the support and enablement measures for MSMEs are reassuring. These enterprises are the backbone of manufacturing, and steps like the SME Growth Fund, the Self-Reliant India Fund top-up, and simplified compliance will surely strengthen the overall value chain.
Overall, the Budget provides India’s manufacturing sector the confidence to invest, innovate and compete globally.
Vineet Mittal
Chairman, Avaada Group
“Budget 2026–27 strikes a balance between ambition, growth and discipline. With sustained public capex of Rs 12.2 lakh crore, a clear fiscal consolidation path, and reforms like the Infrastructure Risk Guarantee Fund, it focuses on building long-term productive capacity rather than short-term stimulus. The emphasis on infrastructure, MSME scaling, transport, digital and logistics readiness sends a strong signal that India is investing for durable growth, competitiveness, and investor confidence.”
Raju Kumar
Partner and Energy Tax Leader, EY India
“Energy transition as a question of Industrial resilience and system reliability, not just capacity expansion seems to be the key mantra of Budget 2026. The establishment of Rare Earth Corridors in Odisha, Andhra Pradesh, Kerala and Tamil Nadu, alongside customs-duty exemptions for capital goods used in critical-mineral processing, directly addresses input security for renewables, storage and electric mobility.
The Rs 20,000-crore CCUS programme provides a credible pathway to decarbonise power, steel and cement, while extending customs-duty exemptions for nuclear projects till 2035 strengthens long-term base-load stability. On the tax front, exemptions for battery energy storage systems, lithium-ion cells, solar-glass inputs and biogas-blended CNG materially improve project viability. Collectively, these measures are likely to compress project costs, unlock private capital, and accelerate deployment of storage-backed renewables, while the restructuring of PFC and REC could improve credit flow and execution discipline across the power sector.”
Rajamani Krishnamurti
President, ISSDA
“The Union Budget 2026–27 is a definitive statement of intent, reinforcing the government’s long-term commitment to sustainable infrastructure and the longevity of national assets. By intensifying investments in railways, water management, urban infrastructure, and public utilities, the government has created a natural and compelling case for the wider adoption of stainless steel. This material stands unmatched in life-cycle cost efficiency, corrosion resistance, and recyclability.
However, the most heartening and logical stroke of this Budget is the visionary allocation of Rs. 10,000 crores for the MSME sector. This is not just a fiscal injection; it is a lifeline for the very backbone of our industry. Since a significant portion of India’s stainless steel capacity resides within the MSME segment, this support is a profound recognition of their role in the national value chain. It empowers these smaller units to upgrade technology, enhance quality, and compete more effectively against the tide of substandard imports.
This policy direction, focused on quality-centric procurement and standards enforcement, coupled with robust support for MSMEs, will be instrumental in enhancing material choices across public projects.”
Masood Mallick
Chairman, CII National Committee on Waste to Worth Technologies and MD & Group CEO, Re Sustainability Limited
“The Union Budget 2026–27 marks a decisive shift in how India approaches resource security and decarbonisation—treating them as strategic economic priorities rather than regulatory afterthoughts.
The Rs 20,000 crore commitment to Carbon Capture, Utilisation and Storage (CCUS) over five years is a particularly important signal. It directly addresses the competitiveness challenge Indian industry faces under mechanisms such as the EU’s Carbon Border Adjustment Mechanism and provides a credible pathway for hard-to-abate sectors like steel and cement to remain globally competitive while decarbonising.
Equally significant is the focus on building domestic capability across the critical minerals value chain—from exploration to processing. Duty exemptions on capital goods for critical mineral processing, along with support for rare-earth corridors in mineral-rich states, will strengthen urban mining and large-scale resource recovery.
For industries engaged in recovering value from end-of-life materials, this recognition of secondary resources as strategic assets is both timely and overdue.
The extension of duty exemptions for lithium-ion cell manufacturing in battery energy storage systems, and the rationalisation of excise duty on biogas-blended CNG, reflect a sophisticated understanding of how clean energy transition and circularity reinforce each other. These measures will unlock investment in recovery infrastructure and accelerate the shift from linear to circular industrial models.
By placing execution, scale, and infrastructure at the centre of its approach, this Budget positions circularity as foundational to India’s manufacturing resilience and its Viksit Bharat ambitions—giving industry the confidence to invest boldly in sustainable technologies.”
Sameer Gupta
Chairman of Jakson Group
“Union Budget 2026-27 outlines a clear growth-oriented roadmap with public capital expenditure increased to ₹12.2 lakh crore, reflecting the government’s continued focus on energy and infrastructure-led development. The introduction of the Infrastructure Risk Guarantee Fund, along with greater use of REITs and asset monetisation mechanisms, is expected to enhance investor confidence and support more efficient project execution.
The emphasis on domestic manufacturing, energy security, and future-oriented technologies, including the allocation of ₹20,000 crore for carbon capture, contributes to strengthening India’s long-term economic resilience. Commitments towards freight corridors, inland waterways, high-speed rail corridors, and City Economic Regions indicate a structured approach to improving transport, logistics, urban infrastructure, and industrial connectivity. With focused attention on capacity building, employment generation, and the development of Tier II and Tier III cities, the Budget supports broad-based and inclusive growth. Overall, the Budget reinforces the role of energy and infrastructure in India’s long-term development objectives and provides a stable and predictable framework for scaling sustainable energy solutions and infrastructure manufacturing in line with the vision of Viksit Bharat.”
Bikesh Ogra
Vice Chairman and Global CEO of Jakson Green
“Budget clearly places India on the international map as a serious long-term player in the global clean energy and manufacturing chain. The focus on capital expenditure, domestic manufacturing, critical minerals, and energy security indicates a clear shift from capacity building to global competitiveness.
From a corporate perspective, the policy consistency of infrastructure-driven growth and sustainable energy is a strong message to global investors and MNCs seeking stable, scalable, and technology-driven markets. With the diversification of global supply chains and the acceleration of energy transition globally, India is poised not only as a consumption market but also as a solutions destination for renewable energy, green manufacturing, and integrated EPC solutions.
For corporations operating at the nexus of clean energy and infrastructure, this budget has further reinforced confidence in India’s ability to deliver large-scale, export-quality, and future-ready energy solutions.”
Chandra Kishore Thakur
Global CEO, Sterling and Wilson Renewable Energy Group
“Budget has rightly prioritised India’s energy security, especially the increasing role of renewables towards fulfilling this objective over the long term. The relief in customs duty for the import of sodium antimonate used in the manufacture of solar glass is a step in the right direction. This move will reduce input costs for solar panel manufacturers and thereby augment domestic solar equipment production, giving an impetus to the entire sector in terms of Atmanirbharta.
The extending of basic customs duty exemption for capital goods used for manufacturing Lithium-Ion Cells for batteries, and to those used for manufacturing Lithium-Ion Cells for battery energy storage systems (BESS) is also a welcome decision. We must remember that BESS significantly enhances the viability of solar power by addressing its intermittency and enabling efficient energy management. BESS stores excess solar generation for use during low-production periods, thereby augmenting overall system reliability and economics in the solar industry.
With these new measures, we are certain that renewable energy will play a vital role in India’s sustainable development, powering economic growth while reducing dependence on imported fossil fuels.”
Manan Thakkar
Co-founder & Managing Director, Prozeal Green Energy
“The Union Budget for FY 2026-2027 presents a forward-looking roadmap aligned with India’s vision of Viksit Bharat and to target above 7% growth rate. The budget introduces transformative reforms across six strategic domains that will enhance the nation’s growth potential and global competitiveness over the next five years.
A particularly impactful measure is the extension of Basic Customs Duty (BCD) exemption to capital goods used in manufacturing Lithium-Ion Cells for battery energy storage systems. This policy will create a multiplier effect, accelerating the adoption of clean energy solutions across India’s manufacturing sector.”
Shobit Rai
Co-founder & Managing Director, Prozeal Green Energy Limited
“To sustain India’s robust economic growth, the Finance Minister has prioritised power sector reforms in the Union Budget for FY 2026-27. The proposed incentivisation of electricity distribution reforms and augmentation of intra-state transmission capacity will accelerate the adoption of advanced transmission infrastructure and energy storage systems. These measures are designed to strengthen the financial health and operational capacity of electricity companies. States will be allowed additional borrowing of 0.5 percent of GSDP, contingent upon implementing these reforms.
In line with India’s commitment to climate-friendly development, the government has announced the National Clean Tech Manufacturing Mission to support clean technology manufacturing across small, medium, and large industries. The mission will focus on critical sectors, including motors and controllers, electrolysers, wind turbines, very-high-voltage transmission equipment, and grid-scale batteries.
To bolster domestic manufacturing capabilities, the FM has granted an exemption from Basic Customs Duty (BCD) on imports of sodium antimonate used in solar glass production. This initiative aims to enhance domestic value addition and strengthen India’s ecosystem for solar PV cells and EV batteries.”
Manish Dabkara
CMD, EKI Energy Services and President Carbon Markets Association of India.
“Budget marks a turning point for industrial climate action. A dedicated Rs 20,000 crore outlay for CCUS technologies connects decarbonisation with mainstream industry strategy; crucial for sectors where electrification alone can’t cut emissions. For carbon markets and climate finance ecosystems, this Budget underscores that sustainability and growth must go hand-in-hand, with policy clarity driving private capital and implementation readiness.”
Piyush Goyal
Co-founder & CEO, Volks Energie
“Budget 2026 marks a decisive shift toward building resilient, future-ready infrastructure. The sustained push on industrial corridors, freight connectivity and urban infrastructure, backed by a capital expenditure outlay of Rs 12.2 lakh crore, significantly expands India’s physical and economic backbone. In this context, the exemption of basic customs duty on capital goods used for manufacturing Battery Energy Storage Systems is a timely and strategic move. It lowers costs, strengthens domestic manufacturing, and accelerates the integration of energy storage into large infrastructure projects. As infrastructure scales, solutions such as BESS will be critical for managing peak demand, ensuring grid stability, and enabling a reliable, sustainable energy ecosystem aligned with India’s long-term growth and climate goals.”
Dr Ranjit Ghuliani
Medical Superintendent, NIIMS Hospital
“The Union Budget 2026-27 represents a paradigm shift in the focus of the Indian healthcare sector, where health and biopharmaceutical development are placed at the very center of the country’s growth. The proposed ‘Biopharma Shakti’ program of Rs 10,000 crore is a historic move that will help India position itself to become a world leader in the development of biologics and biosimilars.
In terms of healthcare delivery, the Union Budget recognises the key sectoral challenges that the healthcare sector faces, such as the growing incidence of non-communicable diseases, diagnostic delays, and disparities in access to quality healthcare. The focus on prevention-driven financing, digital health integration, insurance expansion, and human resource development is long overdue.
Support for clinical trial support infrastructure, strengthening the regulatory framework, and innovative pharmaceutical development will help hospitals implement evidence-based treatment practices. Another area that assumes importance is the proposed change in the taxation structure of medical devices, expansion of tertiary care services, telemedicine, and rural health, which will help in reducing out-of-pocket spending and burden on referral hospitals.
The Budget, in essence, represents a progressive approach to healthcare as an investment in human capital, which will help create a future-ready health system in India.”
Yashodhan Ramteke
CEO & Director, EcoGuard Global
“With the Union Budget announcing a commitment of Rs 20,000 crores over five years to Carbon Capture, Utilisation and Storage (CCUS), we see a major shift in the way the country is planning to address the challenge of decarbonisation in sectors such as power, steel, cement, refineries, and chemicals. The scheme has the potential to take CCUS from the pilot stage to a viable industrial solution, which would be beneficial in reducing transition risk in the country’s journey towards the development of its domestic carbon market. Post the renewable energy push that resulted in achieving our NDC targets earlier than anticipated, the next focus area naturally flows into CCUS which will help the country to decarbonise its hard to abate sectors.
This move also provides a strong base to the green economy of the country by allowing the reduction of emissions without impacting the level of industrial output, which is critical to maintaining the country’s global competitiveness. With the country increasingly aligning itself to the European Union’s carbon standards, investments in CCUS, MRV technologies, and outcome-based incentives would make the country’s industry not only ‘decarbonisation-ready’ but also ‘market-aligned,’ which would be critical to the country’s net zero ambitions.”
Sharan Bansal
Director, Skipper Limited
“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 Rs 12.2 trillion for FY2026-27, up from Rs 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.
The Budget focuses on the capital formation, monitoring of outcomes and medium-term fiscal planning, which provides a stable policy environment in the energy transition in India. The fiscal deficit is targeted at 4.3% of GDP for FY2026-27, underscoring continued fiscal stability alongside investment push. The emphasis on productive capital spending and accountability will facilitate grid modernisation.”
Shashank Noronha
Founder, TABBSZ
“The Budget clearly positions MSMEs, startups, and domestic manufacturing at the centre of India’s next growth phase. Measures such as the Rs 10,000 crore MSME Growth Fund, stronger receivables financing through TReDS, faster export clearances, and greater flexibility for manufacturers collectively improve liquidity and reduce friction across supply chains. Coupled with structural reforms, infrastructure support, these initiatives strengthen the ecosystem, enabling Indian businesses to compete globally while scaling sustainably.
For FMCG brands, better access to capital and a more efficient manufacturing landscape allow companies to grow without relying on plastic-heavy or inefficient models. As cost structures improve and supply chains strengthen, Indian consumers are increasingly choosing products that deliver value with lower environmental impact. Sustainability is no longer a niche preference but it is becoming integral to how FMCG is manufactured, priced, and adopted across urban and Tier-2 markets.”
Amit Badlani
Director, Vihaan Clean & Green Tech
“The Union Budget 2026–27 sends a strong signal that sustainability is now central to India’s growth strategy. The exclusion of the entire value of biogas from the central excise duty on biogas-blended CNG is a meaningful step that improves the commercial viability of waste-to-energy projects and encourages cleaner fuel adoption.
The multi-year push for carbon capture, utilisation, and storage, along with investments in City Economic Regions and Tier II and III infrastructure, creates a favorable environment for scalable clean-tech and environmental infrastructure solutions. For sectors like food processing and industrial manufacturing, the focus now must shift from intent to execution – effective state and city-level implementation will determine how quickly these policy measures translate into real environmental and economic outcomes.”
Anand Jain
Founder, Aerem Solutions
“The Union Budget 2026–27 sends a clear signal that India is serious about building long-term energy security on the back of renewables, storage and critical mineral value chains. The decision to extend basic customs duty exemptions on capital goods for lithium-ion cells to battery energy storage systems, and to waive duty on inputs like sodium antimonate for solar glass, will lower project costs across the solar-plus-storage stack and accelerate grid-scale as well as C&I deployments.
By pairing these measures with support for processing of critical minerals and an ambitious carbon capture, utilisation and storage roadmap with a Rs 20,000 crore outlay, the Budget recognises that deep decarbonisation needs clean electrons, flexible storage and hard-to-abate sector solutions working together. For a capital-intensive sector like ours, this policy continuity, combined with higher public capex of Rs 12.2 lakh crore and a strong push on infrastructure and city economic regions, creates a more predictable environment for long-duration investments in distributed solar, open access and behind-the-meter storage.
Equally important is the recognition of MSMEs as growth champions, with a three-pronged strategy on equity, liquidity and professional support. The proposed Rs 10,000 crore SME Growth Fund and the top-up to the Self-Reliant India Fund aim to channel risk capital to MSMEs and micro enterprises, while TReDS-based measures mandating CPSE purchases on the platform, adding CGTMSE-backed guarantees, linking GeM, and enabling securitisation of receivables can ease working capital constraints for smaller firms that want to adopt clean energy. The creation of ‘Corporate Mitras’ through ICAI, ICSI and ICMAI will also help MSMEs manage compliance at lower cost, freeing bandwidth and capital for productivity-enhancing investments, including solar and storage.”
Sudipta Mukherjee
Managing Director, Texmaco Rail & Engineering
“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.
A capital outlay of around Rs 2.93 lakh crore for railways, combined with large-scale investments in safety systems such as Kavach, capacity expansion through track doubling and new lines, and the rollout of Vande Bharat, Amrit Bharat and Namo Bharat trains, provides strong visibility for sustained demand across rolling stock, wagons and rail engineering solutions.
This Budget clearly aligns rail development with the PM GatiShakti framework, focusing on multimodal connectivity, reduced logistics costs and Make-in-India manufacturing. It strengthens India’s ambition to emerge as a global hub for modern rail engineering, manufacturing and exports.”
Ishita Bansal
Co-founder and COO at Plannex Recycling
“The women-specific announcements in Budget 2026-27 reflect a comprehensive approach to strengthening both women entrepreneurship and workforce participation. This can help women led self help enterprises transition from informal selling to organised retail, improving visibility, pricing power, and income stability. Complementing this, the 58 percent rise in female apprentices between 2021 and 2024 highlights growing momentum, while the Rs 10,000 crore District Hostel scheme provides the infrastructure needed to bring more women into the workforce pipeline. By easing housing constraints for female learners, the Budget can unlock participation from the 42 percent of undergraduate women currently outside the labour market. Together, these measures strengthen the education to employment continuum, energise local economies, and build sustainable women-led business ecosystems across India.”
Akash Sharma
Director Admissions & Outreach, Noida International University
“The Union Budget for the year 2026-27 is a positive step for the education sector in India, as it showcases the emphasis of the Government on improving learning outcomes, accessibility, and the education infrastructure. With an allocation of nearly ₹1.39 lakh crores, as compared to the allocation of ₹1.28 lakh crores in the previous budget, it is evident that education is a priority for the nation. Projects such as girls’ hostels in each district, five university townships around industrial centers, and content labs in 15,000 secondary schools are a clear demonstration of the Government’s commitment to increasing inclusivity and making education more employment-oriented.
However, with the rapidly changing scenario of the transition of the Indian economy to a digital economy, the next level of development should be centered on smart infrastructure and AI-based education. The young and technology-friendly middle class in India requires education infrastructure that leverages AI, technology, and future skills. There is a need to give more importance to AI-based platforms, teacher training, and connectivity, especially in the unorganised sectors of the country, to make education more inclusive, technology-driven, and globally competitive.”
Riju Jhunjhunwala
Managing Director, Bhilwara Energy
“The Union Budget 2026-27 reflects a strong and forward-looking commitment to sustainable growth, anchored in fiscal discipline and strategic investment. The projected fiscal deficit of 4.3 per cent of GDP and ongoing fiscal consolidation provide a stable foundation for long-term investments in the energy sector.
The increase in capital expenditure to ₹12.2 lakh crore demonstrates a clear push toward infrastructure and technology-driven development, creating an enabling environment for clean energy integration and long-term renewable projects. Key measures such as the India Semiconductor Mission 2.0 and customs duty exemptions for battery energy storage systems and solar glass directly support technology adoption and energy security, making renewable energy projects more feasible and cost-effective.
Overall, the Budget reinforces confidence in scaling clean energy solutions, strengthening energy infrastructure, and advancing India’s transition to low-carbon, resilient, and future-ready energy systems.”
Ankur Khaitan
MD & CEO, TACC
“With India’s projected 7.4% GDP growth and resilience in inflation and demand as key enablers The Union Budget 2026 reinforces the government’s long-term commitment to building a robust domestic manufacturing eco system keeping India on a global growth platform with higher productivity, growth and being a powerhouse of manufacturing.
Specifically for lithium-ion battery manufacturing ecosystem, continued emphasis on manufacturing-led growth, along with the extension of basic customs duty exemptions on critical mineral processing equipment, is a positive step that lowers capital intensity and supports localisation of advanced battery materials.
The Budget’s alignment with the National Critical Mineral Mission, with an outlay of approximately ₹34,500 crore, is particularly significant. This mission builds on the Ministry of Mines’ 2023 notification identifying 30 critical minerals under the MMDR framework, including graphite, acknowledging its strategic importance for energy storage and electric mobility. However, while upstream minerals are rightly prioritised, there is further push expected towards explicit policy incentives or manufacturing support for synthetic graphite-based, battery-grade anode materials. Synthetic graphite is a foundational input for lithium-ion cells, and greater policy clarity or targeted incentives would be critical to deepen domestic value chains and ensure the long-term effectiveness of the ACC PLI scheme.”
Akshit Bansal
Founder & CEO, Statiq
The Union Budget 2026 marks a pivotal stride in “Atmanirbhar Bharat” and “Make in India,” transforming India’s EV ecosystem by championing domestic rare earth magnet production, a game-changer that cuts import dependency (primarily from China), fortifies supply chains against global volatility, and lowers EV manufacturing costs to drive affordable mass adoption and position India as a sustainable mobility powerhouse. We applaud the continued focus on Tier-2 and Tier-3 cities for infrastructure development, which will expand EV charging networks to underserved regions, democratising access to electric mobility and spurring economic growth in smaller urban centres.
India Semiconductor Mission 2.0 promises cutting-edge technology and a skilled workforce for next-gen EV components like advanced batteries and power electronics. However, aligning the GST structure for charging infrastructure with the 5% slab on EVs remains essential to turbocharge deployment and create a world-class national grid. With this policy momentum, India is primed for global EV leadership.”
Benjamin Lin
President, Delta Electronics India
“Budget brings together multiple strands of India’s manufacturing and technology growth story in a balanced and forward-looking manner. The ₹40,000 crore allocation for India Semiconductor Mission 2.0 and the enhanced outlay for electronics components manufacturing point to a clear focus on scale, depth, and ecosystem development. When seen alongside targeted support for MSMEs through a ₹10,000 crore growth fund, the policy framework addresses both large-scale manufacturing and the strength of the supplier base. By aligning capital support with capability building and innovation, the Budget creates a solid foundation for sustainable, technology-led growth and reinforces India’s ambition to emerge as a globally competitive electronics manufacturing hub.”
Niranjan Nayak
Managing Director, Delta Electronics India
“What stands out in the Union Budget 2026 is the scale, consistency, and seriousness with which the government is approaching electronics and advanced manufacturing. The launch of India Semiconductor Mission 2.0 with an outlay of ₹40,000 crore, along with the expansion of the electronics components manufacturing scheme to a similar level, clearly signals a long-term commitment to building strong domestic capabilities.
Importantly, the focus goes beyond manufacturing capacity to include full-stack design, development of Indian intellectual property, skill creation, and stronger supply-chain resilience. This reflects a practical understanding of how globally competitive technology ecosystems are built. Such clarity and continuity in policy direction give industry the confidence to plan long-term investments, deepen local value addition, and steadily move India up the electronics manufacturing value chain.”
Kapil Bhatia
Founder & CEO of UNIREC
“The Union Budget 2026-27 presents a robust and forward-looking vision for India’s textile and apparel industry. Integrated textile programs such as the National Fibre Scheme, cluster modernization through the Textile Expansion and Employment Scheme, and the launch of Mega Textile Parks will significantly strengthen manufacturing competitiveness and scale. The Tex-Eco initiative, in particular, stands out, demonstrating the government’s clear intention to establish India as a global hub for sustainable and environmentally responsible textiles and apparel. Coupled with Samarth 2.0, which focuses on upgrading textile skilling through industry-academia collaboration, this budget addresses both sustainability and workforce readiness.”
Shishir Joshi
Founder and CEO, Project Mumbai and Mumbai Climate Week
“The Union Budget marks a positive transition in the way India thinks about development, acknowledging that climate action, economic growth, and the resilience of our cities have a direct bearing on the lives of our citizens. The focus on sustainable infrastructure, clean energy, and climate-resilient urban transitions, coupled with a robust public capital expenditure outlay of ₹12.2 lakh crore and specific allocations for cleaner industrial transitions, is a clear indication that the government is committed to developing cities that are healthier, safer, and more liveable for our citizens.
But the real challenge for these policies will be in their ability to deliver on the ground in terms of providing good public transport, clean air, climate-resilient housing, improved services, and livelihood opportunities. For this to happen, climate action needs to be people-centered, supported by the private sector, and scaled and sustained by the Government.”
Dr. Mandeep Singh Malhotra
Director – Surgical Oncology at the CK Birla Hospital, Delhi
“This announcement brings much-needed relief to cancer patients and their families, particularly those undergoing treatment for rare and advanced cancers where access to specialised medicines is often limited by high costs. The exemption of basic customs duty on 17 essential cancer drugs, along with the inclusion of seven additional rare diseases under duty-free personal imports, will significantly reduce the financial burden on patients who already face prolonged and intensive treatment journeys.
By improving affordability and easing access to life-saving therapies that are not manufactured domestically, this move can help ensure timely treatment and better clinical outcomes. Such patient-centric policy interventions demonstrate a strong commitment to making cancer care more equitable and accessible and will have a meaningful impact on both survival and quality of life for patients across the country.”
Dr Shyam Aggarwal
Chairman, Medical Oncology, Sir Ganga Ram Hospital
” The BCD exemption on 17 cancer drugs and duty-free personal import of medicines and food for seven rare diseases is a compassionate policy move that will directly reduce treatment costs, improve access to life-saving therapies, and ease the financial burden on patients and their families.”
Dr Vinay Agrawal
Former National President IMA and Chairman Pushpanjali Healthcare
“Strengthening India’s generic pharma ecosystem is critical to making long-term treatment for autoimmune disorders affordable. Policy and budgetary support for domestic generics can dramatically reduce therapy costs, ensuring patients are not forced to choose between financial stability and continued care.”
Dr. Dharminder Nagar
Managing Director, Paras Health & Co-Chair, FICCI Healthcare Committee
“Backing a bio-pharma manufacturing ecosystem with sustained public investment sends a strong signal that India is serious about self-reliance in complex medicines. This support will not only accelerate research and production for diabetes and autoimmune conditions, but also lower costs, expand access, and position India as a global hub for affordable biologics.”
Dr Navin Dang
Founder and Director Dr Dangs Lab
“Training 1.5 lakh caregivers, building five regional hubs for medical value tourism, and upskilling optometrists, radiographers and allied professionals together strengthen India’s healthcare workforce while improving quality, access and global competitiveness.”
Dr Harsh Mahajan
Mentor, FICCI Health Sector and Founder and Chairman Mahajan Imaging & Labs
“Strengthening India’s generic pharma ecosystem is critical to making long-term treatment for autoimmune disorders affordable. Policy and budgetary support for domestic generics can dramatically reduce therapy costs, ensuring patients are not forced to choose between financial stability and continued care.”
Deepak Chopra
Founder President, Thalassemics India and Mentor , Thalassemia Patients Advocacy Group (TPAG)
“For Thalassemic patients, we welcome strengthening India’s generic pharma ecosystem is critical to making long-term treatment affordable. Policy and budgetary support for domestic generics can dramatically reduce therapy costs, ensuring patients are not forced to choose between financial stability and continued care.”
Dr Manisha Arora
Director – Internal Medicine at the CK Birla Hospital, Delhi
“The Finance Minister’s proposal of Biopharma Shakti, with an outlay of ₹10,000 crore over five years, is a major step toward strengthening India’s biopharma ecosystem. By focusing on domestic production, regulatory upgrades, and infrastructure development, it can improve healthcare affordability and position India as a global biopharma hub. A key impact will be the expansion of biosimilars, cost-effective alternatives to complex biologic medicines such as insulin and monoclonal antibodies. Greater competition in biosimilars manufacturing can reduce treatment costs and expand access to therapies for chronic conditions like cancer, diabetes, and autoimmune diseases, making this initiative a potential game changer for public health.”
Amit Mookim
Board of Director and CEO, Immuneel Therapeutics and Member of NATHEALTH
“The Union Budget 2026–27 reflects a crucial inflection point in India’s biopharma track. The exemption of basic customs duty on essential cancer drugs and the inclusion of seven rare diseases for personal import ease patient access today, and the ₹10,000 crore Biopharma Shakti programme helps build domestic capacity moving forward. Both of these initiatives indicate a focus on affordability as well as long-term capacity buildup. With Biopharma Shakti’s focus on biologics and biosimilars, the expansion of NIPERs and the strengthening of CDSCO build a strong platform for advanced platforms with the likes of cell and gene therapies, accelerating innovation pipelines and clinical translation.
Over the next five years, long-term policy clarity, workforce readiness, and manufacturing scale can take India beyond small-molecule dominance and drive equitable healthcare access by 2030 and put the country strongly on its track towards Viksit Bharat 2047. Scaling manufacturing, supported by regulatory clarity and clinical readiness, is how India can establish defensible leadership in the global biopharma space.”
Rishubh Gupta
Managing Director – India and Neighbouring Markets, Roche Diagnostics India
“The Union Budget 2025–26 takes meaningful steps to strengthen India’s healthcare ecosystem while preparing it for evolving patient and system needs.
Stronger regulatory frameworks, faster approvals, and the expansion of healthcare capacity through regional medical hubs beyond metros—along with a skilled allied healthcare workforce—will help improve access to advanced care at scale, strengthen clinical decision-making, and enhance patient outcomes.
As national institutions, including mental health services, are strengthened, robust diagnostics and equitable investment in screening remain critical to enabling early, accurate diagnosis and effective disease management.
Together, these measures reinforce India’s ambition to emerge as a trusted global healthcare hub as it advances toward Viksit Bharat 2047.”
Neera Nundy
Co-founder and Partner, Dasra
“The Union Budget 2026 sets a women centric approach for India’s next phase of growth. Philanthropy has the opportunity to leverage this direction by supporting innovation, strengthening systems and ensuring inclusive social outcomes.”
Shekhar Singal
Managing Director, Eastman Auto & Power
“The Union Budget reinforces policy continuity for India’s energy transition by strongly backing domestic manufacturing, clean mobility, and decentralised renewable energy adoption with storage. With India expected to account for nearly 30% of global energy demand growth by 2035, the Budget’s emphasis on renewable capacity expansion, grid integration, and reliable power delivery is both timely and strategically aligned with the country’s long-term clean energy ambitions.
The exemption of basic customs duty on select capital goods, along with the addition of 35 capital goods for EV battery manufacturing, will provide a meaningful boost to domestic battery manufacturing and energy storage capabilities. In parallel, the ₹40,000-crore push for electronics manufacturing across key components such as printed circuit boards, capacitors, resistors and display modules will strengthen India’s electronics and advanced manufacturing ecosystem.
The continued focus on grid-scale renewable energy projects, alongside rooftop solar adoption under initiatives such as PM SURYA GHAR, will accelerate decentralised energy access while enhancing grid resilience. Overall, the Budget provides much-needed clarity and continuity, supporting India’s 500 GW non-fossil fuel target and enabling companies like ours to scale integrated solar-storage solutions, strengthen last-mile e-mobility infrastructure, and drive sustainable energy access across both urban and rural markets.”
Mahadev Chikkanna
Founder and CEO of MYNUSCo
“The Union Budget 2026 demonstrates encouraging intent towards building a Viksit Bharat sustainably, despite macroeconomic uncertainties. The government’s focus on boosting MSMEs through a ₹10,000-crore growth fund, committing ₹20,000 crores over for Carbon Capture, Utilisation and Storage (CCUS) technologies, developing ecologically sustainable tourism trails, and supporting women entrepreneurship through Self-Help Entrepreneur (SHE) Marts — all of these can indirectly accelerate innovation in driving sustainable outcomes.”
Rohit Chandra
Co-founder & CEO, OMC Power
“The Union Budget 2026–27 reaffirms the government’s commitment to clean energy, power reliability and last-mile infrastructure. Continued focus on renewable energy, energy transition and infrastructure financing creates a favourable environment for decentralised and hybrid power solutions, particularly in underserved and high-growth regions.
The emphasis on sustainable growth, MSME support and infrastructure-led development opens up significant opportunities for reliable power deployment across telecom, rural enterprises and emerging industrial clusters. This Budget strengthens the foundation for scalable, resilient and low-carbon power systems that are essential for inclusive economic growth.”
Hisham Mundol
Chief Advisor, Environment Defense Fund, India
“There’s a quiet confidence in this Budget on climate and energy. Instead of chasing headlines, it signals belief in the path already chosen — clean power, resilient systems, and long-term transformation. That may be exactly what this moment needs: less drama, more durability, and a transition that steadily reshapes how India produces and consumes energy.”
Kirthi Chilukuri
Founder & Managing Director, Stonecraft Group
“Budget 2026–27 lays strong emphasis on urban development, infrastructure creation and sustainable growth, which aligns well with the evolving priorities of the real estate and built-environment sector. The continued focus on smart cities, urban infrastructure, housing and climate-resilient development encourages the adoption of innovative, sustainable and human-centric design approaches. The Budget’s direction towards green infrastructure, energy efficiency and long-term asset value creation provides an enabling framework for developers focused on biophilic design, integrated communities and future-ready living spaces. It reinforces the importance of building responsibly—where sustainability, well-being and economic value go hand in hand.”
Nitin Chitkara
CEO, MMCM
“As India continues its rapid economic growth in achieving its Net Zero objectives, the Union Budget’s allocation of ₹20,000 crores towards carbon capture, utilisation and storage (CCUS) signifies a move from incremental efficiency improvements to deep decarbonisation in sectors like steel, cement, power, and refining. For industries, this offers a prospect to address unavoidable emissions and simultaneously increase production levels, which is vital for economic growth.
These steps in CCUS and vehicle scrappage can result in the creation of more carbon abatement potential in the market. When combined with well-functioning carbon markets, this has the potential to unleash finance and create high-quality carbon assets in the market and take India closer to building a competitive, resilient, and globally relevant green economy.”
Rajesh Khosla
AGI, Greenpac
“The Union Budget reinforces the government’s decisive push towards accelerating and sustaining economic growth through higher public capital expenditure, manufacturing competitiveness and infrastructure-led development, in line with the vision of Viksit Bharat and Aatmanirbhar Bharat.
The sharp increase in capex to ₹12.2 lakh crore, focus on scaling manufacturing, logistics connectivity and supply-chain resilience creates a strong foundation for long-term investments in core industrial sectors.”
Chandragupt Prakash Mangal
Managing Director, Mangalam Worldwide
” Aligned with the vision of Viksit Bharat, the Union Budget reinforces the focus on sustainability-driven growth for India’s core manufacturing sectors. For stainless steel manufacturers, decarbonisation is pivotal to long-term competitiveness and aligning with global export standards.
The ₹20,000 crore commitment towards carbon capture and utilisation acknowledges the challenges faced by hard-to-abate sectors and is expected to accelerate the adoption of cleaner, more efficient processes across the steel value chain. A well-defined implementation roadmap and access to advanced technologies will be crucial in translating this support into tangible, industry-wide impact.”
Shaifalika Panda
Founder & CEO, Bansidhar & Ila Panda Foundation (BIPF)
“Women’s entrepreneurship is no longer about participation alone; it is about ownership, scale and leadership. The Union Budget 2026–27 takes a decisive step in this direction by explicitly enabling women to move from credit-linked livelihoods to becoming owners of enterprises. The proposal to establish Self-Help Entrepreneur (SHE) Marts as community-owned retail platforms marks a structural shift in how women-led businesses are integrated into markets, value chains and formal retail ecosystems.
By combining innovative financing, collective ownership models and cluster-level aggregation, the Budget recognises that sustainable women entrepreneurship requires more than access to loans—it requires access to markets, branding and institutional support. This approach builds on the success of grassroots programmes while creating pathways for women entrepreneurs to scale, formalise and compete.
As India advances towards Viksit Bharat, empowering women as entrepreneurs and business owners is not just a social imperative; it is an economic necessity. The Budget’s emphasis on women-led enterprises reinforces the idea that inclusive growth is most powerful when women are positioned at the centre of India’s economic transformation.”
Amod Anand
Co-Founder & Director, Loom Solar
“The announcements around ISM 2.0, electronics manufacturing, critical minerals, and rare earth corridors signal a fundamental shift in India’s clean energy trajectory. For the solar sector, this goes far beyond capacity expansion toward building deep technological sovereignty. India is moving from being a hardware assembler to owning critical layers of the energy-tech IP stack—control systems, forecasting platforms, and grid software that power modern solar and storage ecosystems.
The rare earth corridors address a hidden but critical solar bottleneck by securing access to materials essential for high-efficiency motors, power electronics, and advanced energy systems, significantly reducing strategic dependence on China. Complementing this, customs duty exemptions for critical mineral processing, lithium-ion cell manufacturing for storage, and inputs like sodium antimonate for solar glass strengthen domestic value chains across materials, components, and technology—forming the backbone of India’s long-term energy transition and energy security infrastructure.”
Ish Mohan Garg
Senior Vice President, Calderys APAC Region
“The Union Budget 2026 lays out a strong and forward-looking roadmap for Aatmanirbharta through ‘Kartavya,’ accelerating economic growth by scaling manufacturing in seven strategic sectors and rejuvenating legacy industries like refractories. This aligns perfectly with Calderys’ Odisha facility, which combines zero-effluent operations, 33% green cover, and circular practices. The focus on sustainable industrial growth reinforces our confidence in expanding capacity, innovating greener processes, and contributing to India’s decarbonisation journey.
We particularly welcome the ₹10,000 crore container manufacturing scheme, which supports demand in steel, cement, aluminium, and petrochemical sectors, and complements our refractory business. Coupled with the ₹10,000 crore MSME fund and revival of 2,000 industrial clusters, these initiatives will drive green capital expenditure, create jobs, and strengthen local supply chains. The emphasis on labor-intensive sectors, skilling, and apprenticeships also helps build a future-ready workforce, ensuring that sustainable high-temperature solutions continue to meet India’s growing infrastructure and industrial needs while positioning the sector for long-term competitiveness.”
Sanjiv Kanwar
Managing Director, Yara South Asia
“The Union Budget’s focus on high-value agriculture, improving farm productivity and encouraging entrepreneurship reflects a practical approach to strengthening India’s agricultural ecosystem. Special attention to small and marginal farmers, rural youth and the North-East will help ensure more inclusive and balanced growth across regions. The introduction of technology-led initiatives like Bharat VISTAAR is also a positive step, as it can help farmers access timely, data-driven insights and adopt better farming practices. The continued emphasis on value addition, support for women-led rural enterprises, and long-term sustainability aligns well with the industry’s focus on responsible fertiliser use and efficient farming systems. Overall, these initiatives move Indian agriculture towards a more productive, technology-enabled and sustainable future.”
Pratik Kamdar
Co-founder & CEO, Neuron Energy
“The Union Budget 2026 recognises that manufacturing growth will inevitably be driven by MSMEs as much as by large enterprises in line with the government’s manufacturing-first approach, for the Atmanirbhar Bharat goals. The ₹10,000 crore SME Growth Fund and deeper integration of TReDS with public procurement will address long-standing structural challenges around growth capital and receivables, which matters especially for capital-intensive segments like energy storage and EV battery manufacturing.
Extending customs duty exemptions for capital goods used to manufacture Battery Energy Storage Systems is a welcome step. Lowering input costs and improving equipment affordability will help shorten the path to scale. Continued policy focus on rare earths and supply-chain resilience including efforts to build domestic rare-earth ecosystems, underscores that domestic production of critical materials is no longer optional for competitiveness.
Moreover, allocating meaningful support for carbon capture, utilisation and storage technologies reflects an understanding that industrial decarbonisation must go hand-in-hand with growth.Taken together, these measures help build a more execution-ready manufacturing ecosystem, where investment decisions are backed by policy certainty across both traditional and emerging energy technologies.”
Sheetal Sharad
Chief Ratings Officer, ICRA ESG Ratings
“The Budget builds on India’s sustainability agenda. Expanding transportation corridors with a focus on sustainable logistics strengthens supply‑chain sufficiency and supports climate mitigation. The Rs. 20,000 crore allocation for CCUS encourages low‑carbon technology adoption in hard‑to‑abate sectors. Customs duty exemptions in clean‑energy areas including battery storage components, solar inputs and nuclear projects, would help speed up the transition. The planned restructuring of key power‑sector lending institutions may influence how climate finance flows to the energy transition, making it important to watch. MSME‑focused reforms support indigenous capability building and value chain strengthening, while initiatives for persons with disabilities and women‑led enterprises promote inclusive and sustainable growth.”
Meyyappan Nagappan
Partner- Tax Practice, Trilegal
Union Budget 2026 signals that climate action is a key priority for hard to abate sectors. The proposed ₹20,000 crore outlay over five years to scale up carbon capture, utilisation and storage (CCUS) across power, steel, cement, refineries and chemicals is a meaningful step towards industrial decarbonisation. If implemented effectively, this can improve technology readiness and accelerate adoption in hard-to-abate sectors.
From an ESG perspective, incentives for large-ticket municipal bond issuances are welcome, as they can unlock long-term capital for climate-resilient urban infrastructure. The launch of Bharat-VISTAAR also highlights the growing role of digital public infrastructure and AI in climate adaptation, particularly in agriculture, by enhancing productivity, improving risk management and strengthening farmer resilience.
However, key gaps remain. The budget does not provide clarity on the tax treatment or exportability of carbon credits, both of which are critical for the scale-up of India’s emerging carbon markets. This was also a missed opportunity to extend concessional manufacturing tax rates, GST reliefs, R&D focused incentives and customs benefits across the cleantech ecosystem. Clearer tax signals and a more technology-neutral approach to clean tech incentives would significantly strengthen India’s climate and ESG framework.”
Yogesh Pandit
Director – Product Acceleration, FSID
“The extension of customs duty exemptions for capital goods used in manufacturing lithium-ion cells and battery energy storage systems, along with exemptions on sodium antimonate for solar glass, is a strong signal of India’s commitment to advancing clean energy and storage technologies. Such measures will accelerate innovation, support scalable manufacturing, and strengthen the country’s transition toward sustainable energy solutions.”
Rajeev Juneja
President, PHDCCI
“The Government of India has allocated ₹20,000 crore (~USD 2.4 billion) over the next five years specifically for carbon capture, utilisation, and storage (CCUS) technologies. These are incentives aimed at scaling deployment in heavy-emitting sectors like power, steel, cement, refineries, and chemicals. Key Features: The funds are intended to incentivise CCUS technology adoption and commercial readiness across multiple industrial sectors. This allocation is part of India’s broader climate strategy aligned with its net-zero by 2070
Investments in carbon capture are critical for hard-to-abate sectors — industries where reducing emissions through electrification or fuel switching alone isn’t feasible. Budget allocations and strategic funds help de-risk early projects, establish demonstration facilities, and create market incentives for broader technology adoption. The ₹20,000 crore allocation is less about immediate emissions reductions and more about strategic positioning. By earmarking multi-year funding, the government is signaling that CCUS is expected to become a structural pillar of India’s industrial decarbonisation pathway, not a niche or transitional tool. This matters for investor confidence, long-lead infrastructure planning, and domestic technology development.”
Ankit Patidar, Director & CMO
Shakti Pumps
“The Union Budget 2026 reinforces India’s long-term commitment to sustainable growth, manufacturing resilience, and clean energy transition. The continued thrust on renewable energy, domestic manufacturing, MSME support, and infrastructure-led development creates a strong foundation for companies like Shakti Pumps that are deeply invested in energy-efficient and solar-powered water solutions.
The emphasis on capital expenditure, rural empowerment, and technology-driven productivity aligns closely with our mission of enabling farmers through reliable solar irrigation while reducing dependence on conventional power sources. Measures supporting MSMEs, credit access, and manufacturing ecosystems will further strengthen India’s clean-tech supply chain and accelerate adoption at scale.
As India advances toward its 2030 renewable energy targets, we see this Budget as an enabler for innovation, localisation, and expansion. At Shakti Pumps, we remain committed to supporting government initiatives, while continuing to invest in advanced engineering, smart pumping technologies, and sustainable manufacturing to drive inclusive and climate-resilient growth.”
Abhay Deshpande
Founder & CEO, Recykal
“Union Budget 2026 has put a strong emphasis on AI adoption, semiconductor manufacturing, and digital infrastructure. India’s investment in AI and technology will significantly enhance our national tech stack, the same digital foundation that has enabled breakthrough innovations across sectors.
With ₹20,000 crore allocated for Carbon Capture technologies, ₹40,000 crore for semiconductor expansion, the establishment of Rare Earth Corridors across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu, 3 dedicated Chemical Parks, and the revival of 200 legacy industrial clusters, there’s a clear recognition that technology must be at the heart of India’s industrial transformation and sustainability journey.”
Nitin Gupta
Co-founder & CEO, Attero
“The Union Budget 2026-27 delivers a strong agenda for Atmanirbhar Bharat by prioritising domestic capacity in critical minerals and reducing India’s strategic import dependencies. The announcement of dedicated rare earth corridors across states like Odisha, Kerala, Andhra Pradesh and Tamil Nadu is especially significant, as rare earth permanent magnets are essential for EVs, renewable energy systems and advanced manufacturing. By supporting domestic mining, processing, research and manufacturing, the government is building resilient supply chains that will be central to India’s clean-tech future. The proposed outlay of Rs. 20,000 crore over five years for CCUS technologies also reflects a parallel commitment to scaling climate-focused industrial solutions.”
Suhas Baxi
Co-founder and CEO, BiofuelCircle
“The focus on rural ecosystems and technology driven agriculture, particularly initiatives like Bharat Vistar, will help farmers make better decisions, reduce risks, and strengthen value chains. Support for MSMEs and rural networks will further strengthen the resilience of agri supply systems. Importantly, the excise duty relief on CBG blended natural gas, along with the policy push for CBG adoption, improves project viability and sends a strong investment signal for the bioenergy sector. At BiofuelCircle, we are committed to enabling integrated value chains between farmers and industry and contributing to a more sustainable and circular energy ecosystem.”
Kartik Daftari
Managing Director & CEO at Hi-Tech Radiators
“The Union Budget 2026 sends a strong and reassuring signal to industry by placing technology-led manufacturing at the centre of India’s growth strategy. The ₹40,000 crore India Semiconductor Mission 2.0, expanded electronics manufacturing incentives and record capex of ₹12.2 lakh crore will significantly strengthen domestic supply chains and reduce import dependence in critical components. Equally important is the focus on rare earth corridors, chemical and capital goods parks and MSME enablement, which will deepen upstream capabilities and improve export competitiveness. This is a budget that translates scale into opportunity – driving investment, job creation and sustained global relevance for Indian manufacturing.”
Rajeev Singh
Managing Director, BenQ India & South Asia
“The enhanced allocation of Rs 40,000 crore under the India Semiconductor Mission 2.0 is a strong step towards building a resilient domestic electronics ecosystem. A robust semiconductor supply chain is critical for advanced display, computing, and digital infrastructure technologies.
The focus on industry-led research and capacity building will support long-term innovation and skilled talent development. It will be important to see how these initiatives progress in the coming days, and we remain committed to supporting the ecosystem as it evolves.
Aditya Khemka
Managing Director, Aditya Infotech Ltd (CP PLUS)
“The increased outlay of Rs 40,000 crore for the India Semiconductor Mission 2.0 strengthens the foundation of India’s electronics manufacturing landscape. For the security and surveillance sector, domestic semiconductor capabilities are essential for building reliable and scalable hardware systems.
The emphasis on research, training, and skill development will enhance supply-chain resilience for critical security infrastructure.”
Pradeep Singhvi
Executive Director, Energy & Climate Practice, Grant Thronton Bharat LLP
“The Union Budget’s support for energy conservation and efficiency schemes, the Energy Efficiency Financing Facility, and Carbon Capture, Utilisation and Storage (CCUS) this year feels like a quite but confident signals for India’s long-term energy transition direction. When viewed over a three-year horizon, covering the 2024-25 actuals, the 2025-26 estimates, and now the 2026-27 estimates, a clear pattern emerges. The government’s consistent allocations for energy efficiency underscore its recognition as a structural and always-on lever rather than a one-off intervention.
Most notably, the announcement of a ₹20,000‑crore, five‑year outlay for CCUS, along with the first dedicated CCUS budget line in 2026–27 with an initial ₹500‑crore allocation under the Ministry of Power, reflects a strategic acknowledgment: India’s hard‑to‑abate sectors will require accelerated technology readiness and well‑defined end‑use pathways. This marks a significant step toward building the technological and financial architecture necessary for deep decarbonisation.”
