co-presented by
ASSOCIATE SPONSORS
co-presented by
ASSOCIATE SPONSORS
Budget 2026 is ultimately a statement of confidence, one that envisions India as a global hub for data infrastructure, manufacturing competitiveness, and semiconductor innovation
While focusing on structural reforms and ease of doing business, this year’s Budget consciously avoids short-term market appeasement, leaving investors to navigate volatility as valuations recalibrate
The government doubles down on manufacturing, resilience, and public investment, but higher borrowing keeps the yield curve steep and duration risks tilted to the long end
Short-term objectives of the financial markets may not have been met, but drivers of sustainable economic growth received a boost
The tax holiday for data centres will enhance India’s competitiveness in the global landscape and spur capex in related sectors too
For operators, this reframes the risk-reward equation and supports sustained, long-horizon investment
Grind is good, more sustainable than big bangs and we remain bullish on the long term story.
The 16th Finance Commission retains states’ share of central taxes at 41%, adds a new GDP contribution criterion, and emphasises efficiency and fiscal discipline, sparking debate over equity and potential impact on poorer states
It chooses credibility over expansion, capital formation over consumption stimulus, and programmatic reform over rhetorical ambition
The expanded scope is critical if India is to transition from being a participant to a structural player in the global semiconductor ecosystem
This budget protects the sovereign balance sheet—but under-delivers on positioning India as a globally competitive capital market.
With few signs of animal spirits reviving in private sector capex, the Budget spelt out innovative financing measures and new areas of growth to sustain momentum
The Budget is fiscally prudent. It supports manufacturing and jobs, SMEs get funding and credit support, while financial markets are strengthened
Revenues from international patients are growing at a healthy pace for major hospital companies
The finance minister offers a steady, investment-heavy Budget that sustains momentum, but stops short of the transformative reforms needed to secure India's place in a fractured global economy
The stock market selloff post-Budget is understandable as the sharp hike in STT has queered the pitch for traders
A three-pronged approach built around streamlining compliance needs, providing sector-specific tax incentives and using public investment to crowd-in private activity provides a rare degree of continuity across budgets.
The government is nudging companies to shift to the new tax regime, by tweaking minimum alternate tax rules, which is likely to see their tax liability increase
The Union Budget 2026–27 reinforces Swadeshi Economics, prioritising tier-2 and tier-3 cities, MSME-led growth, and civilisational revival, reflecting the Modi government’s focus on self-reliance and aspirational Bharat
Making the debt-to-GDP ratio central to fiscal policy is a medium-term silver lining.
The Finance Minister’s announcement of a banking panel suggests a shift — from fixing bank balance sheets to questioning what banks are meant to do next
The Economic Survey pushes strongly for reforms and deregulation led growth. Economists highlight rigid labour codes and slow and inefficient liquidation laws as the two main challenges to India’s scaling-up problem, exactly the issues the survey stresses on.
A core expectation is that the government stays committed to public capex, with estimates of a ~10-15% increase. This matters because small & mid-caps benefit most when capex creates a multi-year order cycle, not just a one year push. Contextually, FY26 capex outlay was set at Rs 11.21 lakh crore.
Investors should focus on policy continuity and stability. The finance ministry will endeavour to avoid any disruptive tax moves that could rattle sentiment or strain the fiscal framework.
Economic Survey provided a useful snapshot of the economy’s strengths and risks it faces. Capital accumulation will continue to be primary driver of growth
