Union Budget (2026-27) Industry Quotes

Sudarshan Venu, Chairman, TVS Motor Company
"The Union Budget 2026 provides a strong and consistent policy framework for India’s emergence as a global powerhouse under the leadership of Prime Minister Narendra Modi. The sustained push on infrastructure, higher capital expenditure, and reforms aimed at easing business conditions will help in attracting private investment and strengthening supply-chain resilience. We welcome the focus on clean energy solutions, MSME growth, and technology-led inclusion - benefiting farmers, women in STEM, youth, and the differently abled. The focus on scaling manufacturing in strategic sectors, building domestic value chains for critical minerals and rare earths, and expanding semiconductor and advanced technology capabilities will be vital for the future of EVs, electronics, and next-generation mobility."
 
Prashant Kumar, Managing Director & CEO, YES BANK
“This Budget needs to be seen in connection to the previous few year’s Budgets, especially with it comes to the FM carefully managing the near-term objectives with longer term goals. While the hopes of a bumper resource generation year were limited with the growth in FY27 pragmatically assumed at 10%, the FM achieved the objectives of reducing both the public debt and the fiscal deficits as % of GDP, thereby sticking to the roadmap of fiscal consolidation. Achieving the fiscal targets are also commendable after taking into consideration a higher resource sharing with the State Governments, as suggested by the 16th Finance Commission.  
The long-term strategy of the budget remained focused on harnessing the demographic dividends and achieve the true potential of the economy. The Budget maintained the momentum of structural reforms with a forward-looking approach, build a financial sector that was robust and resilient and use technology, including AI, to achieve productivity. A boost to the semi-conductor sector and electronics manufacturing along with strategies to establish dedicated Rare Earth Corridors, clearly establishes the intention towards not only making the Indian economy self-reliant, but also ring fence the economy from global unrests that tend to disturb the supply chain ecosystem. The short-term challenges, specifically the strains at the labor-intensive sectors due to the US tariffs have also been addressed and seeks to promote globally competitive and sustainable textiles and apparels through capital support for machinery and technological upgradation of traditional clusters. Building on last year’s MSME-focused measures, this budget announced an equity support to the SMEs via a dedicated Rs. 10,000 crore SME Growth Fund alongside other measures to strengthen the sector.
A big move was to bring back the services sector into focus. Consequently, safe harbour rules for the IT sector were amended and the threshold for availing safe harbor was enhanced. Recognizing the sharp growth of data centres across the world and to attract global investments in this area into India, a tax holiday was provided to the sector till 2047 to foreign companies that provides cloud services to customers globally by using data centre services from India.”
 
 
Sunil Kataria, MD & CEO, Godrej Agrovet Ltd.
“Placing a strong emphasis on productivity, resilience and inclusive growth, the proposals tabled in today’s Union Budget once again reinforce agriculture as a key pillar in India’s journey towards Viksit Bharat. The targeted attention on livestock, fisheries and allied sectors showcases a clear shift towards diversified and income-resilient farm systems. In this context, the new loan linked capital support for veterinary education, hospitals, diagnostics and breeding infrastructure will expand capacity and high quality services across rural India. Additionally, future science-led interventions in the areas of cattle genetics and breeding would help accelerate livestock productivity and farm incomes. It is also encouraging to see the Government’s focus on leveraging technology-driven agriculture through the introduction of multilingual AI platform. Amidst evolving climate and market conditions, delivering customized and risk-aware advisory at a scale is need of an hour to empower farmers to make informed decisions and adapt better. We also appreciate the extension of tax deduction to primary co-operatives supplying cattle feed and cotton seed to federal co operatives and government organisations, which will strengthen formal input supply chains and improve farmer realization. Together, through a calibrated approach by integrates productivity, innovation, inclusion, and institutional support, this year’s Budget once again lays a strong foundation for a future ready agricultural ecosystem and reinforces agriculture’s role as a long term contributor to India’s economic growth.”
 

Sanjay Dutt, MD and CEO, TATA Realty and Infrastructure Ltd.
“Union Budget 2026 reflects a deliberate policy stance anchored in continuity, reform depth, and macroeconomic resilience rather than short-term stimulus. At a time of global volatility and uneven recovery, the Budget reinforces India’s investment-led growth model, with public capital expenditure rising to ₹12.2 lakh crore in FY27. Sustained investments in integrated urban growth corridors, high-speed rail networks, national waterways, and core urban infrastructure are likely to reshape spatial economics by improving connectivity, lowering logistics costs, and enabling the emergence of new economic clusters across Tier II and Tier III cities. Over time, this can drive more balanced urbanisation, higher productivity, and decentralised growth.
A defining feature of the Budget is the long-term policy clarity extended to data centres and digital infrastructure. Tax certainty, enabling frameworks, and allied measures position India as a competitive global hub for cloud services and data storage, aligning with the broader shift towards a digital and AI-driven economy. When viewed alongside calibrated SEZ flexibility, REIT-led monetisation of public assets, and the proposed Infrastructure Risk Guarantee Fund, these initiatives signal a maturing capital ecosystem—one that improves risk allocation, enhances institutional participation, and deepens long-term capital pools for real estate and infrastructure development.
Further, the Budget’s emphasis on the expansion of GCC operations and tourism led growth into emerging cities will support high-value employment, knowledge spillovers, and sustained office demand, while tourism infrastructure investments act as multipliers for local economies—driving hospitality, retail, logistics, and housing demand. Taken together, Union Budget 2026 reinforces the structural drivers of income, employment, and investment, laying a credible foundation for steady, broad-based growth across residential, commercial, and industrial real estate over the medium to long term.” 

Narinder Bhamra – President – Fastener Manufacturers Association of India (Regd)
“Extremely disappointed with proposals.  Not much for MSE’s but they could have taken steps towards formation of Steel Regulator, Resorting the CLCSS Scheme, Reduction in import duties on machinery to boost manufacturing, provisions of Social Security for tax payers etc.
However, Finance Minister gave adequate benefit to big houses corporates by maintaining their income tax slab to 22% as compared with MSE’s whose income tax slab is 30% plus surcharge when you cross certain limit of income.
Budget has not addressed the high unemployment rate amongst the educated youth,
There is neglect of agriculture sector.
There is no push for encouraging manufacturing sector which essential for economic power.
Small businessmen continue to face working capital shortages and delayed payments without a dedicated & simplified GST refund framework.”

Shivam Agarwal, VP - Strategic Growth, Sattva Group
“The Union Budget 2026 provides long-term clarity on how India’s cities will grow. Its emphasis on infrastructure-led development, stronger regional economic clusters and improved intercity connectivity creates a stable foundation for large-scale real estate planning across commercial, mixed-use and residential formats. The focus on GCCs in emerging cities and sustained support for digital infrastructure, including data centres, strengthens demand for high-quality office ecosystems beyond traditional metros. At the same time, better-funded urban infrastructure and city-level financing mechanisms improve the overall livability and resilience of growing cities. At Sattva Group, we see this Budget as reinforcing the importance of integrated development that is thoughtfully planned, digitally ready and built for long-term relevance.”

Adrija Agarwal, VP Business Development, Sattva Group
“The focus on infrastructure spending has a real ripple effect. Better connectivity improves ease of travel, enables more efficient sharing of resources, and leads to stronger utilisation across manufacturing and infrastructure. This helps accelerate consumption and creates a more balanced economy.
The scale of the capex push reflects fiscal prudence and a long-term, structural approach to growth. The push to strengthen the service economy through supportive tax structures for data centres and Global Capability Centres will build growth momentum, accelerate value creation, and reinforce India’s position as a preferred destination for global enterprises.” 

Ajay Kumar Dasarathy, COO - Residential, Sattva Group
"The Union Budget 2026–27 adopts a structural approach to real estate by prioritising urban infrastructure and capital formation over short-term demand incentives. In the absence of incremental buyer incentives, the emphasis naturally shifts to execution quality, cost discipline, and timely delivery. For residential developers, this underscores the importance of strong governance, predictable project execution, and pricing aligned with project fundamentals, delivery timelines, and long-term operating efficiency."

Vinay Ahuja, Co-CEO, 360 ONE Wealth
“The Union Budget 2026 reinforces a strong sense of policy continuity, signalling the Government’s commitment to long-term economic reform rather than short-term stimulus. By building on existing frameworks, whether in fiscal consolidation, manufacturing incentives, infrastructure spending or financial sector reforms, the Budget provides predictability and confidence to investors and businesses alike. The continued focus on capital expenditure, structural tax rationalisation, and targeted social programmes reflects a steady, calibrated approach to growth. To that extent it manages to signal positive growth trajectory in the medium-term while ensuring that existing reforms and incentives mature fully to deliver economic outcomes.”

Anil Agrawal, Founder & CEO of CIMCON Automation
“The Union Budget 2026 had much speculation, primarily owing to growth provisions aimed at a Viksit Bharat. Significant provisions were announced by the finance minister, Nirmala Sitharaman, which was dubbed a “Reform Express” by Prime Minister Narendra Modi, who went on to add that it will help India to gain momentum in the upcoming financial year. Several sectors, including deep-tech, stood as winners at the end of the Union Budget presentation, and the Utilities Automation industry was handed an olive branch with a streamlined, comprehensive plan outlining growth incentives and opportunities. 
In the last few budgets, India has been focusing significantly on infrastructure development, and this aspect was not phased out in 2026. Furthermore, the government announced several initiatives, both directly and indirectly, that will impact the growth of the utilities automation sector in the country. As India moves forward in its mission to digitally transform mission-critical utilities like water, lighting, and oil & gas, the industry hailed these announcements that will essentially lead towards a more streamlined approach towards growth, expansion, and scalability.
India Semiconductor Mission 2.0
Speaking on the impact of the Union Budget 2026, Mr. Anil Agrawal, Founder & CEO of  CIMCON Automation, pointed out the importance of the India Semiconductor Mission 2.0. The seasoned leader emphasized on the production of equipment and materials of the ISM 2.0, designing of full stack India IPs, and solidifying supply chains - aspects he believes will provide a long-term growth plan for the utilities automation industry in India. 

"The India Semiconductor Mission 2.0 represents a meaningful commitment by the Government of India to the growth of the utilities automation sector. With an INR 40,000 crore outlay, this initiative provides vital support to full-stack, deep-tech enterprises like ours as we develop domestic intellectual property and scale Indian innovation globally. The localization of critical semiconductor components will create a powerful snowball effect: improving accessibility, reducing lead times, and lowering costs, unlocking opportunities in price-sensitive domestic markets, and accelerating the digital transformation of utilities," he said. 
Public Infrastructure Development in Tier-2 and Tier-3 Cities
The Union Budget 2026 also emphasized on public infrastructure development beyond megacities, in Tier-2 and Tier-3 urban areas. This opens up an unprecedented opportunity to India's utilities automation sector, allowing the constituents to strategically expand across India in water, lighting, and oil & gas sectors. With innovative technologies like SCADA systems, Digital Twins, Energy Management, Canal & Tubewell Automation, Edge Computing, and many more, the industry stands ready to capitalize on the opportunity, and Mr. Anil Agrawal agreed on the same.
“The Union Budget 2026’s emphasis on developing public infrastructure in cities with over 5 lakh population, the Tier II and Tier III cities, opens up significant growth aspects for the utilities automation sector. This will help the industry to make inroads in reference to digitally transforming mission-critical infrastructure with water automation and smart lighting, which will essentially contribute to reducing general expenditure and the country’s carbon footprint,” Mr. Agrawal remarked.
Looking Ahead
India stands at the crossroads of infrastructure development and digital transformation, and with the population’s requirement regarding water, lighting, and energy going up, the scope for utility automation remains enormous. Water generation, treatment, distribution to AI / ML driven smart light controls, energy price reduction, and management - these remain some of the most focused areas at the moment, and the Union Budget provides a clear, unobstructed way to achieve it.”

Sudarshan Venu, Chairman and Managing Director, TVS Motor Company
"The Union Budget 2026 provides a strong and consistent policy framework for India’s emergence has a global powerhouse under the leadership of Prime Minister Narendra Modi. The sustained push on infrastructure, higher capital expenditure, and reforms aimed at easing business conditions will help in attracting private investment and strengthening supply-chain resilience. We welcome the focus on clean energy solutions, MSME growth, and technology-led inclusion - benefiting farmers, women in STEM, youth, and the differently abled. The focus on scaling manufacturing in strategic sectors, building domestic value chains for critical minerals and rare earths, and expanding semiconductor and advanced technology capabilities will be vital for the future of EVs, electronics, and next-generation mobility."