Union Budget 2026-27 Quotes

Shailesh Chandra, President, SIAM and MD & CEO, Tata Motors Passenger Vehicles Ltd
“We welcome the Union Budget 2026–27, which continues to focus on long-term, sustained economic growth with a strong emphasis on manufacturing, infrastructure including freight corridors & waterways and fiscal prudence. The decision to raise the capital expenditure target to Rs 12.2 lakh crore for FY 2026-27 from Rs 11.2 lakh crore in the current year will provide a strong impetus to demand creation and industrial activity, including the Automobile sector.
Enhanced support for electronic components manufacturing, setting up dedicated corridors for mining and processing of rare earth, along with initiatives to establish high-tech tool rooms and supporting container manufacturing, will develop supply chain resilience and help in streamlining exports. The allocation of 4,000 e-buses for the Purvodaya States will accelerate the transition toward sustainable public mobility solutions.
Continued exemption of Basic Customs Duty on Capital Goods used for manufacturing lithium-ion batteries, along with the extension of concessional duty benefits for lithium-ion cells and their parts used in manufacturing batteries for electric and hybrid vehicles for a further two years till March 2028, will enable creation of a robust EV ecosystem in the country.”
 
 
Anil Agarwal, Chairman - Vedanta Ltd on the Union Budget 2026:
“A growth-oriented Budget, with a clear focus on increasing public capital expenditure and boosting manufacturing.
It is a Budget which creates opportunities, for youth to improve their livelihoods, women to become financially independent and for employment-intensive sectors like medical tourism to take off.
I welcome the Government's keen attention to critical minerals and rare earths. The Rare Earths Corridors for mining, processing, R&D and manufacturing in Odisha, TamilNadu, Andhra and Kerala will boost growth, employment and mineral security. Import duty exemption on capital goods for critical minerals processing is very timely in the current global scenario.
The announcement on flexibility in SEZs, which will permit some sales in domestic market is an excellent move.
I congratulate the PM and FM for continuing to steer the Indian economy with a very steady hand in uncertain times.”
 
 
·         Mr. Prashanth T.S., President & Head - Mid-Corporates & Medium Enterprises Group, Axis Bank.
“The Budget meaningfully improves the growth runway for MSME banking in India. By expanding credit guarantee coverage and accelerating the adoption of digital receivables financing through TReDS, the government has eased two long-standing structural challenges—collateral dependence and delayed cash flows. This creates a stronger foundation for banks to scale MSME lending, deepen relationships with formalising enterprises, and support credit growth in a more calibrated and resilient manner. Over time, this can strengthen balance sheets and reinforce the role of MSMEs in driving India’s next phase of economic expansion.”
 
 
Shekhar Patel, MD and CEO, Ganesh Housing Limited.
"Union Budget 2026 reinforces a clear shift in India’s growth approach by placing Tier-2 and Tier-3 cities at the heart of the Viksit Bharat vision. The continued focus on infrastructure development, MSME expansion, manufacturing and semiconductor ecosystems, along with digital capacity building across AI and technology, strengthens the foundation for employment creation and enterprise growth beyond traditional metropolitan markets.
For the real estate sector, the Budget improves long-term fundamentals around connectivity, capital confidence and planned urbanisation. Cities such as Ahmedabad stand to benefit significantly from this approach, given their strong industrial base, improving urban infrastructure and growing appeal as destinations for businesses, talent and institutional capital. The emphasis on digital public infrastructure and technology-enabled governance will further shape how such cities plan, develop and manage real assets, supporting more efficient and future-ready urban ecosystems.
As enterprises, technology-led companies and GCCs diversify their geographic footprint, demand will increasingly move towards well-planned, compliant residential and commercial developments in emerging markets. Budget 2026 provides the policy stability and execution momentum required for developers to invest with confidence, align supply with economic growth, and support the next phase of balanced urban and economic transformation."
 
 
Dr. Anish Shah, Group CEO & MD, Mahindra Group
“We applaud the Government of India’s Union Budget 2026 presented today by Finance Minister Nirmala Sitharaman. This Budget focuses on enhancing India’s competitiveness in the world, takes meaningful steps towards atmanirbharta and enables a wider participation in the benefits of economic growth.
The emphasis on frontier and strategic manufacturing sectors, including the launch of enhanced schemes such as Biopharma Shakti and the Semiconductor Mission (ISM 2.0), reflects a clear commitment to building global-scale manufacturing capabilities. Strengthening domestic value chains and reducing critical import dependencies will be key to India’s future industrial leadership.
We particularly welcome the significant increase in capital expenditure to ₹12.2 lakh crore for FY27, which underscores an unambiguous policy focus on infrastructure, regional development and job creation across the country. This will play a pivotal role in crowding in private investment, enhancing productivity and supporting the growth of tier-2 and tier-3 cities as emerging economic hubs. 
The proposal to establish a dedicated ₹10,000 crore SME growth fund and incentives for industry clusters is a positive step toward enabling future job creation, supporting enterprise scaling, and boosting competitiveness of small and medium businesses.
Initiatives to promote critical minerals, rare earth corridors and enhanced electronics and capital goods manufacturing are forward-looking and essential for a resilient industrial ecosystem that can thrive amid global uncertainties. 
And, most importantly, the emphasis on sabka saath, sabka vikaas is commendable. The actions to ensure every community has access to resources and opportunities will enable robust and sustainable economic growth.
Overall, Budget 2026 signals continuity in policy direction, a firm commitment to sustainable and inclusive growth, and efforts to unlock India’s economic potential at scale. We believe these measures can accelerate innovation, enhance value-added manufacturing and strengthen India’s standing in the world.”
 
 
Manoj Bhat, Managing Director & CEO of Mahindra Holidays & Resorts India Ltd
“The Union Budget 2026 reinforces the government’s intent to use tourism and hospitality as levers for balanced economic growth rather than treating them as standalone consumption sectors. The focus on destination development beyond metros, improved physical connectivity, and a sharper push on spiritual and heritage circuits reflects a recognition that tourism growth must be geographically distributed and locally rooted.
Equally important is the emphasis on skilling and workforce development. As the sector expands into tier two and three markets, the availability of trained talent will determine not just service quality but the sustainability of growth itself. By linking infrastructure creation with human capital development, the Budget moves the conversation from short-term demand creation to building a resilient, employment-generating tourism ecosystem.”
 
 
Sudhir Sitapati, Managing Director & Chief Executive Officer, Godrej Consumer Products Ltd.
“We particularly welcome the MAT credit set-off being allowed up to 25% of the tax liability under the new tax regime. This move improves cash flows and makes the new tax regime smoother for companies with accumulated credits, freeing up capital for reinvestment into growth and consumption-led categories.”
 
 
 
Gaurav Pandey, Co-Chairman, FICCI Committee on Urban Development and Real Estate, and Managing Director & CEO, Godrej Properties
“The Union Budget 2026 continues the strong focus on infrastructure-led growth, with a record INR 12.2 lakh crore capital expenditure and sustained emphasis on urban development, connectivity, and city-led growth. Measures such as the Infrastructure Risk Guarantee Fund, expansion of transport corridors, and support for city economic regions are positive for real estate demand over the medium term. The Government’s commitment to fiscal discipline and long-term growth creates a stable macroeconomic foundation, strengthening confidence across sectors and supporting sustained economic expansion."
 
 
 
Rakesh Jain, CEO, IndusInd General Insurance
“Union Budget 2026–27 is a forward-looking and reassuring document presented at a time when global volatility, geopolitical tensions, and supply-chain disruptions continue to shape economic realities. The Finance Minister’s emphasis on accelerating growth especially in new age sector while strengthening resilience reflects a clear understanding of what India needs at this stage of its development.
For the general insurance sector, several parts of this Budget create strong tailwinds. The MSME-focused measures including the ₹10,000 crore SME Growth Fund, the additional support to the Self-Reliant India Fund, and the significant strengthening of the TReDS ecosystem through CPSE onboarding, credit guarantee support, GeM linkages, and securitisation of receivables expand formalisation and improve liquidity for small businesses. These steps broaden the base of insurable enterprises and support wider adoption of property, liability, marine, cyber and employee health insurance in the country.
The reforms related to motor insurance, particularly the exemption of income tax on interest awarded by the Motor Accident Claims Tribunal and the removal of TDS, will meaningfully improve claimant outcomes and reinforce trust in the claims process. This is an important step towards making motor insurance more customer centric and responsive.
 The Government’s ₹10,000 crore Biopharma Shakti initiative aims to position India as a global hub for biologics and biosimilars, strengthening domestic research and manufacturing. The Budget also expands health capacity by adding Allied Health Professionals, enhancing district level emergency and trauma care, training caregivers, and supporting regional medical hubs. These measures together improve healthcare delivery, outcomes, and long term insurance sustainability.
 Beyond direct sector touchpoints, the Budget’s large-scale push on infrastructure including increased public capex of Rs12.2 Lakhs crore, dedicated freight corridors, expansion of waterways, high-speed rail development, and city economic regions opens major avenues for engineering, project liability, and specialty insurance. The proposed Infrastructure Risk Guarantee Fund is also a welcome move that can help de-risk large projects and accelerate private-sector participation.
Equally important is the renewed focus on India’s next phase of urban expansion. The plan to develop Tier 2 and Tier 3 cities through City Economic Regions signals a major shift in how regional growth will be shaped. By channelling investment into these emerging urban centres and strengthening them around their core economic strengths, the government is enabling more balanced urbanisation, stronger commercial ecosystems, and modern infrastructure. As these cities scale, the complexity of economic activity will rise, increasing the demand for holistic risk solutions across property, infrastructure, liability and transit. Insurers will play a crucial role in helping businesses and communities in these regions manage risks effectively and grow with confidence.
The Budget’s strong emphasis on renewable energy, carbon capture, and advanced manufacturing broadens the risk landscape in areas such as climate-linked exposures, environmental liability, and sustainable energy projects. This creates opportunities to scale parametric covers, catastrophe protection, and climate-risk solutions that will be crucial for India’s long-term resilience.
As India moves confidently towards its vision of Viksit Bharat, the general insurance sector is committed to partnering in this journey protecting people, supporting businesses, enabling infrastructure, and building a more secure and resilient nation.”