As Union Budget 2026 approaches, two of India’s most dynamic sectors—Fintech and Consumer Electronics—are sending a synchronized message to the Finance Ministry: We are ready for the next level. While distinct in their operations, both industries are at a similar strategic juncture. They have successfully leveraged the first wave of policy support to achieve scale and volume. Now, they are asking for policy reinforcement to achieve depth, value addition, and global competitiveness.
In the digital realm, the narrative is shifting from simple financial inclusion to sophisticated “financial intelligence.” Sabyasachi Goswami, CEO of Perfios, argues that the foundations of digital finance (like KYC and UPI) are laid. The next phase requires a budget that supports “responsible innovation”—specifically incentives for Deeptech and AI-led services to manage fraud, credit decisioning, and compliance. It is about moving from providing access to building robust, automated trust.
Simultaneously, the physical manufacturing sector is demanding a similar deepening of capability. Anand Dubey, CEO of Indkal Technologies, emphasizes that while the Production Linked Incentive (PLI) scheme has been a game-changer for assembly, the job isn’t finished. The industry is calling for the PLI’s extension to cover the entire supply chain—specifically smaller component manufacturers. The goal is to transition from assembling foreign parts to end-to-end indigenous manufacturing, allowing Indian brands to not just service the domestic market, but dominate global ones.
Together, these leaders are outlining a budget that fuels both the software of the economy (trust, AI, governance) and the hardware (components, supply chains, manufacturing), ensuring India’s growth is balanced and sovereign.
Sabyasachi Goswami, CEO of Perfios, weighed in with his thoughts. “Looking ahead to Budget 2027, our expectations are largely built upon the solid foundation laid by the previous budgetary outcomes. We’ve seen how previous policy decisions have spurred financial inclusion and improved credit access for people as well as MSMEs, bringing a direct positive impact right at grassroot level, transforming lives and businesses across the nation. Key strategic initiatives such as, streamlining KYC processes, adopting a risk-based KYC approach and attracting foreign investment by establishing a Fund of Funds (FoFs) for Deeptech startups are demonstrating positive results.”
We eagerly anticipate Budget 2027 will build robustly upon these crucial achievements. Our hope is for sustained and expanded investments in AI-led financial services, especially in areas such as fraud prevention, credit decisioning, compliance and debt management – coupled with clear governance and data security frameworks, will be critical to building trust at scale. Secondly, sharper focus on deepening these digital rails, alongside regulatory clarity that enables responsible innovation, reaching even further into Bharat. We foresee continued efforts to simplify regulatory frameworks for the Financial Technology ecosystem. We are confident this budget will continue to cement India’s leadership in digital finance, ensuring a future of equitable access and innovation for all.”
Anand Dubey, CEO, Indkal Technologies, also took the opportunity to express his perspective. “As India advances toward Budget 2026, the consumer electronics and manufacturing sectors demand resolute policy reinforcement to amplify recent achievements. This sector stands as a pivotal engine of India’s economic ascent, fueling expansive manufacturing, substantial employment, and an unassailable position in global supply chains.
The Production Linked Incentive (PLI) scheme has established an unyielding foundation, channeling investments into electronics and component production. Budget 2026 must vigorously extend PLI and complementary initiatives to intensify localization, elevate domestic value addition, and eradicate import dependency. Imperative is the fortification of the complete supply chain: ecosystems of smaller component manufacturers will flourish solely through escalating demand, which materialises only via comprehensive, end-to-end manufacturing of finished products within India.
This trajectory gains exponential velocity from the emergence of globally dominant Indian electronics and consumer durables brands. The government is compelled to cultivate a robust ecosystem enabling enterprises to conceive, engineer, and scale these indigenous brands for international preeminence, thereby enshrining India as a sovereign manufacturing titan.
A judicious Budget that resolutely advances Make in India and nurtures this integrated framework will galvanise industry conviction, propelling India to the vanguard of global manufacturing and technological supremacy.”
