Union Budget 2026: The verdict from the Boardroom is in 

As the dust starts to settle on Finance Minister Nirmala Sitharaman’s historic Sunday presentation of Union Budget 2026, the focus now shifts from the policy announcement to the practical implication. Delivering her ninth consecutive budget against a backdrop of global trade volatility and domestic stability, the Finance Minister has laid out a roadmap heavily tilted towards “Viksit Bharat” goals. 

But a budget is ultimately tested not in the Parliament, but in the marketplace. For India Inc., the fine print matters more than the headline. While the broad continuity of policy has been welcomed, industry captains are now dissecting the specifics: Will the new incentives be enough to counter rising global tariffs? Is there enough support for fintech innovation? And most critically, does the fiscal math add up for the manufacturing sector waiting for end-to-end localization support? 

These are just some of the questions we will be seeking answers to. In this special feature, we move beyond the macro numbers to bring you the micro-perspectives. We have compiled the immediate, unfiltered reactions from leaders across Real Estate, Mobility, Fintech, and Healthcare and more to understand if Budget 2026 effectively bridges the gap between India’s ambition and its execution. 

Deepak Pahwa, Chairman, Pahwa Group & Managing Director, Bry-Air, on India Semiconductor Mission 2.0

“Budget 2026 marks a structural shift in India’s semiconductor strategy by recognising that scale without sustainability is not globally competitive. With India Semiconductor Mission 2.0 and a proposed Rs 40,000 crore outlay for electronics manufacturing, the focus now moves beyond capacity creation to process excellence. Semiconductor plants are among the most energy and environment intensive manufacturing units, making energy efficiency, contamination control and decarbonisation non-negotiable. India’s real advantage will come from building fabs that are cleaner, more efficient and cost-competitive by design. This approach will determine whether India becomes a serious semiconductor manufacturing hub or merely an assembly destination.”

Nilesh Shah, MD – Kotak Mahindra AMC

“This budget has proposed a capital expenditure of Rs 12.10 lac crore, which is more than the net market borrowing of Rs 11.70 lac crore.

I pray that a path is laid where one day capital expenditure will be more than the total borrowing including small savings.”

Moin Ladha, Partner, Khaitan & Co

“The pace at which the government is driving reforms across tax, labour and compliance frameworks is notable. This concerted ‘reform express’ has the potential to recalibrate how businesses operate and compete, while advancing the long-term objective of a more efficient and globally integrated Viksit Bharat.

The Finance Minister’s sustained focus on manufacturing, pharmaceuticals, bio-chemicals and semiconductors underscores a clear intent to deepen India’s domestic industrial base. Backed by targeted policy support, PLI-linked incentives and a push towards high-value manufacturing, these measures are expected to bolster investor confidence and reinforce India’s position as an increasingly attractive destination for long-term foreign direct investment, particularly in technology- and research-intensive sectors.”

Dr. Ranjit Ghuliani, Medical Superintendent at NIIMS Hospital, Greater Noida.

“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 ₹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 recognizes 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.

Murali Mantravadi, Joint Managing Director of Energy Bots – Flosenso

“Reading the Union Budget 2026, what becomes clear is a steady shift in how technology is being viewed. The push through India Semiconductor Mission 2.0 and higher investment in electronic components suggests the government wants India to build deeper capability, not just scale services. That is an important signal. Sustainable advantage comes from owning design, supply chains and execution, not only distribution. The continued emphasis on AI, industry-linked research and creative skills points to an understanding that technology outcomes depend as much on people and process as on policy. The real test now is execution, but the intent feels more structural than symbolic.”

Sanjiv Navangul, CEO, BSV ( A Mankind Group Company)

“The Union Budget 2026 provides much-deserved momentum for India’s biopharma journey. We welcome the government’s intent to strengthen the biopharma ecosystem, and the Biopharma Shakti initiative is an encouraging step in this direction. The focus on building scale across strategic and frontier sectors creates the right environment for long-term improvements in health outcomes. The initiative recognises the need for innovation and research while creating a conducive ecosystem for good health through knowledge sharing and technology.

Alongside this, the emphasis on driving research by setting up new National Institutes of Pharmaceutical Education and Research will not only build talent but also augment the research capabilities of the country.

Strengthening the regulatory landscape through a robust biopharma-focused network, including enhanced capacity and faster approval timelines, will further support innovation and improve patient access.

Further, the proposed investment of Rs 10,000 crore over five years, along with the emphasis on domestic production, will go a long way in strengthening supply security and reducing dependence on imports. This aligns with the vision of BSV, as we remain committed to making in India for India and the world.

Additionally, the Budget’s proposal to promote India as a global hub for sports goods is also encouraging. Improved access to quality sports equipment can help drive wider participation of women in sports while supporting healthier lifestyles.”

Dr. Ankit Gupta, Managing Director, Park Medi World Limited

“The Union Budget 2026 presents a comprehensive roadmap for strengthening India’s healthcare ecosystem at a time when the country’s disease burden is shifting towards non-communicable diseases such as diabetes, cancer, and autoimmune disorders, alongside a rapidly ageing population. The proposed addition of one lakh allied health professionals will help bridge workforce gaps across hospitals, rehabilitation centres, and community-based care settings. This is complemented by plans to train 1.5 lakh caregivers through NSQF-aligned, multi-skilled programmes, strengthening long-term, elderly, and post-acute care services.

The establishment of five regional medical tourism hubs in partnership with the private sector reinforces India’s ambition to emerge as a preferred global healthcare destination. For hospital networks such as Park Hospitals, these initiatives create meaningful opportunities to scale specialised allied services, strengthen geriatric and rehabilitation care, and contribute to medical value tourism aligned with national healthcare priorities.”

Sheetal Arora, Promoter & CEO, Mankind Pharma

“The Union Budget makes a clear and timely choice by placing biopharma at the centre of India’s next manufacturing wave, alongside other frontier sectors. As India’s disease burden shifts towards diabetes, cancer, and autoimmune disorders, and advanced NCD therapies gain wider adoption globally, the focus on biologics and biosimilars is both relevant and necessary. The Bio Pharma Shakti initiative recognises that longevity, quality of life, and affordability will define healthcare outcomes going forward.

The Finance Minister, Nirmala Sitharaman, has reinforced the Viksit Bharat vision through a ₹10,000 crore commitment to build a strong domestic biopharma ecosystem, strengthen institutions, upgrade the Central Drugs Standard Control Organization to global standards, and enable faster, predictable approvals. The full BCD exemption on 17 cancer drugs and targeted relief for rare diseases will further improve patient access while supporting innovation in high-need areas.

Over the coming years, the alignment of these reforms with the evolving **European Union–India trade framework will help Indian pharma move from scale to leadership, attract global investment, and strengthen India’s position as a trusted manufacturing and innovation partner in advanced therapies.”

Himanshu Arya, Founder, Luxury Cart

“The Budget sends a clear signal of long-term intent for India’s automotive sector by addressing both cost pressures and structural vulnerabilities. Duty relief on lithium-ion batteries and cobalt is expected to ease EV manufacturing costs, while investments in critical mineral security and automotive-grade semiconductors aim to reduce supply-chain risk. At the same time, higher capital expenditure and improved rural connectivity are likely to support demand across commercial vehicles and entry-level segments. Together, these measures create a more predictable environment for mobility players, even as consumer preference continues to evolve towards value-led and pre-owned options.”