- Industry sees ₹12.2 lakh crore capex as decisive push amid global uncertainty
- Infra, logistics and manufacturing emerge as clear winners
- MSMEs, tier-2/3 cities and jobs at centre of Viksit Bharat vision
- Fiscal discipline reassures markets despite short-term volatility
- Corporate India backs long-term, inclusive growth roadmap
NE BUSINESS BUREAU
AHMEDABAD, MUMBAI, NEW DELHI, FEB 1
Union Budget 2026 has drawn broad-based endorsement from India Inc., with business leaders calling it a steady, reform-driven roadmap that balances growth ambitions with fiscal prudence. Against a backdrop of global fragmentation and supply chain realignment, the sharp increase in public capital expenditure, sustained infrastructure thrust and targeted manufacturing incentives are being seen as foundational moves to power India’s next phase of expansion.
Infrastructure & Logistics: Backbone of Growth
Srinivasan Vaidyanathan, Operating Partner, Essar, said, “The Union Budget 2026 reinforces India’s steady, reform driven economic trajectory at a time of global fragmentation and supply chain realignment. By increasing public capital expenditure to ₹12.2 lakh crore and prioritising projects such as dedicated freight corridors, expanded waterways and logistics infrastructure, the Budget provides funded levers to accelerate execution across logistics and energy corridors. Taken together, it is a decisive push that aligns well with the sectors powering India’s next decade.”
Echoing this, Ashish Rajgarhia, Executive Director, Essar Ports, noted, “The Budget sends a clear signal that infrastructure and trade logistics remain central to India’s growth strategy… These measures will be critical in doubling the share of inland waterways and coastal shipping by 2047.”
Girish Aggarwal, MD, APM Terminals Gujarat Pipavav, added that the record capex and focus on multimodal connectivity will reduce transit times, lower logistics costs and improve ease of doing business, particularly through digitised customs and AI-enabled cargo scanning.
Manufacturing, Minerals & Atmanirbharta
Dr. Anish Shah, Group CEO & MD, Mahindra Group, described the Budget as one that,
“focuses on enhancing India’s competitiveness in the world… The emphasis on frontier and strategic manufacturing sectors… reflects a clear commitment to building global-scale manufacturing capabilities.”
Anil Agarwal, Chairman, Vedanta Ltd, welcomed the focus on critical minerals and rare earth corridors, calling the import duty exemption on capital goods “very timely in the current global scenario.”
MSMEs, Credit & Financial Ecosystem
Prashanth T.S., Axis Bank, said, “The Budget meaningfully improves the growth runway for MSME banking in India… easing two long-standing structural challenges—collateral dependence and delayed cash flows.”
Shekhar Patel, Ganesh Housing, and Gaurav Pandey, Godrej Properties, highlighted how infrastructure-led growth and policy stability will unlock real estate demand in emerging cities such as Ahmedabad.
However, Vishwas Patel, Chairman, Payments Council of India, flagged concerns on fintech sustainability, stating that Zero MDR with limited incentives could choke ecosystem growth, and called for a controlled MDR for large merchants.
Markets, Fiscal Discipline & Long-Term Outlook
Santosh Iyer, Mercedes-Benz India, said the 4.3% fiscal deficit target sends a strong signal of macro stability, while Vaqarjaved Khan, Angel One, observed that despite short-term market volatility, “the focus on jobs, exports, and reforms should support long-term equity upside.”
Dr. Savan Godiawala termed it a “reasonably good budget” that maintains fiscal rhythm while increasing defence and infrastructure spends.
Consumption, Tourism & Inclusive Growth
Rajiv Kumar, DS Group, said the Budget synchronises demand and supply-side enablers for FMCG, while Manoj Bhat, Mahindra Holidays, noted that tourism is now positioned as a lever for balanced, employment-generating growth.
Summing up the broader sentiment, corporate leaders view Budget 2026 as a continuity Budget with conviction — one that prioritises execution, strengthens fundamentals, and positions India for resilient, inclusive and long-term economic leadership.
