Budget Expectations from Industry Leaders

As Budget 2026 approaches, a pivotal moment for India’s economic and financial landscape, industry leaders in the country have expressed diverse expectations from the budget, focusing on sustainable growth and innovation across various sectors. They have called on the government with various necessities that could boost the Indian financial sector, with emphasis on different aspects like supportive policies to enhance India’s commercial furniture manufacturing, clear demand signals for green steel in India, large-scale battery storage solutions and clean energy initiatives and more Maanoj Tomar, Founder, AFC Furniture Solutions Union Budget 2026 has the opportunity to strongly back India’s commercial furniture manufacturing ecosystem. As offices, IT parks, and industrial infrastructure expand across the country, there is a growing need for high-quality, durable, and ergonomically designed furniture made in India. Policy support through GST rationalisation, easier access to capital, and incentives for factory modernisation will help Indian brands compete with imports and scale globally. A clear focus on Make in India furniture will not only strengthen manufacturing but also support the future of workspaces being built across the nation. Sakshi Balani, Director, Climate Catalyst “Over the last three years of working on steel decarbonisation, we have found that the main barrier to scaling green steel in India is not technology or ambition, but the lack of clear demand signals. Our research shows that when procurement rules recognise low-carbon steel and account for the green premium, green steel can be adopted at scale, with the material increase in overall project costs typically remaining below 1% for large infrastructure projects.” K S Venkatagiri, Executive Director, Confederation of Indian Industry and Chairman, Global Ecolabelling Network Board“Procurement readiness is becoming a defining factor of competitiveness as global markets move toward low-carbon materials. India’s green steel taxonomy provides a critical foundation for the sector by creating clarity and credibility for buyers. Green steel in India can scale significantly if the green steel taxonomy is matched with clear procurement frameworks and predictable fiscal support that help close the cost gap during the transition. Strategic public and private procurement, backed by targeted fiscal instruments, will be essential to translate climate ambition into commercially viable green steel markets.” Neelima Jain, Director, Industrial & Trade Policy, India Energy & Climate Center, University of California, Berkeley”India needs public procurement to create a predictable market for green-hydrogen steel. Set a phased mandate, backed by time-bound budget measures to underwrite early premiums and scale-up risk. Record-low green-ammonia bids and falling renewables plus storage costs imply green hydrogen price is near ~$3/kg. That brings this route to parity by 2030. The added fiscal cost is limited, while market certainty rises. It also keeps exports competitive as the EU CBAM tightens from 2026 and can avoid up to ~$1T in coking-coal imports.” Ali Hasanbeigi, Founder & CEO, Global Efficiency Intelligence “From what we see globally, Green Public Procurement works best when the demand signal is clear, phased, and supported in the early years. Countries that moved early paired procurement rules with simple ways to manage initial cost premiums and supplier readiness. India can follow this path, create predictable demand, stay competitive, and unlock investment in low-carbon steel without long-term subsidies.” Vaibhav Doshi, Associate Partner, Xynteo“As per our analysis, a phased Green Public Procurement approach allows governments to lead on low-carbon steel without waiting for perfect market conditions. Public buyers are major consumers of steel for infrastructure, and even early measures, such as disclosure requirements or minimum shares of lower-emissions steel, can create strong demand signals. We believe starting with feasible, scalable actions is critical to build market confidence, enable investment in cleaner steel production, and progressively tighten performance requirements over time.” “FY26 marks a defining period for India’s power sector, with significant capacity additions driven predominantly by renewable energy. As clean power generation gathers significant pace, installing energy storage solutions will become crucial in shaping the sector’s next phase of growth. In the upcoming Budget 2026, favourable regulations and policies that enable the seamless deployment of large-scale battery storage infrastructure and solutions alongside renewable projects are expected to guide the industry’s expansion. We are observing the commissioning of large-scale initiatives that focus on deploying solar rooftop infrastructure, and, therefore, interventions that support project financing and address supply-chain bottlenecks will aid growth at scale. Further, strengthening the policy framework to enhance skilled employment generation will have a positive impact on the industry’s competitive advantage in the long-term, contributing meaningfully to India’s transition to clean energy,” said Mr. Shyam Sunder Jindal, Promoter, BC Jindal GroupGeorge Alexander Muthoot, MD, Muthoot Finance“As we approach the Union Budget 2026, we are hopeful that the government will continue to prioritise measures that deepen formal credit access for first-time and underserved borrowers. Affordable, secured lending plays a critical role in promoting financial inclusion, especially for households and micro-entrepreneurs who often lack access to traditional banking products. Recognising the role of gold loan NBFCs through measures such as Priority Sector Lending status would help create a more level playing field, reduce the cost of funds and enable wider outreach in semi-urban and rural India. For many households, small traders and micro-entrepreneurs, a gold loan is frequently their first interaction with institutional finance. Further, enabling digital innovations such as gold-linked credit lines through UPI can provide first-time borrowers with instant, need-based liquidity at significantly lower costs than unsecured alternatives, while helping them build a formal credit history. Such forward-looking reforms can support near-term consumption and entrepreneurship, while strengthening long-term financial inclusion and resilience among India’s first-time borrowers.” Vinay Bagri, CEO & Co-Founder, Niyo “As Indians spend more money beyond borders for travel, education and work, we believe the focus in Budget 2026 should shift from just transaction limits to spending efficiency. While LRS limits often dominate the conversation, the bigger issue for consumers is the silent cost of foreign exchange markups that inflate overseas expenses. Simplifying international payment processes, reducing TCS on legitimate foreign transactions, and continuing to encourage digital banking innovation will go a long way in making global spending more transparent and accessible. A stable policy environment and close collaboration between regulators and fintechs can help empower Indian travellers and support responsible growth across the cross-border fintech ecosystem.” SB Seker, Head of APAC, Binance“India’s rapid adoption of blockchain and virtual digital assets (VDA) reflects both the scale of its digital economy and growing participation by retail users. The forthcoming budget presents an opportunity to strengthen the VDA ecosystem through measured regulatory and tax refinements that protect users, maintain financial stability, and support responsible market development. From a tax perspective, a pragmatic framework focused on capital gains realised, with provisions for limited loss set off and removal on transaction level levies in favour of net-revenue generating corporate taxes instead, can improve fairness for retail participants and indicate to them India has moved past the tax-and-deter regime towards a fuller license-and-supervise one.Clear, consistent operating standards for VDA platforms, aligned with India’s AML/KYC and investor protection priorities, will encourage responsible capital investment, create skilled jobs, and build domestic capabilities. India’s approach to blockchain governance, combined with its strong digital public infrastructure, provides a solid foundation to integrate innovation with transparency, financial inclusion, and economic growth objectives. A balanced regulatory environment that safeguards users, supports innovation, and ensures predictable taxation will help India convert high participation into durable economic value and reinforce its position as a leading fintech hub.”Sudarshan Lodha, Co-founder & CEO, Strata“Over the last few Budgets, the government has laid a strong foundation for commercial real estate through infrastructure investment, urban development programs, and capital-market reforms such as REITs and asset monetisation. As we look to Union Budget 2026–27, the next phase should focus on easing project-level financing, enabling structured private credit, and providing clearer tax and regulatory frameworks for alternative investment platforms. These measures can unlock long-term capital, support office expansion beyond core metros, and strengthen real estate’s role in employment and urban growth.” Matías Gainza Eurnekian, CEO, Federal Card Services “Sharing his anticipation for the Union Budget 2026-27 and its potential impact on the industry, Matías Gainza Eurnekian, CEO, Federal Card Services (FCS), said “India’s payments landscape is entering its next phase of expansion, supported by rising consumer incomes, growing spending power, and rapid digital adoption. Industry insights from PwC and Visa consistently show that as disposable incomes increase, the use of cards and digital payment methods also accelerates especially when backed by strong acceptance infrastructure, financial inclusion initiatives and innovative payment offerings. In this context, the upcoming Union Budget presents an important opportunity to strengthen the foundations of the ecosystem. Targeted incentives for advanced manufacturing and a continued push toward local production can help build a more resilient, globally competitive payments value chain. Extending and modernising schemes such as the Production Linked Incentive (PLI), particularly for next-generation technologies, would further support this momentum.Equally critical is policy clarity that balances growth with fiscal discipline. When consumers and businesses have confidence in the macroeconomic environment, it directly supports the adoption of new payment technologies and enables the digital payments sector to scale in a sustainable, long-term manner.”Dilip Modi, Founder & CEO, Spice Money “As India accelerates its financial inclusion journey, the Union Budget should continue to prioritise the non-bank Business Correspondents ecosystem and rural fintechs that enable last-mile access to essential banking services. BCs are the backbone of assisted digital finance in Bharat, delivering critical services such as mATM transactions, AePS, cash-in and cash-out, and CASA access in regions where physical bank branches remain limited. Strengthening this network through better infrastructure support, digital enablement, and sustainable incentive structures will significantly deepen formal banking penetration. Rural fintechs have played a pivotal role in making everyday banking accessible and reliable for underserved communities. Enhanced connectivity in rural areas, and adoption of vernacular and voice-based interfaces can further drive usage and trust among first-time users.As fintech participation in core banking and payment services grows, there is also a need for clearer regulatory guidelines focused on operational transparency, standardised reporting, and consumer protection. Consistent disclosure norms, improved grievance redressal frameworks, and clear compliance expectations will help strengthen confidence across the ecosystem. A budget that balances inclusion, innovation, and governance will ensure that assisted digital finance continues to empower citizens while supporting sustainable growth in India’s rural economy.” Md. Sajid Khan, Director – India, ACCAAs India prepares for the Union Budget 2026, the focus on strengthening the country’s financial and economic ecosystem must go hand in hand with investing in future-ready talent. The accounting and finance profession is undergoing rapid transformation driven by digitalisation, sustainability reporting, AI, and evolving global compliance standards. We hope the upcoming budget prioritises measures that support high-quality professional education aligned with global standards and strong industry–academia collaboration. Incentives for skill-based learning, digital upskilling, and global mobility of Indian professionals will be crucial in positioning India as a hub for world-class finance and accounting talent. Such initiatives can help bridge the skills gap, enhance employability, and ensure India’s workforce remains globally competitive.” Naresh Kumar, Chief Operating Officer, Lauritz Knudsen Electrical and Automation“As India prepares for the Union Budget 2026, there is a clear opportunity to place productivity at the core of the country’s manufacturing strategy. Manufacturing is central to India’s ambition of becoming a developed economy by 2047, yet its contribution to GDP must rise meaningfully if this vision is to be realised.Over the past few years, initiatives such as Make in India, the National Manufacturing Mission, and the Production Linked Incentive schemes have laid a strong foundation by encouraging capacity creation. The next phase of growth must now focus on how efficiently and intelligently factories operate, not merely on how many are built.Productivity represents India’s largest untapped manufacturing advantage. A significant portion of the industrial base is approaching a natural modernisation inflection point, creating an opportunity to leapfrog legacy systems and embed automation, digital intelligence, and clean energy directly into factory design. This shift can position Indian manufacturing to compete globally by design and performance, not by cost alone. Energy efficiency and reliability are critical levers in this transformation. Manufacturing accounts for a substantial share of India’s energy consumption, and improving energy intensity through clean energy integration, smart electrical infrastructure, and advanced energy management systems will be essential as industrial output scales. In parallel, reducing unplanned downtime through predictive maintenance and real time monitoring can materially improve operational resilience and supply chain reliability.Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Limited:“As we approach the Union Budget 2026, Muthoottu Mini Financiers Limited underscores the critical role played by Non-Banking Financial Companies (NBFCs) in meeting the financial needs of rural and semi-urban India. While regulatory measures are essential to ensure financial stability, it is equally important to recognize the challenges faced by individuals, farmers, and small enterprises in accessing traditional banking credit due to stringent requirements. NBFCs like ours serve as a vital last-mile link by offering secured, transparent, and need-based loans for agricultural activities, MSMEs, and household requirements with speed and flexibility. From the upcoming Budget, we look forward to policy continuity that supports grassroots credit flow, regulatory stability, and a predictable cost-of-funds environment for lenders.We strongly believe that recognizing NBFCs as key enablers of priority sector objectives and facilitating bank lending to the sector at competitive rates will empower lenders to offer affordable credit to underserved communities. Additionally, continued emphasis on governance, customer protection, and responsible digital enablement will strengthen trust in the financial system.A pragmatic and inclusion-focused Budget can significantly enhance rural livelihoods, drive MSME growth, and reinforce the NBFC sector’s role in promoting sustainable and inclusive economic development.”Dr Sanjay Salunkhe, Founder, Jaro Education“As India prepares for the upcoming Union Budget, we hope to see continued recognition of education as a core driver of long-term economic growth and the Viksit Bharat vision. Building workforce readiness through outcome-led skilling, industry-aligned learning, and practical capabilities will be crucial as India’s young and working population navigates an increasingly competitive, skills-driven job market. Focused support for digital and online education can further expand access to credible higher and executive education for working professionals across regions and cities. Strengthening India’s higher education ecosystem through globally competitive curricula, research-led learning, and deeper university industry collaboration will be critical to developing future-ready talent at scale. We also look forward to policies that encourage closer collaboration between academia, industry, and education providers, enabling learners to apply academic learning to real business and workplace contexts.With careers evolving continuously, lifelong learning and ongoing upskilling, particularly in areas such as AI, digital systems, leadership, and management are becoming essential. At the same time, learning flexibility must be supported by strong academic rigor and institutional credibility. A budget that prioritizes inclusion and recognizes edtech as a key contributor to access, quality, and learner outcomes will reinforce confidence in India’s human capital as the foundation for sustained productivity, innovation, and global competitiveness.Tarun Chugh, MD & CEO, Bajaj Life Insurance “As the Union Budget approaches, it presents an opportunity to strengthen life insurance as a long-term savings and retirement solution through more consistent and equitable policy support. Recent policy measures, such as the exemption of insurance premiums from GST, have laid a strong foundation for sectoral growth, and the Budget can build on this momentum through thoughtful, outcome-oriented measures.India’s insurance sector has made steady progress, but penetration and coverage gaps remain significant, particularly in retirement planning and rural protection.Aligning the tax treatment of insurance annuities with other pension instruments, such as taxing only the returns on annuity payouts and extending comparable deductions, would allow individuals to choose retirement products based on suitability rather than tax differences. Similarly, bringing parity in taxation between traditional and unit-linked life insurance policies can simplify the tax framework and encourage disciplined, long-term wealth creation alongside protection.Improving affordability in rural and social insurance segments is equally important. Rationalising transaction costs, including stamp duty exemptions for low-ticket policies, can help expand access and deepen insurance penetration.With these policy measures, life insurance can play a stronger role in building retirement security, financial inclusion and long-term resilience for Indian households.”Shashank Noronha, Founder of TABBSZStartups in India’s sustainable FMCG and D2C sector are driving the next wave of innovation, creating products and solutions that are ready to compete on a global stage. In Budget 2026, we hope to see stronger support for startups exploring exports through smoother market access, export-friendly infrastructure, and easier availability of growth capital for international expansion. At the same time, continued focus on innovation, skills, and ecosystem development will help these brands scale responsibly, create meaningful employment, and remain competitive. With the right support, Indian startups can build globally relevant businesses while strengthening the country’s position as a source of high-quality, sustainable consumer products D. Suresh Babu, President, Vignana Jyothi “As we inch closer to Union Budget 2026, the need of the hour is deeper integration between education and industry-led upskilling, supported by reforms alongside increased investment. Effective and accelerated implementation of the National Education Policy will be critical. Dedicated allocations for emerging sectors such as AI, semiconductors, electric mobility, renewable energy and advanced manufacturing can help align learning with future workforce needs. Addressing existing infrastructure gaps through stronger public and private partnerships, especially to build R&D centres and centres of excellence within existing universities, will be key to unlocking meaningful outcomes.I will also add that focused investment in agricultural education is a necessity, with dedicated budgetary support for modernising agriculture colleges and institutes. Strengthening curricula and infrastructure around digital agriculture, agri-tech, precision farming, climate-resilient practices and data-driven farming will be essential to future-proof India’s agrarian workforce and drive sustainable rural growth.”



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