Archives February 2026

Artificial Intelligence – Bruce Keith, CEO & Co-Founder, InvestorAi
“The focus on fiscal discipline and tax harmonisation is welcome. The emphasis on education in a rapidly AI-driven world makes sense. However, the increase in Securities Transaction Tax (STT) on futures and options—150% and 50%, respectively—may inadvertently reduce liquidity, as most F&O participants incur losses. Rather than disincentivising trading, education and AI-enabled guidance could be a better lever to address this challenge.”

Venture Capital Perspective – Ankur Mittal, Co-Founder, Inflection Point Ventures
“India’s service-led economy stands to benefit from AI-driven growth. The government’s focus on building strong AI talent is strategic, helping retain domestic talent, attract global tech investment, and strengthen the startup ecosystem. Startups like CTPL can play a pivotal role in executing this vision.”

Venture Capital Perspective – Anil Joshi, Managing Partner, Unicorn India Ventures
“Indian semiconductor manufacturing is nascent and needs policy support. ISM 2.0 and the ₹40,000 crore allocation for electronic components will strengthen the supply chain, enabling India to become self-reliant. Initiatives like Bharat Vistaar will enhance agriculture productivity using real-time AI and satellite data. The announcement of four telescope centres will bolster India’s self-reliant space research capabilities.”

Semiconductor Industry – Manu Iyer, General Partner & Co-Founder, Bluehill.VC
“The launch of India Semiconductor Mission 2.0 is transformative for technology and manufacturing. By supporting domestic semiconductor equipment, materials, and design, ISM 2.0 positions India as a globally competitive hub. Coupled with rare earth corridors across mineral-rich states, these measures strengthen supply chains for electronics, defense, and clean energy, driving high-skilled employment and innovation.”

Legal Tech – Hitesh Jirawla, Founder & CEO, Cubictree
“The government’s push to digitise courts, combined with AI innovation funds exceeding ₹10,000 crore, marks a quantum leap for Legal AI in India. This initiative addresses the ‘Iron Triangle’ of legal technology—cost, speed, and accuracy—establishing Legal AI as critical infrastructure for a developed India.”

Cybersecurity – Pankit Desai, Co-Founder & CEO, Sequretek
“Union Budget 2026 positions India’s digital economy as a core growth driver. The increase in safe harbour thresholds for IT/ITES companies—₹2,000 crore for domestic and ₹300 crore for overseas group entities—reduces tax disputes and compliance risks. Tax holidays for foreign cloud data centres enhance technological sovereignty. The ₹10,000 crore SME Growth Fund empowers adoption of emerging technologies, supporting India’s Make in India, Make for the World vision.”

The Union Budget 2026–27 lays a robust foundation for India to emerge as a global tech powerhouse, with focused investments in AI, semiconductors, cybersecurity, digital infrastructure, and skill development. Coupled with support for startups, SMEs, and high-tech manufacturing, these measures aim to foster innovation, build a resilient ecosystem, and strengthen India’s position in global value chains.

Mumbai, Feb 01: Speaking on the budget announcements, Mr Shailesh Chandra, President, SIAM and MD & CEO, Tata Motors Passenger Vehicles Ltd, said,

“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.”

By:- Dr. Azad Moopen, Founder & Chairman, Aster DM Healthcare

Today’s Budget lays out a thoughtful and forward-looking blueprint for India’s healthcare ecosystem—one that seamlessly integrates innovation, access, capacity expansion and global competitiveness. The Biopharma Shakti initiative, with an outlay of ₹10,000 crore over five years and a clear focus on strengthening research, manufacturing and regulatory capabilities, will play a pivotal role in accelerating India’s journey towards advanced, affordable and globally benchmarked healthcare solutions. The exemption of basic customs duty on 17 critical cancer drugs is a timely and patient-centric measure that will significantly improve access to life-saving therapies while easing the financial burden on families.

The Budget’s strong emphasis on healthcare infrastructure is equally encouraging. The proposed 50 percent capacity expansion of district hospitals, combined with targeted investments in tertiary care through the expansion of NIMHANS 2.0 in North India and the addition of three new AIIMS facilities, will meaningfully strengthen care delivery across both urban and underserved regions. These measures reinforce the government’s commitment to building a more resilient, inclusive and future-ready public health system.

Importantly, the Budget recognises healthcare as a powerful engine of employment and social impact. The announcement of 1,00,000 Allied Health Professionals (AHPs), alongside the training of 1.5 lakh caregivers, supported by structured skilling initiatives, AI-enabled training pathways and digital health programmes, marks a decisive step towards building a large, skilled and future-ready healthcare workforce. This integrated approach will help support an ageing population, specialised care needs and emerging models of care delivery. Together with the continued push for medical hubs, medical value tourism, and a sharper focus on mental and digital health, these initiatives firmly position India as a globally trusted healthcare destination with sustainable long-term growth potential.

Union Budget 2026–27 places agriculture at the intersection of resilience and affordability. With targeted district-level programmes, stronger seed systems, enhanced farm credit, and sustained fertiliser support, the Budget reinforces farmer-centric growth while prioritising domestic manufacturing and supply security. Rationalisation of customs duties and progress on GST inversion are expected to ease cost pressures and improve predictability across the fertiliser value chain.

Mr S. Sankarasubramanian, Chairman, The Fertiliser Association of India and Managing Director and CEO, Coromandel International

“This Budget brings together productivity, resilience, and affordability in a way that reflects the evolving needs of Indian agriculture. The focus on district-level outcomes, better seeds, diversified cropping, and multilingual digital advisory platforms has the potential to meaningfully improve on-farm decision-making and input efficiency, provided execution remains closely aligned with ground realities.

The fertiliser allocations underline a steady commitment to domestic capability. Support of ₹91,000 crore for indigenous urea and ₹34,000 crore for domestically produced P&K fertilisers, alongside imported fertiliser support of ₹32,000 crore for urea and ₹20,000 crore for P&K, reinforces supply security while maintaining farmer access to affordable nutrients. The emphasis on customs duty rationalisation and addressing inverted GST structures is particularly important, as it helps streamline costs, improve cash flows, and create a more predictable operating environment.

Overall, the approach strengthens alignment between agricultural priorities and industrial sustainability, supporting farmers today while building a more resilient and efficient fertiliser ecosystem for the future.”

Dr. Suresh Kumar Chaudhari, Director General, The Fertiliser Association of India

“This Budget pushes agriculture towards decisions that are more local, more scientific, and more accountable. Stronger seed systems, focused support for pulses and diversified crops, and district-level programmes create the conditions for farmers to plan better and use inputs more efficiently. Multilingual digital advisory tools and enhanced credit access, including higher Kisan Credit limits, reinforce this shift by enabling timely, informed decisions at the farm level.

The fertiliser allocations provide continuity while signalling a clear preference for domestic capability and supply stability. Budgeted support of ₹1,16,805 crore for urea and ₹54,000 crore under the nutrient-based subsidy framework, alongside ₹91,000 crore for indigenous urea and ₹34,000 crore for domestically produced P&K fertilisers, strengthens resilience amid global volatility. Fertiliser support remains a significant fiscal commitment, with ₹1,70,781 crore allocated under fertiliser subsidies in Budget 2026–27, reflecting the importance of input affordability and supply assurance. Continued support for organic fertilisers and bio-inputs, with an allocation of ₹90 crore, complements efforts towards balanced nutrient use and soil health.

What will now shape outcomes is how quickly customs duty rationalisation and GST corrections reduce friction across the supply chain. These changes directly affect costs, working capital cycles, and fertiliser availability during peak seasons. With steady execution, the system can support balanced fertilisation, healthier soils, and a more predictable operating environment for agriculture.”

By – Nikhil Aggarwal, Founder & Group CEO, Grip Invest 

“The proposed market-making framework for corporate bonds and the introduction of Total Return Swaps mark a decisive push to deepen India’s bond markets. These steps will improve liquidity, price discovery, and access to a wider investor base, while the ₹100 crore incentive for large municipal bond issuances encourages cities to adopt market-led financing. Collectively, the measures strengthen India’s fixed-income ecosystem and reduce long-term dependence on bank-led credit. Alongside broader reforms aimed at strengthening banking and NBFCs and improving access to risk capital for MSMEs, the Budget lays the foundation for a more diversified, resilient, and market-driven credit ecosystem.”

CA, CMA, Anita Gandhi, Institution Head, Arihant Capital Markets Ltd

The Union Budget 2026–27 is positive from a longer-term economic growth perspective, especially with its continued focus on fiscal discipline and structural reforms. However, there has been a fair amount of disappointment when compared to market expectations. The increase in STT rates on futures and options has particularly impacted short-term traders, who were hoping for some relief or stability on the taxation front. This has led to near-term nervousness and profit booking in the markets, which is reflected in the current negative sentiment.
While the budget reinforces the government’s commitment to sustainable growth, the absence of immediate catalysts for the equity markets and the added cost burden on derivatives trading have dampened short-term enthusiasm. The current market reaction appears more sentiment-driven, and as clarity improves, focus is likely to shift back to fundamentals and earnings growth.

Chakrivardhan Kuppala, Director and Co-founder, Prime Wealth Finserv, Hyderabad

The Union Budget 2026–27 lays out a clear roadmap to strengthen India’s economic architecture and boost financial confidence among citizens. Measures that ease income-tax compliance and rationalise prosecution provisions will make tax filing more predictable and less intimidating for individuals and families. Simplified procedures, extended filing windows, and lower thresholds to contest tax demands will ease cash-flow pressures and encourage more people to participate in the formal financial system. Coupled with reforms that promote investment, transparency, and capital access, this budget sends a strong signal that personal financial empowerment and inclusive growth remain high on the national agenda.

Devansh Lakhani, Director & Investment Banker, Lakhani Financial Services, Mumbai

The Union Budget 2026–27 sets a strong foundation for India’s next phase of economic growth. Encouraging regulatory reforms around foreign investment and a clearer, more predictable tax framework will enhance India’s attractiveness as a destination for global capital. Startups and early-stage companies will benefit from improved access to funding and a more supportive ecosystem. At the same time, income-tax reforms that simplify compliance and reduce punitive measures will build greater confidence among the common taxpayer and ordinary investor. Together, these initiatives signal a future in which India is not only a hub for innovation and capital formation but also a more inclusive and trustworthy marketplace for all stakeholders.

Apurva Agarwal, Founder, Universal Legal, Mumbai

Union Budget 2026 reflects a complex but deliberate shift in India’s legal, tax, and regulatory landscape. While markets reacted sharply in the short term, particularly to the increase in the Securities Transaction Tax on derivatives, the larger intent of the budget appears to be structural reform rather than headline-driven relief. From a legal standpoint, the announcement of a new Income Tax Act effective April 2026, coupled with the rationalisation of prosecution provisions and simplified compliance processes, signals a move towards greater predictability and reduced litigation for taxpayers and businesses alike.
Sector-specific measures across manufacturing, healthcare, electronics, and infrastructure indicate a strong policy push towards long-term capacity building, even as concerns remain around adequacy of capital expenditure and regional equity. For foreign and NRI investors, higher investment limits and proposed regulatory reforms provide renewed confidence in India’s investment framework. While political responses to the budget have been mixed, the underlying legal reforms, particularly those aimed at decriminalisation, compliance simplification, and regulatory clarity, are likely to strengthen trust in the system over time and reduce friction between taxpayers, businesses, and enforcement authorities.

Mumbai, Feb 1st: Tata Motors Passenger Vehicles Ltd. sales in the domestic & international market for January 2026 stood at 71,066 units, compared to 48,316 units during January 2025. 

Includes sales of Tata Passenger Electric Mobility Limited, subsidiary of Tata Motors Passenger Vehicles Ltd.

By – Mr Harsh Bansal, MD of BMW Industries Limited

“The Union Budget 2026–27 makes an important move for India’s steel sector by proposing a ₹20,000 crore outlay over the next five years for Carbon Capture, Utilisation and Storage (CCUS) technologies. This investment recognises that while steel production is a key driver of India’s infrastructure and development, it is also one of

pture and reuse carbon emissions, reduce environmental impact, and align wit

 the most carbon‑intensive industries. Supporting CCUS will help steel companies cah global climate commitments such as India’s net‑zero by 2070 goal.

For the steel industry as a whole, this Budget measure provides a practical solution to strengthen competitiveness in a world increasingly focused on low‑carbon manufacturing. By lowering the cost barrier for adopting CCUS and related green technologies, the government is encouraging producers to transition toward cleaner operations. This will attract investment, enable access to export markets with carbon standards, and improve the sector’s global standing. At the same time, simplifying customs processes and making imports and exports easier will reduce transaction delays and costs, further enhancing India’s competitiveness in global steel trade. These actions will also help build stronger supply chains and create new opportunities in areas such as recycled steel, green hydrogen integration, and renewable energy use within steel plants.

Overall, this Budget initiative is a step toward balancing industrial growth with environmental responsibility, enabling the steel industry to grow sustainably, reduce its carbon footprint, and contribute to India’s broader climate, economic, and trade goals.”

Thomas John Muthoot, Managing Director, Muthoot FinCorp Ltd

“Budget 2026–27 is part of a longer reform journey under the leadership of our Prime Minister Narendra Modi where successive budgets have shifted India from stimulus driven spending to reforms over rhetoric.

By combining fiscal discipline, manufacturing strength, a bold services mission, digital public infrastructure, infrastructure led growth, skilling and simpler tax processes, the Budget advances the Viksit Bharat 2047 vision of a resilient and self-reliant India, while directly strengthening the financial wellbeing, opportunity and dignity of the common man and making growth truly inclusive and a force for good. 

For Muthoot FinCorp Ltd., this policy direction is constructive and aligned with our purpose of transforming the life of the common man by improving financial wellbeing and being a force for good.”

Dr. K Paul Thomas, MD & CEO, ESAF Small Finance Bank

“This is a growth-oriented and inclusive Budget that places farmers, rural India, and youth at the centre of the development agenda, while maintaining fiscal prudence and macroeconomic stability. The Prime Minister Dhan-Dhaanya Krishi Yojana, covering 100 districts and benefiting nearly 1.7 crore farmers, along with the enhancement of KCC limits from ₹3 lakh to ₹5 lakh, will significantly strengthen rural credit access and improve productivity across the agricultural value chain.

The proposal to establish SHE-Marts (Self-Help Entrepreneur Marts) and at least one girls’ hostel in every district, alongside support for women-led FPOs, will expand market access and create greater opportunities for women entrepreneurs. The scheme supporting 5 lakh first-time women, SC, and ST entrepreneurs with loans up to ₹2 crore, together with the expanded MSME credit guarantee unlocking ₹1.5 lakh crore, will accelerate grassroots entrepreneurship, strengthen small businesses, and drive job creation across the country.

The proposed High-Level Committee on Banking for Viksit Bharat will further reinforce the financial sector, enabling banks to support agriculture, MSMEs, and infrastructure-led growth. Emphasis on AI, renewed focus on education, and simplification of tax compliance are other notable highlights. In short, the Budget achieves a balanced approach—leveraging technology while respecting traditional sectors—to drive inclusive and sustainable growth.”