Archives February 2026

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.”

Manas Pal, Co-Founder, PedalStart

“The 2026 Budget marks a pivotal moment for India’s startup ecosystem, it’s not just about yearly relief, it’s about building lasting infrastructure, policy stability, and capital availability that founders need to transition from building incremental apps to creating foundational, globally competitive technology companies. This Budget’s focus on expanding digital and data infrastructure, strengthening funding channels, and enabling AI and deep-tech innovation lays a more predictable and strategic foundation for startups to scale, attract investment, and drive global impact”.

Inderjit Makkar, Founder & CEO, Factacy AI

“Budget 2026 has officially turned AI into a national utility for Viksit Bharat. The ₹1 lakh crore DeepTech fund and National Compute Credits solve the infrastructure hurdle, while the ‘Education to Employment and Enterprise’ (EEE) committee ensures AI drives massive job generation. For Factacy, this validates our AIaaS mission: leveraging sovereign intelligence to help India capture its goal of a 10% global share in services exports by 2047”.

Anup Agarwal, Co-founder, Kiwi

The ₹2,000 crore incentive allocation for UPI and RuPay in Budget 2026 reinforces the importance of a sustainable digital payments ecosystem. As UPI continues to scale across transactions and use cases, the role of NPCI in maintaining interoperability, reliability, and low-cost access remains central. Sustained incentives are critical to preserving this affordability while enabling responsible innovation across the ecosystem. At Kiwi, we see this as a strong foundation for layering transparent and responsible credit on top of trusted payment rails to improve access and affordability for everyday consumption.

Vikas Tarachandani, Co-founder, SURE

“The Budget reinforces confidence in India’s financial ecosystem by prioritising stability, reform continuity and sector preparedness for long-term growth. The focus on improving credit quality and expanding financial inclusion strengthens the foundation for more disciplined borrowing and efficient capital allocation.”

Sundeep Mohindru, Founder & Promoter, M1xchange

“The Budget’s decisive push to create CHAMPION SMEs by giving equity support and by anchoring liquidity access through the TReDS ecosystem marks a structural shift in how working capital flows to MSMEs. By positioning TReDS as the settlement platform for liquidity support for MSMEs for their supplies to CPSEs, the government encourages wider participation in invoice discounting. This re-establishes the value add TReDS is making towards solving the delayed payment challenge for MSMEs. Credit guarantee support on Invoice discounting on TReDS and the integration of GeM with TReDS will enable quicker and more affordable financing for suppliers. Treating TReDS receivables as asset backed securities will deepen liquidity multifold and enhance the secondary market expansion for invoices discounted . Equally critical is the creation of corporate mitras through professional institutions, which will strengthen affordable compliance support in Tier 2 and Tier 3 towns. Together, these measures reinforce MSMEs as India’s engine of growth.”

Pushkar Mukewar, Founder and CEO, Drip Capital

“The Budget’s measures to support seafood exports, including increased duty-free input limits, extended export timelines, and duty-free fish catch in the EEZ and on the High Seas, will significantly ease cost and working-capital pressures for Indian exporters. These steps create new avenues to scale operations, manage cash flows more predictably, and fully harness the economic value of marine resources.”

Mr. Girish Aggarwal, Managing Director, APM Terminals Pipavav

“Budget 2026 reassures the government’s continued focus on infrastructure-led growth and the importance of logistics as a key enabler of India’s trade competitiveness. At a time of global uncertainty, the record public capital expenditure of INR12.2 lakh crore and the emphasis on integrated connectivity through freight corridors, coastal shipping, inland waterways, and port-led development provide a stable and confidence-building signal for the sector.

Focused initiatives such as the Dankuni–Surat Dedicated Freight Corridor and the operationalisation of new national waterways strengthen multimodal connectivity, while investments in ship-repair ecosystems and high-speed rail corridors reflect a forward-looking approach to long-term infrastructure development.

The Finance Minister’s emphasis on keeping the ‘Reform Express’ firmly on track is clearly visible in these initiatives, as well as in the INR10,000 crore allocation for container manufacturing and the focus on sustainable cargo movement. From an industry perspective, these measures will significantly improve connectivity, reduce transit times, lower logistics costs, and enable Indian ports to operate with greater efficiency, reliability, and scale. The Budget’s focus on digitised, integrated customs processes and faster cargo clearances is a meaningful step towards improving ease of doing business. The expansion of AI-enabled, non-intrusive scanning across major ports will directly support faster cargo movement and lower transaction friction, translating into improved reliability and efficiency across the logistics chain for ports and trade.

At APM Terminals Pipavav, we see this as an opportunity to continue working closely with the government and stakeholders to support India’s evolving logistics and maritime ecosystem and contribute to India’s long-term economic growth.”