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.
