BUDGET 26-27: TALKING HEADS

BMW Group India President and CEO Hardeep Singh Brar --------------------- Increased spending on Infrastructure, Manufacturing, and Defence-along with continued emphasis on roads, logistics, and construction-is expected to accelerate economic growth and drive demand in the commercial vehicle sector.

Following are quotes from industry stalwarts: A Budget for the real economy. Welcome increase in defence spend. Broad fiscal discipline continues. Works on balancing between financialisation of the economy, and focused development of diverse, deep India long term Kotak Mahindra Bank, Founder & Director Uday Kotak ---------- A growth-oriented Budget, with a clear focus on increasing public capital expenditure and boosting manufacturing. It is a Budget which creates opportunities for youth to improve their livelihoods, women to become financially independent and for employment-intensive sectors like medical tourism to take off. Vedanta Group Chairman Anil Agarwal ----------- This Budget focuses on enhancing India's competitiveness in the world, takes meaningful steps towards atma nirbharta and enables a wider participation in the benefits of economic growth. Overall, Budget 2026 signals continuity in policy direction, a firm commitment to sustainable and inclusive growth, and efforts to unlock India's economic potential at scale. We believe these measures can accelerate innovation, enhance value-added manufacturing and strengthen India's standing in the world. Mahindra Group CEO & MD Anish Shah ------------ The Union Budget 2026 underscores India's commitment to a structural reform-led economic roadmap, driven by three core 'kartavyas' (duties) of sustained growth, fulfilling aspirations, and advancing the vision of inclusive progress. Notably, the pharmaceutical sector was the first to be highlighted in the Finance Minister's presentation, signalling its strategic importance. The emphasis on biologics and biosimilars is particularly timely, as India is at the cusp of taking a global lead in this space. Dr Reddy's Laboratories Ltd, Chairman Satish Reddy ----------- The Union Budget 2026–27 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. SIAM President and Tata Motors Passenger Vehicles Ltd MD & CEO Shailesh Chandra. --------- By placing biopharma among the seven strategic frontier sectors and launching Biopharma Shakti with an outlay of Rs 10,000 crore over five years, the Union Budget makes a decisive investment in India's health and innovation future. Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw --------------------- The Union Budget 2026–27 reflects a clear intent to balance fiscal consolidation with the need to sustain growth momentum. The reduced estimates for fiscal deficit reinforce assurance in India's macro-economic stability and commitment to fiscal discipline. A declining debt-to-GDP ratio will gradually free up resources for priority sector expenditure. At the same time, increase in capital expenditure will accelerate infrastructure development, improve road quality and enhance mobility ecosystems. BMW Group India President and CEO Hardeep Singh Brar --------------------- Increased spending on Infrastructure, Manufacturing, and Defence-along with continued emphasis on roads, logistics, and construction-is expected to accelerate economic growth and drive demand in the commercial vehicle sector. The Budget also advances initiatives in AI, rare earths, and energy transition while supporting key sectors such as healthcare, education, agriculture, housing, and electrification. Overall, it sustains growth momentum and strengthens India's long-term economic trajectory.'' Ashok Leyland Chairman Dheeraj Hinduja ------------------------ The Union Budget lays a strong foundation for sustained growth across India's mobility and manufacturing ecosystem, with continued emphasis on infrastructure development, expansion of freight and logistics networks, and focused support for construction and equipment manufacturing directly translating into higher vehicle utilisation on roads and worksites. Ceat MD and CEO Arnab Banerjee ---------------- PTI MSS RKL MSS DR DR

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