BUDGET 26-27: TALKING HEADS

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

Following are quotes from industry stalwarts: A bold Budget that combines growth with inclusion. The strong emphasis on skilling, alongside sustained investments in science, innovation, and research are timely & will strengthen domestic capabilities, advancing import substitution in critical sectors. Bolstering infrastructure and logistics, with a focus on energy efficiency and impetus for the data centre ecosystem, will further reinforce confidence in our burgeoning digital economy. Bharti Enterprises Founder & Chairman, Sunil Bharti Mittal ---------------- We welcome the government's vision articulated in the Union Budget 2026, which places AI, services, and digital infrastructure at the centre of India's Viksit Bharat journey. The Budget clearly recognises that technology led, AI- driven growth will be critical to sustaining India's economic momentum in the years ahead. Microsoft India & South Asia President, Puneet Chandok --------------------- The long-term strategy of the budget remained focused on harnessing the demographic dividends and achieve the true potential of the economy. The Budget maintained the momentum of structural reforms with a forward-looking approach, build a financial sector that was robust and resilient and use technology, including AI, to achieve productivity. YES BANK Managing Director & CEO, Prashant Kumar ----------------- At a time when the global economy is being tested by supply-chain shocks, trade barriers and rising uncertainty, Budget 2026 marks a clear shift from short-term stimulus to long-term capacity-building. The focus on structural reforms, deeper manufacturing capabilities, diversified supply chains and future-ready investments shows a recognition that volatile times call for foresight, not fiscal populism. Ajay Singh, Chairman and Managing Director, SpiceJet ------------- A Test-match Budget ahead of the T20 World Cup. No flashy sixes, just smart singles all around to keep the scoreboard ticking. Steady, disciplined-very Ro-Ko in temperament. #Budget2026 RPG Enterprises Chairman Harsh Goenka ------------ Budget 2026 is a testament to our nation's resilience and commitment to growth, even amidst global uncertainty. With a significant increase in capital expenditure to Rs 12 lakh crore and energy spending to '‚¹1 lakh crore, we're laying the foundation for a sustainable future. Focus on renewable energy growth, grid modernization, and energy security will accelerate India's energy transition. Suzlon Group Co-founder & Vice Chairman, Girish Tanti -------------- Budget 2026 represents India's transformation from technology consumption to AI-powered innovation'”a blueprint for a $7 trillion economy built on intelligence, not just scale. The strategic architecture is balanced and long-term. The tax holiday until 2047 for cloud services is a masterstroke in data sovereignty, attracting an estimated USD 50 billion in data center investments by 2030 while positioning India as the cloud hub for emerging markets. Salesforce South Asia President & CEO, Arundhati Bhattacharya ---------- 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 ”-----------------------

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