Budget to boost economy, enhance India's global competitiveness: India Inc

Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw, in a post on X, said, 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 Indias health and innovation future. Industry body FICCI President Anant Goenka said the Budget strikes a balanced and credible note, with a clear focus on growth, inclusivity and yuva-shakti and ensures continuity and stability through sustained reforms, a strong public capex push, ease of doing business and a decisive emphasis on manufacturing, MSMEs, agriculture and services.

India Inc on Sunday termed Union Budget 2026-27 as a budget for the real economy that focuses on enhancing India's competitiveness in the world, while underscoring the country's commitment to a structural reform-led economic roadmap. Industry leaders welcomed steps announced by Finance Minister Nirmala Sitharaman, such as raising capital expenditure to Rs 12.2 lakh crore for FY27, establishing a dedicated Rs 10,000 crore SME growth fund and launching Biopharma Shakti with an outlay of Rs 10,000 crore over five years, among several other steps that would help the country towards self-reliance and inclusive growth. Terming it as ''a budget for the real economy'', Kotak Mahindra Bank, Founder & Director Uday Kotak, in a post on X said, ''Welcome increase in defence spend. Broad fiscal discipline continues. Works on balancing between financialisation of the economy, and focused development of diverse, deep India in the long term.'' Similarly, Vedanta Group Chairman Anil Agarwal said it is 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,'' he added. Mahindra Group CEO & MD Anish Shah said the Budget focuses on enhancing India's competitiveness in the world, takes meaningful steps towards Atma Nirbharata and enables a wider participation in the benefits of economic growth. ''We particularly welcome the significant increase in capital expenditure to Rs 12.2 lakh crore for FY27, which underscores an unambiguous policy focus on infrastructure, regional development and job creation across the country,'' he said. This would play a pivotal role in crowding in private investment, enhancing productivity and supporting the growth of tier-2 and tier-3 cities as emerging economic hubs, he added. Overall, he said, ''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.'' Using cricket parlance, RPG Enterprises Chairman Harsh Goenka described it as 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,'' Goenka said in a post on X. SIAM President and Tata Motors Passenger Vehicles Ltd MD & CEO Shailesh Chandra welcomed 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, saying it will provide a strong impetus to demand creation and industrial activity. Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw, in a post on X, said, ''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.'' Industry body FICCI President Anant Goenka said the Budget strikes a balanced and credible note, ''with a clear focus on growth, inclusivity and yuva-shakti'' and ensures continuity and stability through sustained reforms, a strong public capex push, ease of doing business and a decisive emphasis on manufacturing, MSMEs, agriculture and services. Similarly, another industry chamber, ASSOCHAM President Nirmal K Minda said the Budget delivers a strong push to domestic manufacturing through targeted sectoral schemes spanning biopharma, electronics, textiles, semiconductors, chemicals, defence and infrastructure equipment. ''Measures such as Indian Semiconductor Mission 2.0, revival of legacy clusters, duty rationalisation, trusted importer frameworks and export facilitation will strengthen value chains, reduce logistics frictions and accelerate India's transition towards globally competitive, high-value manufacturing,'' he noted. Rajiv Memani, President, CII, said the Union Budget 2026–27 presents a strong and credible roadmap for strengthening India's competitiveness through a balanced mix of fiscal discipline, structural reforms and targeted interventions to stimulate private investment. The Budget reinforces confidence in India's growth story at a time when global economic conditions remain uncertain, and investment decisions are increasingly driven by policy clarity and long-term predictability. Initiatives such as Biopharma SHAKTI, the next phase of the India Semiconductor Mission and the rejuvenation of industrial clusters will help strengthen value chains, improve productivity and support export-led growth, he said. The Budget also sends positive signals to investors through its continued focus on regulatory simplification and ease of doing business. The review of FEMA (Non-Debt Instruments) Rules, extension of customs advance rulings, and rationalisation of compliance frameworks will enhance predictability and reduce transaction costs for businesses, Memani added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)