Pre-budget 2026 expectations
As India prepares for the Union Budget 2026, anticipation is building across industries. bizmudra got responses from various Industry leaders on their expectations for the Union Budget 2026
Mr Piyush Arora, MD & CEO of Skoda Auto Volkswagen India, said, “As the Union Budget approaches, after the successful and welcome implementation of GST 2.0, the industry will be looking for policy continuity and long-term clarity. Sustained support for domestic manufacturing and increased allocation for road and transport infrastructure will be key priorities. Rationalising the inverted duty structure for EVs will strengthen domestic manufacturing and competitiveness and will further accelerate India’s transition to sustainable mobility. Continued focus on building the EV ecosystem, alongside measures that support household disposable incomes, will be essential to sustain demand momentum and reinforce the sector’s role in India’s broader economic growth.”
Mr. Jyoti Malhotra, Managing Director, Volvo Car India, “As the automotive industry looks ahead to the upcoming Union Budget, continuity and clarity will be critical. Following the implementation of GST reforms, the sector stands at a pivotal inflection point, where sustained and predictable policy support can help accelerate recovery and stimulate long-term demand. Rationalisation of the duty structure, particularly for the rapidly growing electric vehicle (EV) segment along with well-calibrated incentives for global automobile manufacturers investing in sustainable mobility, would serve as strong catalysts for the industry. The government’s focus on expansion of charging infrastructure in the country will act as an impetus to green mobility. Such measures can not only strengthen India’s position as a progressive automotive market but also reinforce the country’s transition towards cleaner, safer and more sustainable transportation.”
Mr. Harinder Singh, Managing Director & CEO, Yokohama India Pvt. Ltd., said - "The passenger vehicle segment is undergoing clear premiumization, with larger rim sizes and performance-oriented fitments increasingly dominating OEM specifications. Yokohama India has proactively aligned with this trend through localization of higher-inch tyres and capacity expansion at our Visakhapatnam facility, positioning us to serve both OEM and replacement demand across price segments. For India to emerge as a global manufacturing hub for premium tyres, the Budget must deliver on three critical fronts: continued infrastructure capital expenditure to sustain automotive demand, enhanced export facilitation measures including duty drawbacks and logistics support, and stable trade policies on raw materials that provide cost predictability. These interventions would directly advance the Atmanirbhar Bharat vision while strengthening India's position in global automotive supply chains."
Mr. Ajinkya Firodia, Vice Chairman & Managing Director, Kinetic Watts & Volts Ltd, said, “India’s EV adoption has been fundamentally driven by value creation: lower operating costs through fuel savings, reduced maintenance, and the integration of smart, connected technologies. As we look ahead to the upcoming Union Budget, there is strong hope that the Government of India will continue to reward EV consumers by extending flagship initiatives such as the PM E-Drive policy, while further enhancing incentives for citizens who are embracing cleaner and future-ready technologies. To offset fiscal impact, the government could consider a calibrated pollution-linked tax on high-emission vehicles. Additionally, higher incentives for consumers willing to scrap older ICE vehicles and transition to EVs would significantly accelerate fleet renewal and contribute meaningfully to pollution reduction – an urgent national priority. At the same time, the EV ecosystem must recognise and support manufacturers who have the courage to invest early. A dedicated PLI framework for startups and mid-scale entrepreneurs is essential – one that empowers Indian companies to innovate and compete in an industry dominated by global giants, while strengthening domestic manufacturing capacity.”
Mr. Rajiv Vasudevan, MD, CEO & Founder, Apollo AyurVAID, “Over the last few years, the government has made sustained and visible efforts to build awareness and credibility for the Ayush medical system, both within India and globally. MoAyush’s own research initiatives as well as collaborations with WHO, DBT, ICMR, etc. signal a clear intent to move towards evidence-based integration. However, translating this intent into substantial reality shall require dedicated investment commitments of the order of a minimum of INR 500 cr. per year over the next 5 years whereby robust evidence is built for Ayurveda as treatment of choice for select medical conditions starting with conditions such as Diabetes, Parkinson’s, Osteoarthritis-Knee, Lumbar Spondylosis and Sciatica in addition to gut health, sleep health, etc. This provision should be to set up a separate moonshot mission for evidence building fostering strategic public-private partnerships just as DBT has successfully demonstrated in the biotechnology sector over the last 2 decades. Not only shall this reduce healthcare spends for the Government in the medium term with elective surgery and emergency care reduced/obviated, but it will also be welcomed by society at large.”
Mr Rajeev Singh, Managing Director, BenQ India and South Asia said, "The Union Budget 2026–27 will boldly advance India's Viksit Bharat@2047 vision by prioritising transformative investments in education technology, youth skilling, and middle-class prosperity—essential catalysts for the consumer electronics and edtech sectors. As a pioneer in monitors, projectors, and interactive flat panels (IFPs) that power modern homes, hybrid offices, and smart classrooms across the nation, we anticipate a comprehensive strategy that aligns fiscal measures with our sector's growth trajectory. In particular, we foresee a substantial allocation under PM SHRI and Samagra Shiksha schemes to revolutionise smart classrooms, mandating at least 50% local procurement of IFPs and projectors to equip 1.5 lakh schools and transform hybrid learning for 20 million students, enabling brands like ours to deploy over 2.5 lakh units annually. Complementing this, an enhanced PLI 2.0 scheme with ₹10,000 crore outlay would offer 7-10% incentives for localising advanced 4K/8K panels, laser projection technology, and eye-care monitors, slashing import dependence from 45% to under 10% while scaling manufacturing capacity."
Ravi Kunwar, VP and CEO, HMD India & APAC said, “As India prepares for the Union Budget 2026, we urge the government to extend the smartphone PLI scheme beyond March 2026 and introduce a strengthened PLI 2.0 with enhanced incentives of up to 6% on incremental sales. This will be critical in order to sustain India’s projected $75 billion in mobile production and over $30 billion in exports by FY26, while building on the 1.33 million jobs generated under the Make in India initiative.”
Mr Pankaj Rana, CEO, Hisense India said, "The Union Budget 2026–27 offers a transformative platform to operationalise India's Viksit Bharat@2047 vision, with youth skilling and middle-class empowerment as foundational pillars that will cascade benefits to high-growth sectors like consumer electronics. As Hisense India accelerates its 'Make in India' commitment—producing advanced MiniLED TVs, smart ACs, refrigerators, and washing machines—we anticipate a few targeted measures to unlock our sector's potential. Furthermore, fast-tracking electronics parks in Tier-2/3 cities with subsidised power/land, plus duty drawbacks on exports would help target $50 billion in TV/appliance shipments by 2028, aligning with global innovation."
Mr Ravi Agarwal, Co-founder and Managing Director, Cellecor said, “The Union Budget 2026–27 is a pivotal opportunity to accelerate India’s Viksit Bharat@2047 vision by reinforcing domestic manufacturing as the backbone of the consumer electronics sector. For Cellecor, which is steadily expanding its Make in India footprint across smart TVs, air conditioners, refrigerators, and kitchen appliances, policy stability and targeted manufacturing support will be critical to building long-term scale and competitiveness. A sharper focus on electronics manufacturing incentives, rationalised component duties, and simplified input norms can meaningfully deepen localisation and help the industry progress towards 50–60 per cent domestic value addition.”
Srividya Kannan, Founder-CEO Avaali said, “As India prepares for Union Budget 2026, the focus should continue on building a robust ecosystem for technology, innovation, and trust. We hope to see continued support for AI research and development, including grants, incentives, and policy measures that encourage enterprises to adopt AI and automation, strengthen efficiencies, and make data-driven decisions. Strengthening cybersecurity infrastructure and frameworks will be essential as digital and AI workflows become more pervasive. India’s Data Protection and Privacy landscape also marks a critical juncture. While the DPDP Rules introduce global-standard protections, enterprises face the challenge of aligning compliance with trust. Budget 2026 could help by supporting technology-driven approaches to privacy, promoting architectures where consent, encryption, access controls, and automated governance are foundational, not performative. ”
Rahul Garg, Founder & CEO, Moglix said, “As India approaches the Union Budget on 1 February, the global landscape defined by shifting trade blocs and evolving tariff structures demands a pivot from resilience to dominance. Geography may be in flux, but capability is what endures. To achieve the Viksit Bharat vision, the Budget must move beyond basic incentives to deepen our industrial roots. We need targeted support for MSMEs to integrate into global value chains, alongside fiscal frameworks that accelerate green manufacturing and technological self-reliance in defence and electronics. By strengthening our logistics backbone and incentivizing domestic R&D, we can transform global volatility into a competitive edge for Indian industry.”
Mr. Murali Mantravadi, Joint Managing Director of Energy Bots said, "India’s digital ecosystem has reached a structural inflection point. The foundation of digital identity, payments and connectivity is in place. The next decade of economic growth now depends on turning scale into sustained technological leadership. This budget presents an opportunity to move beyond short-term announcements and focus on long-term technology capacity building. In 2026 27, the question is not whether India can adopt technology. It is whether policy can keep pace with India’s capability."
The Fertiliser Association of India (FAI) has urged the Government to consider targeted policy and fiscal measures to strengthen India’s fertiliser security, promote balanced nutrient use, and support domestic manufacturing in line with the vision of Atmanirbhar Bharat. The industry highlighted that sustained volatility in international prices of key fertiliser inputs such as rock phosphate, phosphoric acid, ammonia, potash and sulphur, driven by geopolitical tensions, supply chain disruptions and export restrictions by major producing countries, has increased production costs and import dependence. While timely government interventions, including supply arrangements with Morocco, Saudi Arabia and Qatar, have helped secure availability, continued uncertainty in global markets has impacted investment sentiment. Observing the cumulative impact of these challenges, Dr. Suresh Kumar Chaudhari, Director General, The Fertiliser Association of India, noted that sustained fertiliser security depends on maintaining a balance between affordability for farmers, financial viability for manufacturers, and investment continuity. He said that predictable subsidy frameworks, rational taxation, and timely policy interventions are essential to ensuring uninterrupted nutrient availability while supporting efficient and sustainable fertiliser use.
