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

Industry captains said on Sunday (February 1, 2026) that the Union Budget 2026-27 would boost the economy and enhance India’s global competitiveness.

“The Budget 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,” said Rajiv Memani, President, Confederation of Indian Industry (CII).

Union Budget 2026 LIVE

“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,” he said.

Anant Goenka, President, Federation of Indian Chambers of Commerce and Industry (FICCI), said, “The Budget strikes a balanced and credible note, with a clear focus on growth, inclusivity and yuva-shakti. The FM has ensured 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.”

“Presented amid heightened global uncertainties, the Budget rightly prioritises sustaining India’s growth momentum. The proposals announced today reinforce confidence that the Government remains firmly committed to strengthening the core growth levers of the economy, aligned with the long-term vision of Viksit Bharat,” he added.

“The Budget is a clear signal that the Indian government views travel and tourism not merely as a service industry, but as a strategic growth engine for the economy,” said Rikant Pittie, CEO and co-founder, EaseMyTrip.

Union Budget 2026 industry reactions LIVE

“Initiatives promoting heritage and medical tourism, the National Institute of Hospitality, guided upskilling with IIM, trekking experiences and sustainable travel demonstrate a strong focus on experience-driven tourism, which is projected to grow at 12-15% over the next three to five years,” he added.

“The Budget takes a balanced approach to growth with a clear focus on trade, technology and long-term transformation. The increase in public capital spending to ₹12.2 lakh crore, along with the proposed Infrastructure Risk Guarantee Fund, reflects a strong focus on building quality infrastructure and boosting confidence in project financing,” said Sarvjeet Singh Virk, co-founder and managing director, Finvasia.

“In addition, the Budget’s emphasis on strengthening domestic supply chains, improving export competitiveness and supporting trade-linked manufacturing is a timely step towards enhancing India’s position in global trade and cross-border commerce,” he added.

Dibyanshu Tripathi, CEO and co-founder, Hexalog, said, “The Budget comes across as clearly pro growth, with strong emphasis on manufacturing, trade, customs, logistics, technology enablement and infrastructure.”

“The reduction of duty rates on all dutiable goods imported for personal use from 20% to 10% is a positive step to boost consumption, while duty-free imports of specified inputs for leather and textile garments signal a renewed manufacturing push aligned with global demand and quality standards,” he added.

Abhilash Maurya, co-founder and CEO, Naxatra, said, “The Budget lays out a strong roadmap for India’s high-tech manufacturing and EV ecosystem, reinforcing the vision of a self-reliant industrial economy.”

“The increased outlay for electronics manufacturing to ₹40,000 crore and the launch of India Semiconductor Mission 2.0 will strengthen domestic production of critical components and materials, supporting the entire semiconductor and electronics value chain. These initiatives are particularly important for next-generation EV motors, industrial machinery and advanced electronics,” he said.

Published – February 01, 2026 05:54 pm IST