"A three-pronged approach that focuses on growth sectors, infrastructure and the services segment has laid down the blueprint to sustain and accelerate economic growth." This is how Samantak Das, Chief Economist and Head – Research and REIS, India at JLL, described the recent Union Budget.
Other industry watchers and stakeholders had similar responses. Here are a few of them.
MSME sector
"The last year has shown meaningful intent from both the Centre and the states to strengthen India’s startup engine. The Rs 1 lakh crore RDI Fund has been a much-needed catalyst, finally bridging the gap between research and commercialisation and giving deeptech and science-led startups the confidence to build for scale," said Archana Jahagirdar, Founder & Managing Partner, Rukam Capital.
"The Union Budget 2026-27 reflects a measured and pragmatic approach to supporting India’s manufacturing-led growth and the broader consumer and retail ecosystem. The emphasis on strengthening domestic production and improving the operating environment for businesses sends a positive signal for organised retail, which is closely linked to the health of India’s manufacturing base. The continued focus on MSMEs and industrial competitiveness is encouraging, as a resilient vendor and sourcing ecosystem is critical for consumer-facing industries. Over time, such an approach can help improve efficiency, formalisation, and scalability across retail supply chains. While the Budget does not directly target consumption or retail demand, its broader push towards infrastructure development, ease of doing business, and manufacturing expansion is likely to create supportive conditions for discretionary categories," Anupam Bansal, Executive Director, Liberty Shoes.
Critical minerals sector
The Budget also called for increased support for India’s critical minerals sector. Vedanta Chairman Anil Agarwal lauded the various aspects of the Budget but was particularly impressed by the Budget nod for critical minerals. "I welcome the Government's keen attention to critical minerals and rare earths," he said, "Import duty exemption on capital goods for critical minerals processing is very timely in the current global scenario."
Anurag Choudhary, CMD and CEO, Himadri Speciality Chemical Ltd, pitched in, "The establishment of dedicated Rare Earth Corridors across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu is a watershed moment; it will create the integrated infrastructure needed to transform raw minerals into high-value components for the EV and defence sectors. Furthermore, the exemption of Basic Customs Duty (BCD) on critical inputs, specifically sodium antimonate for solar glass and materials for lithium-ion cell manufacturing, is a decisive move. These measures will significantly lower capital costs for domestic battery production, making ‘Make in India’ energy storage solutions globally competitive."
Nitin Gupta, Co-founder & CEO of Attero said, "The Union Budget 2026-27 delivers a strong agenda for Atmanirbhar Bharat by prioritising domestic capacity in critical minerals and reducing India’s strategic import dependencies... The proposed outlay of Rs. 20,000 crore over five years for CCUS technologies also reflects a parallel commitment to scaling climate-focused industrial solutions."
Health sector
Azad Moopen, Founder & Chairman, Aster DM Healthcare, lauded the Budget. "Today’s Budget presents a thoughtful blueprint for the future of healthcare—one that integrates innovation, quality and global impact. The Biopharma Shakti initiative, with its focus on strengthening research, manufacturing and regulatory capacity, will accelerate India’s journey towards advanced and affordable healthcare solutions. The exemption of basic customs duty on select cancer drugs is a meaningful step that will improve access to life-saving treatments for patients. The Budget also reimagines healthcare as a powerful engine of employment, with a strong emphasis on building a future-ready workforce across allied health, geriatric and specialised care. Investments in structured skilling, alongside the creation of a large-scale caregiver ecosystem and AI-enabled training pathways, will not only support an ageing population but also generate sustainable healthcare jobs over the long term. Together with the push for medical hubs, medical value tourism alongside mental and digital health, these measures position India as a globally trusted and resilient healthcare destination," said Moopen.
"The total allocation for the healthcare sector has moved marginally from Rs 99,858 crore in 2025 to Rs 1,04,599 crore in 2026, which effectively means that public healthcare spending in the country as a percentage of GDP remains much lower than the rest of the world. However, the Rs 10,000 crore allocation to make India a global biopharma manufacturing hub over 5 years is an excellent push on the pharmaceutical side," said Vishal Bali, Executive Chairman of Asia Healthcare Holdings.