Budget reactions highlights: Opposition remains unimpressed; CEOs hope for positive impact

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Budget 2026 reactions LIVE updates: As Finance Minister Nirmala Sitharaman presented the Union Budget 2026 in Parliament, her ninth such presentation along with an interim budget, several people including industry experts, traders, investors, stakeholders, political leaders, and reacted to the speech.

Budget 2026 reactions LIVE updates: “The Budget clearly positions MSMEs, startups, and domestic manufacturing at the centre of India’s next growth phase. Measures such as the ₹10,000 crore MSME Growth Fund, stronger receivables financing through TReDS, faster export clearances, and greater flexibility for manufacturers collectively improve liquidity and reduce friction across supply chains."

“Coupled with structural reforms, infrastructure support, these initiatives strengthen the ecosystem, enabling Indian businesses to compete globally while scaling sustainably. For FMCG brands, better access to capital and a more efficient manufacturing landscape allow companies to grow without relying on plastic-heavy or inefficient models. As cost structures improve and supply chains strengthen, Indian consumers are increasingly choosing products that deliver value with lower environmental impact. Sustainability is no longer a niche preference but it is becoming integral to how FMCG is manufactured, priced, and adopted across urban and Tier-2 markets,” said Shashank Noronha, Founder of TABBSZ.

Budget 2026 reactions LIVE updates: “Budget 2026 reflects a clear and deliberate push to strengthen India’s manufacturing and research ecosystem, particularly in biopharma. The Biopharma Shakti initiative, with an outlay of ₹10,000 crore over five years, is a significant boost for a sector driven by high value, high skill and high technology products. The creation of 1,000 clinical trial sites and the move to strengthen CDSCO to global standards demonstrate a deep understanding of what it takes to build a globally competitive biopharmaceutical industry," said Dr. Saurabh Arora, Managing Director, Auriga Research.

"Repeated emphasis on quality upgradation and R and D infrastructure, seen across initiatives from biopharma to textiles, will provide a strong lift to the testing, inspection and certification ecosystem. The commitment to upgrading drug testing facilities for Ayurveda, with a focus on quality and skilled manpower to support exports, further reinforces the government’s intent to build robust quality infrastructure across healthcare segments. This approach aligns well with the India EU free trade agreement, which opens access to regulated global markets where compliance and quality are critical. The parallel focus on strengthening education and research institutions will also help address the skilled manpower gap that must be filled to scale manufacturing sustainably. Overall, the budget sets a strong foundation, with execution now becoming the key differentiator.”

Budget 2026 reactions LIVE updates: "The Union Budget 2026 underscores that India’s growth in the 21st century will be technology-driven. By prioritizing AI, emerging technologies, and R&D, the government is signaling a clear commitment to innovation-led, inclusive growth. The focus on advanced sectors, workforce upskilling, and assessing the impact of AI on jobs reflects a proactive approach to building a future-ready economy. From a technology and services perspective, these measures are significant; they combine efficiency, transparency, and data-driven decision-making with opportunities for broader economic participation.

For technology-driven companies, this Budget underlines the potential to scale solutions that modernise processes, enhance operational rigor, and unlock new avenues for growth, helping India harness innovation for broad-based and sustainable economic development," said Deepank Bhandari, Co-founder, sS45.

Budget 2026 reactions LIVE updates: Anuj Vishwakarma, CEO of Higher Education Programs, upGrad, while reacting to the Budget 2026, said, "This Budget recognises a hard truth: India’s growth will be driven not by access to education alone, but by how quickly learning converts into productive talent. The clear mandate around skilling, AI readiness and ‘Education to Employment’ reflects an understanding that the future of work is already here. AI is not a threat to India’s workforce, it is a force multiplier for productivity - and by linking education, industry and emerging technologies, the government is laying the foundation for large-scale, continuous reskilling. Interventions spanning farmers in the field, women in STEM, or even supporting professional bodies like ICAI and ICSI to design modular, short-term courses signal a decisive shift towards applied, outcome-led learning; its time we leap into the next phase of implementation to build talent pipelines."

Budget 2026 reactions LIVE updates: While reacting to Budget 2026, Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises said, “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 & impetus to data centre ecosystem will further reinforce confidence in our burgeoning digital economy.

Budget 2026 reactions LIVE updates: Union Parliamentary Affairs Minister Kiren Rijiju on Sunday hailed the Union Budget and attacked the Opposition for "playing politics" over it.

While reacting to the criticism over the Budget not having anything for the middle class, Rijiju told reporters, "All the provisions have been made for the common people only. If those in the opposition do not consider themselves common people, what can we do?"

“The country is happy. I believe there is no scope to criticise this Budget. Still, if someone criticises it, it must be politically motivated,” he added.

Budget 2026 reactions LIVE updates: Ashish Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), said on Sunday that the stock markets will absorb the changes in Securities Transaction Tax (STT) and gradually adjust, with no significant impact on the asset quality of stock brokers or exchange-listed entities.

"Overall, the market tends to absorb such changes in its own way and gradually adjusts. Going forward, the asset quality of stock brokers and exchange-listed entities will not be significantly impacted," he said, adding that India's growth momentum is far stronger than these changes.

Budget 2026 reactions LIVE updates: Puneet Chandok, President of Microsoft India and South Asia, said that the the Union Budget 2026 sets a clear direction for India’s next phase of growth, with AI, digital infrastructure, and services positioned as central to national progress. By placing AI at the heart of economic and governance priorities, the Government has signalled its commitment to building a more productive, competitive, and technology‑led economy.

“The Budget’s focus on data centres, cloud and AI infrastructure is equally significant. Long‑term policy certainty recognises that digital infrastructure is now strategic national infrastructure. As AI adoption accelerates across sectors, secure and resilient compute capacity will underpin public services, enterprise innovation, and long‑term competitiveness,” he said.

“At Microsoft, our commitments in India closely align with this direction. We are expanding hyperscale cloud and AI infrastructure, including new regions, while continuing to invest in skilling at scale. Our efforts aim to support India’s transition from Digital Public Infrastructure to AI Public Infrastructure, enabling trusted, inclusive innovation with impact across the country,” he added.

Budget 2026 reactions LIVE updates:

Leader of Opposition in Lok Sabha Rahul Gandhi, while reacting to FM's Budget 2026 presentation, said that the Budget is "blind to India's real crises".

"Youth without jobs. Falling manufacturing. Investors pulling out capital. Household savings plummeting. Farmers in distress. Looming global shocks - all ignored," he said.

"A Budget that refuses course correction, blind to India's real crises," Rahul Gandhi wrote on X.

Budget 2026 reactions LIVE updates: India's annual federal budget was "tactical" but not a "breakthrough", Moody's Ratings said in its reaction to a government roadmap for the next financial year.

Planned fiscal consolidation, which will bring the budget gap to 4.3% from 4.4% in the current year, will not change India's credit profile, Christian de Guzman, senior vice president at Moody's Ratings, told Reuters. "(Despite India's) lengthening track record of deficit consolidation or fiscal discipline, this deficit is still wider than what it was prior to Covid," Guzman said.

"We haven't seen the fiscal metrics improve sufficiently enough to actually change the credit profile," he said. (Reuters)

Budget 2026 reactions LIVE updates: Arnab Banerjee, MD and CEO of CEAT Limited, said that 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.

“This, in turn, drives demand for tyres across commercial and passenger segments, while the push for Tier II and Tier III city growth further broadens mobility needs beyond metros, creating a durable demand environment and a positive long-term outlook for the automotive and tyre industry. Importantly, the focus on education infrastructure and skilling—including measures that encourage greater participation of women in technical and professional roles—will help industry build a more diverse, future-ready manufacturing workforce,” he said.

Budget 2026 reactions LIVE updates: Dr Ashutosh Raghuvanshi, Managing Director and CEO of Fortis Healthcare, while reacting to the Budget 2026, said, “The Union Budget 2026 sends a strong and timely signal that healthcare is central to India’s growth and resilience. The Rs. 10,000-crore Biopharma Shakti initiative, with its expanded network of NIPER institutes, 1,000 accredited clinical trial sites, and strengthened regulatory framework, will build a robust ecosystem for domestic biologics and biosimilars. The expansion of medical education and focus on strengthening cancer care at the district level reflect a forward-looking approach to India’s evolving disease burden. The Budget’s recognition of rising challenges such as obesity, diabetes, autoimmune disorders, lifestyle disorders, and mental health calls for greater emphasis on prevention, early diagnosis, and integrated care models. Exemption of import duties on key cancer and rare disease medicines will significantly improve patient access and reduce treatment costs. Meanwhile, the proposed five regional healthcare hubs, which will combine clinical, educational, and research facilities, are expected to strengthen regional care delivery and innovation. Together, these initiatives, along with sustained investments in clinical infrastructure and human capital, will be critical to improving access, affordability, and quality of care for patients across the country.”

Budget 2026 reactions LIVE updates: West Bengal chief minister Mamata Banerjee, while reacting to Budget 2026 presentation by Nirmala Sitharaman, said that no money has been allotted to West Bengal.

“They have not given a single paisa to Bengal. Only one tax is there, GST. They are taking away our money and talking. It is our money. What they are collecting from Bengal, they are not giving our full funds. We will get about more than two lakh crores from the central government. So they don't have any moral authority to run the government and to finish the country like this. They want to destroy the economic structure of the country, the constitutional structure of this country, the independent agency including the infrastructural facilities, the economy, the social sector, the economic sector, federal sector. All is been vanished. Only talking too much and less work. What they do? Only they use some jugglery of words... You have to give the advantage to the people who is common people can enjoy the facilities,” she said.

Budget 2026 reactions LIVE updates: After finance minister Nirmala Sitharaman presented this year's Budget, Congress MP and leader Shashi Tharoor said that the speech did not carry anything for the middle class and the lower middle class.

“On the big-picture issues, there was nothing there for the middle class and the lower middle class. There was nothing there for the states. In fact, fiscal devolution remains unchanged at 41 per cent, and many states do not have enough money to fulfil their own obligations to their citizens and voters. That has become a genuine concern. There were very, very few details on things like what is going to be where,” he said.

"We in Kerala, for example, have been waiting almost 15 years for an All India Institute of Medical Sciences. No announcement came. There was a reference to All India Institutes of Ayurveda being established, but no indication as to where. Kerala would imagine that, as a major centre of Ayurveda, it should be a logical place, but they haven’t promised us that. In fact, Kerala was only mentioned in the context of rare earths and the turtle trail. Even when coconuts and cashews were talked about, the state wasn’t mentioned. So I’m assuming that some of these subheadings she spoke about will translate into concrete projects and programmes for us. Cashews are important, fisheries are important, but where details came, we had reason for disappointment...” he added, while talking to news agency PTI.

Sujay Kalele, Founder and CEO, TRU Realty, hailed the Mumbai Pune High-Speed Rail Corridor announced in Budget 2026. “The Mumbai Pune High-Speed Rail Corridor reinforces our long-term confidence in the two growth engine cities of Maharashtra. Improved connectivity will make both cities high-performing residential and employment hubs, allowing professionals to access Mumbai’s opportunities without relocating, and supporting sustained, end-user driven real estate demand in the city. Furthermore, increase in infrastructure investment expands commercial real estate demand, particularly in logistics. This will positively affect the allied residential demand corridors, as the promise of economic growth will make these cities attractive places to settle in," he said.

Budget 2026 reactions LIVE updates: Union finance minister Nirmala Sitharaman on Sunday presented the Budget for the financial year 2026-27 in a relatively short speech, by her own standards.

Sitharaman’s Budget speech lasted around 81 minutes or 1 hour 21 minutes. It is notable that she holds the record for the longest Budget speech in India’s parliamentary history. During the 2020 Union Budget presentation, Sitharaman's address lasted 2 hours and 42 minutes.

Budget 2026 reactions LIVE updates: Reacting to Nirmala Sitharman's Budget 2026 speech, Saurabh Agarwal, tax partner at EY India said, “Budget 2026 shifts India’s focus toward becoming a global manufacturing powerhouse. Schemes like ISM 2.0, addition of budget in ECMS, bio-pharma, heavy construction machinery and VGF for domestically manufactured sea-planes create vital demand. Meanwhile, rejuvenating 200 industrial clusters solves critical bottlenecks for MSMEs. By securing upstream supply chains in chemicals and rare earths and developing clusters/ corridors for these sectors , the government is looking to build 'strategic indispensability.' This gives investors the policy certainty needed to scale high-precision manufacturing. It is a bold move to ensure long-term global competitiveness and resilient growth.”

Budget 2026 reactions LIVE updates: JSA Partner Rishabh Gupta, reacting to the Self-Reliant India Fund and the ₹10,000 crore fund for champion SMEs, says, “I think this is a very key announcement. It will reduce our dependence on imports of PCBs, capacitors and other components. It will also promote initiatives such as Make in India, Atmanirbhar Bharat and the PLI schemes. This will generate significant job creation, help integrate India more deeply into global value chains, and boost AI development in the country. Semiconductors are a critical element for hardware, which from a compute perspective will lead to the development of stronger AI models,” reported PTI.

Budget 2026 reactions LIVE updates: During her speech presenting Union Budget 2026 in the Parliament today, finance minister Nirmala Sitharaman made several proposals, some of which are-

-Raising capital expenditure to 12.2 trillion rupees ($133.08 billion) in FY27, from 11.2 trillion rupees in FY26.

-Plans to scale up manufacturing across seven key sectors, alongside a renewed push on infrastructure.

-Aims to position India as a global pharmaceutical manufacturing hub.

-Proposes an allocation of 100 billion rupees for biopharma over five years.

-Proposes additional spending of 400 billion rupees to boost semiconductor manufacturing.

-Plans to develop seven high-speed rail corridors.

-Proposes 200 billion rupees over five years for carbon-emission reduction programmes.

-Proposes setting up a 100 billion rupees growth fund to support small businesses.

Budget 2026 reactions LIVE updates: As FM Nirmala Sitharaman announced India's Semiconductor Mission 2.0 with ₹40,000 crore outlay, G. S. Madhusudhan, CEO and Co-founder at Peak XV–backed InCore Semiconductors, Chennai, said "The amount of support is good, but the key is where it is spent. We need to establish a process development entity and funding is needed for that. Funding and incentives are needed for semiconductor equipment companies. But we need more smaller, older node and speciality fabs, and using funds for just one or two mega fabs will not work for us," reported Reuters.

Budget 2026 reactions LIVE updates: Seven high-speed rail corridors between cities, including Varanasi-Siliguri and Pune-Hyderabad, have been proposed by the Centre to be developed as growth connectors, Union finance minister Nirmala Sitharaman announced in her Union Budget 2026-27 on Sunday.

These are the key corridors that would be developed:

Mumbai to Pune

Pune to Hyderabad

Hyderabad-Bengaluru

Hyderabad to Chennai

Chennai to Bengaluru

Bengaluru to Varanasi

Varanasi to Siliguri

Budget 2026 reactions LIVE updates: Union Finance Minister Nirmala Sitharaman says,"...A scheme for rare earth permanent magnets was launched in 2025. We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh, and Tamil Nadu in establishing dedicated rare-earth corridors."

Budget 2026 reactions LIVE updates: Finance Minister Nirmala Sitharaman, during her ninth Budget presentation, said that India's economic trajectory has been marked by stability.

"Since we assumed office 12 years ago. India's economic trajectory has been marked by stability. This government led by PM Modi has chosen action over ambivalance, reform over rhetoric. We have pursued far-reaching structural reforms, fiscal prudence and monetary stability, while maintaining a strong thrust on public investment," she said

"Today, we face an external environment in which trade and multilateralism are imperiled. And access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demand on water, energy and critical minerals. India will continue to take confident steps towards Viksit Bharat by balancing ambition with inclusion," she added.