Billionaire banker Uday Kotak hails Nirmala Sitharaman's Budget 2026: 'Budget for the real economy'

Uday Kotak said Budget 2026 “works on balancing between financialisation of the economy, and focused development of diverse, deep India long term.”

India’s budget for 2026-27, presented by Union Finance Minister Nirmala Sitharaman on Sunday, drew attention from business leaders across the country. Uday Kotak, founder of Kotak Mahindra Bank, took to X (formerly Twitter) to share his thoughts, describing it as a “budget for the real economy.”

While noting the overall fiscal discipline, Uday Kotak highlighted the welcome increase in defence spending. (@udaykotak/X)

While noting the overall fiscal discipline, Uday Kotak highlighted the welcome increase in defence spending.

He said the budget appeared to carefully balance the financialisation of the economy with long-term development, aiming to strengthen diverse sectors across India.

“Fiscal discipline continues, but the focus on development and real economic growth is clear,” he added.

Kartavya framework for development:

Finance Minister Nirmala Sitharaman presented a budget aimed at achieving three key responsibilities towards building a developed India by 2047.

In her speech, she introduced a “three-pronged kartavya framework” to shape the government’s economic and social goals.

The three responsibilities focus on boosting and sustaining economic growth, meeting citizens’ aspirations through skill and capacity development, and ensuring everyone has access to opportunities.

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Here's how people reacted to this post:

X users reacted to the post, with many appreciating Uday Kotak’s view of the budget as a “budget for the real economy”, while others said the budget only favours billionaires.

One of the users commented, “Budget sounds stable.”

A second user commented, “A clear tilt towards the real economy is visible.”

“The Budget reflects a disciplined and calibrated approach,” another user commented.

On the consumer front, the Budget has adjusted duties on several items. Prices are set to fall for aircraft parts, microwave oven components, 17 essential drugs, including cancer medicines, certain imported medicines for rare diseases, selected personal-use imports, inputs for leather exports, and smartphones and tablets made in India.

Meanwhile, some items will become more expensive, including luxury watches and imported alcohol.