Ahead of the Union Budget 2026-27, scheduled for February 1, industry leaders are urging the government to focus on policies that drive long-term growth, investment and inclusion, rather than short-term headlines. Across all sectors, from fintech and FMCG to real estate and healthcare, the message is clear: stability, clarity and targeted support are the needs of the moment.
Focus on global competitiveness and trade reforms
Rahul Ahluwalia, founder-director of the Economic Development Foundation, said 2026 will likely bring great political uncertainty globally, with geopolitical and trade tensions affecting growth. “Improving India’s competitiveness, in terms of ease and cost of doing business, is essential. The customs reforms mooted by the Foreign Minister would be an important step, while supporting last year’s reform initiatives would demonstrate policy coherence,” he noted.
Piyush Doshi, operating partner of the Economic Development Foundation, added that last year’s focus on consumption and tax breaks leaves little room for further tax adjustments. “The challenge now is to boost investment and employment, particularly in the manufacturing sector. The budget must leverage deregulation, deepen customs reforms, liberalize FDI and promote asset monetization, with emphasis on sectors like tourism and labour-intensive manufacturing,” he said.
Real estate is growing in tier II and III cities
Real estate developers are looking for political continuity. Yashank Wason, MD, Royal Green Realty, highlighted that Tier II and III cities are increasingly competing with metros, offering better infrastructure and spacious accommodation at reasonable prices. “Additional tax incentives, clearer GST and policy support will help support long-term investments and improve lifestyles outside the metropolises,” he said.
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Sidharth Chowdhry, MD, Dalcore, added that premium markets like Gurugram would benefit from a streamlined stamp duty, improved home loan benefits and easier access to low-cost financing. “The benefits of infrastructure status and targeted budgetary support can make high-quality projects viable while boosting investor confidence,” he said.
Health spending still below target
Prashant Krishnan, CEO of TI Medical, highlighted that India’s public health expenditure remains below 2% of GDP, below the National Health Policy target of 2.5%. “Additional budgetary support and prioritization of made-in-India medical devices will reduce direct costs, boost innovation and strengthen India’s MedTech competitiveness,” he said.
FMCG, rural demand and MSMEs
Nikhil Doda, chief operating officer at Lahori Zeera, highlighted the inadequacies of GST that increase manufacturing and marketing costs. “Input tax credits on services and machinery cannot be fully utilized, increasing working capital requirements. Fiscal support is expected to boost rural and semi-urban demand through infrastructure, agriculture and employment schemes, while strengthening MSMEs and local manufacturing industry,” he said.
Startups and fintech: predictable growth
Nischal Shetty, founder of WazirX, said startups are “instruments of nation building”, especially in emerging sectors like crypto.
Fintech executives echoed the need for structural clarity. Matías Gainza Eurnekian, CEO of Federal Card Services, highlighted that incentives for advanced manufacturing, local production and continued support of the PLI are key to the development of digital payments. Dilip Modi, CEO, Spice Money, highlighted the strengthening of rural fintechs and non-banking business correspondents to deepen financial inclusion, alongside clear regulations and operational transparency.
Women, youth and financial inclusion
Prachi Kaushik, founder of Vyomini Social Enterprise, called for policies that prioritize women and youth, with investments in skills development, entrepreneurship and livelihood programs. Sarika Shetty, CEO of RentenPe, suggested recognizing rent as a legitimate credit signal to unlock financial access for millions, leveraging digital payments and leasing reforms.
Political predictability thanks to timely announcements
Sanjaya Mariwala, executive chairman of OmniActive Health Technologies, argued that frequent changes in incentives, tax structures and programs create hidden costs. “The industry needs multi-year frameworks with clear reporting on progress. Predictability backed by accountability will support long-term economic dynamics,” he said.
Industry leaders across sectors agree that Budget 2026 should focus on targeted reforms, fiscal predictability and sectoral support. From boosting manufacturing and rural demand, to fostering the growth of fintech, to supporting women-led businesses and strengthening Tier II/III real estate, the focus should be on translating policy signals into long-term economic outcomes rather than short-term announcements.
