Industry Leaders Hail Union Budget 2026 as Growth-Oriented and Strategic
Feb 04
The Union Budget 2026–27, presented by Finance Minister Nirmala Sitharaman, has received strong support from key industry figures for its focus on infrastructure, manufacturing, critical minerals, and fiscal discipline. Subhrakant Panda (MD & CEO, IMFA; Immediate Past President, FICCI) called it a “citizen-centric” budget. He praised the ₹12.2 lakh crore infrastructure allocation (up 8.8%), adherence to the fiscal glide path for credibility, rare earth corridors in mineral-rich states (including Odisha), and removal of basic customs duties on capital goods for critical mineral processing as “timely and pragmatic” steps to reduce import dependence and boost green energy, electronics, defence, and electric mobility. Anil Agarwal (Founder & Chairman, Vedanta Resources) described it as a “growth-oriented Budget” with emphasis on higher public capex and manufacturing. He welcomed opportunities for youth livelihoods, women’s financial independence, and sectors like medical tourism. He specifically lauded attention to critical minerals and rare earths, Rare Earth Corridors in Odisha, Tamil Nadu, Andhra Pradesh, and Kerala for growth, employment, and mineral security, timely import duty exemptions on capital goods, and SEZ flexibility allowing some domestic sales as an “excellent move.” Vikas Chandak (tax and energy sector expert, Vantage Tax Consulting) highlighted the extension of the customs exemption sunset clause for specified goods in petroleum operations (from March 31, 2026, to March 31, 2028, per Notification №45/2025) as a “timely and welcome move.” He noted it provides essential regulatory certainty for long-gestation, capital-intensive oil and gas projects, improving cost predictability, profitability, investment planning, and sector stability. Collectively, the three spokespersons view the budget as forward-looking, balancing fiscal prudence (4.3% deficit target) with strategic investments in infrastructure, rare earths/critical minerals, energy security, and employment generation key to India’s self-reliance and resilience amid global challenges.