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What is the story about?
With the Union Budget 2026 approaching, voices across sectors are converging on a few core themes: continuity in infrastructure-led growth, smoother taxation frameworks, deeper financial inclusion and stronger long-term savings mechanisms.
Infrastructure and capital expenditure seen as growth anchors
Industry leaders say sustained public investment in infrastructure remains central to economic expansion and private investment confidence.
Prakash Patel, CMD, Bhumi World, said improved road networks, urban connectivity and transport corridors are critical to unlocking emerging business districts and integrated developments. He added that better access and mobility strengthen office and retail demand and enhance the long-term attractiveness of mixed-use destinations.
Echoing the broader macro view, Gurvinder Juneja, Principal Officer, Fortuna Asset Managers, said markets will watch for continuity in capital expenditure across infrastructure, manufacturing and energy transition. He added that such investments improve productivity while crowding in private capital, provided they are supported by a credible fiscal consolidation path.
Jason Samuel, Managing Director, House Of Swamiraj, also pointed to infrastructure-led development, including transit-oriented corridors, as a key enabler for real estate growth, supporting both asset values and more balanced urbanisation.
Tax predictability and GST efficiency emerge as common demands
Tax clarity and smoother compliance featured prominently across sectors, particularly around GST and customs administration.
Manoj Mishra, Partner and Tax Controversy Management Leader, Grant Thornton Bharat, said the next phase of GST reforms should focus on consistency, simplified rules and seamless credit flow. He added that timely resolution of valuation disputes, place-of-supply issues, blocked credits and working-capital strain would be critical for sustaining private investment.
From the insurance side, Sajja Praveen Chowdary, Director, Policybazaar for Business, said MSMEs face a cost burden as they cannot claim input tax credit on GST paid for employee health and life insurance premiums. He said targeted GST relief for MSMEs could help expand coverage among lower-income employees and reduce long-term dependence on public healthcare and welfare schemes.
On the bullion front, Renisha Chainani, Head of Research, Augmont, said stakeholders are seeking a simpler customs and tax structure, along with a reduction in gold import duty to improve affordability and curb unaccounted trade.
Insurance and retirement savings: focus on coverage, affordability and longevity
Insurance executives highlighted the need to strengthen protection and retirement frameworks amid demographic shifts and rising longevity.
Tarun Chugh, MD & CEO, Bajaj Life Insurance, said the Budget offers an opportunity to position life insurance as a long-term savings and retirement solution by aligning annuity taxation with other pension instruments and simplifying tax parity across insurance products.
Subhrajit Mukhopadhyay, Deputy CEO and ED, Edelweiss Life Insurance, said India’s ageing population underlines the need to deepen the annuity market. He added that tax relief on annuities could encourage adoption and help channel long-term savings into long-duration investments.
Rohit Boda, Group MD, JB Boda Group and Chairman, 0910 Holdings, said the insurance and reinsurance sectors are also grappling with climate risks and rising catastrophe losses. He suggested incentives for proactive risk management and greater support for technology-led underwriting and claims systems.
Financial system, fintech and inclusion: growth with safeguards
Participants across finance and fintech stressed that the next phase of expansion should prioritise resilience, trust and inclusion.
Vivek Iyer, Partner and Financial Services Risk Leader, Grant Thornton Bharat, said the financial system must evolve from a growth-centred model to a capability-centred one, with clarity on AI governance, stronger liquidity buffers and improved cybersecurity.
Ajeet Kumar Singh, Co-Founder and Managing Director, SAVE Group, said financial inclusion policies must translate into on-ground outcomes, calling for support to scalable digital services and simpler compliance for grassroots innovation.
Mahesh Shukla, Founder & CEO, PayMe, added that digital lending growth should remain anchored in transparency, consumer protection and regulatory alignment, supported by digital public infrastructure and consent-based data-sharing frameworks.
Housing affordability and construction costs under spotlight
Real estate developers said affordability remains a key constraint despite resilient demand.
Deep Vadodaria, Managing Director, Nila Spaces, said affordable housing needs an execution-focused push to revive private participation, alongside a review of environmental regulations that are misaligned with current construction and pollution realities.
Jason Samuel of House Of Swamiraj added that targeted tax relief for homebuyers, rationalisation of GST on construction materials and under-construction properties, and simplified stamp duties could help ease cost pressures and support supply in affordable and mid-income segments.
Travel, remittances and cross-border spending concerns
Stakeholders in travel and forex flagged evolving consumer behaviour and regulatory frictions.
Separately, Pavan Kavad, MD, Prithvi Exchange, said tax collected at source on foreign remittances under the Liberalised Remittance Scheme continues to strain liquidity for students and travellers. He suggested exempting education-related remittances from TCS to ease upfront cash-flow pressure.
Manufacturing and agri-linked sectors seek stability and sustainability
Dilip Patodia, CFO, Birla Sugar, said the sugar industry expects continued policy support for ethanol blending, timely farmer payments and incentives for green modernisation. He said a balanced approach could improve sector resilience while supporting rural livelihoods and energy security.
Infrastructure and capital expenditure seen as growth anchors
Industry leaders say sustained public investment in infrastructure remains central to economic expansion and private investment confidence.
Prakash Patel, CMD, Bhumi World, said improved road networks, urban connectivity and transport corridors are critical to unlocking emerging business districts and integrated developments. He added that better access and mobility strengthen office and retail demand and enhance the long-term attractiveness of mixed-use destinations.
Echoing the broader macro view, Gurvinder Juneja, Principal Officer, Fortuna Asset Managers, said markets will watch for continuity in capital expenditure across infrastructure, manufacturing and energy transition. He added that such investments improve productivity while crowding in private capital, provided they are supported by a credible fiscal consolidation path.
Jason Samuel, Managing Director, House Of Swamiraj, also pointed to infrastructure-led development, including transit-oriented corridors, as a key enabler for real estate growth, supporting both asset values and more balanced urbanisation.
Tax predictability and GST efficiency emerge as common demands
Tax clarity and smoother compliance featured prominently across sectors, particularly around GST and customs administration.
Manoj Mishra, Partner and Tax Controversy Management Leader, Grant Thornton Bharat, said the next phase of GST reforms should focus on consistency, simplified rules and seamless credit flow. He added that timely resolution of valuation disputes, place-of-supply issues, blocked credits and working-capital strain would be critical for sustaining private investment.
From the insurance side, Sajja Praveen Chowdary, Director, Policybazaar for Business, said MSMEs face a cost burden as they cannot claim input tax credit on GST paid for employee health and life insurance premiums. He said targeted GST relief for MSMEs could help expand coverage among lower-income employees and reduce long-term dependence on public healthcare and welfare schemes.
On the bullion front, Renisha Chainani, Head of Research, Augmont, said stakeholders are seeking a simpler customs and tax structure, along with a reduction in gold import duty to improve affordability and curb unaccounted trade.
Insurance and retirement savings: focus on coverage, affordability and longevity
Insurance executives highlighted the need to strengthen protection and retirement frameworks amid demographic shifts and rising longevity.
Tarun Chugh, MD & CEO, Bajaj Life Insurance, said the Budget offers an opportunity to position life insurance as a long-term savings and retirement solution by aligning annuity taxation with other pension instruments and simplifying tax parity across insurance products.
Subhrajit Mukhopadhyay, Deputy CEO and ED, Edelweiss Life Insurance, said India’s ageing population underlines the need to deepen the annuity market. He added that tax relief on annuities could encourage adoption and help channel long-term savings into long-duration investments.
Rohit Boda, Group MD, JB Boda Group and Chairman, 0910 Holdings, said the insurance and reinsurance sectors are also grappling with climate risks and rising catastrophe losses. He suggested incentives for proactive risk management and greater support for technology-led underwriting and claims systems.
Financial system, fintech and inclusion: growth with safeguards
Participants across finance and fintech stressed that the next phase of expansion should prioritise resilience, trust and inclusion.
Vivek Iyer, Partner and Financial Services Risk Leader, Grant Thornton Bharat, said the financial system must evolve from a growth-centred model to a capability-centred one, with clarity on AI governance, stronger liquidity buffers and improved cybersecurity.
Ajeet Kumar Singh, Co-Founder and Managing Director, SAVE Group, said financial inclusion policies must translate into on-ground outcomes, calling for support to scalable digital services and simpler compliance for grassroots innovation.
Mahesh Shukla, Founder & CEO, PayMe, added that digital lending growth should remain anchored in transparency, consumer protection and regulatory alignment, supported by digital public infrastructure and consent-based data-sharing frameworks.
Housing affordability and construction costs under spotlight
Real estate developers said affordability remains a key constraint despite resilient demand.
Deep Vadodaria, Managing Director, Nila Spaces, said affordable housing needs an execution-focused push to revive private participation, alongside a review of environmental regulations that are misaligned with current construction and pollution realities.
Jason Samuel of House Of Swamiraj added that targeted tax relief for homebuyers, rationalisation of GST on construction materials and under-construction properties, and simplified stamp duties could help ease cost pressures and support supply in affordable and mid-income segments.
Travel, remittances and cross-border spending concerns
Stakeholders in travel and forex flagged evolving consumer behaviour and regulatory frictions.
Separately, Pavan Kavad, MD, Prithvi Exchange, said tax collected at source on foreign remittances under the Liberalised Remittance Scheme continues to strain liquidity for students and travellers. He suggested exempting education-related remittances from TCS to ease upfront cash-flow pressure.
Manufacturing and agri-linked sectors seek stability and sustainability
Dilip Patodia, CFO, Birla Sugar, said the sugar industry expects continued policy support for ethanol blending, timely farmer payments and incentives for green modernisation. He said a balanced approach could improve sector resilience while supporting rural livelihoods and energy security.
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