Unlike the previous years, 2026 budget is garnering more attention as it means India as a country taking aggressive measures to tackle sanctions, tariffs and other geopolitical tensions. On that note, here are some expectations shared by some of the Indian business leaders who spoke with Thought Habitat.
Praveen Jaipuriar, CEO, CCL Products (India) Ltd.
As the FMCG sector looks ahead to the Union Budget 2026–27, there is optimism around the government’s continued focus on strengthening consumption and long-term growth. The GST rationalisation undertaken in 2025 was a welcome step and has provided a meaningful boost to consumption by improving affordability and simplifying taxation across key consumer categories like coffee and dairy. Such measures have helped reinforce demand momentum and build confidence across the FMCG value chain.
Looking ahead, the sector will be keenly watching for continued policy focus on agriculture. Further government support to help farmers improve production acreage and enhance output per hectare would be especially impactful, particularly for agri-linked sectors such as coffee. Measures that strengthen farm productivity and resilience not only support farmer incomes but also contribute to greater supply stability and long-term growth across the FMCG value chain.
Going forward, there is also an opportunity to strengthen India’s export competitiveness through the development of more Free Trade Agreements. Markets such as Vietnam have demonstrated how extensive trade agreements can unlock significant export advantages. A sharper focus on FTAs can help Indian FMCG and coffee manufacturers expand their global footprint, improve price competitiveness, and access new markets.
Aniruddha Mehta, Chairman and Managing Director, Umiya Buildcon Ltd
The Union Budget 2026 is a key opportunity to strengthen India’s real estate sector, particularly as urban housing demand continues to rise, with double-digit price growth observed in major cities over the past year. For developers, policy measures that enhance housing affordability, reduce financing costs, and incentivize sustainable development will be critical to sustaining growth and meeting rising demand.
Increasing tax benefits on housing loans under Section 24(b) could ease financial pressure on homebuyers, while enhancing incentives under Section 80-IBA for affordable housing projects would encourage developers to expand inclusive housing supply, addressing a nationwide shortfall of several million units.
With interest rates stabilising and urban housing demand remaining robust, a well-balanced budget that supports both buyers and developers can unlock investment, boost employment, and contribute meaningfully to India’s infrastructure and economic goals in 2026.
Akshali Shah, Executive Director, Parag Milk Foods
Ahead of Budget 2026, a continued focus on the dairy and agriculture sector, particularly on strengthening infrastructure, improving farm productivity, and expanding milk collection, can help the sector become more efficient and globally competitive. Investments in modern processing technology, organised supply chains, and better farm practices will not only support farmers and reduce wastage but also give the Indian dairy sector greater global reach and recognition for quality products.
Reforms in GST and other taxation have played a positive role in supporting consumption patterns over the past year. Boosting consumption remains an important ask from the FMCG sector. While urban demand is showing signs of recovery, rural consumption—though resilient—requires continued policy support, especially in the face of monsoon risks and inflationary pressures.
Looking ahead, we hope Budget 2026 will continue to strengthen agricultural and dairy infrastructure, support rural development, and encourage the adoption of modern technology. Initiatives such as incentivising modern processing facilities and expanding cold-chain logistics can help improve milk availability, product quality, and overall efficiency. By building on recent progress and supporting farmers with better access to credit and resources, the sector can become more resilient, competitive, and capable of meeting growing consumer demand.
Haresh Karamchandani, Managing Director & Group CEO, HyFun Foods
With rising domestic and global demand, Budget 2026 presents a strong opportunity to accelerate India’s food processing ecosystem through well-designed, outcome-linked policy support. Measures such as PLI (Production Linked Incentive) schemes for large-scale processors, export-oriented incentives, investments in cold-chain infrastructure, and support for backward integration can strengthen supply chains from farm to factory, attract greater entrepreneurial participation, and unlock the full potential of sectors such as frozen foods. Collectively, these steps can help India scale its role as a dependable global supplier of value-added food products.
Vivek K Singh, CMD, SNVA Veranda
As an educationist, I believe the upcoming Union Budget has a critical role to play in strengthening India’s position in the global knowledge and digital economy. Education, especially skilling and upskilling, must be viewed as a long-term national investment rather than a taxable service. In a rapidly evolving job market driven by technology and innovation, continuous learning is essential for economic growth and workforce competitiveness.
One of the key expectations is the removal of the 18% GST on all skilling and upskilling programs for working professionals. Courses in IT, artificial intelligence, data science, management, finance, and other professional domains are no longer optional—they are essential for career progression and national productivity. Taxing such programs discourages lifelong learning and limits access.
Secondly, IT and professional education should be formally included under the National Skill Development Mission. Currently, the focus remains largely on vocational and entry-level training, while advanced professional education that fuels leadership, innovation, and digital transformation remains underserved.
Finally, the government should allow a 100% income-tax deduction on expenses incurred by working professionals for skilling, upskilling, and professional education. This would incentivize continuous learning, encourage self-driven talent development, and reduce dependence on public employment.
A progressive education-focused Budget can empower India’s workforce, attract global investment, and position the nation as a true knowledge economy.
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