Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

“The Union Budget 2026–27 reflects continuity with conviction, demonstrating the government’s ability to balance growth, fiscal discipline and structural reforms amid global uncertainty. With GDP growth guided around 7% and the fiscal deficit narrowing to 4.3% of GDP, the focus remains firmly on macro stability without compromising on public investment, which has increased nearly six-folds since FY15. The sustained emphasis on manufacturing, infrastructure, energy security and services strengthens India’s medium-term growth engine, while MSME credit support, logistics modernization and supply-chain localization address key execution bottlenecks. Prioritizing future-ready sectors such as electronics, nuclear energy, data centres, defence manufacturing and rare earths further reinforces India’s strategic and self-reliant growth framework. For equity markets, the Budget is structurally positive, offering improved earnings visibility through infrastructure-led growth and policy certainty. While tax measures on derivatives may trigger near-term volatility, the broader policy framework enhances India’s long-term investment attractiveness, anchored in stability, reform momentum and sustainable growth.”