Reform over rhetoric resonates with industry

BUDGET 2026-27 IS a defining statement of continuity, credibility, and confidence.

- CHANDRAJIT BANERJEE

It reaffirms India’s commitment to stability, prudence, and reform-led growth with the overarching theme of Viksit Bharat. The ninth consecutive Budget presented by Finance Minister Nirmala Sitharaman consolidates the nation’s economic gains of the past decade and pivots towards the next phase of transformation. Its underlying principle of “reform over rhetoric” resonates deeply with industry.

India enters FY27 on a strong macroeconomic footing. According to the first advance estimates, GDP growth is pegged at 7.4% for FY26 while the Economic Survey projects growth in the 6.8-7.2% range for FY27—outpacing peers and reaffirming India’s position as the fastest-growing major economy for a fourth consecutive year.

Against the backdrop of geopolitical tensions and slowing global trade, the continued prudent fiscal management stands out as a strong policy anchor. The government’s adherence to fiscal consolidation, maintaining the fiscal deficit at 4.4% of GDP in FY26 while projecting it at 4.3% of GDP in FY27, together with calibrated capex expansion budgeted at $12.2 lakh crore in FY27, will strengthen market confidence and sustain momentum in both public and private investment cycles.