Kanpur: Experts termed the Union Budget-2026 as focused on long-term policy implications, with an emphasis on capital expenditure and structural reforms.Chartered accountant RC Bajpai said the budget was ‘good for the future of the country’ but expressed disappointment for the middle-income group, as there was no change in income tax slabs or exemptions. “The expectations of middle class remained unmet,” he said. Bajpai added that the budget focused on strengthening domestic production ecosystems, including initiatives related to organic farming and textile clusters. He also welcomed the proposal to establish at least one girls’ hostel in every district.Kanpur, a major hub of the leather industry, however, witnessed some disappointment. Mukhatrul Amin, chairman of Superhouse Group and former chairman of the Council for Leather Exports, said the budget did not provide significant relief to leather traders. “There was no mention of the Rs 20,000-crore package announced in last year’s budget. We are still waiting for its implementation,” he said. He noted that while some concessions were announced, they were limited in scope.Commenting further, Bajpai said the foreign assets/Income Disclosure Scheme was an attractive feature of the Budget. Under the scheme, a one-time 6-month compliance window was introduced for disclosure of undisclosed foreign assets and income, with a tax rate of 30 % plus an additional levy, along with immunity from prosecution.A panel discussion on the Budget was held at Allenhouse Institute of Management. CA Govind Maheshwari stated that the Budget would be instrumental in promoting economic stability and investment in the long run. He highlighted that the Minimum Alternate Tax (MAT) rate was reduced from 15 % to 14 %. and ordinary investors were now brought under the ambit of capital gains tax on buybacks, while promoters would face higher taxation. However, experts observed that the budget had a limited direct focus on immediate employment opportunities for youth. While the long-term vision for India by 2047 was appreciated, the panel stressed the need for more concrete steps to address current socio-economic challenges.
