Industry bodies largely welcomed the Union Budget 2026, describing it as a growth-oriented and pragmatic roadmap that strengthens manufacturing, MSMEs, technology and healthcare, while also flagging gaps that need immediate attention for small businesses.Leaders from the Confederation of Indian Industry (CII) said the Budget’s focus on capital access, technology and workforce readiness would support long-term industrial expansion. Anjali Singh, chairperson, CII Northern Region, and executive chairperson of ANAND Group, said the proposals would improve MSMEs’ access to growth capital and enable sustainable scaling. She highlighted the launch of India Semiconductor Mission 2.0 as a major step towards building indigenous capabilities in equipment, materials, design and intellectual property, strengthening India’s advanced manufacturing ecosystem. Puneet Kaura, deputy chairperson, CII Northern Region, and MD and CEO of Samtel Avionics, said the Budget adopted a steady and pragmatic approach to strengthening India’s industrial and technology base, with continued emphasis on MSME capacity building, access to capital and supply-chain integration. Dr Upasana Arora, chairperson, CII Uttar Pradesh, and MD of Yashoda Super Speciality Hospitals, said the Budget reflects a clear focus on job creation and preparing the workforce for emerging opportunities. Initiatives such as Bio Pharma Shakti, she said, would boost biopharma manufacturing, R&D and exports, while greater emphasis on mental health and trauma care would improve access to quality healthcare. Abhishek Saraff, vice-chairman, CII Uttar Pradesh, and MD of Avadh Rail Infra Ltd, said the proposed SME Growth Fund and modernisation of industrial clusters would improve competitiveness and encourage MSME-led expansion. Rachna Jindal, regional director, CII Northern Region, said policy continuity and stability would accelerate investments and reinforce the region’s role as a key growth driver. The Indian Industries Association (IIA), meanwhile, offered a mixed response. IIA national president Dinesh Goyal said the Budget reflects a strong commitment to economic growth and MSMEs, citing allocations for biopharma, semiconductor manufacturing, high-speed rail infrastructure and the SME Growth Fund. However, he said the absence of an MSME exit policy was a missed opportunity and called for more aggressive steps to promote import substitution, particularly in medical and food processing equipment. IIA national treasurer Awadhesh Agarwal welcomed proposals for high-tech tool rooms, Champion MSMEs and a focus on rare earth magnets, saying these would strengthen advanced manufacturing. Former IIA president VK Agarwal, however, expressed concern that many measures are long-term, stressing the need for immediate relief for MSMEs. IIA banking committee chairman KK Agarwal termed the linking of GeM with TReDS a major liquidity booster, while GST committee chairman Kapil Vaish said lowering customs duty on components would promote indigenisation. Shashank Shekhar Gupta said the Champion MSMEs initiative would enhance competitiveness, while CA Reena Bhargava and CA Ashok Seth welcomed support for women-led enterprises and liquidity relief through reduced TDS and TCS. Dr Mayank Somani, MD and CEO, Apollo Hospitals, Lucknow, said, “The healthcare push, medical hubs and workforce expansion will improve care quality and strengthen India’s medical tourism ecosystem.” Yawer Ali Shah, Co-founder and CEO of AMA Herbal Group of Companies, said, “Budget 2026’s SME Growth Fund, cluster revival and credit support will strongly boost MSMEs, jobs and self-reliant manufacturing.” RajniKant Mishra, founder and chairman, Amrawati Group, said, “The Budget boosts infrastructure and real estate, de-risking projects, expanding REITs and unlocking growth in Tier-2 and Tier-3 cities.”
