Vineet Agarwal, Managing Director, Transport Corporation of India Limited (TCI), “The Union Budget 2026–27 sends a strong and reassuring signal on India’s manufacturing-led growth agenda. By maintaining fiscal discipline with a deficit of 4.3% while scaling capital expenditure to ₹12.2 lakh crore, the Government has reinforced confidence in long-term investments, capacity creation, and a stable, predictable policy environment that strengthens ease of doing business.
The Budget’s sharp focus on logistics and industrial infrastructure will be a major enabler of manufacturing scale-up. Dedicated freight corridors, expansion of national waterways, high-speed rail connectivity, investments in ship-repair ecosystems, and a ₹10,000-crore push for container manufacturing will significantly reduce logistics costs and build a robust ecosystem for capital goods and supporting industries. These measures will strengthen MSMEs, crowd in private investment, and generate large-scale employment across manufacturing, logistics, and tourism-linked services. Equally important is the forward-looking emphasis on advanced manufacturing through ISM 2.0, semiconductors, data centres, and AI-led digital platforms. Together, these initiatives lay the foundation for resilient, technology-driven supply chains and position India as a globally competitive hub for manufacturing, trade, tourism, and job creation—aligned with the broader vision of Viksit Bharat”.
Abhimanyu Roy, Executive Director, Avalon Consulting, “The Budget highlighted its intent towards procedural reforms, e.g. simplify licensing, faster input tax credit refunds, etc. This will help the chemicals industry as well. A specific focus on removing inverted duty structures, reducing import duties in certain key raw materials, extending ITC refund scope to capital goods and input services for product and services exporters (e.g. CDMOs) would have helped, but nothing specific has been mentioned in these areas. While mfg.
Competitiveness has been emphasised; one would have liked a focused support for MSMEs. The announcement on the three Chemical Sector Parks is welcome. Hopefully, details will emerge soon. Finally, the INR 20,000 crore allocation for CCUS projects is positive, as a massive thrust is required for the chemicals industry to decarbonise. Similar focus and allocation on Green Hydrogen and CBG should be a priority”.
Ketan Kulkarni, Managing Director and Chief Executive Officer, Allcargo Logistics, “Budget 2026 offers a strategic response to a rapidly changing global trade environment by strengthening India’s logistics and supply chain ecosystem. The focus on multimodal infrastructure including new freight corridors, inland waterways, cargo movement projects and last-mile connectivity for remote regions will be critical in improving efficiency and lowering logistics costs.
The ₹10,000-crore SME Growth Fund, supported by enhanced liquidity through mandatory TReDS adoption, credit-backed invoice discounting and GeM integration, will empower MSMEs to scale, formalise and participate more actively in export-led growth. Incentives for indigenous seaplanes and waterway-based cargo movement further unlock regional and alternative logistics pathways. Together, these measures reinforce India’s ambition to remain deeply integrated with global markets, attract long-term investment and build resilient, job-creating enterprises advancing the vision of a Viksit Bharat”.
Bijal Sanghvi, Managing Director, Axis Solutions Limited, “Budget 2026 sets a decisive direction for India’s manufacturing sector by reinforcing the ambition of Viksit Bharat through technology-led, sustainable growth. The emphasis on advanced manufacturing, digital infrastructure, and green initiatives reflects a clear intent to build globally competitive yet responsible enterprises. Digital transformation, driven by IIoT, enables plants to operate with precision and foresight.
Integrated plant dashboards, supported by real-time data analytics and continuous monitoring, empower leadership with actionable insights; improving productivity, energy efficiency, and operational resilience. Such capabilities are no longer optional; they are fundamental to achieving scale with consistency and compliance. Sustainability, when combined with data-driven decision-making, ensures long-term value creation for industry, society, and the economy. Budget 2026’s focus on innovation, skilling, and smart manufacturing provides industry leaders the confidence to invest in future-ready plants that are intelligent, transparent, and aligned with India’s journey toward inclusive and enduring industrial progress”.
Vishal Sharma, Godrej Industries Limited (Chemicals), “Budget 2026-27 ramps up the government’s push to make Indian manufacturing stand out, and for the chemicals sector, it’s a strong step forward. The reforms around extra funding for R&D is big for chemical sector where progress depends on constant innovation, especially in advanced materials, specialty chemicals, and fresh sustainable solutions.
While the budget lays out a clear strategy, the industry would have welcomed stronger fiscal incentives for capital-heavy green tech, quicker clarity on the new labour codes, and more focused support for exports. Moves like these would help chemical companies attract more investment and compete faster on the global stage. Still, the ‘Reform Express’ narrative inspires confidence and provides a solid platform for sustainable, technology-driven manufacturing growth in India.”
Abhishek Shrivastava, MD, IMEA, The Lubrizol Corporation, “The Union Budget 2026–27 sends a strong and timely signal for India’s industrial growth journey. The unmissable focus on domestic manufacturing is reflected through continued support for production ecosystems, infrastructure expansion, and skill development, which will significantly help elevate Indian manufacturing to global standards.
For the chemical industry, the government’s commitment to rationalising and lowering customs duties on chemical raw materials is particularly important, as it will help reduce costs, strengthen supply chains, and enable Indian manufacturers to compete more equitably at the global level.
Additionally, the focus on logistics and innovation-led growth further reinforces confidence in long-term investments across sectors. The Budget’s balanced approach, addressing structural bottlenecks while promoting higher value-added manufacturing supports sustainable growth and resilience. The recent clarity on the GST intermediary ruling also brings much-needed certainty for cross- border services, aiding ease of doing business. Overall, this is a forward-looking budget that aligns industry aspirations with the larger goal of sustainable nation building. Timely and effective execution of the announced measures will be key to unlocking their full impact on businesses and the economy.”
Anurag Choudhary, CMD and CEO, Himadri Speciality Chemical Limited, “We applaud the Union Budget 2026-27 for its visionary focus on fortifying India’s strategic manufacturing independence. The establishment of dedicated Rare Earth Corridors across Odisha, Kerala, Andhra Pradesh, and Tamil Nadu is a watershed moment; it will create the integrated infrastructure needed to transform raw minerals into high-value components for the EV and defense sectors.
Furthermore, the exemption of Basic Customs Duty (BCD) on critical inputs-specifically sodium antimonate for solar glass and materials for lithium-ion cell manufacturing-is a decisive move. These measures will significantly lower capital costs for domestic battery production, making ‘Make in India’ energy storage solutions globally competitive. The Budget moves India from intent to execution—laying the foundation for a self-reliant, innovation-led, and sustainable green-manufacturing future, a pretext move towards our goal of Atmanirbhar Bharat”.
Dhiren Jatakia, Head – Accounts and Finance, Covestro India, “We welcome the government’s focus on strengthening domestic manufacturing, particularly in the chemicals sector. Initiatives like chemical parks and cluster-based infrastructure will help scale production, strengthen supply chains, and create opportunities for local businesses. Support for industrial and logistics infrastructure, along with simplified compliance, will enable manufacturers to grow and innovate. We also value the emphasis on sustainability, energy transition, and carbon capture technologies, which aligns with Covestro India’s commitment to responsible growth and advanced materials for a greener future. These measures lay a strong foundation for innovation, reduced import dependence, and a competitive, resilient chemical industry in India”
Sunil Kumar, Country President, Henkel Adhesives Technologies India, “We welcome Union Budget 2026 and its focus on the three Kartavyas of accelerating growth, building national capacity, and ensuring inclusive development. The continued emphasis on infrastructure is reflected in the ₹12.2 lakh crore public capital expenditure. Investments in transport corridors, urban infrastructure, capital goods, electronics manufacturing, and semiconductors signal a clear intent to build deeper, more resilient manufacturing capabilities. For the adhesives sector, this supports demand across infrastructure-led and technology-intensive applications.
These range from infrastructure and transportation to electronics and semiconductor manufacturing, where performance, durability, and reliability are critical. Henkel’s strategic focus on innovation, digitalisation, and sustainability is well reflected in the Budget’s emphasis on sustainability, digital manufacturing, advanced electronics, and Semiconductor Mission 2.0. The ₹20,000 crore allocation for carbon capture and utilisation further signals that sustainability is being treated as an economic enabler rather than a compliance requirement. Taken together, the Budget underscores a responsible growth framework anchored in inclusivity, capability building and long-term competitiveness.”
Dr Arunabha Ghosh, CEO, CEEW, “Budget 2026 emerges as a beacon shaping the next generation of Indian capabilities across energy, technology, cities, and agriculture. It offers cues not only for where India is headed, but for how institutions, markets, and innovators must now evolve. The announcement of Rare Earth Corridors and a Semiconductor Mission 2.0 moves India decisively from policy intent to state-level execution, addressing the long-standing missing link in the critical minerals supply chain—namely, processing. This shift must be reinforced through offtake guarantees, sustained R&D, and strategic partnerships.
CEEW’s research shows that cities are already bearing the brunt of climate change through extreme heat, urban flooding, and water scarcity. Given the enormous untapped potential of Tier 2 and Tier 3 cities to become the next hubs of economic growth, the creation of City Economic Regions is a timely step towards shaping cities that are productive, liveable, and sustainable. Incentives for municipal bonds can further unlock private capital.
Equally important is the prioritisation of carbon capture, utilisation and storage across power, steel, cement, refineries, and chemicals—sectors that will define India’s net-zero pathway. Bharat Vistaar and the multilingual AI-enabled agri stack can make digital public infrastructure work for farmers at scale, turning data into higher incomes, lower risk, and greater climate resilience.
Finally, in addition to the Budget, we are deeply encouraged by the significant strengthening of India’s disaster risk financing, including the 16th Finance Commission’s recommendation of a INR 2.04 lakh crore Disaster Risk Management Fund for 2026–31—a 28 per cent increase over the previous cycle—anchored in a scientific, climate-informed Disaster Risk Index covering 10 disasters, including heatwaves, lightning, and floods, and shaped in part by a study undertaken by CEEW, to better protect lives and development gains. Together, these measures position India to build a competitive, climate resilient, low-carbon, and inclusive economy”.
S Sankarasubramanian, Chairman, The Fertiliser Association of India and Managing Director and CEO, Coromandel International Ltd, “This Budget brings together productivity, resilience, and affordability in a way that reflects the evolving needs of Indian agriculture. The focus on district-level outcomes, better seeds, diversified cropping, and multilingual digital advisory platforms has the potential to meaningfully improve on-farm decision-making and input efficiency, provided execution remains closely aligned with ground realities.
The fertiliser allocations underline a steady commitment to domestic capability. Support of ₹91,000 crore for indigenous urea and ₹34,000 crore for domestically produced P&K fertilisers, alongside imported fertiliser support of ₹32,000 crore for urea and ₹20,000 crore for P&K, reinforces supply security while maintaining farmer access to affordable nutrients. The emphasis on customs duty rationalisation and addressing inverted GST structures is particularly important, as it helps streamline costs, improve cash flows, and create a more predictable operating environment. Overall, the approach strengthens alignment between agricultural priorities and industrial sustainability, supporting farmers today while building a more resilient and efficient fertiliser ecosystem for the future.”
Samir Somaiya, Chairman and Managing Director, Godavari Biorefineries Ltd,
“We welcome the emphasis on Carbon Capture and Storage and BioCNG. These reflect the continuing importance of moving towards a lower carbon footprint and moving towards a net zero as per the Prime Minister’s commitment of India achieving net zero status by 2070”.
Amitt Nenwani, Managing Director, Shivtek Spechemi Industries Ltd, “The Union Budget 2026 has provided a definitive blueprint for India’s transition from a chemical consumer to a chemical powerhouse. The Finance Minister’s announcement of three dedicated chemical parks is a masterstroke in de-risking global supply chains and fostering a ‘plug-and-play’ ecosystem for specialty chemicals. At Shivtek Spechemi Industries Ltd, we have proactively aligned our growth with this vision of self-reliance. Our ₹650 crore expansion plan, which includes our upcoming Chlorinated Polyethylene (CPE) facility, the first of its kind in India, is a direct response to the nation’s massive import dependence on China.
By localizing production of critical raw materials like CPE, we are not just building a plant; we are taking a step closer towards creating an innovative ecosystem that allows India to become a leader in specialty chemicals. The government’s focus on ISM 2.0 and rare-earth corridors further underscores the need for a robust domestic specialty chemical supply chain. I can humbly state that ‘Aatmanirbharta’ is now meeting industry action. With these new chemical corridors, we expect a significant reduction in logistics costs and a massive surge in R&D-led manufacturing, positioning India as the primary ‘Plus One’ for the global specialty chemicals market”.
