My Take on budget     

Published: February 15, 2026
Updated: February 15, 2026

Clear vision of developed India

The Union Budget 2026 presents a clear and confident vision of the Government’s commitment to building a developed India, one that effectively balances fiscal responsibility with ongoing investment in growth, resilience and inclusion. Adhering to the fiscal deficit glide path, even amidst global trade and supply-chain challenges, underscores the robustness of India’s macroeconomic fundamentals and policy credibility.

The emphasis on advancing strategic and emerging sectors, such as ISM 2.0 for semiconductors, a longterm strategy for rare earth ecosystems and a tax break for hyperscalers investment in India, reflects a deliberate effort to transform potential into tangible outcomes through resilient, high-value domestic capabilities. These steps are essential for decreasing import dependence and bolstering India’s role in global value chains.

Furthermore, the focus on developing ‘Champion MSMEs’ through equity infusions, liquidity support and professional assistance is highly promising. The SME growth fund, along with targeted compliance and skill development measures, is poised to help enterprises that are key to employment generation and regional economic progress realise their aspirations.

TECH HUB

Notably, the Budget’s strong commitment to skilling, especially in emerging technologies and Artificial Intelligence, alongside targeted initiatives for women, youth, farmers, and persons with disabilities, ensures inclusive and broad-based growth. Incentives like the tax holiday for global cloud and data centre services further strengthen India’s position as a reliable digital and technology hub.

In summary, the Budget sustains reform momentum through a people-centric approach focused on stability, inclusivity and long-term value creation.

(Yezdi Nagporewalla is Chief Executive Officer of KPMG in India.)