From a broader economic perspective, Atanu Chakraborty, former Economic Affairs Secretary and part-time chairman of HDFC Bank, said the biggest takeaway from Budget 2026 was stability.
“My expectation was to retain stability. If you see across the Budget 2026, there has not been a change to radically move from one end to the other,” Chakraborty said. He pointed to continued support for infrastructure, technology, data centres and high-speed rail projects connecting major growth centres.
Chakraborty also highlighted the announcement of a high-level committee on banking reforms as an important step, especially for improving consumer protection and trust in the financial system.
He said recent incidents of digital fraud had impacted confidence, and addressing this would be key going forward.
On the capital markets side, Tarun Bajaj, former Revenue Secretary, said the increase in securities transaction tax (STT) on futures and options was not meant to raise revenues but to curb excesses in derivatives trading.
“So that has come basically because there is a lot of news of people actually losing a lot of money there… and not so much as a measure of raising revenues,” Bajaj said.
He also backed the government’s higher disinvestment target of ₹80,000 crore for FY27, compared with ₹33,000 crore in the current year. Bajaj said upcoming transactions such as the IDBI Bank disinvestment and a possible follow-on offer in LIC could help achieve the target. “I think ₹80,000 crores is something which is very reasonable,” he said.
Defence spending was another major highlight. Giridhar Aramane, former Defence Secretary, said defence allocations have risen sharply in Budget 2026, with both overall spending and capital expenditure seeing strong growth.
“This will certainly boost the preparedness of our military services,” Aramane said, adding that higher allocations would also support the domestic defence industry. He noted that defence corridors would benefit from the government’s push into sunrise sectors such as semiconductors, helping ease supply chain challenges.
Read Here | Budget 2026 makes no changes to income tax slabs
On customs and trade policy, Vivek Johri, former CBIC chairman and senior adviser at KPMG, said the much-anticipated broad customs duty rationalisation did not come through. However, he said the government may be relying more on free trade agreements to support manufacturing and exports.
Johri welcomed steps such as allowing SEZ units to supply to the domestic market and measures to improve trade facilitation. “That’s a good move,” he said, though he added that clarity on timelines and conditions would be important.
He also flagged positive changes like the liberalisation of the authorised economic operator scheme and expansion of the single-window system to other border agencies.
Also Read | Budget 2026 cuts customs duties to boost exports, clean energy and manufacturing
Debasish Panda, former Chairman of IRDAI and former DFS Secretary, described Budget 2026 as a strong and timely one, especially at a time of global uncertainty and multiple economic challenges. He said the government’s continued emphasis on structural reforms was particularly encouraging, as these are critical for long-term growth.
“The other big thing that she talked about is a stable and a very robust and resilient financial sector. And in that context, she even spoke about setting up a high-level committee to look at the banking sector in the country and how to take it forward in terms of aligning it with the vision of Viksit Bharat 2047.”
He also welcomed the continued thrust on capital expenditure and infrastructure spending, noting that this was in line with expectations.
He added that the Budget 2026 has addressed almost every sector, with special attention given to MSMEs through multiple targeted interventions. Measures such as the development of rare earth corridors and rail corridors, he said, will not only boost domestic growth but also help position India as a key player in global value chains.
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