Business, edn fraternity, economists welcome Union Budget 2026

 

 

 

Union Budget – 2026 presented by the Union Finance Minister, Nirmala Sitharaman brought happiness amongst every section of the society. People from streams of the society felt relief, especially small businessmen, youngsters, women, senior citizens and MSME. Subject experts, professionals, educationists and businessmen shared their views with on the Union Budget – 2026 with ‘The Hitavada’. Dr Narendra Shukla Director (Management), GGESC “The Union Budget 2026 - 27 lays out a comprehensive roadmap for the development of India, Madhya Pradesh, and cities like Jabalpur. Keeping in view the fast-growing Indian economy, the budget focuses on self-reliance, demand generation, rural strengthening, agricultural productivity, MSME promotion, youth and women empowerment, and expansion of the service sector, especially tourism. Emphasis on fiscal discipline, controlled inflation, and deficit management supports economic stability.

 

With an estimated GDP growth of around 7%, increased capital expenditure of Rs 12.2 lakh crore, and support for sectors such as semiconductors, biopharma, and manufacturing, the budget aims to boost investment and employment. For Madhya Pradesh, continued tax devolution, infrastructure funding, agriculture support, and MSME incentives will drive growth. Jabalpur is expected to benefit indirectly through education initiatives, housing schemes, infrastructure projects, improved connectivity, healthcare expansion and farmer-centric schemes. Overall, the budget is growth-oriented, inclusive, and forward-looking. Dr Devendra Vishwakarma, Economist “Union Budget has allocated Rs 2.73 lakh crore for rural development, Rs 1.39 lakh crore for education and Rs 1.62 lakh crore for agriculture, which will strengthen rural and agricultural development in the Mahakaushal region and help improve education standards. However, the budget does not provide any major provisions for setting up large industries, agro-based industries, or reviving central public sector industries in the region.

 

The Rs 10,000 crore allocation for MSMEs and modernisation of the livestock sector may create employment opportunities for youth and support small industries in Mahakaushal. While the budget speaks of improving medical hospital facilities, there is no major achievement specifically for the region. The beedi industry, already in decline, is unlikely to benefit significantly from tax concessions alone. If a textile park is sanctioned for Jabalpur, it would provide strong economic support to the region. Overall, the budget should have focused more on manufacturing, agro-based industries, exports, and region-specific development. Although education, health, employment, and rural welfare have been prioritised, the allocations appear insufficient. The budget only partially meets regional expectations, reflecting fiscal deficit and debt constraints faced by the Government.” Himanshu Khare Vice-President, Federation of MPCCI “The budget makes a balanced attempt to support industry, trade, and the service sector. The budget has been prepared with a future-oriented roadmap, reflecting strong potential for employment generation while providing support to the economy.

 

The Government has clearly presented its vision by giving special focus to sectors such as bio-pharma, pharmaceuticals, Ayurveda, veterinary sciences, design industries (animation, content creation, cartoons, gaming), tourism and semiconductors. Increased capital expenditure to strengthen infrastructure further highlights the government’s growth strategy. According to Himanshu Khare, the budget will have meaningful and long-term positive outcomes for the country’s economic development.” D R Jeswani, Working President, Mahakoshal Udyog Sangh “The Union Budget has introduced major measures to boost industrial growth, with a strong focus on MSMEs. A Rs 10,000 crore fund has been allocated to support MSME growth, enabling educated unemployed youth to set up small enterprises and become self-reliant. The budget also provides Rs 40,000 crore for the Electronics Manufacturing Scheme, expected to significantly expand electronics-based industries. Another Rs 40,000 crore has been earmarked for Semiconductor Mission–02, strengthening India’s path toward technological self-reliance. Besides this, Rs 10,000 crore has been allocated to develop MSME champions, which will accelerate industrial development.

 

The budget emphasizes strategic manufacturing, revival of old industries, and support for small businesses. Investments in new roads, bridges, and industrial infrastructure will further aid industrialisation. The proposal for seven high-speed rail corridors is encouraging, with hopes of Jabalpur’s inclusion. Although tax slabs remain unchanged, the budget is viewed as positive and industry-friendly.” Akhil Mishra, Honourary Secretary, MCCI “Reserving Rs 10,000 crore for small factory owners is a positive step. The Government’s plan to procure goods directly from small manufacturers, with a focus on cities having a population of over five lakh, reflects an emphasis on strengthening smaller urban economies. To help MSMEs emerge as champions, several supportive measures have been announced. The budget also proposes the creation of new economic zones in cities and allocates Rs 2,000 crore for the Atmanirbhar Bharat fund. The key question now is how effectively stakeholders can participate in and benefit from these schemes. This future-oriented budget aligns with the vision of a developed India by 2047, though its effective implementation remains to be seen.

 

A strong focus on tourism, development of 15 cultural cities, and promotion of spiritual tourism highlights growth potential. Recognizing medical tourism as an economic driver is an innovative move. Decriminalizing minor tax offences and replacing them with monetary penalties is likely to encourage honest taxpayers.” Dhruv Kumar Dixit, Sociologist “Finance Minister Nirmala Sitharaman has presented a nearly Rs 50 lakh crore budget for 2026, with a strong focus on education. The education budget has been increased by 8.27% to Rs 1.39 lakh crore, reflecting the government’s intent to develop India’s youth into skilled, creative, and globally competitive professionals. Major initiatives include five medical hubs, national mental health institutes, Ayurveda institutes, a National Design Institute, five university townships, girls’ hostels in every district, digital knowledge grids, and creative labs in schools and colleges, marking a major educational transformation aligned with the vision of a developed India by 2047. The budget also emphasises textiles, manufacturing, rare earth corridors, and high-speed connectivity. However, unchanged income tax slabs and higher STT on share trading drew criticism. Despite Jabalpur’s strong educational base, it lacks central institutions like an IIT or IIM. Local representatives must advocate for establishing a university township in Jabalpur to curb youth migration and boost tourism and manufacturing.”