Budget 2026 boosts confidence in India’s growth story: Industry

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IANS | 01 Feb, 2026

The Union Budget 2026–27 presents a strong and credible roadmap to enhance India’s competitiveness through fiscal discipline, structural reforms and targeted measures aimed at boosting private investment, industry representatives said on Sunday.

Speaking to IANS, CII Punjab Chairman Amin Jain said the Budget includes several key announcements for the textile sector.

“These include the development of mega textile parks, integrated plans for labor-intensive textile segments and the redevelopment of heritage textile parks, which he said will provide a significant boost to the domestic textile industry,” Jain added.

He also welcomed the announcement of a Rs 10,000 crore MSME fund, noting that the textile sector accounts for the largest number of MSMEs in the country.

“The new fund is expected to benefit the entire sector,” Jain mentioned.

Naresh Pachisia, President of the India Chambers of Commerce, described the Budget as well-balanced and said it would help maintain economic growth at around 7 per cent.

He said the Finance Minister has announced targeted schemes across sectors, ensuring broad-based development.

Pachisia further said the government has maintained strong fiscal discipline to keep inflation under control.

“The fiscal deficit for the current financial year has been pegged at 4.4 per cent, with a target of 4.3 per cent for the next fiscal year, which provides greater resilience against global economic volatility,” Pachisia stated.

Mukul Bagla, Chairman of the Direct Tax Committee at PHDCCI, said the Budget is a step in the right direction.

He noted that the fiscal deficit currently stands at 4.4 per cent and is planned to be gradually brought down to 4 per cent.

Bagla added that while the previous Budget announced several tax relief measures, the current Budget focuses more on stability.

Ashok Batra, Chairman of the Indirect Tax Committee at PHDCCI, said the government has announced several reforms related to customs, which is a positive sign.

However, he added that similar reforms were also expected in the GST framework.