IMC Hails Budget 2026 as "Forward-Looking" Step for Viksit Bharat 2047

Sanjay Mehta, Deputy Director General of IMC, stated that the budget covers both traditional and frontier technology areas, helping India leverage these technologies and realise their benefits.

Speaking to ANI, Mehta added that the budget is a step toward the vision for a 2047 Viksit Bharat and provides clear direction for India's growth across all aspects, including manufacturing, MSMEs, and exports.

"The budget is very positive and forward-looking in the sense that it covered all traditional areas as well as new frontier technology areas to see that india is able to take advantage of the new technology and the benefits that are going to accrue from that. This budget is a step toward the vision for 2047. The last eight budgets presented by Nirmala ji covered one area after another, and now the ninth budget provides clear direction for where India should move by 2047 across manufacturing, MSMEs, and exports. It shows how these sectors will be promoted. The focus on new technologies like AI, semiconductors, and rare earth minerals can be truly transformative if implemented properly," he said.

Mehta also expressed his views on the market reaction to the budget, saying that he doesn't see any correlation between the market and the budget.

"I don't see any correlation between the market and the budget, because there is nothing in the budget that should trigger the market to react the way it is reacting now. If you look at all areas, there are positives, from manufacturing to MSMEs, customs duties on new technologies, and support for women, farmers, and fisheries. The TCS reduction, all positives are there. The market is reacting the way it does every day, so I don't see any correlation," he added.

Sheetal Kalro, Deputy Director General of IMC Chamber of Commerce and Industry, also shared a positive view of the budget. She also appreciated the strong focus on youth skilling and development.

Speaking to ANI, Kalro said, "I have a very positive approach to today's budget. There are already many schemes that were launched last year, from Mudra Yojana to Beti Bachao, Beti Padhao. I see a growth in that area. I also see a strong focus on the youth and their skilling... All this put together, we will have the economy in a very progressive mode."

Union Finance Minister Nirmala Sitharaman on Sunday presented the Union Budget 2026-27 in Parliament, proposing a significant 9 per cent increase in capital expenditure to Rs 12.2 lakh crore. The allocation aims to sustain the momentum in infrastructure development and support economic growth, marking a rise from the Rs 11.21 lakh crore allocated in the previous financial year.

Reacting to the announcements, Confederation of Indian Industry (CII) President Rajiv Memani told ANI that the industry body views the Budget positively. He also noted that the fiscal roadmap fulfils the demands of various industries, including micro, small, and medium enterprises (MSMEs).

"Our reaction to the Budget is positive as it fulfils the demands of the industries, including those of the MSMEs. There is also a focus on the services. The government has also heard concerns about tax simplification. Capex has also increased by 10-12% this time," Memani said.

Presenting the Budget in Parliament, the Finance Minister said the higher capital expenditure allocation is aimed at continuing the momentum in infrastructure development and supporting economic growth.

The capital expenditure has been increased to Rs 11.21 lakh crore, up from the Rs 11.21 lakh crore allocated in the last Union Budget for FY25-26. For FY26, the government had set a capex allocation of Rs 11.21 lakh crore.

- ANI