22/01/2026
𝗨𝗻𝗶𝗼𝗻 𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟲–𝟮𝟳: 𝗞𝗲𝘆 𝗘𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 & 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗢𝘂𝘁𝗹𝗼𝗼𝗸
𝗜. 𝗙𝗶𝘀𝗰𝗮𝗹 𝗣𝗼𝗹𝗶𝗰𝘆 & 𝗠𝗮𝗰𝗿𝗼𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗣𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀
Growth with fiscal discipline
Continuity of growth-oriented spending while maintaining fiscal prudence is widely expected. Analysts believe capex will remain the engine of growth and fiscal deficit will be managed around targets set earlier.
Capital Expenditure (Capex)
Higher capex towards infrastructure (roads, rails, logistics) and productive assets, alongside defence and energy infrastructure.
Supply-side reforms and investment climate
Simplification of customs duty structures to promote ease of doing business, attract FDI and support exports.
𝟮. 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 & 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗙𝗶𝗻𝗮𝗻𝗰𝗲
Income Tax Relief for Individuals
Calls for an increased standard deduction (e.g., ₹1 lakh) and rationalised tax slabs are strong, especially after the 8th Pay Commission impacts.
New vs. Old Regime
Expectations persist around making the new tax regime more attractive without abrupt removal of the old regime.
Wealth & Investor-oriented taxes
Investors are pushing for reliefs such as reduced LTCG rates, fair treatment of dividends, and ease in capital markets, although these are debated and not confirmed in official commentary yet.
𝟯. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 & 𝗦𝗲𝗰𝘁𝗼𝗿-𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗗𝗲𝗺𝗮𝗻𝗱𝘀
Manufacturing & Technology
Strengthening domestic manufacturing through PLI schemes for tech and high-value manufacturing (AI, semiconductors, drones).
Digital Public Infrastructure & Startups
Continued emphasis on digital economy, fintech, cloud, AI and skilling. Policy certainty and tax clarity for tech firms and MSMEs remain key asks.
Micro, Small & Medium Enterprises (MSMEs)
Calls for easier credit access, digital finance deepening, streamlined GST compliance and sectoral incentives.
Defence & Security
Defence spending is expected to rise, with capital outlays and R&D in advanced systems (UAVs, anti-drone tech). Some projections suggest increases up to ~10–20% in capex.
𝟰. 𝗔𝗴𝗿𝗶𝗰𝘂𝗹𝘁𝘂𝗿𝗲 & 𝗥𝘂𝗿𝗮𝗹 𝗘𝗰𝗼𝗻𝗼𝗺𝘆
Agriculture stakeholders want policies that support sustainability, cold chains, market reforms and reduced cost pressures for farmers. Organic and nutrition-focused farming incentives are also on the wishlist.
𝟱. 𝗛𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 & 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘁𝗼𝗿𝘀
Industry bodies are urging increased public health spending (~2.5% of GDP) and incentives for preventive care, medical devices manufacturing and integration of AYUSH into mainstream services.
𝟲. 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿𝘀 & 𝗛𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱𝘀
Key consumer demands include:
> Updates to affordable housing criteria to reflect market realities.
> Better digital credit and streamlined loan access.
> Enhanced healthcare insurance deductions or exemptions.
𝟳. 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 & 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀
Stock markets and analysts expect:
> Continued fiscal discipline.
> Capex push.
> Sector-focused support (tech, infrastructure, defence).
> Predictable tax framework to boost investment sentiment.
