By THE NEWSMAN OF INDIA.COM| The Union Budget 2026–27 has drawn widespread attention for its calibrated approach to growth, discipline, and future readiness. Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), has described the Budget as a decisive step towards strengthening India’s economic foundations while preparing the country for long-term global leadership.

Calling it a landmark Budget, Chauhan noted that it is the first to be presented from Kartavya Bhavan and the ninth consecutive Budget by the Finance Minister, reflecting continuity and policy stability. According to him, the Budget reinforces the principle that economic expansion and fiscal responsibility can progress together.

One of the key highlights, he observed, is the government’s commitment to fiscal consolidation. The fiscal deficit is projected to decline from 4.4 percent to 4.3 percent of GDP, while the debt-to-GDP ratio is expected to ease to 55.6 percent. These indicators, Chauhan said, keep India firmly on track towards its medium-term consolidation goals and strengthen investor confidence in the country’s financial management.

At the same time, the Budget places strong emphasis on infrastructure-led development. Public capital expenditure has been raised by around 12 percent to ₹12.2 lakh crore, signalling continued focus on building roads, railways, ports, digital networks, and urban infrastructure. Chauhan highlighted that such investments not only create jobs but also attract private sector participation, creating a multiplier effect across the economy.

The Budget also introduces several measures aimed at deepening and modernising India’s financial markets. Chauhan welcomed steps such as calibrated increases in Securities Transaction Tax on derivatives, monetisation of public sector assets through REITs, the introduction of bond index derivatives, and improvements in corporate bond market-making. These reforms, he said, will enhance transparency, liquidity, and market depth.

Special emphasis has been placed on expanding alternative financing channels. Promotion of municipal bonds is expected to strengthen urban infrastructure financing, while easing equity participation for NRIs is likely to broaden India’s investor base. Chauhan also pointed out that extending the income exemption limit for GIFT City from 10 to 20 years would significantly improve its attractiveness for foreign portfolio investors and global financial institutions.

Looking ahead, the Budget’s strong focus on future-oriented sectors has been another major positive. According to Chauhan, targeted support for artificial intelligence, semiconductors, advanced manufacturing, and bio-pharmaceuticals reflects the government’s vision to make India a global hub for innovation and high-value production. These initiatives are expected to drive productivity, encourage research, and create skilled employment opportunities in the coming decades.

He further noted that the Budget balances investment with inclusion, ensuring that growth benefits reach wider sections of society. Continued focus on infrastructure, technology, and financial access is likely to strengthen both urban and rural economies, contributing to more equitable development.

Summing up his assessment, Chauhan described the Union Budget 2026–27 as a well-calibrated roadmap that combines fiscal prudence with growth ambition. By prioritising investment, strengthening markets, and nurturing future industries, the Budget supports India’s long-term vision of becoming a developed nation under the Viksit Bharat 2047 framework.

In his view, the Budget not only addresses present economic challenges but also lays a strong foundation for sustainable, innovation-driven, and inclusive growth—positioning India confidently for the decades ahead.