India’s Union Budget for 2026–27, presented by Finance Minister Nirmala Sitharamanon Sunday, provoked interest among business leaders nationwide. Uday Kotak, founder of Kotak Mahindra Bank, expressed his sentiment on X (formerly Twitter) when he stated that it is a “budget for the real economy.” In the context of the government’s commitment to fiscal discipline, Kotak also endorsed the increased defence spending. He added the budget seems balanced, he emphasized, between financialisation and long-term development by focusing on growing various sectors of the economy. “Fiscal discipline remains intact, and the emphasis on development and real economic growth is evident,” he said.

Kartavya framework for development

In her Budget speech, Finance Minister Sitharaman set out three imperative areas of responsibilities to deliver “a developed India by 2047.” She established a "three-pronged kartavya framework" to steer the economic and social priorities of the government. The strategy is centred on maintaining the growth of the economy, the realization of the citizens’ dreams and goals by developing capabilities and capacities, and the attainment of equal access to opportunities.

Public reaction on social media

Users on X responded to Kotak’s remarks with mixed views. Many agreed with his assessment, praising the budget for its focus on the real economy, while others criticised it for favouring the wealthy.

Comments ranged from “The budget sounds stable” and “There is a clear tilt towards the real economy” to “The budget reflects a disciplined and calibrated approach.”

Impact on prices

On the consumer front, the budget announced duty reductions on several products, which are expected to lower prices. These include aircraft components, parts for microwave ovens, 17 essential medicines including cancer drugs, imported medicines for rare diseases, selected personal-use imports, inputs for leather exports, and domestically manufactured smartphones and tablets.

However, some items are set to become costlier, such as luxury watches and imported alcoholic beverages.