Ashish Kumar Chauhan, MD and CEO at NSE, commended the Union Budget for its emphasis on accelerating growth through investment and increasing the spending power of the middle class by raising the income tax exemption limit.
In an interview with IANS, Chauhan stated, “The budget manages to deliver on consumption, investment, and social welfare without compromising on fiscal prudence. The fiscal deficit for FY26 is budgeted at 4.4% of GDP, ensuring a downward trend in debt-to-GDP levels.”
Chauhan highlighted that the Budget places India in a strong position and will play a crucial role in achieving the objective of ‘Viksit Bharat’ by 2047. He noted that Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has balanced fiscal deficit, tax relief for the middle class, and enhanced infrastructure expenditure, which has been raised to $112 billion in FY26 compared to $102 billion earlier.
“The FM’s balancing act will increase the country’s growth rate, raise company incomes, and boost consumption due to more money in people’s hands for spending,” he said.
Chauhan explained that infrastructure spending will benefit steel and cement companies, create jobs in the construction sector, and lead to higher consumption, benefiting companies producing TVs, refrigerators, automobiles, toothpaste, and soap, which will positively impact the stock markets.
He added that as the fine print of the Budget spreads, the markets will also show their enthusiasm.
The NSE CEO emphasized that the growth-supportive measures in the Budget are accompanied by continued support for social welfare, with initiatives announced to provide quality education, affordable healthcare, employment skilling opportunities, and enhance women’s participation in the labor force.
Chauhan also mentioned the new geopolitical situation with America imposing import tariffs on Mexico, China, and Canada, which is likely to see India play a bigger role. He expressed hope that India will exceed the growth projections of 6.4-6.8% for the next year.
The aim of becoming globally competitive is reflected in the consolidation and rationalization of tariffs, making Indian exports more competitive.
Referring to Prime Minister Narendra Modi’s description of the Budget as GYAN Budget – focused on Garib, Yuva, Annadata, and Nari – Chauhan said this Budget, like previous ones, is pro-growth and pays attention to special interest groups, including MSMEs.
He also highlighted the increase in the Kisan credit card loan limit from $3 million to $5 million, which will reduce farmers’ reliance on private lenders and offer them relief.
