Reform momentum in India, which has been underway since early 2025, has gathered pace with the Budget 2026-27 and closely reflects the priorities outlined in the Economic Survey, Chief Economic Adviser V. Anantha Nageswaran said. 

He highlighted the focus on urbanisation by viewing cities as economic systems, continued support for MSMEs through credit guarantees and payment discipline, the creation of dedicated manufacturing funds, and targeted policy support for manufacturing amid a geopolitically fragmented global environment. 

Nageswaran was speaking at a post-Budget session organised by the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday. The session brought together senior government officials, economists, and industry leaders to discuss the Budget’s reform priorities, fiscal road map, and its implications for businesses and overall economic growth. 

On the tax and compliance reforms announced in the Budget, Revenue Secretary Arvind Shrivastava said, “The Union Budget 2026–27 represents a structural redesign of India’s tax administration framework, aimed at empowering taxpayers while reducing procedural friction and discretionary intervention.” He said the reforms include extended timelines for revised and updated returns, the ability to update returns during reassessment proceedings, combined issuance of assessment and penalty orders, and new settlement mechanisms to help reduce disputes. 

Shrivastava also outlined a shift from transaction-based scrutiny to trust-based, entity-level compliance, supported by digital systems, audits and risk-based monitoring for importers, exporters, authorised economic operators, and customs warehouses. 

Anil Gupta, Senior Vice President, PHDCCI, said, “The Budget has been presented at a pivotal moment for the Indian economy and reinforces the government’s commitment to fiscal prudence, growth acceleration, and the vision of Viksit Bharat.” He highlighted the strong focus on capital expenditure, infrastructure, and manufacturing, including measures such as the ₹10,000-crore SME Growth Fund, revival of legacy industrial clusters, and the Viksit Bharat Rozgar Yojana, alongside the positive impact of the recent trade agreements on industry and employment. 

PHDCCI has released an analytical publication on the Union Budget that outlines its fiscal stance, capital expenditure strategy, infrastructure and manufacturing priorities, employment initiatives, and the evolving framework for federal finances. Discussions at the session underscored that sustained collaboration between the government and industry, along with effective implementation, will be key to translating these policy measures into tangible economic outcomes. 

Highlighting the consultative process behind the Budget and the importance of execution, Ranjeet Mehta, CEO and Secretary General of PHDCCI, said, “The Union Budget 2026–27 reflects months of rigorous institutional effort, extensive data analysis, and continuous stakeholder engagement.” He placed on record PHDCCI’s appreciation for the team led by Finance Minister Nirmala Sitharaman and emphasised that strong on-ground execution through close government–industry partnership will be critical to converting policy intent into real outcomes.