Even though there were no big bang announcements in the Union Budget 2026, the government has made its long-term priorities clear — infrastructure-led growth and self-reliance in manufacturing. The third Budget of the Modi 3.0 government has clear winners and losers. With a 10% hike in capital expenditure to Rs 12.2 lakh crore, the government has signalled its continued focus on building roads, railways and logistics. Small businesses also get a boost, as do technology and manufacturing. However, the Budget tightens the screws on wealthy investors and corporates through a crackdown on speculative trading and altering how share buybacks are taxed.
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