Agri, MSME, Finance Outlook Post Budget 2026: PwC, SBI Mutual Fund, Infomerics, Proventus Agrocom, Genus Power, Avaada Group and Others Assess Growth Path

Views from Shashi Kant Singh and Mohammad Athar Saif of PwC India, S. Sankarasubramanian and Dr. Suresh Kumar Chaudhari of The Fertiliser Association of India, Rajeev Radhakrishnan of SBI Mutual Fund, Mahavir Lunawat of Pantomath Capital, Ankush Jain of Proventus Agrocom, Jitendra Kumar Agarwal of Genus Power Infrastructures and other sector leaders on agriculture resilience, MSME credit, capital markets and energy transition

The Union Budget 2026–27 continues to reinforce policy continuity while recalibrating execution across agriculture, MSMEs, capital markets and energy. With sustained public capital expenditure, targeted sectoral allocations and financial system reforms, industry leaders across agri-inputs, finance, manufacturing and energy see the Budget as a framework that balances growth visibility with fiscal discipline.

Shashi Kant Singh, Partner – Agriculture, Food and Agribusiness at PwC India, said the Budget underscores India’s commitment to agricultural innovation, export competitiveness and women’s participation, with focused support for high-value crops, fisheries and dairy aimed at improving farm incomes and strengthening global competitiveness.

Mohammad Athar Saif, Partner and Leader – CP&I and Industrial Development at PwC India, commented that the integration of infrastructure and manufacturing, backed by a ₹12.2 lakh crore outlay, strengthens job creation while advancing India’s transition toward global manufacturing competitiveness under the Viksit Bharat vision.

S. Sankarasubramanian, Chairman, The Fertiliser Association of India and Managing Director and CEO, Coromandel International, said the Budget brings together productivity, resilience and affordability by reinforcing domestic fertiliser capability, rationalising customs duties and addressing inverted GST structures to improve predictability across the value chain.

Dr. Suresh Kumar Chaudhari, Director General, The Fertiliser Association of India, conveyed that district-level agricultural programmes, stronger seed systems and continued fertiliser support enhance farm-level decision-making while reinforcing supply security amid global volatility.

From an MSME and agri-processing perspective, Ankush Jain, Chief Financial Officer, Proventus Agrocom Limited, said the focus on high-value crop clusters and export-linked processing reflects a clear shift from volume to value, with potential to improve farmer incomes if backed by infrastructure and market access.

On energy and infrastructure, Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructures Limited, stated that the Budget’s emphasis on grid resilience, battery energy storage systems and customs duty exemptions for capital goods strengthens India’s medium-term energy transition while lowering system costs.

Vineet Mittal, Chairman, Avaada Group, said the Budget strikes a balance between ambition and discipline, with sustained public capex and reforms such as the Infrastructure Risk Guarantee Fund focused on building long-term productive capacity rather than short-term stimulus.

From a capital markets standpoint, Rajeev Radhakrishnan, Chief Investment Officer – Fixed Income, SBI Mutual Fund, noted that borrowing numbers may keep yields elevated in the near term, making RBI liquidity operations important even as fiscal consolidation remains a long-term positive.

Mahavir Lunawat, Chairman and Managing Director, Pantomath Capital, commented that reforms around municipal bonds, CPSE REITs and market-making frameworks significantly improve capital-raising pathways while strengthening transparency and liquidity in Indian markets.

Dr. Manoranjan Sharma, Chief Economist, Infomerics Valuation and Rating Ltd, said the Budget prioritises stability over surprise, with capex-led growth, manufacturing support and MSME funding providing continuity amid global uncertainty, while execution capacity remains critical.

Shubham Jain, Group CEO, Infomerics Valuation and Rating Ltd, added that steps to deepen corporate and municipal bond markets improve price discovery and investor participation, reinforcing bonds as a sustainable funding avenue.

Conclusion
Taken together, the perspectives reflect broad alignment that Budget 2026–27 focuses on execution, system resilience and long-term competitiveness. With agriculture, MSMEs, finance and energy positioned as interconnected growth drivers, the effectiveness of the Budget will ultimately depend on timely implementation, credit flow and coordination across central and state stakeholders.

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