₹12.2 T
Capital Expenditure FY27
[Para 18, Page 8]
₹40,000 Cr
Semiconductor Mission 2.0
[Para 36, Page 15]
₹10,000 Cr
Biopharma Shakti (5 yrs)
[Para 42, Page 17]
₹10,000 Cr
SME Growth Fund
[Para 55, Page 23]
₹20,000 Cr
Carbon Capture (CCUS)
[Para 60, Page 25]
41%
State Tax Share (16th FC)
[Para 130, Page 52]

Budget 2026-27 Headline Measures

Key policy measures used for stakeholder impact mapping and analysis

Source: Finance Minister's Budget Speech (Part A & B), Union Budget 2026-27, presented 01 Feb 2026 | Download Official Speech PDF | PIB Budget Portal

Manufacturing & Infrastructure

Budget Speech Part A, Paragraphs 15-48

  • CapEx Capital expenditure raised to ₹12.2 trillion for FY27 [Para 18, Page 8]
  • Priority Manufacturing reforms: pharma, semiconductors, rare-earth, chemicals, textiles, sports goods, capital goods [Para 20-25, Page 9-11]
  • Rail Seven high-speed rail corridors: Mumbai-Pune, Pune-Hyderabad, Hyderabad-Bengaluru, Bengaluru-Chennai, Delhi-Varanasi [Para 32, Page 14]
  • Bonds Corporate bond market framework; Infrastructure Risk Guarantee Fund for lenders [Para 45-46, Page 19]

Taxation & Finance

Budget Speech Part B, Paragraphs 85-135

  • No Change No change in income tax slabs/rates [Para 92, Page 38]
  • STT STT increased to 0.05% on equity derivatives (F&O) [Para 108, Page 44]
  • Buyback Share buybacks taxed as capital gains at individual slab rates [Para 105, Page 43]
  • States 16th Finance Commission: 41% share of divisible tax pool to states (2026-31) [Para 130, Page 52]

Innovation & Technology

Budget Speech Part A, Paragraphs 35-62

  • Semi India Semiconductor Mission 2.0: ₹40,000 crore – chip production, research & training [Para 36, Page 15]
  • Bio Biopharma Shakti: ₹10,000 crore over 5 years – R&D, manufacturing, innovation [Para 42, Page 17]
  • MSME ₹10,000 crore SME Growth Fund + ₹2,000 crore Self-Reliant India Fund [Para 55, Page 23]
  • Green ₹20,000 crore Carbon Capture (CCUS) over 5 years for power, steel, cement, refineries [Para 60, Page 25]

Compliance & Relief

Budget Speech Part B, Paragraphs 95-125

  • Relief ITR revision deadline extended from Dec 31 to Mar 31 with nominal fee [Para 98, Page 40]
  • MACT Income-tax exemption for MACT interest to natural persons [Para 102, Page 42]
  • Customs Rationalisation of customs duty exemptions; support domestic manufacturing [Para 115, Page 46]
  • NRI Simplified TDS on immovable property sale by NRIs – resident buyer deducts [Para 100, Page 41]

Top 15 Analysis: Winners, Losers & Missed Expectations

Directional assessment based on headline measures. Full scheme-by-scheme allocations may vary.

Top 15 Winners

Net Positive Impact

Top 15 Losers

Net Negative/Neutral Impact

Top 15 Missed Expectations

Pre-Budget Asks Unmet

Stakeholder Impact by Category

Detailed breakdown of budget impact across 10 stakeholder categories

105 Stakeholder Impact Matrix

Filter by category, impact score, confidence level, or search by keyword

# Category Stakeholder Benefits (Budget 2026-27) Adverse Impact What They Expected Net Score Confidence

How to Read This Analysis

Understanding the scoring framework and data sources

Net Impact Score

Ranges from -2 (strong negative) to +4 (strong positive). Based on explicit announcements and second-order effects.

+4 Strong Positive +3 Positive +1/+2 Mild Positive 0 Neutral -1 Mild Negative -2 Negative

Confidence Score

Indicates certainty of impact assessment based on directness of budget measure.

High - Direct announcement Medium - Indirect/spillover Low - Execution-dependent

Missed Expectations

Captures pre-budget asks that were not addressed. Based on industry representations and media reports.

Data Sources

Analysis based on FM's Budget Speech (Part A & B), Finance Bill 2026, PIB releases, and Ministry documents.

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