The Union Budget 2026-27 is all set to be presented on Sunday (February 1, 2026) by the Finance Minister of India, Nirmala Sitharaman. This is going to be Sitharaman’s ninth budget speech and all Indian residents from different segments of the society are looking forward to the budget. Prominent industrialists from Punjab have given their two cents about what the budget expectations are especially from an industrial point of view.
Ashwani Kumar the MD Victor Tools says that since Punjab is a border state so a lot is at stake when we talk about it. Talking about his budget expectations he mentions how at this point of time it has become crucial to revive the micro industry sector of the region. He says that the Micro, Small and Medium Enterprises (MSME) sector plays a big role in the Indian economy and it requires more attention. He sheds light on how this sector has been going downhill since India was hit by COVID-19. He stresses how the revival of the MSMEs is going to play a crucial step in the longer run. A large chunk of Indian economy depends on these MSMEs so according to Ashwani Kumar they must be looked at as a priority.
The role of MSMEs in the Indian economy is crucial for several reasons. It serves as a significant source of employment, particularly in economically disadvantaged regions, contributing to poverty alleviation and inclusive growth.
Talking further about his budget exceptions he mentions how he does not expect the government to shoulder 100% of the burden but rather suggest few things that might help the economy to get a boost. He mentions how the PSIC funds referred primarily to the Punjab Small Industries Corporation (PSIC) can provide great benefits. He also mentions the formation of a separate board to look after the industrial requirements so that all the needs could be addressed accordingly.
The MD of Victor Tools also highlights how the One District One Product (ODOP) approach can also be beneficial to the industry. He explains how the One District One Product (ODOP) approach would reap the benefit of scale in terms of procurement of inputs, availing common services and marketing of products. This initiative aims to boost balanced regional development by selecting, branding, and promoting at least one unique product, often GI-tagged, agricultural, or craft-based, from each of the country's 700 plus districts.
Gaurav Sud, partner at Prime Banox say how export policies must be strengthened in order to boost the economy. He shares how the budget does not significantly impact the businesses rather it is the trade deals that ultimately shape the economy and gives a boost. He shares how the India-EU Free Trade Agreement is a decisive move that would help the Indian economy grow.
Reportedly, after nearly two decades of on-and-off negotiations, India and the European Union announced the conclusion of the India–EU Free Trade Agreement at the 16th India–EU Summit on January 27, 2026. Gaurav Sud shares how it is crucial that the government must keep its focus aligned and bag more such trade deals in the future.
He further sheds light on how some schemes introduced for the betterment of the public fall short due to the lack of funds and does not reap any profits as they are meant to. He also shares his concerns about the deteriorating law and order situation in Punjab that ultimately blows a hit on the state’s economy. He compares Punjab to UP saying that today UP is doing much better than Punjab in terms of safety. He explains how the labors coming from UP now choose to stay back, closer to their homes rather than pursuing opportunities in Punjab. He emphasis that a need to shift the focus towards international trade deals is going to be the ultimately game changer.