Breaking with long-standing convention, Union Budget 2026 is expected to shift its strategic narrative from Part A to Part B of the Budget speech, making it the principal platform for outlining India’s economic reform roadmap. Finance Minister Nirmala Sitharaman is likely to use the extended Part B to articulate both near-term policy actions and long-term growth priorities, reflecting India’s ambitions as a major global economic player.
Officials describe the Budget’s orientation as “Reform Express,” signalling a strong push for cross-sector structural reforms aimed at improving ease of doing business, enhancing competitiveness and reinforcing domestic manufacturing. This approach gains urgency against the backdrop of a global economic slowdown and rising protectionist pressures, particularly from the United States.
Key announcements are expected around a comprehensive overhaul of India’s customs duty structure, including rationalisation of basic customs duty slabs and simplification of procedures. The objective is to reduce compliance costs, limit classification disputes and improve predictability for businesses integrated into global value chains.
In addition, the government is considering the creation of Unified Export and Manufacturing Zones by merging existing frameworks such as SEZs, EOUs and the MOOWR scheme. This move aims to build a more integrated, efficient and export-resilient manufacturing ecosystem, aligned with India’s broader industrial and trade strategy for the coming decade.
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