Industry terms Union Budget forward looking budget for economic growth

Visakhapatnam: Industry leaders have welcomed the Union Budget 2026-27 presented by Union Finance Minister Nirmala Sithaman in Parliament on Sunday.
The Union Budget 2026'27 is a forward-looking and confidence-building Budget that reflects the Government's strong commitment to next generation reforms, sustaining high economic growth while maintaining macroeconomic stability. At a time of heightened global uncertainty, the Budget sends a reassuring signal of continuity, credibility, confidence and long-term vision for India's development journey.

Chairman of CII Andhra Pradesh G Murali Krishna said, 'The Union Budget 2026 reflects a balanced and forward-looking approach to India's macroeconomic growth. By reinforcing key sectors such as manufacturing, MSMEs, agriculture, and education, the Budget not only strengthens the nation's economic foundations but also charts a clear path towards a Viksit Bharat. Its emphasis on productivity, infrastructure, and export competitiveness will support sustained growth, generate employment, and enhance India's global economic standing, while significantly benefiting Southern India.'
A. Satyanarayana, president of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) hailed the budget a very positive and forward-looking budget and efforts made to cover all traditional areas as well as new frontier technology areas highlighting the six interventions to accelerate and sustain a sustainable economic growth. The proposal to allocate Self-Reliant India Fund of ₹4,000 crore in fiscal year 2026-27 to bolster micro, small, and medium enterprises (MSMEs) is itself a positive step for the promotion of MSMEs. He appreciated the proposal to assist MSMEs, the government also plans to establish a dedicated group of "corporate mitras" throughout Tier-II and Tier-III locations to aid Micro, Small and Medium Enterprises.

The Union Budget strengthens Visakhapatnam as a port-led hub for industry, pharma, logistics, emerging technologies and agriculture. Initiatives like Biopharma Shakti, cloud service tax holidays, container manufacturing, aerospace duty exemptions and support for high-value crops and fisheries will attract investments, boost exports, create jobs and enhance regional competitiveness positioning Visakhapatnam as a leading industrial, digital and life sciences hub on India's east coast, said CII Visakhapatnam chairman DVS Narayana Raju.

The proposed tax holiday till 2047 for global cloud service providers is a transformative step that positions India as a preferred destination for hyperscale data centres, vice chairman of CII Vizag G Krishna Mohan said and added that Visakhapatnam, with its robust port connectivity, reliable power infrastructure, availability of land, and growing digital ecosystem, is well placed to attract large-scale data centre investments. This policy will accelerate investments in cloud, AI and digital infrastructure in the Visakhapatnam region, create high-value jobs, and reinforce its emergence as a strategic digital and technology hub on India's east coast.

KVV Raju, CEO of Ajinomoto Biopharma Sciences, said the ₹10,000-crore Biopharma Shakti programme gives a major boost to Visakhapatnam, which already hosts one of India's largest pharma and bulk-drug clusters. He noted that support for biologics and biosimilars manufacturing, expansion of clinical trial infrastructure and a stronger regulatory framework will attract high-value R&D and global pharma investments to the region. The proposed medical tourism hubs and expansion of allied healthcare workforce further position Visakhapatnam as a leading life sciences and healthcare hub for eastern India with strong international connectivity through Visakhapatnam Port other upcoming Port based infrastructure in Andhra Pradesh.

Sharp rise in public capital expenditure, along with new freight corridors, coastal cargo promotion and national waterways development, will significantly strengthen Visakhapatnam's position as a key maritime and logistics gateway. G Sambasiva Rao, managing director of Shravan Shipping Services, He added that the proposed ₹10,000-crore container manufacturing scheme creates strong opportunities for container fabrication, repair and ship-linked industries in Visakhapatnam, generating employment and reinforcing India's port-led industrial and maritime supply chain.

Executive chairman of Vijayanagar Biotech D Tirupati Raju said emphasis on high-value crops, value addition and technology-driven agriculture in budget will strongly benefit Andhra Pradesh's agrarian and coastal economy. The focused support for coconut, cashew and cocoa which are key crops in the state along with fisheries and animal husbandry value chains, will enhance farmer incomes and create new opportunities for agri-processing and biotech innovation. The launch of the AI-enabled Bharat Vistar platform will help Andhra Pradesh's farmers adopt scientific practices, improve productivity and build a more resilient, future-ready agricultural ecosystem, he added.

The Budget 2026 Customs duty exemptions for aircraft components and MRO materials are a game-changer for Andhra Pradesh, directly benefiting the new MRO centre at the new International Airport. Coupled with the dedicated rare earth corridors, Visakhapatnam is set to emerge as a strategic hub for aerospace, clean energy and defence industries, attracting investments, creating jobs, and strengthening regional industrial growth, J Srinivasa Raju, MD of Geomarine Dynamics, said

CEO of Sandhya Technologies B Murali Manohar Rao said, India Semiconductor Mission 2.0 indirectly benefits Visakhapatnam by enabling electronics manufacturing, chip design support services and backend supply chains. With industrial parks, engineering talent and port access, Visakhapatnam can emerge as a location for electronics assembly, testing, packaging support industries and logistics for semiconductor equipment and materials, he added.