Industry experts anticipate major reforms to boost manufacturing exports

Confidence is soaring across the Indian corporate landscape as the nation prepares for the financial roadmap of the year. According to the influential 'Pre-Budget Survey 2026-27' conducted by FICCI, the business community remains largely unfazed by global economic volatility.

Data indicates that nearly 80 percent of industry respondents are bullish about India's trajectory. There is a strong consensus on economic performance, with half of the surveyed leaders projecting a GDP growth rate between 7 and 8 percent for the coming fiscal year. This optimism stems from India's solid medium-term fundamentals, even as other global economies face headwinds.

Priorities for the Finance Ministry

As the Union Budget 2026-27 approaches, industry captains have outlined clear demands. The top three macroeconomic goals identified are mass job creation, accelerated infrastructure development, and aggressive support for exports.

To supercharge the manufacturing sector, FICCI has proposed the creation of a "mega electronics industrial cluster." This zone would strategically bring together Original Equipment Manufacturers (OEMs), component suppliers, and EMS firms under one roof to streamline production.

Defense and Global Trade

Modernising India’s defense capabilities remains a high-priority area. The survey recommends increasing the capital outlay share in defense allocations to 30 percent. This funding is crucial for developing Unmanned Aerial Vehicles (UAVs), AI-driven combat tools, and advanced electronic warfare systems.

On the trade front, exporters are calling for relief. The industry wants the government to rationalize customs tariffs by converging rate slabs to just three levels. This move would simplify the tax structure and significantly lower compliance costs. Furthermore, there is a push for higher allocations under the RoDTEP scheme to keep Indian products competitive in international markets.

Ease of Doing Business

Corporate India is also seeking a smoother regulatory environment. The report highlights a collective demand for digitization and tax certainty. Businesses are specifically asking for better dispute resolution mechanisms to foster an investor-friendly climate. Ultimately, the expectation is that the upcoming budget will perfectly balance rapid growth with fiscal discipline.

With Agency Inputs