Union Budget 2026: CA Abhay Bhutada Shares Views on Key Economic Priorities

Prepared in Kartavya Bhawan, the budget is anchored around three core Kartavyas: accelerating and sustaining economic growth, building the capacity and aspirations of people, and ensuring inclusive access to opportunities in line with the vision of Sabka Sath, Sabka Vikas.

Banking, NBFC Reforms and Tax Simplification

Bhutada highlighted the proposal to set up a High-Level Committee on Banking for Viksit Bharat as a timely reform to review the sector’s readiness for the next phase of growth. He also pointed to the restructuring of Power Finance Corporation and Rural Electrification Corporation as a move to improve scale, efficiency and long-term infrastructure financing in public sector NBFCs.

“As credit demand expands, aligning stability, inclusion and consumer protection will be critical for sustaining confidence in the financial system,” CA Abhay Bhutada said.

On taxation, Bhutada said the new Income Tax Act, effective April 2026, along with simplified TDS and TCS provisions and extended timelines for return revisions, could materially reduce compliance friction and litigation, improving ease of doing business.

Support for MSMEs and Capital Access

Bhutada, a Chartered Accountant, said the creation of a ₹10,000 crore SME Growth Fund is a targeted step towards building “Champion SMEs” by providing growth-stage risk capital linked to defined performance criteria. He also highlighted the additional ₹2,000 crore allocation to the Self-Reliant India Fund, which reinforces continued access to risk capital for micro enterprises.

He noted that the involvement of professional bodies such as ICAI, ICSI and ICMAI in developing short-term, practical programmes for “Corporate Mitras”, particularly in Tier II and Tier III towns, could strengthen financial discipline, compliance readiness and governance among small businesses.

Technology, Data Centres, and Global Investment

On the technology front, Abhay Bhutada said the budget sends a clear signal to position India as a global data and digital services hub. Tax holidays for foreign cloud service providers using Indian data centres, along with rationalised safe harbour norms and automated approvals for IT services, provide greater certainty for long-term investment and exports.

He concluded that Budget 2026-27 offers a coherent financial and technology framework, and that disciplined execution of regulatory and capital allocation reforms will be critical to achieving sustainable growth under the Viksit Bharat vision.