Industry leaders across healthcare, pharmaceuticals, senior care and clean energy sectors are making strong appeals for policy support in the upcoming Union Budget 2026-27. These stakeholders emphasize the need for sustained public investment, regulatory clarity and targeted incentives to address rising costs, demographic shifts, and global market uncertainties while strengthening India's domestic capabilities and competitiveness.

Healthcare Infrastructure and Cancer Care Priorities

Healthcare leaders are highlighting cancer care as a critical area requiring immediate attention due to its significant financial and emotional burden on Indian households. The sector is seeking comprehensive policy interventions to improve accessibility and affordability of cancer treatment across the country.

Uday Deshmukh, Chairman and Founder CEO of Onco-Life Cancer Centre, emphasized that increased spending on oncology infrastructure and reduced import duties on life-saving equipment are essential to ensure quality cancer care remains accessible and affordable nationwide. He stressed that strengthening cancer care must remain a national priority for the government.

Pharmaceutical Sector Demands R&D and Manufacturing Support

India's pharmaceutical industry is urging the government to prioritize research and development alongside domestic manufacturing capabilities to counter global trade uncertainties and geopolitical disruptions. The sector is seeking decisive policy measures to maintain India's competitive advantage in the global pharmaceutical market.

Nikkhil K. Masurkar, CEO of ENTOD Pharmaceuticals, stated that the Budget 2026-27 must adopt a forward-looking approach given intensifying US tariff uncertainties, supply-chain disruptions and geopolitical headwinds. He called for enhanced R&D incentives and sustained support for pharmaceutical MSMEs to meet global regulatory standards.

Shweta Rai, Managing Director India and Country Division Head South Asia at Bayer Pharmaceuticals, noted that previous Budget measures including duty exemptions on life-saving drugs had created positive momentum. She emphasized that sustained policy and funding support for pharmaceutical R&D, screening, diagnostics and healthcare infrastructure will be critical given the rising disease burden.

Senior Care Sector Highlights Infrastructure and Insurance Gaps

With India experiencing a significant demographic transition, senior care providers are advocating for targeted policy interventions to establish a formal and scalable care ecosystem. The sector is facing challenges related to affordability, infrastructure development, and regulatory framework.

Rajit Mehta, MD and CEO of Antara Senior Care, highlighted the need for expanding insurance coverage to include long-term care services and called for infrastructure status recognition for the sector. Ishaan Khanna, CEO of Antara Assisted Care Services, emphasized that while investor interest in senior-friendly healthcare is rising, affordability remains a key challenge requiring insurance coverage for assisted living and formal recognition of caregiving as a skilled service.

Clean Energy Sector Seeks Comprehensive Solar Support

The clean energy industry is looking to the upcoming Budget to address structural challenges across the solar value chain and strengthen India's renewable energy manufacturing capabilities. Solar manufacturers are seeking end-to-end policy support to ensure long-term sustainability and competitiveness.

Amod Anand, Co-Founder and Director of Loom Solar, outlined the need for incentives supporting upstream integration and rationalization of duties on raw materials. He also emphasized the importance of resolving the inverted GST duty structure and providing stronger policy support for commercial and industrial solar projects, storage solutions, and grid infrastructure development.

Industry Consensus on Balanced Policy Approach

Industry stakeholders across all sectors are united in their expectation for a balanced policy approach in Budget 2026-27. They emphasize the need for measures that support innovation and domestic capacity building while maintaining focus on affordability, accessibility, and long-term resilience. The proposed interventions aim to align near-term industry sustainability with India's broader economic and strategic objectives, ensuring that policy support translates into tangible benefits for end consumers and strengthens the country's position in global markets.

Fixed-income markets are drawing heightened attention from both retail and institutional investors as Budget 2026 approaches. Elevated bond yields, global rate volatility, and shifting fiscal-monetary dynamics have combined to make bonds an increasingly relevant asset class in portfolio construction. Market participants indicate the upcoming Budget could play a pivotal role in shaping sentiment across government securities, corporate debt, and broader capital markets.

Fiscal Discipline Key for Bond Stability

According to Saurav Ghosh, Co-founder of Jiraaf, investors are closely monitoring the government's commitment to fiscal consolidation. "As we look ahead to Budget 2026, retail and bond investors alike are keenly focused on fiscal consolidation and credible deficit guidance," Ghosh explains. He emphasizes that a disciplined approach toward lower fiscal deficits helps anchor government bond yields and reduces uncertainty in the rate environment.

Stable sovereign yields create cascading positive effects across debt markets. "It creates conditions for Indian corporates to tap the debt markets with greater confidence," Ghosh notes, adding that higher corporate bond issuance can meaningfully boost capital formation and support economic growth, particularly during periods of equity market volatility.

Regarding taxation expectations, Ghosh anticipates limited changes. "Both tax regimes have already seen significant reform over the last 12 months, so the Budget is more likely to focus on clarifications rather than major structural changes," he states.

Global Dynamics vs Domestic Resilience

While global developments continue influencing capital flows, economists argue that India's domestic fundamentals will ultimately guide bond markets. Pranjul Bhandari, Chief India Economist and Strategist at HSBC Global Investment Research, highlights the complex global backdrop affecting Indian markets, including bond index inclusion discussions and shifts in global monetary policy.

"There is a lot going on globally that impacts Indian markets, but we are focusing on India's domestic resilience, which we believe will guide markets once the dust settles," Bhandari observes. She points to strong domestic growth and benign inflation readings as indicators of a favorable economic phase, while acknowledging concerns around insufficient corporate investment and subdued foreign inflows.

Favorable Fiscal-Monetary Mix for Bonds

The current macroeconomic environment appears supportive for fixed-income investments. Bhandari believes the combination of tight fiscal policy and relatively easy monetary conditions could create an optimal balance for asset markets. "This mix should be positive for all asset classes," she explains.

Several factors are already supporting bond markets:

• Higher state government borrowing planned for Q1 FY26 is largely priced in
• Ongoing RBI bond purchases are helping contain yield volatility
• Expectations of fiscal prudence in Budget 2026 could reinforce market confidence
• Bond index inclusion developments may unlock incremental foreign flows

Bhandari emphasizes that bond index inclusion-related developments represent a potential additional tailwind that could unlock incremental foreign flows into Indian debt over the medium term, further strengthening the fixed-income market outlook.