“The budget is coming at a time when India is in a strong domestic position, but global uncertainties remain elevated. The government is expected to factor in these risks while charting its fiscal roadmap,” Kohli said.
He said the upcoming budget is likely to maintain its focus on growth-led spending without compromising fiscal prudence, highlighting that the country’s fiscal deficit has remained under control over the past few years.
Kohli expects infrastructure development to remain a central pillar of government spending, along with a renewed thrust on manufacturing as India seeks to leverage opportunities arising from China’s waning dominance in the sector. Agriculture, he said, is also likely to stay in focus, with possible measures related to irrigation, fertilisers, seeds and minimum support prices.
According to him, sectors such as railways, civil aviation and research and development are expected to receive continued policy backing. Green energy and rare earth minerals may gain increased attention in line with India’s energy transition ambitions, while startups and space technology could also emerge as priority areas.
On the tax front, Kohli said major changes are unlikely, given that several reforms were already introduced in the previous budget. However, limited tweaks to standard deduction, TDS and TCS, as well as steps to smoothen the shift to the new Income Tax Act from April 1, 2026, remain possible.
He added that as the government pursues its long-term vision of Viksit Bharat 2047, the Budget will be required to accelerate growth while ensuring macroeconomic stability remains intact.