As we look ahead to Budget 2026, retail and bond investors alike are keenly focused on fiscal consolidation and credible deficit guidance. A disciplined glide path toward narrower deficits not only helps keep government bond yields steady but also creates conditions for Indian corporates to tap the debt markets with greater confidence. Increased corporate borrowing via bonds can meaningfully boost capital formation and support broader economic growth. On the tax front, I do not expect major changes in direct or indirect taxes, other than clarifications, since both regimes have undergone significant reform over the last 12 months.

Saurav Ghosh, Co-founder of Jiraaf