By Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance

“The Budget clearly signals continuity of intent on infrastructure and logistics, even if headline capex has not increased sharply. By reiterating the importance of infrastructure, logistics and river-linked transport, it strengthens India’s ability to move goods efficiently and connect manufacturers to coastal and international markets. Over time, this should help ease bottlenecks, lower logistics costs and expand market access for Indian industry.

I am also encouraged by the emphasis on MSMEs and emerging indigenous sectors such as biopharma and food processing. India is a large food producer with the capacity to meet domestic demand while also serving global markets. With the right policy support, this focus can translate into stronger rural incomes and more resilient MSMEs.

On the funding side, while NBFCs already access international markets through bonds and syndicated loans, monetary transmission in India has traditionally been gradual. Rate cuts may not translate immediately, but a deeper and more efficient corporate bond market can, over time, meaningfully widen access to capital for industry.”