What Union Budget 2026 means for Gujarat’s businesses and industry?:Push for state’s MSMEs, natural medicine industries, fisheries; unchanged tax slabs criticised

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2026 before the Lok Sabha today. The finance minister’s speech began at 11 am, and lasted 85 minutes. While, the government didn’t raise income tax exemption limit of Rs 12 lakh, but the finance minister did provide more time to file revised returns. Gujarat outlook for Union Budget Talking about Gujarat, industry leaders paint a positive picture for the industries. However, an absence of relief in tax slabs is also noted. Gujarat Chamber of Commerce and Industries (GCCI) President Sandeep Engineer mentioned that the state would directly be impacted being a hub for Micro, Small, and Medium Enterprises (MSMEs). The budget has opened several credit extension routes, which could be seen as a major relief for MSMEs across the state, and the nation, Engineering described. Engineer explained that Gujarat is an established hub for natural derivative medicines, natural medicinal treatments, and organic derivatives. This sector has received a major relieve. Sectors to be relieved in Union Budget Other industries of Gujarat to have benefited from this announcement include engineering, silicon chips, as well as cars and automobiles. Addressing the media, Engineering noted that GCCI had appealed for simplification of taxes, in direct and indirect tax. He notes that the government has taken it into consideration, and a new act was introduced. Simplification in customs through auto approval systems is also a crucial addition for Gujarat’s vast coastline, describes Apurva Shah, GCCI’s Vice President, in a conversation with Bhaskar English. Shah describes the over 2,300-km long coastline of Gujarat as a blessing, noting that the provisions for fisheries sector are going to prove extremely beneficial for the state. “Large establishments to miniscule MSMEs are involved in fisheries in Gujarat. They would be directly relieved with the reforms in the budget,” Shah noted. Experts in finance sector from Gujarat did point out a major absence of reforms in tax slabs.