Budget
Indians greet Budget 2026 with caution, not cheer: Kantar survey
Mumbai: As India heads into the Union Budget on February 1, consumers are no longer starry-eyed. They are alert, restrained and quietly anxious. Kantar’s fifth annual India Union Budget Survey shows optimism lifted by tax relief last year, but tempered by inflation, job insecurity and global uncertainty as Budget 2026 approaches.
Satisfaction with the 2025 Budget remains relatively strong, with 70 per cent of Indians saying it met expectations, largely due to tax reforms. That marked a rebound after sentiment slid from 73 per cent in 2023 to 67 per cent in 2025. Yet the mood has shifted from hope to hard-nosed realism. Households are now prioritising income stability and future preparedness over discretionary growth.
Inflation continues to bite. Concern has risen to 60 per cent in 2026, up from 57 per cent in 2024, while 36 per cent of respondents cited layoffs as a key worry, underscoring unease around job security. Demand for further personal tax relief remains steady, especially among the middle class. Key expectations include raising the standard deduction from Rs 75,000 to Rs 1 lakh, alongside enhanced Section 80 deductions and medical and health insurance rebates.
Economic caution is also reshaping consumption. Faith in India achieving its $5 trillion economy milestone has slipped from 2027–28 to 2028–29, reflecting a more grounded outlook. 51 per cent of Indians see global geopolitical conflicts as a threat to growth and stability, while views on US tariffs are split, with 58 per cent either confused or pessimistic. Business owners and the self-employed are more wary, even as salaried consumers show greater optimism around export diversification.
This uncertainty is translating into tighter spending. Intent to spend on discretionary categories such as dining out, shopping, entertainment and subscriptions has fallen to 55 per cent in 2026, down from 58 per cent in 2024. Appetite for big-ticket purchases including leisure travel, vehicles, property and luxury goods has dropped to 46 per cent, from 51 per cent two years ago.
Confidence in India’s broader growth narrative is also cooling. Expectations of improved performance from the startup ecosystem have eased to 67 per cent, down from 73 per cent in 2024. Market sentiment mirrors this restraint, with 63 per cent of consumers expecting the BSE Sensex to trade between 86,000 and 95,000 in 2026.
Artificial intelligence, meanwhile, has gone mainstream. 79 per cent of consumers now use AI multiple times a week. A majority, 54 per cent, believe it will drive upskilling, new skills and workplace efficiency, with ecommerce, education and cyber security seen as the biggest beneficiaries. Yet unease lingers. 18 per cent fear job losses or role reductions due to AI, while 54 per cent flag AI misuse and AI-led financial fraud as rising risks. More than half, 53 per cent, are calling for faster regulatory approvals and tax incentives for early-stage AI startups.
India’s march towards a cashless economy is accelerating too. Digital payment adoption has climbed from **53 per cent in 2024 to 67 per cent** now, led primarily by salaried consumers.
Policy awareness, however, remains uneven. Awareness of the new labour code reforms stands at 51 per cent, with eight in ten informed respondents expecting a positive impact. By contrast, awareness of the Digital Personal Data Protection Rules 2025 remains limited, pointing to gaps in government communication.
Sustainability intent is visible but constrained. 58 per cent of consumers plan to adopt electric vehicles, though limited charging infrastructure and battery safety concerns continue to slow wider adoption.
Commenting on the findings, Deepender Rana, executive managing director, south Asia, Kantar, said consumer sentiment has clearly matured. “Over the past few years, sentiment has shifted from optimism to a more pragmatic outlook. Concerns around inflation and job security persist, now compounded by global uncertainties and geopolitical tensions. While tax relief has lifted sentiment, households are increasingly focused on income stability and future preparedness,” he said.
Rana added that consumers expect sharper engagement from policymakers. “There is a clear expectation for the government to engage more closely with the middle class and taxpayers through targeted reforms, stronger economic safeguards and transparent communication. Policies that support upskilling, responsible AI adoption and digital trust will be critical to sustain confidence in India’s growth story.”
For Budget 2026, the message is blunt: Indians are no longer asking for grand promises. They want reassurance, resilience and rules that help them steady the ship as the world turns choppy.
MUMBAI: Anuj Singhal, managing editor at CNBC- AWAAZ and CNBC BAJAR, operates at the sharp end of India’s business news ecosystem. With over two decades in business journalism, he has earned credibility for decoding policy, markets and macro trends for millions of Hindi-speaking investors. Equal parts newsroom leader and market analyst, he shapes editorial direction while anchoring flagship shows that break down the economy, politics and corporate India in real time.
Known for cutting through jargon and hype, Singhal blends data, discipline and clarity — a mix that has made him one of the most trusted voices in Hindi business news.
In this interaction, he discusses the Union Budget, trade deals, newsroom strategy and what truly moves markets and ratings.
• What was the single most market-moving announcement in this Budget, and why?
The most market-moving element was the clear commitment to fiscal consolidation without compromising capex. The glide path on fiscal deficit reassured bond markets and foreign investors, while sustained public investment kept growth expectations intact. That balance removed a big overhang for both equities and debt.
• Do you see this Budget as growth-oriented, fiscally cautious, or politically calibrated?
This Budget is growth-led but fiscally disciplined. It avoids overt populism, stays within macro guardrails, and prioritises medium-term competitiveness over short-term optics. Politically, it is restrained; economically, it is deliberate. The message is clear: stability over spectacle.
• How is CNBC-AWAAZ programming different, especially in decoding trade deal impact?
CNBC-AWAAZ goes beyond headline reaction. We translate policy into portfolio impact — sector by sector, stock by stock.
On trade agreements, our focus is on:
-Earnings visibility
-Export competitiveness
-Currency implications
-Margin sustainability
We don’t treat trade deals as political milestones. We decode them as profit-and-loss events for corporate India and map them to FY earnings trajectories.
• Which sectors look like clear winners and laggards over the next 12–18 months?
The next 12–18 months favour sectors aligned with structural spending and supply-side strengthening.
– Clear beneficiaries:
Capital goods and infrastructure
Manufacturing linked to export chains and PLI ecosystems
Power, defence, and logistics
– Relative laggards:
Consumption segments dependent on immediate demand revival
Businesses facing margin pressure from global volatility or pricing power erosion
This is not a momentum-driven market environment. It is execution-driven. Balance-sheet strength and order visibility will matter more than narrative.
• One headline to sum up this Budget 2026 for India Inc?
“Steady Hands, Long-Term Vision: A Budget That Rewards Discipline Over Drama”.
• What editorial filters do you apply before calling something ‘market-positive’ or ‘negative’?
We apply three structured filters:
– First: Earnings translation — does this materially change earnings visibility or cash flow outlook?
– Second: Time horizon — is the impact immediate, cyclical, or structural?
– Third: Valuation context — good news priced in or not.
If a policy doesn’t move earnings or risk perception, we don’t oversell it.
• How has business news consumption changed around big policy events?**
There has been a clear behavioural shift. They’re less interested in what was said, more in what it means for their money. There’s also a clear shift toward second-screen consumption, with digital platforms complementing live TV. The audience seeks sharper accountability. Viewers no longer accept broad optimism or pessimism — they want frameworks, numbers, and sector mapping.
• CNBC-AWAAZ decisively outperformed on Budget Day. What editorial and distribution choices mattered most?
Three deliberate strategic choices:
– Preparation depth:
We build scenarios months in advance — deficit ranges, sectoral incentives, tax calibrations — so we’re ready with analysis the moment numbers are announced.
– Language of impact:
We translate macro policy into investor-friendly Hindi without diluting complexity. That bridges accessibility and sophistication.
– Integrated distribution:
Television, YouTube, and digital platforms operate as one editorial grid, not parallel silos. This ensures continuity of narrative.We stayed analytical while others stayed reactive.
• How different is your YouTube audience from your TV audience?
The behavioural differences are subtle but important. TV audiences prioritise authority, structured debate, and context. YouTube audiences want speed, clarity, and actionable insights — often sharper, sometimes more opinionated. However, both share one expectation: accuracy. The format evolves; the trust benchmark does not.
• How do you retain viewers after the budget speech ends?
By shifting from announcements to implications.Retention comes from shifting the narrative from announcement to implication. We break down sectoral breakouts, stock-level impact, and what to do next. The speech is just the trigger; analysis is the destination.
• Is Budget Day your biggest traffic day?
It is one of the biggest — but more importantly, it is among the deepest in engagement. Viewers spend longer durations, revisit segments, and seek follow-up programming. That indicates behavioural trust, not just traffic.
• What’s the first thing you personally track on Budget Day — the speech or the markets?
The markets. They’re the fastest truth-teller. The speech explains intent; markets reveal interpretation.
• Your personal Budget-day ritual?
Early morning prep, minimal distractions, and once the speech begins, complete immersion. For me, Budget Day is less about reaction and more about reading between the lines.
• What drove your Budget-day ratings dominance, and how are Budget and trade deals shaping markets now?
Our dominance came from credibility, consistency, and clarity.
As for markets, both the Budget and recent trade deals are reinforcing a narrative of policy stability and global integration, which supports valuations even amid global volatility.
For Singhal, the market is the final judge. Policies can promise and speeches can persuade, but prices reveal what investors truly believe. As India’s investor class grows more informed and more demanding, business journalism is shifting from commentary to calibration. The premium is on clarity, context and credibility. In a landscape flooded with noise, the real edge lies in interpretation. In the end, the markets listen to numbers, not narratives , and Singhal’s craft is helping viewers tell the difference.
