New Delhi [India], January 27 (ANI): The Indian business community remains optimistic about the country's economic trajectory despite global headwinds, according to the latest 'Pre-Budget Survey 2026-27' released by the Federation of Indian Chambers of Commerce and Industry (FICCI). The survey reveals that nearly 80 per cent of respondents expressed confidence in India's growth prospects, with half of the participants expecting a GDP growth rate between 7 and 8 per cent in the upcoming fiscal year.

This sentiment highlights a strong faith in the nation's 'medium-term fundamentals despite persistent global uncertainties,' while reinforcing the importance of the government's fiscal consolidation roadmap.

As the Union Budget approaches, industry leaders have identified job creation, infrastructure development, and export support as the three primary macroeconomic priorities. To boost the manufacturing sector, FICCI suggests the establishment of a 'mega electronics industrial cluster to co-locate OEMs, EMS firms and component suppliers.' There is also a significant call to modernise the nation's defence capabilities, with recommendations for the government to 'enhance the capital outlay share in defence allocations to 30%' to support the development of UAVs, AI-enabled capabilities, and electronic warfare systems.

Addressing the challenges of global trade frictions and new international regulations, the survey emphasises a 'need for stronger support to exports as a key priority.'

Respondents have urged for the streamlining of customs processes and a reduction in logistics bottlenecks. A specific proposal includes the rationalisation of customs tariffs by 'converging rate slabs to three levels,' a move intended to simplify the system and reduce compliance costs for businesses. Additionally, the industry is looking for enhanced allocations under the RoDTEP scheme to maintain export competitiveness in a volatile global market.

On the regulatory side, the survey highlights a collective desire for 'compliance simplification, digitization, and providing tax certainty.' Businesses are particularly focused on improving dispute resolution and litigation management to create a more investor-friendly environment. Ultimately, the FICCI report suggests that India Inc expects the forthcoming budget to 'balance growth imperatives with fiscal prudence' while accelerating reforms that will firmly position the country within global value chains. (ANI)