This Union Budget 2026 Analysis reveals that India’s latest fiscal roadmap is not merely an account of finances but a guide for the future of the country. This time around, the eagerness to know more about the budget was palpable, as the presentation on a Sunday—a very rare occurrence—emphasized its importance in the Indian scenario. To decode the complexities of this year’s announcements through a professional Union Budget 2026 Analysis, we sat down with CA Chahak Chugh Bahal. A distinguished professional, Chahak holds the rare distinction of being both a Chartered Accountant and a Company Secretary with an All India Rank (AIR-9), further highlighted by her AIR-5 in the ICWA exams.
As an established consultant, Chahak brought a unique, grounded perspective to our conversation about the “Kartavya” (duty) driven budget of 2026.
The Three Kartavyas: Duty Towards a Developed Nation
The Finance Minister has based the 2026 Budget on three main Kartavyas:
- Accelerating and Sustaining Economic Growth
- Fulfilling Aspirations and Building Human Capacity
- Inclusive Development (Sabka Saath, Sabka Vikas)
When we asked Chahak which of these is the most pressing at the moment for India, her response was unequivocal: Human Capacity Building.
“While economic growth is the engine, the people are the fuel,” she explained. She believes that without bridging the skill gap, the other goals remain secondary.
Bridging the Gap: Education to Employment
One of the most talked-about features of this budget is the setting up of a high-powered ‘Education to Employment and Enterprise’ Standing Committee. This committee is designed to link academic degrees directly to job market requirements, particularly in the services sector.
As a CA who has navigated the toughest professional exams, Chahak is optimistic but cautious. “The mismatch between what we learn in classrooms and what the industry requires is a long-standing issue,” she noted. We asked her a “fun” question – if she were on that committee, what one skill would she fund immediately – she didn’t hesitate: Artificial Intelligence (AI). She stressed that AI is no longer a vision of the future but a pressing need that must be incorporated into every curriculum.
Space and Beyond: The Unsung Heroes
Interestingly, Chahak pivoted the conversation to a sector often left in the shadows of fiscal debates – Space. She pointed out that while Indian space organizations are doing exceptional work with world-leading efficiency, they still require more strategic attention and funding to maintain India’s competitive edge in the global space race.
Impact on the Common Man and Small Businesses
For the average citizen, the Income Tax Act is always the headline. Chahak observed that although the budget is centered on making compliance easier through the new Act, the “common man” is still looking for relief. She broke down the transition to a more digital, “faceless” taxation system as a move towards greater transparency, although she did admit that the learning curve is still quite steep for the average citizen.
The conversation then moved to small business owners. One of the Kartavyas focuses on accelerating growth, but we asked: Does this growth feel real to a small business owner today?
“There is definitely a gap,” Chahak admitted. “Between the policy on paper and the profit on the ledger, there are hurdles of liquidity and local bureaucracy. However, the hope is that these structural reforms will eventually trickle down to the grassroots level.”
The Corporate Mitra Framework
To address these hurdles, the government proposed the Corporate Mitra Framework. According to Chahak, the purpose of this project is to develop a pool of trained professionals who will serve as “friends” to MSMEs, assisting them in dealing with complex regulatory and compliance matters at an affordable cost. For a small business, having a “Mitra” means that they can concentrate on their business while the professional takes care of the paperwork.
The Final Verdict
To wrap up our interview, we asked Chahak to put on her examiner’s hat. “Having aced the toughest exams in the country, what grade would you give to the Union Budget 2026?
“I would give it a 6.5 out of 10,” she said thoughtfully.
She explained that while the vision is futuristic and the focus on “Kartavya” is commendable, there are several areas – especially regarding immediate relief for the middle class and deeper support for space research – that need more aggressive attention.
As we concluded, it was clear that while the budget has set the stage for a “Viksit Bharat”, the success of this journey will depend on how effectively these “duties” are performed by the government and citizens alike.
