“The increase in wholesale inflation in April 2026 was largely driven by a sharp rise in energy and petroleum-related prices, which also contributed to higher input costs across several manufacturing segments. In contrast, food-related wholesale inflation remained relatively moderate compared with recent periods of raised volatility said Mr. Rajeev Juneja, President, PHDCCI.”

The WPI Fuel & Power group recorded inflation of 24.71 per cent in April 2026, up from 1.05 per cent in March 2026. Crude petroleum and natural gas inflation rose significantly to 67.18 per cent, while petrol and high-speed diesel inflation increased to 32.40 per cent and 25.19 per cent respectively.

Global Brent crude prices witnessed a high surge reflecting heightened geopolitical risk, supply disruptions, and tightening global energy markets, he added.

Primary Articles inflation increased to 9.17 per cent in April 2026, supported by higher prices of crude petroleum & natural gas, food articles, and minerals. Manufactured Products inflation also strengthened to 4.62 per cent, reflecting broad-based increases across several industrial groups including basic metals, chemicals, textiles, machinery and food products.

On a month-on-month basis, the headline WPI increased by 3.86 per cent in April 2026 over March 2026, with Fuel & Power registering a substantial monthly increase of 18.22 per cent.

The WPI Food Index rose modestly to 2.31 per cent in April 2026 from 1.85 per cent in March 2026. Within food categories, inflation remained contained in cereals and pulses, while prices of vegetables and fruits recorded mixed movements. Onion prices continued to remain lower on a year-on-year basis, while milk and protein-based food items registered moderate increases.

Among manufactured products, inflation in basic metals increased to 7.00 per cent, textiles to 7.30 per cent, and chemicals and chemical products to 5.09 per cent, indicating rising cost pressures across industrial supply chains.

The provisional WPI index for All Commodities stood at 167.0 in April 2026, compared with 160.8 in March 2026. The final WPI inflation rate for February 2026 was revised to 2.26 per cent.

DPIIT stated that the WPI for April 2026 was compiled with a weighted response rate of 96.7 per cent. The provisional figures are subject to revision in line with the established revision policy.

“Going forward, movements in global energy prices, commodity markets, and supply chain conditions will remain important determinants of wholesale price trends. The evolving trajectory of fuel costs and transmission into manufacturing and transport sectors will continue to be monitored closely in the coming months says Dr. Ranjeet Mehta, SG & CEO, PHDCCI

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The scheme provides government-backed credit guarantees to banks and financial institutions, enabling faster and collateral-free emergency lending to eligible businesses, he added.

ECLGS is designed to address temporary liquidity shortages faced by industries during periods of economic stress by reducing lending risk for financial institutions through sovereign-backed guarantees to enable continued credit flow to viable businesses across manufacturing, services, trade, logistics, healthcare, hospitality, aviation, and among others.

Under the scheme, eligible firms are able to access additional working capital support without the requirement of fresh collateral which will help industries meet operational expenses, maintain production cycles, pay suppliers, and retain employees, he added

The availability of guaranteed emergency credit will help MSMEs:

• Maintain working capital operations
• Continue wage payments
• Procure raw materials
• Prevent supply-chain disruptions
• Avoid insolvency and business closures

“Further, the scheme will play an important role in stabilizing industrial supply chains and protecting employment. By ensuring continuity of credit production stoppages are reduced, vendor payment cycles are maintained and large-scale layoffs were mitigated”, added Juneja

The government guarantee mechanism supports financial-sector stability by encouraging banks and non-banking financial institutions to continue lending during uncertain economic environment. The scheme continues to be regarded as one of India’s largest emergency credit-support interventions aimed at safeguarding industrial activity, MSME resilience, and employment continuity said Dr. Ranjeet Mehta, SG & CEO, PHDCCI.

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India’s foodgrain production is projected to reach approximately 368 MMT by 2030–31, and while current storage capacity remaining lower, a quick response framework is needed to encourage investment in this industry.  This integrated approach of converting market intelligence into actionable financial modelling positions this initiative as a first-of-its-kind industry toolkit related to agricultural logistics.

PHDCCI’s latest effort bridges a critical gap between market analysis and project execution. The newly released financial model takes this further and translates market opportunity into implementable market entry strategy with clear financial metrics.

The new report and model provides:

·         A standardised project template that can be used by both investors and Government of India’s PPP initiative

·         Detailed capex, opex, revenue, and financing structures

·         Bankable projections of cash flows, returns, and debt servicing

This makes the report not just analytical—but directly usable for investment decisions, DPR (Detailed Project Feasibility Report) preparation, and financial closure. The report is backed by a financial model which is structured as a plug-and-play tool that helps investors to move quickly from concept to decision-making.

It also provides standardized financial inputs that can be directly used for bank financing proposals, public-private partnership (PPP) bids, and leveraging schemes such as the Agriculture Infrastructure Fund (AIF).

PHDCCI stated that this initiative represents a new approach to policy advocacy—moving beyond recommendations to execution-ready solutions by combining industry market research report with financial modelling, with the aim to catalyse faster project implementation, and greater private investment.

A technology-driven storage infrastructure is essential to support India’s transition toward a more efficient agricultural value chain to reduce wastage and creation of value added products both for domestic as well as export markets said Mr. Rajeev Juneja, President, PHDCCI.

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Addressing the session Sh. Arvind Shrivastava, IAS, Revenue Secretary, Ministry of Finance, said the Union Budget 2026–27 marks a structural redesign of India’s tax administration framework, aimed at empowering taxpayers while reducing procedural friction and discretionary intervention. He highlighted reforms such as extended timelines for revised and updated returns, the ability to update returns even during reassessment proceedings, combined issuance of assessment and penalty orders, and settlement mechanisms to reduce disputes. He also outlined the transition from transaction-based scrutiny to trust-based, entity-level compliance supported by digital systems, audits and risk-based monitoring for importers, exporters, authorised economic operators and customs warehouses.

The macroeconomic context of the Budget was outlined by Dr. V. Anantha Nageshwaran, Chief Economic Adviser, Government of India, said the Budget continues the accelerated reform momentum underway since early 2025 and reflects strong alignment with the Economic Survey. He highlighted the emphasis on urbanisation with cities as economic systems, sustained support for MSMEs through credit guarantees, payment discipline and dedicated manufacturing funds, and targeted policy backing for manufacturing in a geopolitically fragmented world. He also pointed to continued fiscal consolidation, record infrastructure investment of ₹12.2 lakh crore and improving sovereign credit metrics that together support stable, non-inflationary growth.

Speaking on growth and industry impact, Sh. Anil Gupta, Senior Vice President, PHDCCI, said the Budget has been presented at a pivotal moment for the Indian economy and reinforces the Government’s commitment to fiscal prudence, growth acceleration and the vision of Viksit Bharat. He highlighted the strong focus on capital expenditure, infrastructure and manufacturing, including measures such as the ₹10,000 crore SME Growth Fund, revival of legacy industrial clusters and the Viksit Bharat Rozgar Yojana, alongside the positive impact of recent trade agreements on industry and employment.

Sharing industry feedback on direct taxes, Sh. Mukul Bagla, Chair, Direct Taxes Committee, PHDCCI, said the Budget reflects constructive stakeholder engagement, with several industry recommendations incorporated. He highlighted measures such as reduction in TCS rates, extended timelines for revised and updated returns, taxation of buyback proceeds as capital gains, exemption for compulsory acquisition of land, rationalisation of penalties and a lower stay-of-demand requirement, all of which enhance certainty and reduce litigation. He also flagged concerns around high effective personal tax rates, delays in faceless appeals and challenges in rectifying legacy demands, calling for further administrative improvements.

Sh. Ashok Batra, Chair, Indirect Taxes Committee, PHDCCI, said the indirect tax proposals address several long-pending industry concerns despite a limited number of amendments. He highlighted the redefinition of intermediary services to allow export benefits, faster provisional refunds in inverted duty cases, and rationalisation of post-sale discount provisions as measures that will significantly reduce GST litigation. He also welcomed customs duty rationalisation, extended validity of advance rulings, simplified warehousing procedures and relief measures for exporters, while underscoring the need for early resolution of legacy GST disputes.

Sh. Gurmeet Chadha, Chair, BFSI Committee, PHDCCI, said the Budget underscores the quality of government borrowing, with net borrowing broadly aligned with capital expenditure, signalling a clear focus on infrastructure-led growth rather than revenue spending. He noted that India’s macroeconomic position remains structurally strong with high growth and low inflation, and welcomed the momentum in trade negotiations as a positive signal for long-term investors and capital markets.

Ms. Pallavi Dinodia, Co-Chair, Direct Taxes Committee, PHDCCI, said Budget 2026 represents a decisive shift towards a simplified and trust-based tax regime. She welcomed the implementation of the new Income Tax Act from 1 April 2026, streamlined return-filing timelines, the one-time foreign asset disclosure amnesty, rationalisation of TCS on foreign remittances and alignment of ICDS with Ind AS. She emphasised that timely notification of rules and faster disposal of pending appeals will be critical to deliver the intended ease of compliance.

Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI, said the Union Budget 2026–27 reflects months of rigorous institutional effort, extensive data analysis and continuous stakeholder consultation. He placed on record PHDCCI’s appreciation for the team led by Hon’ble Finance Minister Smt. Nirmala Sitharaman and emphasised that effective on-ground implementation through close government–industry partnership will be critical to translating policy intent into tangible outcomes.

On the occasion, PHDCCI released its analytical publication on Union Budget 2026–27, outlining the Budget’s fiscal stance, capital expenditure strategy, infrastructure and manufacturing priorities, employment initiatives and the evolving framework for federal finances, while the discussions underscored that effective implementation and sustained government–industry collaboration will be crucial to translating these policy measures into tangible economic outcomes.

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The seminar focused on the practical implications of the Digital Personal Data Protection Act, 2023, and the evolving compliance landscape, with particular emphasis on identifying organisational blind spots before regulatory penalties come into effect. The event witnessed participation from over 75 paid delegates representing diverse industries, fostering insightful discussions and practical learning.

Welcoming the dignitaries and participants, Ms. Babeeta Sharma, Director, PHDCCI, highlighted the significance of the Digital Personal Data Protection (DPDP) Act and explained why DPDP compliance often fails in practice. She introduced the concept of “blind spots” that organisations frequently overlook while implementing data protection frameworks.

Ms. Shruti Dwivedi Sodhi, Partner, Khaitan Legal Associates, brought a seasoned practitioner’s perspective on the Digital Personal Data Protection Act, 2023. Drawing from her extensive experience advising MSMEs and startups on end-to-end data protection compliance and governance, she highlighted common blind spots across business operations and shared insights on building data protection frameworks that are realistic, scalable, and regulator-ready.

Sharing implementation-focused insights, Ms. Purvi Morwal, Associate, Khaitan Legal Associates, spoke from the trenches of execution. She discussed common implementation gaps and demonstrated how organisations can move from paper-based compliance to defensible and effective execution in day-to-day legal and operational practices.

Adding a crucial technology perspective, Ms. Sonia B. Kudchadkar, Partner, CNK & Associates LLP, focused on how technical and organisational measures can be effectively leveraged to achieve DPDP compliance. Bridging law and technology, she explained the critical role of security controls in meeting statutory obligations under the DPDP Act.

The seminar concluded with Mr. Gagan Kumar, Partner, Khaitan Legal Associates, who thoughtfully summarised the key aspects of the Digital Personal Data Protection Act, 2023 discussed during the session and extended a sincere vote of thanks to all speakers and participants for their valuable contributions.

The seminar was efficiently coordinated by Ms. Minakshi Srivastava, Deputy Secretary, PHDCCI, ensuring its smooth and successful conduct.

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The SME Business Activity Index (SME-BAI) rose to 58.9 during October–December 2025, up from 58.3 in the previous quarter, remaining well above the neutral threshold of 50, he said.

He added, the improvement reflects stronger new orders, stable production levels, improved employment conditions, easing supplier delivery timelines, and higher inventory restocking in anticipation of future demand. The rise in new orders are in line with a year-on-year increase in consumer durable output as per the Index of Industrial Production during the same period, strengthening signs of demand recovery.

The SME Business Outlook Index (SME-BOI) for January–March 2026 increased marginally to 60.8, suggesting cautious approach due to global uncertainty. Nearly half of respondents expect business activity to remain unchanged in the near term, however, the percentage anticipating improvement has increased compared to Round 2. Hiring intentions show gradual improvement, and a majority of respondents expect higher capital expenditure, indicating confidence in medium-term growth prospects, he said.

Union Budget FY2027: Expected Impact on SMEs

Expectations from the Union Budget FY2027 are a key factor supporting the positive outlook. Continued emphasis on public capital expenditure, is expected to support infrastructure-linked SME demand, particularly in agriculture and allied manufacturing sectors. Enhanced credit support measures, and reduced borrowing costs are likely to strengthen SMEs investment planning, with potential upside to the SME Business Outlook Index in subsequent quarters, he said.

Continued export support measures are expected to bolster new orders for manufacturing SMEs, while investments in digital infrastructure and supply-chain capabilities are anticipated to improve market access, productivity, and employment generation.

Dr. Ranjeet Mehta, CEO and Secretary General, PHDCCI, stated that the survey underscores the need for targeted incentives, enhanced R&D support, and robust development frameworks to accelerate technology adoption among SMEs. He further emphasized that timely enforcement of the 45-day payment norm for MSMEs, a review of quality control orders impacting machinery imports, rising energy costs, and the increasing impact of climate change on input prices necessitate the design and introduction of new financial hedging instruments.

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Evidence from past capex cycles suggests upfront infrastructure spending not only creates large-scale construction employment but also brings in private investment by reducing risk and transaction costs. A decisive infrastructure push in Budget 2026–27 would strengthen productivity, improve competitiveness, and support durable medium-term growth.

Manufacturing & MSMEs: Rebuilding India’s Investment Engine

Manufacturing-led growth in MSME requires policy stability, and predictable incentives. A renewed focus on scaling manufacturing and MSMEs through capital support, tax rationalisation, and production-linked incentives is necessary. High input costs, long maturation periods, and global competition and uncertainty continue to restricts domestic manufacturing capacity.

Rationalisation of customs duties on critical raw materials and extending concessional tax for new manufacturing units can significantly improve investment viability. Strengthening credit guarantees and industrial infrastructure would also support MSMEs’ transition into formal global value chains.

As manufacturing remains central to job creation, export growth, and supply chain resilience the upcoming Budget 2026–27 presents an opportunity to strengthen India’s manufacturing determination by shifting from disjointed incentives toward a framework that lowers risk, attracts private capital, and enables firms to scale efficiently.

Agriculture & Rural Infrastructure: Productivity the key

Sustainable rural growth depends on productivity enhancement and efficiency investment rather than short-term support either in terms of tax cuts or direct transfer. Emphasis on irrigation, water management, cold chains, storage, and agriculture processing infrastructure is a priority. These directly raise farm productivity, reduce post-harvest losses, and improve rural incomes while indirectly creating non-farm employment opportunities.

Improved rural infrastructure also strengthens supply chain linkages between farmers, \processors, and markets, supporting price realisation and export potential. A budgetary focus on agriculture infrastructure would signal a shift toward long-term rural income diversification and security.

Health & Education: Capital Spending for Human Capital

Demographic advantage of any country depends on sustained investment in human capital. We need to prioritise capital expenditure in health and education, including hospitals, skilling centres, and higher education research infrastructure.

Capital investments create immediate employment during construction while delivering long-term productivity momentum. Industries are face growing skill mismatches and deficits, investment in vocational and technical training should be the top priority. To rebalance social sector spending toward assets that enhance capacity, quality, and access.

Digital Infrastructure & Skilling: What’s next for Growth?

Digital infrastructure has emerged as a foundational driver of modern economic activity. Expanding investment in broadband connectivity, data centres, and digital skilling would go a long way to support services-led growth and employment. Digital public infrastructure lowers entry barriers for MSMEs, and enhances productivity across sectors. Investment in youth skilling shall be juxtaposed with digital services to enhance export competitiveness. Digital investments offer high spillovers at relatively lower capital cost. To accelerate this transition last-mile connectivity and workforce readiness should be strengthened. A lucid digital and skilling strategy would help capture emerging opportunities in services exports and technology-driven growth.

Clean Energy & Green Infrastructure: Transition and Security

Clean energy investment is increasingly central to economic and strategic planning. With focus on grid modernisation, renewable integration, EV charging infrastructure, and clean-tech manufacturing will attract private capital into emerging green sectors. Duty rationalisation on critical minerals and clean-tech inputs can further strengthen domestic manufacturing capacity. Budget 2026–27 can support India’s transition to clean energy by aligning fiscal policy with long-term sustainability goals.

Affordable Housing & Urban Renewal: Jobs Where Growth Is

Housing and urban renewal remain among the most labour-intensive segments of the economy. PHDCCI argues for sustained support to affordable housing, slum redevelopment, and urban infrastructure upgrades. These investments generate immediate construction employment while stimulating demand for steel, cement, and local manufacturing. Rationalising tax and valuation norms can also help revive real estate activity and unlock stalled projects. As urbanisation accelerates, targeted renewal programmes can improve living standards, productivity, and resilience.

Budget 2026–27 provides an opportunity to align housing policy with employment generation and urban sustainability. A well-designed housing push can simultaneously address social needs and macroeconomic objectives.

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The marginal increase in CPI inflation is mainly attributed to rise in food and fuel and light prices, said Mr. Rajeev Juneja. He added, “Food inflation during the month of November, 2025 is mainly due to moderate increase in prices of Vegetables, Egg, Meat and fish, Spices.”

Over the next two quarters, we anticipate that India’s inflation will stay within a manageable range on the back of benign food prices, GST rates rationalisation, reasonable energy prices, and Reserve Bank of India’s strategic monetary management, said Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI.

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