Union Budget 2026: Women Leaders Share Sectoral Expectations

By: WE staff

An HR Perspective: Critical Lever to Create Employment Opportunities

Mona Cheriyan, President, Thomas Cook India: An HR leader with nearly 40 years of experience across various industries. She specializes in leadership development, talent management, D&I, and performance management.

“As expectations build around the Union Budget, we look forward to measures that accelerate job creation, strengthen skill development, and support the services and tourism sector. Policies that encourage workforce formalization and ease of doing business will help organizations invest more confidently in people. For HR leaders, the Budget is a critical lever to enable inclusive growth by creating employment opportunities and building a future-ready, skilled workforce aligned with India’s growth ambitions.”

An NBFC Perspective: Opportunity to Strengthen Broader Credit & Liquidity Framework

Shilpa Bhatter, Chief Financial Officer, UGRO Capital: A finance professional with 18+ years in BFSI, specializing in strategic finance, treasury, capital raising, and governance.

“The upcoming Union Budget provides an opportunity to strengthen the broader credit and liquidity framework that supports real economic activity and employment. NBFCs have become instrumental in MSME growth by enabling last-mile credit delivery through sector expertise, data-driven underwriting, and flexible structures that complement the banking system.

MSME-focused NBFCs, in particular, play a stabilising role during economic cycles but remain structurally sensitive to funding volatility. Measures that deepen co-lending frameworks, expand partial credit guarantees, and introduce predictable refinancing mechanisms can improve funding stability and reduce pro-cyclicality.

Access to longer-tenor and lower-cost refinance funding would allow lenders to support MSMEs through temporary cash-flow disruptions and lend consistently. In parallel, better-aligned Priority Sector Lending norms and regulatory parity can help mobilise stable bank capital and lower the overall cost of credit, supporting sustainable growth across the economy.”