Budget 2026 underlines the government’s intent – in terms of the sectors it will focus on. Now, it is not all of a sudden that the government has decided to focus on pharma and biologics. In the tariff tiff with the US, it is clear that pharma as a sector has been a big saviour. Not only was no additional tariff imposed on it, the sector gives the government some leeway in its trade talks with the US. The government has probably concluded that pharma and biologics will play an important role in the next phase and has decided to back these industries. At this point, companies with a certain level of balance sheet stability and track record are perhaps better placed than others.
