According to Rajeev Gupta, Executive Vice President & Business Head – Third Party Products, Religare Broking Ltd over the decades, India transform from a nation of savers to a powerhouse of investors. ”While the 2025 Budget was a landmark victory for the middle class, effectively making income up to Rs 12.75 lakh tax-free, the Union Budget 2026 must now address the “Aspiration Drain.”

Our highest earners (Rs 2 Cr ) currently face a peak tax rate of nearly 39% to 43%. This isn’t just a tax; it’s an exit trigger. We are seeing a quiet migration of our best entrepreneurs to hubs like Dubai, where personal income tax is Nil. To keep Indian capital at home, we must rationalize surcharges and cap the effective tax rate at a competitive 30%,” he said.