Interactive Session Organized by UCCI
Analytical Discussion on the Union Budget
Udaipur: Prof. Gaurav Vallabh, referencing the Prime Minister’s vision, stated that India’s overall development is possible only through the growth of Tier-2 and Tier-3 cities, for which the government has allocated ₹5,000 crore in the budget. He further emphasized that in the future, countries that develop their own foundational AI models will be the most empowered, and the government is taking special steps in this direction.
The Udaipur Chamber of Commerce & Industry (UCCI) organized an interactive session on the “Union Budget Analysis” on Wednesday, 4 February 2026, at Pyrotek Tempusense Hall, UCCI. The session’s chief guest and keynote speaker was Prof. (Dr.) Gaurav Vallabh, former member of the Prime Minister’s Economic Advisory Council. Over 60 UCCI members participated in the programme.
In the inaugural session, UCCI President Mr. Manish Galundia said that the Union Budget is not merely a document of income and expenditure; it is a key policy document shaping the country’s economic direction, industrial priorities, employment generation, investment environment, and business confidence.
The programme was coordinated by Honorary General Secretary Mr. Ashish Chhabra, who provided a brief introduction of the expert, Prof. (Dr.) Gaurav Vallabh.
Key Highlights from Prof. Vallabh’s Address:
Prof. Vallabh explained that every economic document has a background context, and India currently faces three major challenges:
1. The emergence of new geopolitical alliances and the breakdown of old ones.
2. Global economic instability and destruction due to seven ongoing wars worldwide.
3. Large-scale disruptions caused by Artificial Intelligence (AI).
He noted that due to geopolitical tensions and instability, private investment has nearly come to a standstill. On AI, he raised the question of whether Artificial Intelligence in the future could conduct research in biology, physics, or chemistry at the level of Nobel Prize-winning work.
Prof. Vallabh described the budget as a vision document prepared against the backdrop of geopolitical tensions, indicating the direction of the country’s future. The budget focuses on three key “M”s:
1. Manufacturing Sector:
Prof. Vallabh highlighted that large-scale employment generation is possible through manufacturing. Accordingly, the government has allocated ₹60,000 crore to the following priority sectors:
• Semiconductor Mission
• Electronics
• Chemical Composition
• Rare Earth Exploration & Development Programme
2. MSME Sector:
He detailed budget provisions for MSMEs:
• Equity Support: ₹12,000 crore for direct assistance to MSMEs.
• Liquidity Support: Establishment of Trade Exchange.
• Corporate Mitra: Ensuring that government schemes reach even micro-level enterprises.
• Continuous Reforms: Implementing the “Invent, Inform, Operate” model to encourage innovation and efficiency.
Interactive Q&A Session:
Several members including Former Patron Arvind Singhal, Former Presidents Komal Kothari, C.P. Talesra, Honorary Treasurer Haseena Chakkivala, Arvind Mehta, Padam Dugad, Y.K. Bolia, Sanjay Sharma, Girish Mehta, Hitanshu Kaushal, Zaki Chakkivala, Gaurang Singhal, Amit Shah participated in the Q&A session, and Prof. Vallabh addressed their queries.
During the event, Mr. Akhilesh Joshi (Former Partner – EY and Former CEO associated with Hindustan Zinc Board) also launched his book, providing a brief overview of its content.
The programme concluded with a vote of thanks by Honorary Treasurer Haseena Chakkivala.
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