Budget 2026: Khemka Urges Long-Term Structural Roadmap for India's Growth

• Prashant Khemka of WhiteOak Capital views current market phase as consolidation, not deep stress, and expects the Union Budget to provide future cues.
• Investors prioritize the Budget's long-term intent and structural roadmap over short-term earnings support or minor tax tweaks.
• Khemka identifies three key priorities: significantly increased defense spending, accelerated semiconductor self-reliance, and deeper ease of doing business reforms.
• He advocates for defense spending to rise from 2% to 4-5% of GDP, citing India's geopolitical position and global developments.
• Emphasizes a government-led push for semiconductor manufacturing to reduce critical import dependence, despite typically favoring private sector leadership.

Why It Matters: The upcoming Union Budget must outline a clear, long-term structural roadmap focusing on defense, semiconductors, and ease of business.