Otis India President: India's VT Industry to Benefit from New Budget

On February 1, Finance Minister Nirmala Sitharaman presented India's Union Budget for 2026-27, which she described as a Yuva Shakti (youth power)-driven plan that emphasizes strengthening domestic manufacturing, scaling high-growth services and reinforcing infrastructure as key drivers of economic growth. Infrastructure development, especially in India’s Tier 2 and Tier 3 cities, along with real estate, promise to boost the vertical-transportation (VT) industry, Otis India President Sebi Joseph said. He observed the growth-oriented budget delivers a "powerful push to infrastructure, manufacturing and technology, boosting job creation." He commended the development of city economic regions; establishment of seven high-speed rail corridors; new schemes for construction and infrastructure equipment manufacturing; proposed infrastructural risk guarantee fund; and massive outlay for semiconductor, rare earth and electronics industries transformation. “At Otis, we welcome the budget's forward-looking vision and remain committed to supporting India's infrastructure ambitions,” Joseph said.