Mr. Dinkar Agrawal, Founder, CTO & COO, Oben Electric: “The Union Budget 2025 is a critical opportunity to address key challenges in India’s EV transition. To achieve the ambitious target of 30% EV penetration by 2030, it’s crucial to tackle both manufacturing and consumer-centric challenges.
Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing. Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India’s Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap.”
Pushpamitra Das, Founder & Director, JUSTO: India’s real estate sector plays a crucial role in driving economic growth, contributing significantly to GDP and employment. As the 2025 Union Budget approaches, the industry and stakeholders anticipate measures that could drive growth, address challenges, and ensure sustainability.
- Enhanced affordable housing focus through increased PMAY allocation and tax incentives
- Infrastructure status for real estate sector to enable easier financing
- Potential GST rationalization for under-construction properties for commercial and residential segment
- Higher tax deductions on home loan interest
- Provide tax benefits to Real Estate Investment Trusts (REITs) to encourage retail and institutional participation, boosting commercial real estate.
- Reforms in land acquisition policies and single-window clearance system
- Increased focus on rental housing through tax benefits for both owners and tenants and co living assets
- Extension of SEZ benefits to boost commercial real estate
- Green building incentives through additional tax benefits
A balanced and forward-looking budget can unlock the sector’s true potential while aligning it with the nation’s broader economic goals.
Mr. Rohit Beri- CEO and CIO ArthAlpha: “As the fintech sector eagerly awaits the Union Budget, we anticipate forward-thinking policies that drive innovation, financial inclusion, and digital transformation. Key expectations include revised taxation structures for startups and fintech firms, promoting ease of doing business through tax parity between capital gains for listed and unlisted securities, which will spur investment in the startup ecosystem. Enhanced budgetary allocations for financial literacy programs and digital infrastructure in rural and semi-urban areas will further expand the reach of digital finance. The introduction of a regulatory sandbox expansion for emerging technologies like blockchain and AI-driven lending platforms would foster innovation while ensuring consumer protection. Additionally, streamlined compliance norms for digital payments and incentives for expanding UPI penetration to international markets can position India as a global fintech leader. A holistic approach to data privacy regulations and credit access for MSMEs would further bolster growth. A dynamic, fintech-centric budget can strengthen India’s digital economy, making it more resilient and future-ready.”
Mr. Ravi Goel- CBO RapidShyp: “As we approach the upcoming Union Budget, the logistics sector anticipates reforms and investments that will accelerate its modernization and strengthen India’s position in logistics sector world wide. Key expectations include enhanced allocations for infrastructure development, with a focus on last-mile connectivity and multi-modal logistics parks (MMLPs) as part of the PM GatiShakti plan, which aims to develop over 35 MMLPs with investments exceeding ₹50,000 crore. Modern warehousing infrastructure needs targeted incentives, as the market is projected to grow to ₹2.8 lakh crore by 2025. We also look forward to simplified regulatory frameworks and increased incentives for technology adoption, including AI-driven logistics solutions and automated systems, which could reduce logistics costs from 14% of GDP to a globally competitive 8-10%. Supporting EV infrastructure for green logistics will align with the government’s target to achieve 30% EV penetration by 2030. Favorable GST reforms and streamlined compliance will enhance competitiveness for India’s 63 million MSMEs, making this sector more efficient and future-ready.”
Mr. Tejas Patil, Founder, Arbour Investments: As we approach the Union Budget 2025, the real estate sector, currently contributing approximately 7.3% to India’s GDP and projected to reach 13% by 2025, anticipates reforms to address persistent challenges and unlock its full potential. This sector is also a significant employment generator, supporting over 50 million jobs, underscoring the need for focused policy attention.
A critical expectation is the granting of ‘Industry’ status to real estate, which can streamline access to institutional finance, potentially reducing borrowing costs and enhancing transparency. Furthermore, increasing the tax exemption limit for housing loans from ₹2 lakh to ₹3 lakh could spur demand for residential properties, making homeownership more affordable for the middle-income segment.
Amendments to GST regulations, such as allowing input tax credit on under-construction properties, can reduce costs for developers and end-users. Additionally, reducing the GST rate on cement from the current 28% to 18% would lower construction costs, thereby promoting growth in the housing sector.
Infrastructure development should remain a priority, with increased budgetary allocations for urban renewal projects and connectivity initiatives. The previous year’s capital expenditure saw a significant increase, and a similar push this year could accelerate growth, particularly in tier 2 and 3 cities.
Lastly, fostering private investments through Alternative Investment Funds (AIFs) and offering tax incentives to institutional investors will ensure liquidity and enable ambitious projects.
We hope the upcoming budget takes these transformative steps, empowering real estate to remain a cornerstone of India’s growth story.
Sitashwa Srivastava, Founder & CEO, Stockal: Over the past few Union Budgets, we’ve witnessed consistent provisions and proposals aimed at tracking cross-border financial activities. These measures reflect the government’s recognition of India’s evolving financial landscape, particularly for retail investors and individuals with rising incomes and global aspirations. At Stockal, we are keen to see how Budget 2025 continues to support Indians striving to build global lifestyles and broaden their financial horizons.
India’s position as the highest recipient of inward remittances, with a record $120 billion last year, highlights the immense value of global financial integration. This inflow underscores how Indians working, studying, and investing abroad significantly contribute to the nation’s economic growth.
To build on this momentum, we believe that Budget 2025 should focus on creating a more robust financial infrastructure that enables Indians to freely explore opportunities across borders. This includes streamlining regulations for global investments, facilitating ease of cross-border transactions, and offering tax incentives to encourage international engagement.
Such measures would empower Indians to travel, study, and invest abroad with greater freedom and confidence, ultimately benefiting India through foreign investments, knowledge exchange, and stronger global connections.
By fostering international ambitions, the government can ensure that India thrives in an increasingly interconnected world.
Mr. Sahil Agarwal, CEO, Nimbus Group: The upcoming budget holds significant importance as it will be the first full-year budget of the Modi 3.0 government. We anticipate major announcements aimed at benefiting the real estate and infrastructure sectors, which are critical growth engines for the economy and support numerous allied industries.
One key area of focus should be the rationalization of taxes and duties levied on homebuyers, which in many states exceed 12% of a property’s value. In the previous budget, the finance minister urged state governments to address this issue, but significant progress has yet to be made. We hope this budget includes provisions to streamline these charges and provide much-needed relief to homebuyers. Additionally, we urge the government to revisit the long-term capital gains (LTCG) tax on real estate and consider providing relief in this area.
Steps toward GST reforms for the real estate sector are also necessary to make it a more attractive investment option. Furthermore, increasing the tax deduction limit under Section 24(b) for home loan interest, currently capped at ₹2 lakh per annum, to at least ₹5 lakh would provide substantial financial relief. This is particularly relevant for homebuyers in metropolitan cities, where high property prices necessitate large home loans. Such a move could boost demand and promote homeownership.
Introducing industry status for the real estate sector is another long-pending demand. This would enable developers to access capital at more competitive rates, making housing more affordable for buyers.
The government should also consider increasing budgetary allocations for infrastructure development, including metro networks, multimodal corridors, and last-mile connectivity projects. These investments would not only improve urban mobility but also stimulate the growth of commercial real estate in metro cities and their peripheral areas, fostering economic activity and attracting investment.
Overall, a balanced approach in the budget—rationalizing taxes, incentivizing homebuyers, and strengthening infrastructure—would play a crucial role in driving growth in the real estate and infrastructure sectors while contributing to broader economic progress.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.:
“As we approach the upcoming budget, the real estate sector is optimistic about reforms that can act as growth catalysts and enhance operational efficiency. Revising the current tax exemption limit on housing loans to ₹5 lakhs, in line with rising property prices and construction costs, could provide significant relief to homebuyers. This step would directly support millions of aspiring homeowners and boost demand across the sector.
Equally transformative would be granting industry status to real estate, a move capable of invigorating over 200 allied sectors. Such recognition would foster job creation, enable skill development, and amplify economic activity, further solidifying the sector’s position as a cornerstone of India’s economy.
The real estate industry is poised to play a defining role in India’s journey toward ‘Viksit Bharat 2047.’ Strategic reforms, such as adjustments to GST input tax credit regulations, could reduce developers’ tax burdens, potentially stabilizing property prices and making housing more accessible. Additionally, introducing a ₹5 lakh subsidy for housing loans up to ₹1 crore would offer crucial financial support to urban and semi-urban homebuyers.
Broadening the definition of affordable housing to include properties priced up to ₹1 crore would align with evolving market dynamics and strengthen the government’s vision of ‘housing-for-all.’ These reforms, if implemented, could unlock tremendous potential, propelling the sector toward sustainable growth while contributing significantly to the nation’s development goals.”
Avneet Singh Marwah, CEO of Super Plastronics Pvt Ltd.: With the success of last year’s initiatives in the semiconductor and manufacturing sectors, we expect the upcoming Union Budget to further accelerate growth and innovation. The Indian government allocated ₹6,903 crore to the semiconductor industry in the 2024–25 Union Budget, reflecting a 52% increase from the previous year. This significant rise demonstrates the government’s commitment to reducing India’s reliance on imported semiconductors, creating high-tech jobs, and enhancing global competitiveness.
We anticipate a continued focus on strengthening the semiconductor and display manufacturing sectors. This includes expanding the establishment of semiconductor fabs, modernizing infrastructure, and bolstering India’s position in global supply chains. Additionally, tax reductions on electronic components and raw materials, along with exemptions on critical minerals such as lithium, copper, and rare earth elements, are expected to further boost India’s competitiveness in the global market.
The government’s emphasis on advancing technology, creating high-tech jobs, and solidifying India’s role in global supply chains will be pivotal in establishing the country as a global hub for semiconductor manufacturing. These efforts are expected to provide sustained economic benefits and position India as a leader in the rapidly evolving tech industry.
Mr.Ankur Mittal, Co founder, Inflection Point Ventures: Tax parity between both domestic and international funds is critical to building a strong alternative investment environment in India. Harmonizing the tax treatment of international and local investors in Indian Alternative Investment Funds (AIFs) will not only provide a fair playing field, but will also boost India’s appeal as a competitive global capital destination. By addressing the underlying disparity, the government can demonstrate its commitment to inclusion, economic change, and long-term growth in the investment environment.
Mr. Bruce Keith,CEO Cofounder, InvestorAI: 2025 is expected to be dominated by global geopolitics and this will cause ongoing market volatility and short-term pain. With a currency already depreciating, I see the immediate impact of Trump Tariffs as being reduced and giving the Government space to re-energise their infrastructure investment.
I see India as a destination of choice for overseas investors. However, the Indian government should find more ways to encourage citizens to take part in equity markets – realising that your savings are being eaten by inflation in real terms usually happens too late and tends to disadvantage the lower income strata of society.
Budget being once in a year event may not please everyone Whatever happens, the Budget will not please everyone, however, we will all benefit in the long term from infrastructure especially as demographics defines destiny.
Mr. Pankit Desai,CEO Cofounder, Sequretek: “The finance minister must prioritize cybersecurity in the upcoming budget. Given India’s alarming rank among the top four global victims of deepfake and digital arrest attacks, raising awareness about these threats is more important than ever. As the Prime Minister highlighted with “Digital Arrests,” increasing public and industry consciousness is key.
Despite policies, local cybersecurity ecosystems face significant hurdles and need more governmental support, particularly in procurement processes that impede Indian-origin companies from effectively bidding for government contracts. These policies must be revised to foster a more inclusive environment for domestic cybersecurity firms.
The other one is that, while educational institutions have made strides in offering cybersecurity courses, practical skills remain underdeveloped. By supporting educational initiatives to provide hands-on experience, the government can ensure that students graduate with the practical skills required to bolster India’s cybersecurity defenses. More investment in cybersecurity infrastructure at educational institutions can enhance real-world readiness. With strategic investments, India can reinforce its cybersecurity defenses and talent.”
Arpan Ghosh, Founder & Director at Gamma Rotors Pvt. Ltd: Union Budget 2025 holds the potential to accelerate India’s drone sector toward global leadership. With the market poised to generate significant economic value and employment opportunities, strategic government support can further enhance growth. Building on the ₹57 crore allocated under the PLI scheme in 2024, increasing this to ₹100-120 crore will boost indigenous production and innovation, particularly in defense, surveillance, and logistics.
Logistics drones play a critical role in ensuring rapid payload delivery and precise logistical support in routine and hostile environments, revolutionizing supply chains across healthcare, disaster relief, and defense. Armed UAVs, or attack drones, ensure precision strikes on high-value targets, reducing collateral damage, minimizing personnel risks, and maintaining operational secrecy.
To foster advanced drone technologies, a dedicated ₹300 crore R&D fund is recommended to focus on AI-enabled and dual-use drones, driving breakthroughs in autonomous navigation GPS denied and operational efficiency. Simplifying regulations, especially for BVLOS (Beyond Visual Line of Sight) operations, will further enable widespread adoption across industries.
For self-reliance and global competitiveness, introducing tax incentives and custom duty waivers on critical components is essential. Additionally, a proposed ₹2,000-3,000 crore allocation for defense procurement will facilitate large-scale drone deployment for border surveillance, logistics, and national security.
These measures, along with a focus on innovation, manufacturing, and streamlined regulations, can position India as a global drone hub by 2030, creating a robust ecosystem for economic growth and international expansion.
Mr. Sandeep Aggarwal, Founder & CEO of Droom: “As we move closer to the unveiling of Union Budget 2025, at Droom, we would appreciate policies that will give a push to drive India’s digital transformation, especially in the automotive sector. The previous budget announcements have been forward-looking in giving a boost to emerging technologies. And we expect this year’s budget to focus on boosting indigenous capabilities in AI and data science. These are going to be crucial frontiers in making vehicle buying and selling more transparent, affordable, and efficient. Furthermore, we’d look forward to measures that will bolster the used vehicle market in the country, such as tax rebates from eco-friendly vehicles, simplified GST structure for automatic services, etc. These measures will be critical in empowering platforms like Droom to offer more convenience and invoke more trust amongst our consumers, while contributing in meaningful ways to the nation’s economic growth and development.”
Mr. Udit Jain, Director, One Group: Over the past few years, the prices of land and construction materials have risen sharply, not only in metropolitan cities but across the country. This, coupled with sustained demand, has significantly driven up property prices, making homeownership increasingly challenging for many. As a result, the real estate sector, particularly the housing segment, requires robust government support to make home buying more affordable for aspiring buyers.
Government intervention through targeted incentives could help alleviate the financial burden on homebuyers. One crucial area to address in the upcoming budget is the enhancement of the income tax deduction limit on home loan interest under Section 24(b), which has remained unchanged for over a decade. Increasing this limit would provide much-needed relief, particularly for buyers in high-cost urban markets.
Another key measure is the extension and expansion of the Credit Linked Subsidy Scheme (CLSS). The government should consider raising the property price threshold for affordable housing eligibility, enabling more middle-income families to benefit from this scheme. Such an adjustment would not only boost demand but also encourage developers to focus on affordable housing projects, a segment currently experiencing a downturn in supply.
Additionally, rationalizing stamp duty rates, especially in Tier-II and Tier-III cities, could significantly stimulate housing demand among mid-income and low-income groups. High stamp duty rates often act as a barrier for homebuyers, and reducing them could make homeownership more accessible in these emerging markets.
Another critical issue that the government should address—or guide the respective state governments to resolve—is the disparity between circle rates (also known as collector rates) and prevailing market prices in certain cities such as Bhiwadi and Tijara in Rajasthan, and Agra in Uttar Pradesh. In these areas, circle rates are often higher than actual market prices, leading to challenges in completing transactions between prospective buyers and sellers.
This discrepancy creates significant problems, including tax implications for both parties. The difference between the market rate and the circle rate is treated as notional gains and attracts taxation for both the buyer and the seller, even if no real gains are realized. Rationalizing circle rates to align them more closely with market values would help facilitate smoother transactions and alleviate these issues.
Rishi Das, Executive Director & CEO, IndiQube: “As we approach Budget 2025, a strategic policy support could help unlock the full potential of coworking spaces and enable us to contribute even more significantly to India’s economic growth. We request for a formal recognition of coworking as a distinct industry. Currently, we often find ourselves categorized within broader real estate or commercial classifications, which fail to capture the unique dynamics of our business model. Formal industry status would be transformative, providing access to tailored policies and a more supportive regulatory framework designed specifically for our operational needs.
To further drive regional development, we urge the government to introduce targeted tax incentives and policies that specifically encourage investment in Tier-II and Tier-III cities. This will enable us to further expand beyond the major metropolitan areas and unlock the vast potential of these emerging markets. By establishing coworking spaces in smaller cities, we can create local hubs for innovation, generate employment opportunities, boost local economies, and foster thriving entrepreneurial ecosystems.
Moreover, offering incentives for green buildings and on the use of renewable energy would promote sustainable development. Incentivizing green practices would not only reduce the carbon footprint but also set new standards for sustainable business operations in real estate.”
Mr. Thomas John Muthoot – Chairman, Muthoot Pappachan Group:
“1. Infrastructure Development: Continue allocating significant funds for infrastructure projects while addressing the capex spending gap from the current year. Focus on faster execution and completion of key initiatives to drive economic growth and create jobs.
2. Support for Rural Economy: Strengthen rural incomes through targeted agricultural reforms and rural credit schemes, boosting consumption, productivity, and overall economic activity in rural and semi-urban areas.
3. Special Credit Lines for NBFCs: Approve dedicated credit lines for NBFCs from banks to facilitate seamless digital lending to micro-retailers, addressing credit gaps in underserved sectors and promoting financial inclusion.
4. Incentivizing Private Sector Capex: Introduce incentives to encourage private sector investment in capital expenditure, such as tax benefits, subsidies, or streamlined approval processes, to complement public capex and boost overall economic growth.
These measures will ensure balanced growth, address regional disparities, and stimulate private and public investments for sustainable development.”
Mr. Girish Hirde, Global Delivery Head at InfoVision: “As we approach Union Budget 2025, InfoVision anticipates a forward-looking agenda that addresses the transformative potential of AI and other cutting-edge technologies. We expect robust provisions to maintain India’s global competitiveness in the rapidly evolving tech landscape. Key areas we hope to see addressed include investments in AI infrastructure, establishment of clear ethical guidelines for AI development, and tax incentives for companies investing in AI and emerging tech training programs.
Furthermore, we look forward to support for telecom advancements, particularly in 5G and 6G infrastructure, which are crucial for enabling AI and IoT applications at scale. We also anticipate increased allocation for cybersecurity to strengthen India’s digital defenses, enhanced funding for AI and deep-tech startups, and incentives for AI integration across sectors like healthcare, agriculture, and manufacturing. By focusing on these areas, Budget 2025 can lay the foundation for India to lead in the AI era, creating sustainable job opportunities and driving optimal growth in the digital”
Dhananjaya Bhardwaj, CEO And Founder, ParkMate: At ParkMate, we’re thrilled with the incredible opportunities presented in the Union Budget 2025-26. The announcement of a 1 lakh crore fund for private sector R&D, backed by a 50-year interest-free financing scheme, is a game-changer for us. It empowers our team to dream bigger, work on groundbreaking ideas, and develop innovative solutions that can transform parking and mobility as we know it. This isn’t just about research-it’s about creating technologies that solve today’s challenges while preparing for a smarter sustainable tomorrow. On top of this, the extension of tax benefits for startups until March 31, 2025, is a significant boost for companies like ours. It reinforces the government’s trust in startups and provides the support we need to stay focused on building advanced parking solutions that genuinely make life easier. These measures fuel our commitment to innovation and inspire us to contribute even more to the nation’s progress.
Mr. Sarveshaa SB, Chairman & MD, BHADRA Group: As the Union Budget 2025-26 approaches, the real estate sector looks forward to progressive initiatives that can drive sustainable growth and fulfill the housing needs of a rapidly urbanizing India. A key expectation is the introduction of tax incentives and subsidies for green buildings and sustainable construction practices. Promoting environmentally conscious development will not only align with India’s net-zero goals but also create enduring value in the sector.
Equally important is addressing the growing demand for urban infrastructure through increased funding for affordable and rental housing programs. Supporting public-private partnerships in infrastructure development, particularly in Tier 2 and Tier 3 cities, holds significant potential for economic growth and social progress.
Lastly, simplifying compliance processes, especially in relation to GST, would enhance the ease of doing business and help attract greater domestic and international investments. We hope for a budget that recognizes the pivotal role of real estate in nation-building and empowers the sector to contribute more substantially to India’s development journey.
Girish Rowjee (Co-founder & CEO) & Sayeed Anjum (Co-founder & CTO), greytHR: As Union Budget 2025 approaches, we anticipate focused measures that address the critical needs of SMEs, employees, and the workforce at large.
Micro, Small, and Medium Enterprises (MSMEs), which contribute nearly 30% to India’s GDP, are the backbone of job creation and economic growth. Simplified compliance processes and easier access to financing are essential for their success. The eagerly awaited implementation of the Code on Wages could transform labor regulations by unifying and simplifying wage laws. This reform promises greater transparency, improved labor conditions, and fairer compensation, reducing burdens for both businesses and workers. Combined with rationalized taxation and incentives for workforce expansion, such measures can create a thriving, competitive ecosystem.
Easing financial pressures on employees is just as important. As the heart of India’s workforce, employees are seeking relief through income tax reforms. By enhancing disposable incomes, the government can provide much-needed financial respite, boost consumer confidence, and fuel domestic demand, driving broader economic progress.
Further, to sustain growth, investing in human capital is vital. Upskilling and reskilling initiatives can prepare the workforce for emerging technologies, ensuring India’s global competitiveness in a rapidly changing world. Supportive policies that encourage such investments will enhance productivity and innovation across industries.
At greytHR, we are committed to empowering businesses with innovative tools and technology to simplify compliance, enhance employee engagement, and build future-ready workforces. By addressing these shared aspirations, we can unlock India’s immense economic potential and create a brighter, more inclusive future for all.”
Dhananjaya Bhardwaj, CEO And Founder, ParkMate: At ParkMate, we’re thrilled with the incredible opportunities presented in the Union Budget 2025-26. The announcement of a 1 lakh crore fund for private sector R&D, backed by a 50-year interest-free financing scheme, is a game-changer for us. It empowers our team to dream bigger, work on groundbreaking ideas, and develop innovative solutions that can transform parking and mobility as we know it. This isn’t just about research-it’s about creating technologies that solve today’s challenges while preparing for a smarter sustainable tomorrow. On top of this, the extension of tax benefits for startups until March 31, 2025, is a significant boost for companies like ours. It reinforces the government’s trust in startups and provides the support we need to stay focused on building advanced parking solutions that genuinely make life easier. These measures fuel our commitment to innovation and inspire us to contribute even more to the nation’s progress.
Mr. Tarun Katial, Founder & CEO, coto: “The startup ecosystem is transforming at lightning speed, powered by breakthroughs in AI, blockchain, and IoT. As we look ahead to the Union Budget 2025, I’m optimistic that the government will double down on policies that drive innovation, fuel growth, and unlock the game-changing potential of emerging technologies. Areas like 5G networks, data centers, and cybersecurity deserve strategic investments to build a strong digital infrastructure.In addition, there is a growing focus on workplace well-being and emotional wellness. As we navigate an increasingly digital world, fostering a healthy work environment will be key to sustaining productivity and ensuring long-term success for businesses.There’s also a growing need to support women entrepreneurs meaningfully, alongside simplifying the tax regime—less compliance, lower tax rates. Encouraging R&D, boosting funding for innovation, and reinforcing cybersecurity should be top priorities. If done right, these measures won’t just accelerate India’s digital economy—they’ll cultivate a thriving entrepreneurial culture and strengthen the nation’s position as a global tech hub”.
Gregory Goba Ble, Head of UPS India and Director of MOVIN Express: “Investments in the logistics sector can support India’s trade goals, enhance economic efficiency and encourage MSMEs to scale-up.
To further strengthen India’s position in global markets, achieve the objective of National Logistics policy, and reach the export target of US$2 trillion by 2030, the thrust should be to simplify export compliance procedures and reduce regulatory cost for logistics players.
We hope to see measures to expedite e-commerce clearances and simplify cross-border online transactions. There needs to be increased budget allocation for the healthcare sector, which relies heavily on a robust and integrated logistics network. This will ensure efficient delivery of medical supplies and increase the sector’s overall effectiveness to cater to pharmaceutical and patient requirements.
In the earlier budgets, the Government has announced programs and initiatives to support MSMEs and we expect that to continue. We hope MSMEs, especially in the tier 2-3 cities, are further empowered with capital and technology adoption for them to compete in global markets.”
Dhananjaya Bhardwaj, CEO And Founder, ParkMate: At ParkMate, we’re thrilled with the incredible opportunities presented in the Union Budget 2025-26. The announcement of a 1 lakh crore fund for private sector R&D, backed by a 50-year interest-free financing scheme, is a game-changer for us. It empowers our team to dream bigger, work on groundbreaking ideas, and develop innovative solutions that can transform parking and mobility as we know it. This isn’t just about research-it’s about creating technologies that solve today’s challenges while preparing for a smarter sustainable tomorrow. On top of this, the extension of tax benefits for startups until March 31, 2025, is a significant boost for companies like ours. It reinforces the government’s trust in startups and provides the support we need to stay focused on building advanced parking solutions that genuinely make life easier. These measures fuel our commitment to innovation and inspire us to contribute even more to the nation’s progress.
Umesh Sharma, Founder of The Design Studio: “The Indian government supports the real estate industry and promotes investment through a number of programs and incentives. However, the government ought to provide financial aid and incentives for commercial enterprises, group housing, township rainwater harvesting systems, and solar panel installations. This is in line with the country’s goal of having net-zero emissions by 2070 and will encourage both purchasers and sellers to do more. To promote the planned construction of rental housing, student housing, and dormitories for industrial workers, a special tax regime might be taken into consideration. Tax incentives will draw institutional funds and much-needed attention to these groups, allowing for the large-scale construction of alternative housing to meet society’s expanding needs.”
Mr. Amit Goyal, Regional Managing Director, South Asia, PMI: “As the global economic focus shifts towards Asia, including India, there will be an increasing demand for professionals equipped with the skills to plan, manage, and execute large-scale projects across various industries. In India, this demand will be particularly pronounced given the country’s vast size and the scale of its developmental initiatives. A workforce proficient in project management will be vital for India as it seeks to accelerate growth and become the world’s third-largest economy.
Therefore, in the upcoming budget, it is imperative for the government to acknowledge the central role that project management professionals will play in India’s ascent, akin to their impact in other nations over recent decades.
Building a workforce adept in managing teams and ambitious, large-scale projects necessitates the implementation of policies that provide talented young individuals with
access to project management programs. Currently, around 50% of Indians aged 15 to 35 require upskilling to achieve full employability, and many among them possess the potential to excel in project management. Facilitating easier access to training will cultivate a professional workforce well-versed in the intricacies of project management and leadership. Such a workforce will be crucial to the success of numerous forthcoming projects, including those in renewable energy, where India ambitiously targets sourcing 50% of its electricity from non-fossil fuel sources by 2030, and logistics, set to unfold over the coming decades.
A budget that prioritizes the training of young Indians in project management is not only essential for their professional advancement but also crucial for India to achieve its aspiration of becoming a leading global nation.”
Prashant Vashishtha, Chairman and Managing Director of Sokudo Electric India: “At Sokudo, we’re excited about the Union Budget 2025-26 and its strong focus on growing the electric vehicle ecosystem. It’s great to see the government making EVs a priority, it shows their commitment to a cleaner, greener future, which is something we’re passionate about.
This focus on EV infrastructure isn’t just good for the industry; it’s great for people who are looking for practical and sustainable ways to get around. For us, it means we can keep improving our scooters and make them even more accessible and efficient.
It’s inspiring to see such a clear vision for sustainable mobility, and it gives us even more motivation to innovate and make EVs the first choice for everyone. This budget isn’t just about policy; it’s about real change, and we’re proud to be part of it”
Mr. Sajja Praveen Chowdary, Director, Policybazaar for Business: The insurance industry is expecting important reforms from Union Budget 2025 that will boost the sector’s growth and support the economy. One of the key expectations from the budget is to offer GST relief on health insurance/other employee insurances to MSMEs which employ many more people at the lower spectrum of income in the society. MSMEs usually rely on employee benefits like Group Health Insurance to attract and retain talent. The existing GST regulations create a further burden because MSMEs cannot claim input credit for the GST paid on employee health/life insurance premiums. Although a total waiver may not be feasible for all businesses, the government could consider providing some relief to MSMEs. This can only benefit the budget and country indirectly over a medium to longer term as in this lower income segment covered by MSMEs in absence of such coverages, the population has to rely completely on government subsidies and schemes for either hospitalization or for upliftment of their strata in case of death/disablement of a breadwinner.
Mr. Shreyas Shibulal, Founder and CEO of Numeros Motors: “India’s journey toward becoming a global EV hub is on a promising path, with EV sales crossing 14 lakh units in 2024. However, to sustain this momentum and unlock the full potential of the industry, the Union Budget 2025 must prioritize targeted support for the EV ecosystem. Extending initiatives like FAME and strengthening the PM E-DRIVE program will play a pivotal role in driving widespread EV adoption across the nation.
To make Indian EVs globally competitive, reducing the GST on manufacturing inputs and revising the current 28% tax structure is critical. This would lower production costs, enabling affordable EVs for consumers. Additionally, encouraging green financing and lowering interest rates on EV loans could accelerate adoption, making EVs more accessible across income groups.
The focus must also shift toward augmenting local manufacturing and advanced battery technologies. Incentivizing research and development in this area will help reduce import dependency and promote self-reliance. Furthermore, enhanced policies and investments in public-private partnerships, as well as Production Linked Incentive (PLI) schemes, could strengthen domestic manufacturing and drive innovation at scale.
Charging infrastructure is another key pillar that requires attention. A comprehensive push to expand the charging network will not only ease range anxiety but also position India as a leader in clean mobility.
At Numeros Motors, we are proudly implementing the ‘Make in India’ policy by manufacturing completely indigenous products. With robust government support, we can align with the nation’s long-term sustainability goals and propel India to the forefront of the global EV revolution”
Mr. Ajay Pareek, Chief Business Officer, SMFG India Credit – “As India moves towards its twin goals of a $5 trillion economy and Viksit Bharat by 2047, MSMEs and NBFCs will play a crucial role in facilitating these objectives. We expect major measures to boost financial inclusion such as the creation of an exclusive liquidity window customised for companies financing MSMEs and microfinance schemes. Apart from this, Green financing initiatives can offer NBFCs significant opportunities to fund environmentally sustainable projects. Such initiatives will enhance access to affordable funds, leading to enhanced entrepreneurial growth. We also expect provisions in the Budget to include tax reforms, such as deduction at source. NBFCs are subject to 10% TDS on interest payments, creating cash flow constraints, since the sector operates with narrower margins. These measures could boost credit availability and increase access to affordable funds, which is critical to propel economic activity and help India achieve sustainable growth.
Businesses are also increasingly emphasizing the importance of sustainable urbanization. The government’s infra push toward roads, electricity, and industrialization in Tier 2 and Tier 3 cities has significantly bridged the rural-urban divide. This facilitates access to new markets for businesses, spurring local business growth and providing better job opportunities. Consequently, the role of NBFCs in offering formal credit will become even more vital.
Furthermore, digitization continues to empower NBFCs to disburse loans in a timely, hassle-free manner, minimizing the need for physical paperwork and KYC document verification thus helping NBFCs expand their business to deeper pockets of the country and bringing more of India’s population into the formal financial system.”
Mr. Swaminathan Subramanian, Chief Operating Officer, SMFG India Credit – “This time of the year, the retail investors and India Inc. voice out their expectations from the Union Budget. As we keenly await the union budget announcement, the expectations to build on the success of existing frameworks and introduce forward-looking measures, are high. The large set of current and potential employees across our Nation look at the government for enhancing job creation and enabling incremental savings. Employment-linked incentive schemes, such as the National Apprenticeship Promotion Scheme (NAPS), have been instrumental in driving job creation and skilling across sectors, particularly in rural and underserved regions. These initiatives have not only empowered youth with industry-relevant skills but have also strengthened workforce inclusion and productivity.
As we approach the upcoming budget, we anticipate enhanced focus on expanding such transformative programs. Increasing funding allocations for skilling initiatives, including NAPS, and introducing incentives to encourage greater industry participation can significantly accelerate workforce development. Expanding the scope of employment-linked incentives to include targeted support for first-time job seekers and women professionals would further deepen their impact.
Investments in upgrading technical training infrastructure, strengthening Industrial Training Institutes (ITIs), and integrating digital and vocational training into skilling programs are essential to prepare India’s workforce for emerging economic opportunities. Additionally, policies to bridge regional disparities in skilling and employment will contribute to greater social inclusiveness and sustainable growth.”
Mr. Deepak Patkar, CEO & MD, SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.) – “As part of RBI’s priority sector lending segment, affordable housing can be provided support by revising the core definition and incentivising developers to boost the supply of affordable homes. Developers must be incentivised through supportive measures like increased liquidity and easier credit access at competitive terms. Land and allied approvals should also be expedited so developers can ensure timely possession of units. To revitalize the housing segment, it is also necessary to increase the affordable housing loan amount limit from Rs 20 lakh, especially for metro cities, to broaden accessibility and address rising land costs.”
Lalit Ahuja, CEO & Founder ANSR: “As India strengthens its position as a global hub for Global Capability Centers (GCCs), targeted fiscal and policy measures could further accelerate the sector’s growth. Simplifying the company registration process specifically for GCCs would reduce setup timelines, enabling faster investments and operations. Extending tax incentives, such as a 15% concessional tax rate, would foster innovation and attract global organizations to establish and scale their operations in India. Additionally, raising the threshold for Safe Harbour Rules would level the playing field for mid-sized GCCs, which are critical to driving the next wave of growth.
A uniform, centralized GCC policy could further enhance India’s appeal by streamlining compliance and creating a predictable environment for investors. With over 1,700 GCCs already employing 1.9 million professionals and projected revenues exceeding $100 billion by 2030, these reforms could solidify GCCs as a cornerstone of India’s economic future and global leadership.”
Manoj Bhat MD & CEO Mahindra Holidays & Resorts India Limited: “As we look forward to the Union Budget 2025, we are optimistic about transformational initiatives that will further propel India’s hospitality sector to new heights. The sector holds immense potential, as evidenced by an impressive occupancy rate of 68% in the last financial year—the highest in a decade—driven by a surge in both leisure and business travel. However, despite over 230 million international arrivals recorded in the Asia-Pacific region in 2023, India accounted for just 7.2 million, highlighting significant untapped opportunities. To capitalize on this potential, continued investments in robust infrastructure development are essential. We anticipate that the Union Budget will prioritize policies that accelerate infrastructure growth, streamline approvals, and encourage private sector participation. Granting the industry full sector status could be an effective way to fast-track financing and approvals, and strengthen India’s position as a global tourism hub.
Policies which will foster innovation in sustainable tourism and introducing incentives for adopting green practices, which will not only benefit businesses but also ensure long-term environmental stewardship could add another dimension to the progress of the industry.”
Arpan Ghosh, Founder and Director, Gamma Rotors:
The recent growth in India’s drone industry is a commendable reflection of the government’s strategic initiatives, particularly the Production-Linked Incentive (PLI) scheme. As of October 31, 2024, the country has made remarkable progress with 140 remote pilot training organizations, 18,862 remote pilot certificates issued, and nearly 27,000 registered drones. These developments are a clear indication of a rapidly expanding industry supported by a growing ecosystem of skilled professionals
With a solid foundation in place, Indefensewell-positioned to harness the potential of drone technology, making significant contributions to sectors such as agriculture, defense drone models through DGCA type certifications not only showcases compliance with global standards but also highlights the growing confidence in India’s ability to lead in drone technology.
Such government initiatives are crucial for nurturing an indigenous drone manufacturing ecosystem, driving technological advancements, and positioning India as a global leader in UAV (unmanned aerial vehicle) solutions. The expanding talent pool, coupled with increasing investments and local manufacturing capabilities, presents tremendous opportunities for the industry to thrive.
We applaud these efforts and look forward to continued growth and innovation in the drone sector. With a solid foundation in place, India is well-positioned to harness the potential of drone technology, making significant contributions to sectors such as agriculture, defense, infrastructure, and more.
Mr. Sahil Agarwal, CEO, Nimbus Group: The Economic Survey underscores the crucial role of the real estate sector in economic growth and projects sustained demand for both housing and office spaces over the long term. Given its significant contribution to GDP and employment, real estate remains one of the key pillars of India’s economic expansion.
The sector has witnessed renewed confidence following the implementation of RERA (Real Estate Regulatory Authority), which has instilled greater transparency and accountability. As a result, both end-users and investors are now more willing to invest in projects developed by RERA-compliant builders, leading to a healthier and more robust market. Over time, we expect transparency and governance in the sector to improve even further, making it even more attractive for investment.
The Economic Survey rightly predicts that housing demand in India will reach 93 million units by 2036, a figure that underscores the enormous growth potential of the sector. Beyond just real estate, this surge in demand will also benefit auxiliary industries, such as construction materials, home décor, finance, and technology, creating a ripple effect across the economy.
However, to fully capitalize on this demand and drive further growth, we urge the government to grant long-pending industry status to the real estate sector. This will allow developers to access easier financing, lower borrowing costs, and incentives, ultimately enabling the sector to meet housing demand more effectively and contribute even more significantly to India’s economic progress.
Shrinivas Rao, FRICS, CEO Vestian: “The Economic Survey 2025 reaffirms the vision of Viksit Bharat 2047, recognizing that this goal cannot be achieved without the contribution of the real estate sector—the second-largest employment generator in the country. The survey highlights the sector’s strong performance in 2024, driven by economic stability and positive market sentiment. Vestian Research data reinforces this trend, with 2024 recording the highest-ever office absorption at 70.7 million sq. ft.
Dinesh Jotwani, Co-Managing Partner, Jotwani Associates: We expect the Union Budget 2025-2026 to address key legal and financial challenges to enhance ease of doing business and promote economic growth. Strengthening judicial infrastructure, incentivizing alternative dispute resolution mechanisms, and introducing technology-driven reforms in courts could significantly improve access to justice. On the financial front, simplification of tax structures, rationalization of GST rates, and enhanced clarity in compliance requirements for professionals, startups, and MSMEs would bolster confidence in India’s legal and economic framework. Greater alignment between legal and financial policies will be crucial to sustaining investor trust and fostering innovation. Attributed:Dinesh Jotwani, Partner & Founder, Jotwani Associates.
Mukul Goyal, Co-Founder of Stratefix Consulting: “The upcoming budget offers a critical opportunity to empower MSMEs and startups, which are central to India’s economic growth. While the recently introduced credit guarantee scheme is a welcome step, there is an urgent need for a Working Capital Support Guarantee to address liquidity challenges, especially for MSMEs managing day-to-day operations. Export-oriented MSMEs, contributing nearly 49% of India’s exports, could particularly benefit from tailored credit access and interest subsidies. Simplified compliance structures and faster grievance redressal systems would further reduce operational burdens and improve efficiency.
To enable MSMEs to thrive in the digital economy, the government should launch a Digital Acceleration Fund, providing interest-free loans or grants for AI, IoT, and cloud adoption. Additionally, initiatives like the Skill 2.0 Initiative and Skill Credits could bridge the growing skill gap by encouraging MSMEs to invest in upskilling their workforce in emerging technologies. These measures would enhance employability and help MSMEs compete globally.
Fostering innovation is equally crucial. Offering R&D tax credits and establishing sector-specific innovation hubs, particularly in manufacturing and agri-tech, can promote entrepreneurship and sustainable growth. These hubs could provide resources, mentorship, and funding for startups, especially in Tier-2 and Tier-3 cities, boosting local economies
Addressing GST compliance challenges is also essential. Easing norms, raising the mandatory e-invoicing threshold, and harmonizing input tax credits would help MSMEs manage cash flows better. Revising GST slabs for essential raw materials would further reduce input costs and improve margins.
By addressing these critical areas, the budget can create a robust ecosystem for MSMEs and startups, driving innovation, digital transformation, and sustainable growth. This comprehensive approach will enable these sectors to contribute significantly to India’s $5 trillion economy vision.”
Shetal Mehta, Co-Founder of Suchi Semicon: “As the Budget 2025 approaches, the semiconductor industry anticipates policies to address critical gaps in India’s semiconductor ecosystem. While the allocation of ₹10,000 crore under the Production Linked Incentive (PLI) scheme has provided significant momentum, the focus now must shift towards strengthening domestic semiconductor manufacturing capabilities and driving innovation in Outsourced Semiconductor Assembly and Testing (OSAT).
With global semiconductor revenue projected to reach $676 billion by 2025, India has an opportunity to strengthen its position in this sector. However, challenges remain in ensuring a reliable supply chain and achieving self-reliance in chip manufacturing. Budget 2025 can boost semiconductor manufacturing in India by offering incentives to attract global producers, reducing import dependency, and strengthening the domestic tech ecosystem. This would also drive job creation and economic growth.
Investments in creating semiconductor education programs and design labs in collaboration with academic institutions are critical to building a skilled workforce. Tax benefits for R&D expenditure and subsidies for accessing advanced tools can further support innovation in the sector.
With the implementation of these measures, India can strengthen its role in the global semiconductor market, emerging as a prominent manufacturing hub and a key player in semiconductor innovation and growth.”
Kapil Garg, MD of Mufin Green Finance: “As we look toward the Union Budget 2025, it is crucial to recognize the role NBFCs play in driving electric vehicle adoption in India. One of the significant challenges in the EV sector is the high upfront cost, which often acts as a barrier for consumers. NBFCs can address this by offering innovative financing solutions, but supportive policy measures from the government are essential to scale these efforts effectively.
We urge the government to prioritize the inclusion of EV financing under the Reserve Bank of India’s Priority Sector Lending guidelines, which would incentivize financial institutions and lower borrowing costs for consumers. Tax exemptions on TDS for NBFCs, similar to banks, could also help improve cash flow and enable competitive lending rates.
To further boost the sector, introducing government-backed refinance options through institutions like SIDBI would strengthen NBFCs’ capacity to extend credit. Simultaneously, allocating funds to build robust and widespread charging infrastructure is essential to address range anxiety and foster consumer confidence in electric mobility.
With these measures, the budget can help transform the EV financing ecosystem, enabling NBFCs to play a pivotal role in accelerating the transition to sustainable mobility and supporting India’s environmental and economic goals.”
