Industry leaders and experts across key sectors have shared their insights and reactions following the announcement of the Union Budget. The budget has garnered mixed responses, with some sectors applauding measures for growth and sustainability, while others express concerns over unmet expectations. From manufacturing and infrastructure to fintech and agriculture, stakeholders evaluate the potential impact on businesses, employment, and economic stability.
Mr. Warren Harris, CEO & MD, Tata Technologies: The budget’s focus on establishing a National Manufacturing Mission aligns with our goal of engineering in India for ‘Make in India’ and enhancing the nation’s self-reliance in manufacturing. This initiative is poised to attract investments and improve efficiency, positioning Indian companies as globally competitive players.
The establishment of five National Centres of Excellence for Skilling is a pivotal move in building a future-ready workforce. This initiative resonates with our commitment to engineering a better future for India’s youth through investment in in-demand training programs across Industry 4.0, IoT, and advanced manufacturing, and collaborating with state governments to upgrade ITIs into technology hubs.
Additionally, the allocation of ₹500 crore for a Centre of Excellence in Artificial Intelligence for education underscores the importance of fostering innovation and research in AI, which will benefit both the education sector and the broader technology landscape.
GP Hinduja, Chairman, Hinduja Group: Boost Consumption to Revive Demand, Yet Remain Fiscally Responsible en route to Viksit Bharat.
The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand is the Brahmastra FM has fired. Kudos to her for doing so while remaining fiscally responsible by targeting a fiscal deficit of 4.4%. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100% in Insurance and special impetus to the Renewables, including energy storage systems, are clear positives. It would have helped if the EV charging infrastructure could have been given an industry status. Maintaining Capex levels while lowering taxation is huge but needs more details. With all these moves, the government remains laser-focused on Viksit Bharat by 2047.
Mr. Sagar Shah, Head – Domestic Markets, RBL Bank: The budget continues on its roadmap of fiscal consolidation. The Government walked the path of fiscal prudence and lowered next year’s fiscal deficit target to 4.4 % vs current year’s 4.8% without loosing focus on growth.
Along with that focus on consumption to promote growth and tax simplifications are the biggest highlights of this budget. Much wanted consumption boost for the middle class has been provided to support growth.
Overall, a highly constructive budget with a new tax code will take care of the tax payer’s concerns.
Balram Singh Yadav, Managing Director, Godrej Agrovet Limited:
Empowering Farmers, Sustainable Production and Resilient Agri-Economy – Imperative in our Journey to Viksit Bharat, “The budget proposals showcase a comprehensive strategy to strengthen India’s agricultural sector, positioning it as a key driver in our journey towards Viksit Bharat. By addressing critical growth levers such as high-yielding, climate-resilient seeds, boosting cotton productivity, and achieving self-sufficiency in pulses, the budget lays a robust foundation for a resilient agri-economy.
The enhanced loan limit under the Modified Interest Subvention Scheme—from ₹3 lakh to ₹5 lakh—for Kisan Credit Card loans will provide vital financial support to small fisheries and dairy farmers, empowering them to scale operations. India’s position as the second-largest global producer of fish and aquaculture is further bolstered by the reduction in basic customs duty on a key input material for feed, strengthening competitiveness and sustainability in the sector.
The budget’s strategic push for self-reliance in pulses and edible oils, coupled with the new integrated program for fruits and vegetables, ensures both nutritional security and agricultural sustainability. With targeted initiatives like crop diversification and sustainable marine sector development, these measures not only enhance productivity but also reinforce the central role of farmers in driving India’s growth story.”
Girish Kousgi, MD & CEO, PNB Housing Finance: The Union Budget 2025 reflects the government’s steadfast commitment to strengthening the Indian economy through fiscal prudence and growth-oriented policies. The housing sector continues to be a key pillar of economic development, and we are encouraged by the progressive measures aimed at enhancing housing affordability and accessibility for millions of Indians.
The increase in the income tax exemption limit to ₹12 lakh will significantly boost disposable income, enhancing purchasing power and potentially increasing housing demand. Additionally, the completion of 50,000 dwelling units under stressed housing projects, with another 40,000 units set to be delivered in 2025, offers much-needed relief to middle-class families burdened by EMIs and rent. The establishment of SWAMIH Fund II, a ₹15,000 crore blended finance facility, will further accelerate the completion of another one lakh housing units, reinforcing the government’s focus on resolving housing stress.
We are optimistic that the sustained economic momentum, coupled with the government’s visionary policies, will drive long-term growth in the housing and real estate sectors, contributing to India’s vision of inclusive and sustainable development.
Mr. George Alexander Muthoot, MD, Muthoot Finance: The Honorable Finance Minister today presented a balanced and inclusive budget that strongly aligns with the vision of ‘Sabka Vikas,’ ensuring economic opportunities for major pillars of the society – the poor, youth, farmers, and women. The significant thrust on agriculture, with targeted credit measures under the Prime Minister Krishi Yojana and the expansion of Kisan Credit Cards, will empower 1.7 crore farmers. This will not only enhance agricultural productivity but also boost rural consumption.
Furthermore, the government’s focus on MSMEs, women entrepreneurs, and first-time business owners through term loans of up to ₹2 crore and structured capacity-building initiatives will drive small business growth, fostering employment and strengthening the country’s production ecosystem. Additionally, the ₹10,000 crore Fund for Startups will fuel entrepreneurship. These measures will contribute to a more self-reliant and resilient economy. As India’s largest gold loan NBFC, Muthoot Finance remains committed to supporting this vision by facilitating seamless access to credit and financial inclusion for individuals and businesses across India.
Further, the union budget has been supportive of middle class and we believe that the increased disposable incomes will fuel aspirations. All of the above initiatives will not only fortify the economic foundation but also drive a more financially inclusive future.
Mukul Goyal, Co-Founder of Stratefix Consulting:The Union Budget 2025 rightly emphasizes the vital role of MSMEs in India’s economy. Enhancing investment and turnover thresholds for MSME classification and increasing credit guarantee cover from ₹5 crore to ₹10 crore will foster growth and competitiveness. While these steps are promising, timely access to affordable credit and streamlined loan processes remain critical challenges. The budget’s push for digitization and technology adoption is welcome, and incentives for tech integration will further empower MSMEs
Rajavelu N.K. CEO – Crop Protection Business, Godrej Agrovet Limited & Co-Chairman of the FICCI Committee on Crop Protection Chemicals:
Boosting Rural Resilience: Budget 2025 Focuses on Crop Productivity, Self-Reliance, and Farmer Prosperity, “The government’s enhanced focus on crop productivity and protection is a promising step toward uplifting Indian farming families. The Mission for Cotton Productivity, integrating science and technology with extra-long staple cotton varieties, addresses declining cotton acreage while helping farmers boost yields and profits.
Proposals to reopen dormant urea plants and involve FPOs in vegetable and fruit initiatives are commendable, addressing both input and output challenges. However, awareness of urea’s excessive use and effective implementation will be critical.
The Prime Minister Dhan Dhanya Krishi Yojana, targeting 1.7 crore farmers across 100 districts, aims to enhance output, promote crop diversification, and improve post-harvest storage—key to driving rural prosperity and resilience.
Prashant Vashishtha, Chairman and Managing Director of Sokudo Electric India: The Budget 2025-26 is a significant step toward strengthening India’s startup ecosystem and accelerating the growth of the electric vehicle industry. The government’s emphasis on clean-tech manufacturing, deep-tech funding, and expanding the Credit Guarantee Scheme is a strong signal of its commitment to fostering innovation and self-reliance.
For EV startups like Sokudo Electric, the push for domestic battery production and the development of a robust infrastructure are much-needed moves. These initiatives will not only reduce our dependence on imports but also create a more sustainable and efficient supply chain. The focus on ease of doing business, through measures like the Jan Vishwas Bill 2.0 and streamlined regulatory frameworks, will make it easier for startups to scale, attract investments, and contribute to India’s economic growth.
What’s also encouraging is the government’s proactive approach to supporting MSMEs and new-age businesses with better access to funding, tax reforms, and financial incentives. This is exactly the kind of backing that young companies need to innovate and expand.
At Sokudo Electric, we are excited about the opportunities this budget creates for the EV industry. With the right policies and a strong manufacturing ecosystem, India is well on its way to becoming a global leader in electric mobility. The future of sustainable transportation looks brighter than ever.
Mr. Sandeep Bagla, CEO – TRUST Mutual Funds: “The Budget announcements are sending a clear message that the Government will focus on governance, creating capacities, creating conditions conducive for compliance, execution and implementation of policies. The onus of demand creation has shifted to the private sector, middle class and the wider populace. The next logical conclusion to the theme would be easier credit and monetary conditions which would enable greater risk taking by the masses.
Tax slabs have been rationalised in personal income tax, increasing the purchasing power of the consumers. Demand will get a boost specially in consumer discretionary items like FMCG, auto etc. Government has not been able to spend in capital expenditure of 11 lakh crs this year, probably because of lack of credible projects and the increase in the outlay for next year to only 11.21 lakh crs is slightly disappointing. The private sector is unlikely to undertake large capex due to uncertainty over tariff wars and fears of dumping from China. It puts the growth outlook under a cloud in the short run. The Government has undertaken measures to increase credit to important sectors like MSMEs and agriculture though. There has been emphasis on capacity creation in areas like education, health which will have long term benefits.
It is a bold budget, as it takes a chance of putting the Indian consumer at centrestage. The demographic dividend in Indian democracy should create demand, which is a step in the right direction. Markets could be disappointed as a higher Government capex would have spurred demand faster in a shorter run. Government has lowered the fiscal deficit, which is good for the private sector. The stage is set, the baton has been passed on to the consumer. Now it depends upon the resilience of the Indian middle class and the spirit of the private sector which will dictate the pace of Indian economic growth. Jay Ho”
Mr. Jatin Paranjape, Co-founder – KheloMore former international cricketer for India, member of BCCI, Cricket Advisory Committee. “The zero IT slab being increased to 12 LPA will undoubtedly trigger a very positive sentiment across all middle class indians. Extra disposable income will mean that consumption of sports products and services will be emboldened. But more importantly, the demand for sports will increase as middle class Indians will now have more money in hand to play sports at a venue near them. The slab reconfiguration will also reduce tax burdens for the citizens earning more than 12 lacs and this will also result in greater consumption”
Mrs. Harpreet Oberoi, Partner at Jotwani Associates: “The Union Budget 2025-26 introduces significant tax reforms aimed at boosting economic growth and easing business operations. Raising the income tax exemption to ₹12 lakh will enhance middle-class spending capacity. TDS and TCS relaxations, along with increased deduction limits, simplify compliance for businesses and individuals. Eliminating TCS on education loans and optimizing international tax rules further streamline financial operations. These reforms foster transparency, reduce litigation risks for startups and MSMEs, and promote a growth-oriented economy”.
Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants): “The focus on AI in education and skill development in this year’s budget is a much-needed step towards preparing India’s workforce for the future. The establishment of a dedicated Centre of Excellence in AI for education, along with the five National Centres for Excellence in Skilling, marks a progressive step towards equipping learners with future-ready capabilities. However, the real challenge lies not just in setting up these institutions but in ensuring that they provide the right mix of technical knowledge, financial literacy, and real-world problem-solving skills.
While MSMEs continue to be a crucial pillar of economic growth, their long-term success hinges on access to financial knowledge and a workforce adept at navigating emerging technologies. We firmly believe that integrating financial education with digital fluency and continuous learning will be key to shaping workforce ready professionals. Bridging this gap between education and employability is not just an economic necessity—it is the cornerstone of sustainable progress.”
Dhananjaya Bhardwaj, CEO & Founder, ParkMate: The Budget 2025-26 is a win for startups, fostering innovation and ease of doing business. The government’s focus on urban infrastructure, smart city development, and tech-driven solutions is particularly exciting for companies like ParkMate. Initiatives like the ₹1 lakh crore Urban Challenge Fund, enhanced capital expenditure loans, and deep-tech investments pave the way for better-planned cities and efficient mobility solutions. The budget’s trust-based compliance and funding support create a positive environment for scaling and innovation
Dr. Gyanendra Shukla, MD and CEO of Rallis India Limited: Firstly, I would like to extend my heartfelt congratulations to Finance Minister Nirmala Sitharaman on presenting her eighth consecutive budget. The Union Budget 2025 adopts a forward-looking approach to strengthen Indian agriculture with a focus on self-reliance, sustainability, and rural empowerment. Prioritizing agriculture, MSMEs, and exports lays a strong foundation for long-term resilience.
The PM Dhan Dhanya Krishi Yojana will transform 100 agri districts by enhancing productivity, irrigation, storage, and credit access for 1.7 crore farmers. The National Mission on High-Yielding Seeds, targeting 100+ climate-resilient varieties, will boost yields and incomes. A renewed push for Atmanirbharta in edible oilseeds and the Mission for Cotton Productivity will further support farmers and reduce import dependence.
By advancing rural prosperity, crop diversification, and scientific innovation, this budget reinforces the government’s commitment to self-sufficient agriculture. At Rallis India, we remain dedicated to empowering farmers with sustainable crop protection and sustainable farming solutions, aligning with the government’s vision for a more resilient and prosperous agricultural sector.
Sagar Kaushik, Associate Director, Growth, Propelld: We would like to congratulate the Finance Minister for including transformative reforms to boost education accessibility for India’s youth. The increase in medical and other seats in medical institutes, targeted focus on Centre of Excellence for AI for education, the Atal Tinkering labs in government schools and skill development avenues are initiatives to help build India’s knowledge base – a crucial element of a robust economy. Personal tax reforms and removal of TCS for remittance on education purposes will help parents to save for their children’s education by investing prudently.
Mr. Pradeep Aggarwal, Chairman, Signature Global (India) Ltd., on Union Budget 2025: “The Union Budget 2025 is a game-changer, reinforcing India’s commitment to inclusive and sustainable urban growth. The SWAMIH Fund 2 with ₹15,000 crore will accelerate the completion of stalled housing projects, bringing relief to over one lakh homebuyers. The ₹1 lakh crore Urban Challenge Fund will play a pivotal role in transforming cities into vibrant growth hubs, ensuring balanced regional development.
The masterstroke of direct tax reform—exempting income up to ₹12 lakh—will significantly boost disposable income, increasing affordability for homebuyers and driving real estate demand. Additionally, the government’s thrust on PPP-driven infrastructure with a structured three-year project pipeline will accelerate urban expansion, unlocking new opportunities for real estate and housing. These progressive reforms align with India’s vision of ‘Sabka Vikas’, fostering a robust ecosystem for homebuyers, developers, and investors alike.”
Aasif Malbari, Chief Financial Officer – Godrej Consumer Products Ltd: “The Union Budget 2025 takes a balanced approach by strengthening rural infrastructure, manufacturing, and consumer spending—three critical pillars for the FMCG sector. Investments in rural development and job creation will boost economic activity and drive higher consumption, opening new opportunities for market expansion. The National Manufacturing Mission is a strong step toward enhancing domestic production, reducing import dependencies, and improving cost efficiencies. Additionally, tax reforms benefiting the middle class will increase disposable income, further fueling demand across essential and aspirational FMCG categories.
Overall, the Budget lays a strong foundation for a more consumption-driven economy, creating significant growth opportunities for the FMCG industry.”
Bruce Keith, Co founder CEO, InvestorAi says: “While the Budget started with a big bang quite literally, the Honourable Finance Minister has announced a string of boosters for the Indian startup sector. The extensions to the loan programs make sense in the context of micro enterprises. However, the crucial fund of funds of Rs 10,000 crore will play a key role in boosting domestic capital in the startup sector. The announcement on deep tech fund, while details are awaited, it should be viewed through the DeepSeek lens of what can be done with relatively small amounts of capital when provided to agile and creative teams. We expect the VC ecosystem to bring velocity and momentum into funding these enterprises.
I was especially delighted to hear about the enhancing the “spirit of curiosity and innovation ” with IIT expansions of capacity and centres of excellence for AI education – talent availability is a necessary part of continuing our growth”.
Dr. H. Sudarshan Ballal, Chairman, of Manipal Hospitals:
- Day-care cancer centres in all district hospitals. 200 hospitals to be established in 2025-2026. This will certainly help take care of the increasing burden of cancer patients especially in the non- metros.
- Cancer, rare diseases and chronic severe ailments 36 life-saving drugs will be fully exempted from basic custom duties. Adding 6 life-saving medicines and bulk drugs attract concessional duties. Patient assistance programs will be expanded and will be exempt from duties. This will help reduce the cost of some of the very essential but expensive drugs in these serious diseases.
- 10,000 additional medical seats to be added in medical colleges, aim to add 75,000 seats in next 5 years which will improve the doctor to population ratio.
- Medical tourism and heal in India a major component for push in collaboration with private sector. Medical tourism and Heal in India to be promoted by easier visa norms and capacity building. This certainly is a very welcome move as India has the talent and infrastructure to attract medical value tourism at a fraction of the cost compared to many other countries.
- AI development centre for education and healthcare 500 crores allocation. PPP 1.5 lakh crore for infra push through national infra mission – will help health infra and financing.
- Nutrition mission and poshan abhiyan push across all states and schools. A very important measure to prevent malnutrition and improve nutrition especially in the under privileged population.
- Broad band connectivity to primary health centres will help in expanding Telemedicine consultations for rural patients at village level which will be a big boon in bridging the gap of lack of healthcare personnel in the rural areas.
Overall, it appears to be a reasonable budget for the common man with some boost for the healthcare sector in specific areas.
Mr. Girish Tanti, Vice Chairman, Suzlon: “The Government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.”
“The key word is Eco-System : the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers. It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms. And for national security, we need to build this expertise locally, requiring the build-out of all these industries at scale. We are happy that this budget recognises this need. Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”
Mr. Indraneel Chitale, Managing Partner, Chitale Bandhu Mithaiwale: The 2025 budget is robust and well-considered aiming at strengthening India’s financial stability in an increasingly volatile global environment.
With its strong focus on the Garib (poor), Youth, Annadata (farmers), and Nari (women), ensuring inclusive growth and economic empowerment. The continued support for MSMEs, recognized as the backbone of India’s manufacturing sector, is reassuring, along with measures to enhance exports.
The easing of tax norms, particularly the exemption of income tax on earnings up to ₹12 lakh, is a positive step. This move is expected to boost liquidity, enhance consumer spending, and stimulate demand, especially in the FMCG sector, which has been witnessing sluggish growth in recent quarters.
A Centre for Food Technology and Innovation will further integrate the state into India’s growth trajectory.
Additionally, initiatives like Atal Tinkering Labs and power rationalization will contribute to cost efficiency in manufacturing, ensuring India remains competitive. Lastly, there is hope for accelerated fiscal deficit reduction through privatization, which would strengthen the country’s long-term economic outlook.
Shrinivas Rao, FRICS, CEO, Vestian: “The Union Budget 2025 focuses on employment generation, boosting domestic consumption, and enhancing connectivity by concentrating on the rapid development of physical infrastructure and increasing disposable income of citizens. This will have a positive impact on increasing demand for all real estate asset classes across the country. Furthermore, the budget has an allocation of INR 15,000 Cr under the SWAMIH Fund for addressing liquidity issues of delayed housing projects. This along with the digitization of land records is expected to strengthen homebuyers’ confidence.”
Mr. Rao further added, “Upgradation of infrastructure facilities for air cargo will multiply the demand for warehousing across the country. Focus on setting up GCCs in tier-2 cities will transform the real estate landscape in the emerging cities of India.
Ms. Preethi Rajeev Nair, Principal – CBSE, Lancers Army School: The Union Budget 2025 reflects a strong commitment to advancing education and skilling in India. Establishing 50,000 Atal Tinkering Labs and the enablement of broadband connectivity in government schools will be a game-changer in fostering innovation and digital learning.
Additionally, the expansion of IIT infrastructure and the Centre of Excellence for AI in Education will empower students for future technological advancements and thrive in the digital age. We welcome these initiatives, as they align with our mission to provide holistic and future-ready education to young minds.
CA Bikram Agarwal, Chief Financial Officer, Seth Anandram Jaipuria Group of Educational Institutions: The education sector remains a priority for the government. In the Union Budget 2025, the education sector has been allocated Rs 1,28,650.05 crore, marking a 6.65% increase from the previous year. I see an emphasis on harnessing the potential of the country’s demographic dividend by focusing on skill development and accessibility of education through initiatives such as the new National Centres of Excellence for Skilling, 50 thousand additional ATL labs, better broadband connectivity and digital books in Indian languages to reach the last child. At the same time, I see a thrust towards creating a robust AI ecosystem through the Centre of Excellence in AI. It is very much the need of the hour. The capacity building of IITs and enhanced seats in medical college display a positive intent towards strengthening the higher education. Having said that, the budget falls short of 6% of GDP allocation to the education sector, as recommended by the National Education Policy 2020. There is no relief to education institutes from GST, in the sense that they are required to pay the GST whenever procuring any goods or services from vendors. There is also no relief on reverse charge mechanism which is applicable on educational institutions under the GST laws and which creates numerous legal requirements on educational institutions.
Mr Badal Yagnik, Chief Executive Officer, Colliers India: “The Union Budget 2025-26 has continued to further the goal of ‘Viksit Bharat’ and ‘Sabka Vikas’ through transformative reforms across six key domains including urban & real estate development, power & mining sectors, financial services and taxation as well regulatory reforms. Balanced regional growth across tier I & II cities will be driven by engines such as agriculture, MSMEs, investments and exports. The National Manufacturing Mission, guidance framework for GCCs, start-up focused AIF, SWAMIH 2 fund and Urban Challenge Fund, all hold potential to significantly accelerate real estate growth across multiple real estate segments. The budget has continued to focus on improving the ease of doing business through innovation, technological upgradation and sharing of data between public & private sector establishments. The extension of the SWAMIH fund is a much-expected move as several real, estate projects continue to reel under stress due to funding constraints, delaying delivery of homes. Additionally, rationalization of taxes and enhancement of exemption limits can boost disposable income spurring consumption levels and real estate investments, particularly in residential real estate and alternate financial instruments such as REITs.”
Mr. Tannay Jit Singh, Founder Kladio: India’s commitment to educational and technological advancement takes centre stage with ambitious initiatives spanning multiple sectors. The establishment of 50,000 Atal Tinkering Laboratories in government schools signals a transformative push to nurture innovation at the grassroots level. The vision extends to higher education, with expanded infrastructure in newer IITs accommodating 6,500 additional students, while a ₹500 crore investment in an AI Education Centre of Excellence demonstrates our focus on future technologies.
Healthcare education receives significant attention through 10,000 new medical college seats and 200 cancer centres. The government’s dedication to research and innovation is further emphasized by the proposed DeepTech Fund of Funds and 10,000 PM Research Fellowships at premier institutions.
These comprehensive measures, combined with practical steps like TCS removal on education loans up to ₹10 lakh, form a robust framework for India’s educational and technological evolution.
Mr Piyush Bothra, Co-Founder and CFO, Square Yards: “The recent budget introduces much-needed relief, particularly with the zero-tax provision on annual incomes up to Rs 12 lakh—a move that enhances disposable income and is expected to support homebuyers. Additionally, the allocation of Rs 15,000 crore under the SWAMIH Fund for completing 1 lakh stalled housing units is a significant intervention, providing relief to buyers impacted by delayed projects and supporting supply-side stakeholders.
However, additional measures could have further strengthened the sector. Increasing home loan deduction limits would have improved financing accessibility, particularly for first-time homebuyers and end-users. This could have enhanced affordability, eased credit constraints, reduced tax liabilities, and contributed towards meeting the projected demand of 93 million housing units by 2036.”
Prajodh Rajan, Co-Founder & Group CEO, Lighthouse Learning (formerly EuroKids International): The Union Budget 2025-26 introduces key initiatives aimed at fostering innovation and expanding access to education. The plan to establish 50,000 Atal Tinkering Labs in government schools is a promising step toward nurturing curiosity and hands-on learning among students. Additionally, initiatives like the Bharatiya Bhasha Pustak Scheme and the removal of TCS on education remittances reflect an encouraging push toward making learning more inclusive and financially accessible. These efforts align with the need to equip students with skills for a rapidly evolving world. As we complete the first quarter of the 21st century, these measures align with the evolving needs of students and the broader goal of preparing them for a rapidly changing world.
Mr, Kanak Gupta, Group Director, MR Jaipuria Group: The Budget 2025 takes a decisive step in ensuring that the future of India is knowledge-led and technology-enabled. With 50,000 Atal Tinkering Labs, broadband connectivity in government schools, and a ₹500 crore Centre of Excellence for AI in Education, it paves the way for India to emerge as the technological hub of the world.
Moreover, the focus on skilling and providing digital Indian language books for schools and higher education reflects a commitment to inclusivity, recognising the diverse linguistic landscape of our country. By making quality education accessible in various Indian languages, the government is ensuring that students from different backgrounds can have uniform learning experiences.
Girish Rowjee, Co-founder & CEO, greytHR: The Union Budget 2025 reinforces India’s commitment to inclusive development, economic acceleration, and technological advancement. It sets a powerful momentum for India’s MSMEs and workforce transformation. With the credit guarantee cover doubling to ₹10 crore and MSME investment and turnover limits expanding (2.5X and 2X), small businesses now have greater financial flexibility to scale and innovate. The ₹10,000 crore Fund of Funds, five National Centres of Excellence for Skilling, and AI-driven education initiatives underscore India’s commitment to building a future-ready workforce.
The government’s move to remove income tax up to ₹12 lakhs is a crucial step in recognizing the middle class’s contribution to India’s economic growth. We also look forward to further tax reforms that support economic relief and financial well-being in the upcoming income tax bill.
Overall, the expectation is that these strategic reforms will accelerate entrepreneurship, enhance employability, and position India as a global hub for talent and innovation. At greytHR, we welcome the focus on MSME reforms, AI development, and tax reforms. We remain committed to driving innovation in HR tech, simplifying compliance, and empowering businesses to navigate this evolving landscape with confidence.
Rishi Das, Executive Director & CEO, IndiQube: The Union Budget brings a host of positives for the Indian startup ecosystem. The new Fund of Funds, with an additional ₹10,000 crore contribution, is a significant boost, ensuring greater access to capital, fostering innovation, and enabling startups to scale faster. The proposed DeepTech Fund of Funds is also a positive change, set to catalyze the next generation of startups in cutting-edge technology domains.Additionally, the strong focus on skill development—through infrastructure expansion in IITs, the establishment of a Centre of Excellence for AI, and the addition of 10,000 medical college seats—will help build a robust talent pipeline to meet the evolving needs of the industry. This forward-looking approach will further strengthen India’s position as a global hub for innovation and entrepreneurship.
Dr. Satish Patil, 3X Entrepreneur, Founder and CEO, Kanlet Technologies: Today’s budget announcement solidifies our expectation of 6.6% of GDP growth in 2025-26.
This budget boldly addresses the need of the hour: putting money into the hands of the middle class through meaningful tax reliefs. This will energize consumption and growth at a critical time for the Indian economy.
The significant step towards strengthening India’s startup ecosystem is the announcement of a 100 billion rupee ($1.16 billion) Fund Of Funds and the exploration of a dedicated Deep Tech fund in the Union Budget 2025.
This initiative will provide much-needed capital to startups working on new technologies such as AI, robotics, blockchain, and clean energy.
Mr. Tr Chaitanya Dev Singh, National President, Round Table India (RTI): The Union Budget 2025 lays significant emphasis on the education and well-being of students. The commitment to advancing science and technology through initiatives like 50,000 Atal Tinkering Laboratories (ATLs) and broadband connectivity for government schools is a welcome move. Furthermore, providing digital access to vernacular literature will significantly enhance educational quality.
The expansion of admission capacities in institutions such as IITs and medical colleges will alleviate the pressure on numerous students aiming to secure admissions in the top institutions of the country.
Additionally, the emphasis on skill development will particularly benefit marginalized communities, enabling them to secure livelihoods and break the cycle of poverty.
Subramanyam. S, Founder & CEO, Ascent HR Technologies: Excellent budget, pretty balanced in maintaining progressive orientation while providing significant rebates or reliefs. Working class is the largest beneficiary with enhanced ceilings in tax exempt income which when coupled with standard deduction and HRA benefits would be closer to 16 lakhs per year. A big jump in money on hand could drive spend leading to higher indirect tax collections or in the alternative push savings leading to better stock markets or FD collections. Hence while giving relief on one hand the FM will receive its benefits significantly.
Additionally, the insurance FDI going up to 100% with a tag of premium investment in India will drive this sector to next level while adding cream to investments in the country. Dole outs in agricultural sector appear structured and hence may not go down well but would be in the interest of the country in managing fiscal deficit.
Overall, the budget can be rated 4.5 on a scale of 5.
Mr. Masood Mallick, Managing Director & CEO, Re Sustainability Limited (ReSL): The budget outlines key initiatives to support sustainability and circularity in India.
The removal of custom duty on waste and scrap from critical minerals, including Antimony, Beryllium, Cobalt, and Lithium-Ion batteries, aims to boost recycling and enhance use of circular minerals in manufacturing. A policy for recovery of critical minerals from tailings or by-products of mining can also emerge as a significant enabler for India’s transition to a more circular economy.
Funds have also been allocated to strengthen the domestic manufacturing of clean technologies like solar PV cells, EV batteries, and wind turbines, which will enhance the country’s renewable energy infrastructure.
The ₹1 lakh crore Urban Challenge Fund focuses on sustainable urban development, addressing water management, sanitation, and city redevelopment.
Finally, the commitment to developing 100 GW of nuclear energy by 2047 furthers India’s energy transition strategy, contributing to long-term sustainability.
These measures have the potential to significantly accelerate our sustainability and circular economy journey, towards our shared goal of a Viksit Bharat by 2047.
Ms. Anushika Jain; Founder and CEO of Global Shala and Globally Recruit: The Union Budget 2025 marks the dawn of a new era in India’s education landscape by prioritizing skilling, digital education, and global learning opportunities. The establishment of the National Centres of Excellence for Skilling and the promotion of global skilling partnerships will empower the youth with skills pertinent to industry requirements, thereby enhancing their employability on an international scale.
Moreover, the creation of a Centre of Excellence for AI in Education represents a significant leap forward in integrating artificial intelligence into educational frameworks. These initiatives align with the growing demand for a globally competitive workforce and further solidify India’s position as a global talent hub.
These efforts resonate with the insights from the World Economic Forum’s Future of Jobs Report 2025, which emphasizes the importance of technological skills, including AI and big data, as well as the need for resilience, flexibility, and agility in the workforce. By focusing on these areas, India is not only addressing current educational needs but also preparing its youth for the evolving global job market.
Mr. Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd and CEO: The Union Budget 2025 has brought several positive developments for the pharma industry, including full exemption from basic customs duty on 36 lifesaving drugs and concessional duty of 5% on 6 more. The government’s decision to fully exempt specified drugs under Patient Assistance Programmes (PAPs) and add 37 new medicines along with 13 additional PAPs will significantly improve access to critical medicines and reduce treatment costs for patients in need.
The announcement to set up Day Care Cancer Centres in all district hospitals over the next three years—starting with 200 in 2025-26—is a commendable step in strengthening cancer care infrastructure. This initiative will provide patients with first-hand assistance from healthcare professionals while easing the burden on tertiary hospitals and ensuring timely treatment closer to home.
While these are welcome steps, we had hoped for a stronger push towards pharmaceutical R&D. Increasing allocation beyond the current 1% of GDP, raising the weighted tax deduction for R&D expenditure from 100% to 200%, and swiftly rolling out the Research Linked Incentive scheme remain critical to fostering drug innovation. We urge the government to consider these priorities to further bolster research in India’s pharma industry and healthcare ecosystem.
Ujjwal Singh, Foundig CEO, Infinity Learn by Sri Chaitanya:
The Union Budget 2025-26 reinforces the government’s commitment to education through digital transformation and infrastructure expansion. We welcome the progressive steps taken to strengthen India’s education system, particularly the expansion of IIT infrastructure and additional seats in medical colleges, which provide more opportunities for aspiring engineers and doctors. The decision to provide broadband connectivity to all government secondary schools under the BharatNet project is a game-changer for digital learning, especially in rural areas. By bridging the digital divide, this initiative will empower learners with better access to quality education resources. Additionally, the establishment of a ₹500 crore Centre of Excellence in AI for Education reflects the government’s vision of integrating emerging technologies to enhance learning experiences, making education more personalized and effective.
As a hybrid learning platform, we are excited about the newly announced reforms, as they align with our motto, “Bachha Seekha Hai Ki Nahi”. This motivates us to strive even harder to empower learners across the country, especially in tier 2 and 3 cities, by equipping them with quality resources and hyper-personalized learning solutions—both on our online platform and at our Test Prep Centres—to help them emerge as toppers in JEE and NEET exams.
Mr. Shishir Jaipuria, Chairman, Seth Anandram Jaipuria Group of Educational Institutions: The Union Budget 2025-26 by the Finance Minister Nirmala Sitharaman takes a very holistic approach towards education with a focus on innovation, research, technology, skill development, accessibility, and capacity building. The reforms are intended at the grassroots level with announcements of fifty thousand new Atal Tinkering Labs and better broadband connectivity for government schools. I commend the decision to set the Centre of Excellence in Artificial Intelligence. It shall help India catch up in the global AI race. Likewise, the fellowships for technological research in IITs and IISc will pave the way for innovations and build a culture of research. The budget takes a balanced approach to both school and higher education. It also aims to bring in global expertise for skilling the youth of India through the five National Centres of Excellence in skilling. With an outlay of Rs. 1,28,650 crores for education, this budget promises reforms and initiatives not just in line with NEP 2020 but also directed towards catalyzing education to drive India’s progress towards Viksit Bharat.
Mr.Sajja Praveen Chowdary , Director of Policybazaar For Business: The Union Budget 2025 put forward a strong growth agenda for the start-up and MSME ecosystem. The newly-proposed National Manufacturing Mission sets the stage for a more competitive and self-reliant industrial base. Access to credit has been significantly expanded, providing a major boost to MSMEs and startups. Micro and small enterprises now have double the credit guarantee cover, which ensures stronger financial backing for innovation. Startups in key sectors benefit from higher limits and reduced guarantee fees, while well-run exporter MSMEs can access larger term loans. These measures will enhance liquidity, encourage investment and also strengthen India’s Make In India initiative. The decision to allow 100% FDI in insurance is another landmark reform, which will bring global investments, better capital influx and promote healthier competition. These measures cement India’s thriving entrepreneurial spirit and make way for a more resilient economy.
Mr. Anshul Singhal, Managing Director, Welspun One & Chairperson of ASSOCHAM National Council on Logistics & Warehousing: The Union Budget 2025-26 highlights the Modi government’s commitment to infrastructure-led growth, digital integration, and investment-friendly reforms, laying the foundation for a robust and future-ready India. By prioritizing agriculture, MSMEs, investments, and exports – the four critical engines driving industrial expansion and supply chain efficiency – the budget seemed to be aligned to strengthen India’s position as a global manufacturing and trade hub. The ₹1.5 lakh crore allocation for infrastructure, the ₹1 lakh crore Urban Challenge Fund, and PPP-driven initiatives will catalyze the next wave of industrial expansion, transforming cities into economic hubs.
In logistics and warehousing, streamlining cargo screening, upgrading air cargo infrastructure, and evolving India Post into a national logistics powerhouse will redefine supply chain efficiencies and last-mile connectivity across urban-rural markets. Additionally, the budget’s strong focus on developing port facilities and strengthening port-based logistics hubs will accelerate our global trade ambitions. The introduction of the Bharat Trade Net, access to PM Gati Shakti data, and the Bilateral Investment Treaty reinforce the government’s push for an integrated and investment-friendly economy. Reducing turnaround times, optimizing supply chains, and fostering structured logistics clusters – these initiatives will decongest cities, enhance trade competitiveness, and drive economic growth. These measures, with the incentives for warehouse enhancements and dedicated logistics infrastructure, highlight a progressive shift towards sustainability, digitalization, and private-sector collaboration.
However, for sustained industrial expansion – simplified land acquisition, incentives for green warehousing, and tax clarity for AIFs remain crucial. Recognizing warehousing as a capital-intensive sector and extending GST benefits for industrial real estate will further encourage large-scale investments, helping India cement its position as a leader in global trade and industrial infrastructure. As India moves toward a $5 trillion economy, industry and policymakers must work together to execute these visionary reforms. At Welspun One, we look forward to contributing to this transformation—building a tech-driven, climate-conscious, and globally competitive logistics and warehousing ecosystem.
Jairam Balakrishnan, CEO, Globeducate India: The Union Budget 2025-26 reinforces the government’s commitment to a future-ready education system by expanding access, strengthening skilling initiatives, and integrating technology into learning. The establishment of 50,000 Atal Tinkering Labs will nurture curiosity and innovation, while broadband expansion through BharatNet will bridge the digital divide. The Bharatiya Bhasha Pustak scheme further improves inclusivity by promoting multilingual education.
The emphasis on skilling through National Centres of Excellence and AI-driven education initiatives will prepare students for emerging careers, bridging the gap between traditional learning and industry demands. Also, the focus on making India a global hub for toys under the National Action Plan will be a boon for the educational toy industry, promoting innovation and quality in learning tools that enhance early childhood development. We look forward to supporting these initiatives and contributing to the vision of a knowledge-driven ‘Viksit Bharat.
Mr Amit Prakash Singh, Co-Founder & Chief Business Officer, Urban Money: The recent budget’s zero-tax provision on incomes up to Rs 12 lakh offers a significant advantage for borrowers and individuals seeking loans. By increasing disposable income, it alleviates financial pressure, making it easier to manage repayment obligations. Additionally, the enhanced savings capacity can contribute to larger down payments, reducing reliance on bigger loans and mitigating long-term financial strain. Existing borrowers may also find it easier to allocate funds for prepayments, accelerating debt reduction. However, increasing loan deduction limits, particularly for home loans, would have further enhanced credit accessibility, making financing more affordable and boosting borrower confidence.
Mr. Vinay Kumar Swamy, Country Head – Pearson India: The Budget 2025 marks a significant step toward strengthening India’s education and skilling ecosystem. The establishment of National Centers of Excellence for skilling and the investment in AI-driven learning reflect the government’s commitment to preparing the workforce for a dynamic global economy. At Pearson, we believe that access to quality learning, continuous upskilling and education are fundamental to unlocking opportunities for individuals and businesses alike.
The expansion of digital infrastructure in government schools and the focus on multilingual digital content will play a crucial role in making education more inclusive and accessible, ensuring that students and aspirants across India can build future-ready skills. These initiatives will also enhance the relevance and accessibility of learning content for Indian learners.
We look forward to working with the ecosystem to drive innovation, bridge skill gaps, empower learners and nurture a workforce that will help to achieve the Government’s vision for Viksit Bharat and Sabka Vikas.
Kunal Vasudeva, Co-founder & Managing Director, Indian School of Hospitality: The Union Budget 2025-26 sets the right direction with AI-driven education, research fellowships, deep-tech funding, and global skilling partnerships. These are crucial steps toward positioning education as an economic powerhouse.
However, policy is always a work in progress—the real test is execution. If India is to leapfrog in education the way it did in digitization, we need a 10X mindset in implementation, institutional accountability, and adaptability.
The focus must now shift to outcome-driven reforms—aligning research with national priorities, empowering universities to lead innovation, and embedding competency-building over mere skilling.
This decade will define India’s global standing. Bold policy must now meet bold execution.
Mr. Nipun Goenka, Managing Director, GD Goenka Group: The Union Budget’s focus on education, skill development, and research underscores a commitment to nurturing lifelong learners who can thrive in an evolving world. The establishment of National Centres of Excellence for Skilling, the expansion of IITs, and the Centre of Excellence for AI in Education reflect an investment in future-ready competencies that will shape India’s global standing as a knowledge hub. The addition of 50,000 Atal Tinkering Labs and broadband connectivity in government schools is a step toward democratizing access to innovation, ensuring every child—regardless of background—has the opportunity to contribute to the nation’s growth. The expansion of medical education and the National Institute of Food Technology in Bihar will not only drive economic growth but also reinforce a culture of social responsibility.
Beyond academics, initiatives like the Saksham Anganwadi and Poshan 2.0 reflect a much-needed focus on holistic development, ensuring that children, mothers, and adolescents receive the nutrition and support essential for learning and growth. The Bhasha Pustak Scheme, with its emphasis on digital access to Indian language books, strengthens inclusive learning, allowing students to engage deeply with knowledge in their native languages.
At GD Goenka, we remain committed to complementing these national efforts by empowering a generation that is not just prepared for the future but capable of shaping it.
Mr Pinkesh Kotecha, MD & Chairman, Ishan Technologies. The Union Budget 2025-26 lays a strong foundation for India’s digital-first economy, with a clear emphasis on AI, deep tech, and digital public infrastructure. The introduction of the Deep Tech Fund of Funds is a significant move to accelerate next-generation startups in AI, blockchain, and advanced computing, fostering innovation and global competitiveness. Expanding broadband access under BharatNet to rural schools and health centers is a critical step in bridging the digital divide and enhancing last-mile connectivity.
The establishment of a ₹500 crore Centre of Excellence in AI for Education reinforces India’s commitment to AI-driven learning, ensuring a future-ready workforce. The National Framework for Global Capability Centers (GCCs) will further strengthen IT and outsourcing hubs in Tier-2 cities, driving infrastructure development and talent expansion. Additionally, with increased PPP support for digital infrastructure under the India Infrastructure Project Development Fund (IIPDF), private sector investments in broadband and connectivity are expected to gain momentum. Together, these initiatives position India as a leading player in the global digital economy, accelerating the adoption of AI, deep tech, and emerging technologies. However, areas like data centers required more focused policy support to establish India as a regional digital hub. Clarity in AI regulation and security frameworks is also essential to ensure responsible AI adoption while fostering continued innovation.
Mr. Ramesh Nair, CEO, Mindspace Business Parks REIT: The Union Budget 2025 takes a decisive step towards strengthening India’s urban infrastructure and fostering business-friendly environments. The ₹1 lakh crore Urban Challenge Fund and incentivized urban reforms will enhance governance, municipal services, and city planning, key enablers for sustained commercial growth. The national framework for Global Capability Centers (GCCs) is particularly encouraging, as we have seen GCCs emerge as some of the largest occupiers of Grade A office spaces. Strategic infrastructure upgrades in emerging cities will unlock new opportunities for businesses and further India’s position as a global services hub.
Mr. Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd: The Union Budget reinforces India’s position as one the fastest-growing major economies, bolstering the road-map for overall growth in consumption and infrastructure. The ‘National Manufacturing Mission’ and ‘Make in India’ initiatives will further accelerate domestic production, fuelling ‘Move in India’ – a vision for seamless movement of cargo across the country. The sustained emphasis on infrastructure development, coupled with a three-year project pipeline under the PPP model and state-backed incentives for capital expenditure lay a strong foundation. The budget’s focus on logistics modernization, including PM Gati Shakti ; streamlined air cargo warehousing, and the new BharatTradeNet initiative will strengthen India’s logistics ecosystem. Aligned with this, we’re committed to leveraging technology, driving efficiency, and bolstering supply chain resilience. We look forward to collaboratively building a future-ready, sustainable, and tech-driven logistics landscape, aligned with India’s growth ambitions.
Mr. Kamal Singal, MD & CEO, Arvind SmartSpaces Ltd: The Union Budget 2025-26 lays a strong foundation for urban transformation, with ₹1.1 lakh crore Urban Challenge Fund driving city redevelopment, infrastructure upgrades, and sustainable growth. The continued support for housing through the SWAMI scheme and SWAMI Fund 2 will accelerate project completions and boost homebuyers confidence.
Emphasis on public-private partnerships (PPP), asset monetization, and ease of doing business will unlock new opportunities for the real estate sector. At Arvind SmartSpaces, we welcome these initiatives, which align with our vision of building future-ready urban communities. This budget paves the way for a more dynamic and resilient real estate landscape.
Mr. Amit Kumar Sinha, MD & CEO, Mahindra Lifespace Developers Ltd.: The Union Budget’s emphasis on urban sector reforms and infrastructure-led growth is a welcome step towards building future-ready cities. The introduction of the ₹1 lakh crore Urban Challenge Fund and incentivization of governance and urban planning reforms will strengthen city-level development, fostering sustainable, well-planned urban ecosystems.
Additionally, the government’s focus on Public-Private Partnerships (PPPs) for infrastructure expansion aligns well with our Mahindra World City Jaipur (MWCJ) and Mahindra World City Chennai (MWCC) projects, which have demonstrated the success of PPP-led integrated urban development. The government’s continued push towards improving ease of doing business bodes well for us as enablers of the manufacturing sector, with many leading industrial players housed in our Mahindra World Cities and Origins by Mahindra industrial clusters. Moreover, the easing of income tax slabs will further strengthen the demand for residential real estate. We look forward to continued collaboration in shaping vibrant, resilient cities that drive economic growth and enhance quality of life.
Ms. Madhumita Agrawal, Founder & CEO of Oben Electric: The Union Budget 2025 is well balanced, in terms of supporting India’s aspirations of emerging as a global hub for tech and innovation, while supporting MSMEs – the nation’s backbone, and creating more job opportunities for the nation’s youth. Investments in Clean Tech will certainly give a boost to the EV sector. Exemption of basic customs duty on Cobalt Powder and lithium-ion battery waste, and including 35 additional capital goods for EV manufacturing, will give a significant push to indigenous manufacturing. This will not only ensure easy availability crucial, also boosting domestic manufacturing and creating more job opportunities for the nation’s youth. At the same time, the budget also has key provisions for boosting the next wave of entrepreneurship in the nation, including the New Fund of Funds with a fresh contribution of INR 10,000 crore is a welcomed move, following the funding winter & dry spells that entrepreneurs had to endure in the previous year. Easing credit access to MSMEs is also a crucial move and will lead to better tech upgradation and more employment avenues for the nation’s youth. At Oben, we commend these key developments in the Union Budget 2025 and stay committed to helping India’s move towards sustainability and clean energy.
Shreevalli V, COO – Kinder Women’s Hospital And Fertility Centre: One of the significant steps taken by the government in today’s budget has been the proposal to establish daycare cancer centers in India. It is also heartening to note that there is a plan to increase the number of seats in medical colleges and hospitals and strengthen health care infrastructure through public private partnerships.Building centers of excellence for AI is a great pointer towards how the govt wants to build the future of healthcare in the country.
However, we had expected some comforting measures towards creating a more affordable form of fertility treatment. We were hoping for greater insurance support in this regard as the cost of fertility treatments are not easily affordable for everyone. The absence of any such measure has been disappointing to say the least and hopefully some corrective measures can be taken in the short to medium term.
Mr. Swaminathan Subramanian, Chief Operating Officer, SMFG India Credit: This year’s Union Budget presents a promising future for India’s workforce. The government’s focus on expanding skilling programs like the establishment of five National Centres of Excellence for Skilling and the Centre of Excellence for AI in Education, with an outlay of ₹500 crore, will help prepare our youth for opportunities across the world. These centres, coupled with global skilling partnerships, will position India as a key player in global manufacturing. The expansion of IIT infrastructure, accommodating 6,500 more students across five IITs, will further bolster our talent pool. The 50,000 Atal Tinkering Laboratories (ATLs) to be set up in government schools over the next five years are key steps in inspiring young minds towards innovation and fostering scientific temper as these labs will help in research in the STEM field. The budget also supports gig workers and boosts savings through income tax reforms, which will help drive job creation and economic growth. These initiatives are essential for building a stronger, more inclusive workforce and ensuring India’s continued development.
Mr. Srikanth Kandikonda, Chief Financial Officer, ManipalCigna Health Insurance: We welcome the government’s decision to increase the FDI limit in the insurance sector from 74% to 100%. This progressive move will drive greater capital inflows into the sector, also improve insurance penetration.
A key highlight of the Union Budget is the significant relief for the middle class, with no income tax payable on earnings up to ₹12 lakh under the new tax regime. This translates into greater income in the hands of people, empowering individuals to invest in financial security tools like health insurance. At ManipalCigna Health Insurance, our focus remains on India’s missing middle population, and this initiative aligns perfectly with our commitment to expanding access to quality healthcare protection.
Additionally, the government’s plan to establish 200 daycare cancer centres in district hospitals by 2025-26 is a commendable step toward strengthening healthcare accessibility. These centers will bridge critical care gaps, ensuring timely and affordable treatment for cancer patients across India. We look forward to supporting initiatives that enhance healthcare access and financial protection for all.
Prakash Sankaran, MD & CEO, Invoicemart: The combination of revised MSME definition along with Nov, 2024 govt notification on mandatory onboarding of entities with turnover over Rs 250 crores will unlock efficient cash flow management for MSMEs, empowering them to scale to new heights. This move will encourage broader participation from the 7000+ entities with turnover range between Rs 250 – 500 crs.”
Shri Ashishkumar Chauhan, MD and CEO NSE: The budget builds on India’s growth momentum with strong development measures, continued fiscal prudence, increased capex and reduced tax burden. Increase in disposable income enhances consumption growth and provides further wealth creation opportunities to Indian households through the markets. More and more people will join the pool of current 11 crore unique investors and will become stakeholders and beneficiaries of India’s growth journey thereby supporting a virtuous cycle of economic growth, capital formation and job creation. Through a slew of social welfare measures on employment, education, healthcare, women empowerment and with special support to youth, farmers, MSMEs and startups – the budget focuses on India’s most important resource – its people.
Dr. Anish Shah, Group CEO & MD, Mahindra Group: We commend the 2025 Union Budget for its continued support of robust consumption growth through changes in the tax structure, effectively placing more disposable income in the hands of the Indian consumer. This will encourage private sector capex to move in a positive direction.
The theme of “Make in India for the world” remains a key focus in this budget, with efforts to reduce India’s manufacturing costs poised to significantly enhance the country’s global competitiveness. In addition to providing an immediate stimulus for demand and growth, the budget emphasizes long-term growth through substantial infrastructure investments and a strong focus on innovation.
Lastly, the theme of inclusive development, with a strong emphasis on MSMEs, agriculture, and skilling, aims to create a resilient ecosystem that will drive economic growth and help achieve the Viksit Bharat Goals by 2047.
Mr. Prashant Kumar, Managing Director & CEO, YES BANK: The Union Budget remains growth oriented – not only attempting to correct for the cyclical growth concerns but also setting up the platform for a sustained long-term journey for the economy, keeping the focus strongly on the objectives of Viksit Bharat. Importantly, sectors that are relatively more labour intensive in nature have received a boost within the budget – namely agriculture, MSME, footwear and leather, toys, food processing. The focus of the budget has been on ways to improve productivity across various sectors and to provide adequate scope for the MSMEs to expand by enhancing the credit guarantee scheme for them. Importantly, the classification criteria for the MSMEs have also been significantly enhanced. The Budget can also be lauded for taking up the challenge of enhancing the ease of doing business along with establishing a more stable taxation regime, that is likely to enhance business decision making, boost private sector investment and hence foster long-term growth. On the other hand, reduction in the income taxes across the tax paying population should enhance consumption power of the middle class and boost deposit mobilization of the banking sector. Amid all these positive reforms momentum, the FM has enabled an increase in the capital expenditures yet continuing with fiscal consolidation.
Srinivasan Vaidyanathan, Operating Partner, Essar Capital: The 2025 Union Budget effectively balances fiscal discipline with targeted, strategic investments. By focusing on critical sectors such as maritime, energy transition, and mining, the government is laying the groundwork for a ‘Viksit Bharat.’ These investments will also foster innovation and job creation, ensuring that economic growth remains resilient, sustainable, and inclusive.
Dhiraj Relli, MD and CEO, HDFC Securities: The Budget 2025 presents a masterful blueprint for India’s economic growth, skillfully balancing fiscal responsibility with progressive reforms. The budget creates a perfect foundation for future interest rate reductions by maintaining fiscal discipline while implementing growth-oriented measures. The government’s strategic focus on capital expenditure, while prudently managing non-capex expenditure, demonstrates excellent fiscal management.
In a landmark fiscal measure designed to uplift the nation’s backbone – its middle class – the government has graciously extended the tax-free threshold to a remarkable ₹12.75 lakh under the new tax regime. This magnanimous gesture translates into an unprecedented infusion of ₹1 lakh crore into the hands of middle-class households nationwide. Such a substantial enhancement to disposable income promises to invigorate the marketplace, mainly benefitting the fast-moving consumer goods sector and durable goods manufacturers, as families find themselves empowered to fulfil their essential needs and aspirational purchases with renewed confidence.
Innovation and employment generation receive powerful support through the enhanced Start-up Fund of Funds and targeted labour-intensive schemes. The budget’s comprehensive approach to strengthening agriculture, MSMEs, investments, and exports is poised to catalyse credit demand, invigorating the banking sector’s loan growth.
This thoughtful combination of tax relief and sector-specific initiatives creates a strong foundation for sustainable economic growth.
Prakash Sankaran, MD & CEO, Invoicemart: The combination of revised MSME definition along with Nov, 2024 govt notification on mandatory onboarding of entities with turnover over Rs 250 crores will unlock efficient cash flow management for MSMEs, empowering them to scale to new heights. This move will encourage broader participation from the 7000+ entities with turnover range between Rs 250 – 500 crs.
Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited: The Union Budget 2025-26, presented by the Finance Minister, reflects the government’s commitment to holistic economic growth, addressing key sectors such as agriculture, infrastructure, exports, entrepreneurship, and ease of doing business. It is a well-balanced budget that not only promotes macro-level economic stability but also delivers direct financial relief to individuals and industries.
For the real estate sector, the government has reinforced its support for stalled housing projects through the SWAMIH Fund, ensuring the timely completion of financially stressed projects. This initiative will provide relief to lakhs of homebuyers who have been waiting for possession, instilling renewed confidence in the sector and boosting overall housing demand.
A major highlight of the budget is the introduction of significant tax relief measures, marking one of the most notable savings opportunities for taxpayers in recent years. With enhanced disposable income, individuals will have greater purchasing power, improving affordability in the housing market. This is expected to drive higher demand in the affordable and mid-segment housing categories, as potential homebuyers will find it easier to service home loans and invest in real estate.
Mr. Sandeep Aggarwal, Founder & CEO of Droom: We commend the Finance Minister for coming up with a forward-looking budget and believe that it is focused on driving inclusive growth, giving a boost to India’s burgeoning MSME & Start-up sector. We particularly appreciate the expanded scope and fresh contribution of INR 10,000 CR as part of the “Fund of Funds” for start-ups. This is a huge step, when seen in the context of funding winter for start-ups and will certainly boost the entrepreneurial sentiment in the country. This development, coupled with establishment of Centres of Excellence for Skilling and AI, will further enable the next wave of entrepreneurship in the country. At the same time, the budget also recognised the contributions of MSMEs, enhancing credit access and facilitating tech upgradation. At Droom, we look forward to supporting the government’s key undertaking towards making India a global hub for manufacturing and innovation.
Mr. Girish Hirde, Global Delivery Head at InfoVision; We appreciate the Union Budget 2025 announcement and believe that it balances that aspirational, futuristic growth with overall infrastructure development in the nation. The announcement of a Deeptech Fund of Funds to support technological advancements, while providing 10,000 Fellowships for tech research in IITs and IISc, under the PM Research Fellowship Scheme, is going to play a pivotal role in building national capabilities in the field of Deeptech & research. This, coupled with the establishment of Centre of Excellence for AI in Education, established with an outlay of INR 500 CR will prove to be another significant boost for indigenous capabilities and prowess. At InfoVision, we commend these developments and look forward to supporting India’s evolution as a global leader in Deeptech & AI.
Mr. Avinash Karale, Co-Founder, Rowbotix Agtech Pvt Ltd: The Union Budget 2025-26 positions agriculture as the first engine of India’s economic growth, signaling a strategic shift towards enhancing productivity, sustainability, and rural prosperity. The PM Dhan Dhanya Krishi Yojana, focusing on 100 agri-districts, is a commendable step in driving agricultural transformation through convergence of schemes and credit access.
The National Mission for High-Yielding Seeds and a comprehensive program for fruits and vegetables will play a crucial role in ensuring higher farm incomes and food security. Additionally, the Mission for Cotton Productivity and increased credit limits under Kisan Credit Cards will directly empower farmers with better financial and technological support.
For the agritech sector, the repositioning of India Post as a rural economy enabler and logistics powerhouse presents a major opportunity for last-mile connectivity and market linkages. The push for Atmanirbharta in Urea through a new plant in Assam is also a positive step towards reducing input costs for farmers.
However, for India to truly emerge as the food basket of the world, we need greater integration of digital solutions, precision farming, and private-sector collaboration. A dedicated policy framework for agritech startups to drive AI, IoT, and blockchain-based supply chain management would have further accelerated the sector’s modernization.
Overall, the budget lays a solid foundation for agricultural growth, but its success will depend on swift implementation and seamless coordination between the government, private sector, and farmers.
Dr. Somak Raychaudhury, Vice-Chancellor, Ashoka University: It is a very progressive budget prioritizing skill development, AI literacy, and research. The establishment of five National Centers for Excellence in Skilling and ₹500 crore AI Centre of Excellence will boost India’s scientific temper and higher education landscape. By collaborating with top higher education institutions, these centers will foster interdisciplinary synergies, enhancing AI and technical expertise among Indian youth, boosting employability, and advancing India as a global education and AI hub.
“The focus on research, development, and innovation along with deep tech funds for next generation startups will go a long way in paving the way for a stronger and much resilient economy. The promotion of multilingual education and better access to learning materials through the Bharatiya Bhasha Pustak Scheme is a step in the right direction and will bring parity in education in rural and urban regions of the country.
Mr. Ravi Annavarapu, President, FMC India: This budget presented by the government today has a progressive, growth-focused vision to transform the Indian agriculture sector. The PM Dhan Dhanya Krishi Yojana and the Six-Year Atmanirbharta Programme for Pulses are welcome initiatives that promise significant benefits for farmers and increased productivity in the long run.
The introduction of climate-resilient, high-yield crops and the establishment of the Makhana Board in Bihar demonstrate a dedication to supporting farmers in adapting to a changing climate. Integrating 6 crore farmers into a digital registry via enhanced digital public infrastructure will improve transparency, democratize access to digital agricultural services, and pave the way for precision agriculture.
We also support the government’s commitment to fostering collaboration with the private sector and experts to enhance agricultural innovation, while the increased Kisan credit card loan limit to Rs 5 lakh will further support farmers financial needs.
The focus on developing local vegetable production and empowering Farmer Producer Organizations (FPOs), cooperatives, and startups to build efficient supply chains will benefit both farmers and consumers. Furthermore, the commitment to modernizing the sector through technology and R&D is highly encouraging.
In conclusion, this budget lays a strong foundation for a more resilient, productive, and sustainable agricultural sector. We are committed to work closely with the government in its efforts to transform Indian agriculture, improve farmer livelihoods, and strengthen the nation’s food security.
Mr. Mahesh Babu, CEO of SWITCH Mobility: The exemption of customs duties on lithium-ion batteries and critical minerals such as cobalt, zinc, and lead represents a crucial step in reinforcing India’s electric vehicle (EV) ecosystem. This move will enhance the competitiveness of the EV industry, helping it to grow more rapidly and become a key player in the global market. It accelerates India’s progress toward Aatmanirbharta in clean energy and sustainable mobility solutions. These measures are expected to reduce the overall cost of EVs, making them more affordable for consumers, which directly supports the government’s ambitious target of achieving 30% EV adoption by 2030.
Mr. Raghupati Singhania, Chairman & MD, JK Tyre & Industries: The Union Budget 2025-26 lays a strong foundation for India’s continued economic resilience and manufacturing excellence. Thrust on green energy transition, manufacturing and ease of doing business will propel the automotive and tyre industries forward. Emphasis on clean tech manufacturing, with incentives for EV components and advanced mobility solutions, aligns well with automotive sector’s vision for sustainability. Additionally, the measures to strengthen global supply chain integration and streamline trade regulations will bolster India’s global manufacturing competitiveness. We look forward to leveraging these opportunities to drive innovation and sustainable growth.