A collection of expert and public reactions to the latest budget announcement, covering key policies and potential impacts.

Dr. Yajulu Medury, Vice Chancellor, Mahindra University
“With a focus on equipping the youth for global opportunities, the National Centres of Excellence in AI and the establishment of 50,000 Atal Tinkering Labs will help students hone their skills in cutting-edge technologies towards achieving “Make for India, make for the world”. The announcement of 10,000 scholarships dedicated to fostering innovation and research, along with a National Digital Repository for knowledge systems will create a robust and future-ready education ecosystem. The budget has introduced strategic initiatives in technical education expansion which will broaden the horizon for India’s youth and empower emerging Tier-2 cities to become global hubs for tech innovation, positioning India as a leader in global manufacturing and skilling.”

Sharad MalhotraSharad Malhotra, President, Automotive Refinishes & Wood Coatings, Nippon Paint India
“The Union Budget 2025-26 has introduced several initiatives for strengthening India’s manufacturing sector and clean mobility. The ‘Make in India’ focus of the National Manufacturing Mission will boost local production, reduce import dependence, and strengthen supply chains, creating a more self-reliant economy. This initiative also emphasizes the importance of R&D to drive innovation and enhance manufacturing capabilities within India. At Nippon Paint India, we see this as a great opportunity to contribute to clean energy innovation and sustainable manufacturing. We’re committed to expanding local production, investing in advanced facilities, driving R&D efforts for next-generation products, and partnering with industry leaders to build a robust ecosystem for growth.”

Agendra Kumar, Managing Director, Esri India
“A big thank you to our Hon. Finance Minister for announcing several programs as part of the budget for 2025-26 to give a boost to the geospatial sector. The most important one is the setting up of the National Geospatial Mission to develop foundational geospatial infrastructure and data to facilitate land records modernization, urban planning, and infrastructure design. The users in the government, private sector, and the industry have lived with the lack of good foundational data for a very long time. I believe this announcement will provide the necessary resources to create geospatial data that will serve as a foundation for social and economic development. By improving productivity across sectors such as agriculture, natural resources, energy generation and distribution, rural and urban initiatives, and governance, this effort will drive meaningful progress. Investment in research and development fuels economic growth, improves quality of life, and shapes the future. Rs 20,000 crore investment to drive private sector-led R&D and innovation, funds for Deeptech research, 10,000 fellowships under the PM Research Fellowship Scheme, and Rs 500 crore investment for a CoE in AI for education, are transformative steps to make India more competitive at the global level in terms of innovation and IP creation. Overall, the budget has set strong grounds for equipping India with the skills and resources necessary to navigate the evolving global landscape and achieve its vision of being a technologically advanced and prosperous nation.”

Dr. Sanjay Gupta, Vice Chancellor, World University of Design
“The Union Budget underscores the crucial role of AI and the need for upskilling, with the establishment of a National Centre of Excellence in AI being a pivotal step. This focus on AI will particularly benefit the design and creative sectors, propelling them to new heights and driving progress toward a ‘Vikshit Bharat.’ Additionally, the increase in seats for technological research, as announced in the budget, will strengthen the academic landscape and pave the way for groundbreaking innovations across various industries.”

Lt. Gen. AK Bhatt, Director General, Indian Space Association (ISpA)
“The announcement of the National Geospatial Mission shows the growing commitment of the government to use the downstream capabilities of the space tech sector. We welcome the announcement in the Union Budget to facilitate the modernization of land records, urban planning, and design of infrastructure projects under this crucial mission it is good to see how the industry and the government have realized the importance of these emerging technologies. Even the Ex-ISRO Chairman Shri S. Somanath last year stressed the need to focus on developing downstream capabilities to generate demand and attract investments in upstream activities like satellite development and launch services in India’s space sector. According to the ISpA-nasscom-Deloitte report, the market for the downstream space tech segment is expected to reach ~USD 610 billion by 2031.
The Budget’s focus on setting up National CoE for skilling is an exciting announcement which would help in upskilling our growing youth talent which is in dire need of these measures to compete on a global level. Also, the announcements around New Fund of Funds (FoF) for startups, setup of 50,000 Atal Tinkering Labs, an enhanced Credit Guarantee Scheme for Startups and the DeepTech Fund of Funds will give further push to the growing startup ecosystem including the space startups which are at a nascent stage.”

A. Gururaj, Managing Director, Optiemus Electronics
“The Union budget has rightfully given impetus osn boosting the purchasing power of a large population with Tax relaxation and support to Agriculture and farming community. We firmly believe that with more money in hands farmers’ capability to adopt new technologies like Drones significantly improves and helps grow the market faster. For electronics manufacturing, the relaxation in Basic Custom duties for certain components is a positive step and a continuation of earlier policy initiatives and will boost indigenous manufacturing. We welcome the union budget in letter and spirit as both developments positively impact the Optiemus Group. We look forward to continuing to support the growth of our economy with our efforts.”

Krishanu Acharya, CEO, Suhora Technologies
“It’s heartening to notice the emphasis given to Geospatial services in the Union Budget, we welcome the launch of a National Geospatial Mission to develop spatial data aimed at modernizing land records across the country. This is expected to give a flip to Geospatial services, expand market and its potential. The decision to grant the private sector to access PM GatiShakti essential data and maps, facilitating better planning and infrastructure development is path path-breaking step and has the potential to transform the sector. Suhora looks forward to working more closely with the government and our customers to bring Geospatial insights for further growth of our country and economy.”

Archana Jahagirdar, Founder & Managing Partner, Rukam Capital
“When startups are included in the central government’s annual budget planning, it is a moment to celebrate. We commend the Hon’ble Finance Minister for recognizing securities held by AIFs as Capital Assets—a decision that strengthens the case for CAT I & II by ensuring that gains from securities are treated as capital gains and that GST on security sales remains outside the framework. Additionally, the launch of the new ₹10,000 crore round under the Fund of Funds for Startups (FFS) scheme reaffirms the government’s dedication to fostering innovation and entrepreneurship. This renewed fund which aligns with the Startup India Action Plan and initiatives like the Startup Mahakumbh has played a pivotal role in driving India’s startup boom since its inception. We believe that increased financial support from the government, alongside efforts to reduce capital constraints and collaboration with industry will further accelerate the growth of Indian startups.”

Joyshree Das Verma, National President, FICCI FLO
“As we analyze the proposed measures in the Union Budget, we applaud the government’s focus on empowering the less-recognized segments of our society, particularly women and marginalized communities. The introduction of term loans for 5 lakh women from SC/ST communities is a commendable step toward financial inclusion, providing critical resources for entrepreneurship. The Saksham Anganwadi and Poshan 2.0 programs will significantly improve nutrition for vulnerable children, mothers, and adolescent girls, laying the foundation for healthier future generations. The scheme for first-time entrepreneurs, especially women, SC/STs, presents immense potential for fostering innovation and economic growth. This budget reflects the government’s commitment to building an inclusive, self-reliant India, and at FICCI FLO, we are eager to collaborate in turning these initiatives into impactful successes. The Budget also offers strong support for MSMEs, with enhanced credit availability, new credit cards for micro-enterprises, and schemes to foster growth and job creation in labor-intensive sectors like footwear, toys, and food processing. I am truly optimistic about the transformative impact these measures will have on our economy and society.”

Anand Jain, Co-Founder and Chief Product Officer, CleverTap
“The Union Budget 2025 signals a strong push towards innovation, the startup ecosystem, and technology-led growth through ‘Sabka Vikas,’ over the next five years. The government’s focus on expanding access to capital, simplifying regulations, and supporting skill development will further strengthen India’s startup ecosystem. The new Fund of Funds with an expanded scope, along with an additional ₹10,000 crore contribution, will strengthen the funding pipeline for startups and bridge capital gaps, while the increase in credit availability from ₹10 crore to ₹20 crore provides much-needed liquidity for early-stage startups.
Meanwhile, raising investment and turnover limits for MSME classification will help enterprises adopt advanced technologies, expand their operations and compete at a global level.
The introduction of a Deep Tech Fund and the PM Research Fellowship is a strong step towards enabling both technical and non-technical innovators to bring disruptive ideas to life. Investments in a Centre of Excellence for AI in Education and the establishment of five National Centres of Excellence for Skilling, along with global skilling partnerships, align with the Viksit Bharat vision. This will equip India’s workforce for the future, ensuring we remain globally competitive in high-growth sectors like AI and deep tech.
By introducing these forward-looking initiatives, coupled with revised income tax slabs that empower the middle class and drive consumption – a long-overdue relief to millions of individuals – the budget lays a strong foundation for making India a thriving hub for startups and technology-led innovation.”

Deepak Pahwa – Chairman, Pahwa Group & Managing Director, Bry-Air
“The most awaited Union Budget has come up with some positive developments for the EV sector. The proposal to exempt 35 additional capital goods for EV battery manufacturing can be considered a welcome move aimed at promoting the domestic manufacturing of Li-ion batteries. Coming with the advantage of lowering the capital investment significantly, this will fortify the battery manufacturing infrastructure of the country.
In addition to this, the decision by the government is very likely to foster the adoption of innovative Li-ion battery manufacturing technologies. Enabling the installation of advanced technologies, it can promote the production of competitive batteries that are at par with international standards. Improving the efficiency of the Li-ion batteries, it can contribute to strengthening India’s positioning as a global leader in battery manufacturing. Having a cascading effect, the move, in turn, can give the desired impetus to the EV industry and expedite the adoption of the vehicles in the long run.”

Gaurav Sahay, Practice Head – Technology & General Corporate, Fox Mandal & Associates LLP
The Union Budget 2025-26 takes a significant step toward strengthening India’s technological landscape by prioritizing AI, deep tech, and digital education. The establishment of AI Centers of Excellence, alongside the expansion of IITs, will foster a robust ecosystem for innovation and skill development. Additionally, the government’s focus on supporting deep tech startups through dedicated funding will accelerate advancements in AI, blockchain, and clean energy. These initiatives reaffirm India’s commitment to becoming a global leader in emerging technologies, driving both economic growth and digital transformation. The Government should look at gaining an AI sovereignty as against US and China already present there.

*Rakesh K Jha, Partner, Energy Sector Solutions, Sustainability and ESG, BDO India*
The Union Budget 2025 takes a balanced approach to strengthening India’s energy sector by addressing financial, infrastructure, and manufacturing challenges. It prioritizes DISCOM reforms, transmission expansion, and renewable energy growth while reducing costs for solar and battery storage through lower duties and enhanced PLI incentives. The focus on green hydrogen, nuclear energy, and domestic manufacturing signals a long-term vision for energy security and self-reliance. While these measures create a strong foundation for India’s clean energy transition, their success will depend on effective implementation, regulatory clarity, and sustained financial support to ensure long-term impact.

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.”

Mr. Vinayak Walimbe- President (Interim) – India Energy Storage Alliance and Managing Director – Customized Energy Solutions Pvt. Ltd. India
National Manufacturing Mission, Export Promotion Mission, and duty exemptions on essential raw materials will accelerate India’s position as a global hub for energy storage solutions
“We welcome the initiatives and support provided by the government towards the battery manufacturing and recycling industry. IESA has been working for more than 10 years towards the growth of these sectors and it’s encouraging to see our recommendations are considered positively towards sector growth. The Union Budget for 2025-2026 has introduced reforms in six key areas: taxation, the financial sector, the power sector, urban development, mining, and regulatory reforms. This budget presents a transformative approach to the energy sector. The National Manufacturing Mission aims to promote clean tech manufacturing and enhance domestic value addition, while also fostering the development of an ecosystem for solar PV cells, EV batteries, motors and controllers, electrolyzers, wind turbines, and grid-scale batteries. Solar energy continues to be the dominant contributor to India’s renewable energy growth, making up 47% of the total installed renewable energy capacity.

The BCD exemption on essential raw materials such as cobalt and lithium will help reduce raw material costs, improve manufacturers’ profit margins, and enhance the cost-effectiveness of domestically produced lithium components, cells, and electric vehicles. Exempting duties on lithium battery waste and scrap will support battery recyclers in importing feedstock materials to India and enhance metal processing capabilities. This will reduce dependency on imports of freshly mined lithium and encourage domestic cell manufacturers to procure recycled lithium. Furthermore, the expanded Production-Linked Incentive (PLI) schemes and tariff adjustments for critical minerals are expected to strengthen the entire renewable energy ecosystem significantly.”

Manoj Upadhyay, Chairman ACME Group and member IESA
“The Union Budget 2025-26 is a testament to the government’s strong commitment to accelerating India’s clean energy transition. The significant focus on renewable energy, including increased funding for solar and wind projects and the continued push for green hydrogen, will pave the way for a sustainable and self-reliant energy ecosystem. The incentives for electric mobility and infrastructure development further strengthen India’s position as a global leader in clean energy. We appreciate the government’s progressive reforms and policy measures, which will drive innovation, attract investments, and create new opportunities in the renewable sector. This budget truly aligns with India’s vision of achieving energy security and a net-zero future.”

Vikram Handa, Managing Director – Epsilon Advanced Materials, Chair – India Battery Manufacturing & Supply Chain Council (IBMSCC), IESA
“The Union Budget 2025’s clear focus on clean technology, particularly the launch of the Clean Tech Mission, is incredibly encouraging. The emphasis on EVs and battery technologies aligns perfectly with India’s ambition to create a sustainable mobility ecosystem. At Epsilon Advanced Materials, we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and components. The exemption of crucial materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals from Basic Customs Duty is a significant step. Further incentivizing domestic production is the inclusion of 35 additional goods for EV battery manufacturing in the exempted capital goods list, which will help reduce reliance on imports. This provides a powerful impetus for the industry to invest in expanding domestic capabilities. The budget’s overall thrust towards fostering a robust clean tech ecosystem is highly commendable and positions India for leadership in the global clean energy transition. We are ready to play a key role in this exciting growth story.”

Rajat Verma, Founder &CEO – Lohum, Chair – India Reuse & Recycling Council (IRRC), IESA
“The 2025 budget marks a watershed moment in India’s journey toward clean energy sovereignty and circular economy leadership. The government’s strategic vision for domestic manufacturing and critical minerals recycling demonstrates remarkable foresight in securing our sustainable future. The elimination of import duties on lithium-ion battery scrap, cobalt powder, and an array of critical mineral wastes unlocks unprecedented opportunities. Coupled with the duty exemption expansion to 63 additional capital goods for EV and mobile battery production, this creates a robust foundation for India’s manufacturing renaissance.”
“The landmark ₹20,000 crore investment in private-sector R&D for emerging technologies signals a transformative shift in building a sustainable critical minerals ecosystem. At Lohum, where innovation drives our mission, we recognize this as a catalyst that will revolutionize India’s technological capabilities. The introduction of a comprehensive policy for critical minerals recovery from tailing epitomizes the government’s commitment to Atmanirbhar Bharat through circular innovation. This strategic initiative, alongside the National Critical Mineral Mission and an Economic Survey that deeply examines climate adaptation, charts a clear course toward India’s energy independence. We extend our appreciation to the government and stakeholders who have orchestrated these visionary reforms. This demonstrated commitment to excellence positions India as a global leader in energy transition and climate action. At Lohum, we stand ready to amplify this momentum and drive India’s sustainable future forward.”

Rahul Jain – CFO, NTT DATA Payment Services India
“We welcome this budget, which provides strong fiscal support to reshape the financial landscape, boost consumption, and empower every individual. The exemption of income tax up to ₹12 lakh is a decisive step, allowing more disposable income that will spur demand. This is expected to significantly benefit digital payment companies as it will lead to higher transaction volumes. Plan to roll out a new revamped central Know Your Customer (KYC) registry this year is a welcome move. Meanwhile, strengthening the country’s 1.5 lakh rural post offices network through the India Post Payment Bank will have a profound impact on the rural economic landscape. This initiative will encourage a larger population to use banking services and avail digital payments, thereby expanding the customer base for digital payment companies. Additionally, revamping the PM SVANidhi scheme with enhanced loans from banks and UPI-linked credit cards with a limit of ₹30,000 is another significant step that will benefit street vendors at large. This move not only empowers street vendors but also boosts India’s fintech ecosystem. Overall, these measures are poised to create a conducive environment for fintech ecosystem to thrive, enhancing their growth prospects while promoting financial inclusion across diverse segments of the economy”.

Mr. Amit Sharma, MD & CEO, Tata Consulting Engineers.
The Union Budget 2025-26 delivers a transformative push across key sectors, reinforcing India’s commitment to sustainable growth and self-reliance. The National Manufacturing Mission’s focus on cleantech industries, including solar PV cells, EV batteries, electrolysers, and grid-scale batteries, will strengthen domestic value addition and position India as a key player in global clean energy supply chains. Investments in power transmission and distribution, along with electricity distribution reforms, will modernise the sector and ensure financial stability for DISCOMs.
Nuclear energy is a key pillar of India’s energy security and self-sufficiency, supporting a steady shift to cleaner power while keeping the grid stable. The goal of reaching 100 GW of nuclear capacity by 2047 is backed by important reforms, including changes to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, allowing private sector involvement in nuclear projects. The ₹20,000 crore investment in small modular reactors (SMRs) highlights India’s plan to use its rich thorium reserves for long-term energy independence. These advanced nuclear technologies will provide reliable, scalable, and low-carbon energy, strengthening the country’s energy supply. This approach broadens the energy mix and ensures long-term sustainability by reducing dependence on imported fossil fuels.
Infrastructure remains a key driver of economic growth, with ₹1.5 lakh crore in long-term interest-free loans to states and ₹25,000 crore for maritime expansion, strengthening India’s connectivity and trade competitiveness. The extension of the Jal Jeevan Mission, the ₹1 lakh crore Urban Challenge Fund, and affordable housing initiatives will enhance urban living standards. The Critical Minerals Development Policy, alongside customs duty exemptions on essential resources, ensures a secure supply chain for high-tech industries, supporting India’s ambitions in advanced manufacturing and clean energy. Green bonds and hydrogen R&D incentives further reinforce our commitment to a net-zero future. Tata Consulting Engineers stands ready to contribute through innovative engineering solutions, supporting India’s journey towards a resilient and globally competitive economy.

Mr. Sunil Chemmankotil, country Manager, Adecco india
Budget 2025 emphasizes significant investments in artificial intelligence (AI), focusing on job creation and upskilling initiatives. By allocating resources to AI education and training programs, the government is equipping the workforce with essential skills to navigate an increasingly digital economy. This forward-looking approach will not only prepare talent for evolving job demands but also drive innovation and global competitiveness.
The budget also takes a crucial step in recognizing and supporting gig workers, a key pillar of India’s economy. Providing identity cards and healthcare benefits under the Jan Arogya scheme will enhance their financial and social security. However, the swift and effective implementation of these initiatives will be essential to ensuring tangible benefits for workers and sustained economic growth.

Mr Sandeep Nailwal, Co-Founder, Polygon Labs and Founder, Blockchain For Impact (BFI)
“The Cryptocurrencies market in India is projected to witness a significant growth in revenue, reaching a staggering amount of USD 6.4bn by 2025. India has a unique opportunity to capitalize on the remarkable growth of the cryptocurrency market and Blockchain technology to become a global leader in innovation, digital finance, and economic development. This ecosystem has a huge potential for a future framework that could support the growth and integration within the Indian economy. I am hopeful the next year’s budget will foster Blockchain adoption enabling responsible crypto trading, and establishing a clear regulatory framework that protects investors while encouraging technological advancement. By adopting digital assets, India can open up new opportunities in fintech, contributing to greater financial inclusion and strengthening the nation’s economy.”

Mr. Sachhin Gajjaer, Managing Director of Sattrix India
” Budget 2025 lays a strong foundation for economic growth, digital transformation, and innovation-driven development. The government’s focus on infrastructure investment, business-friendly policies, and deep-tech innovation positions India as a global technology leader. The introduction of a Deep Tech Fund is a significant step, encouraging AI-driven advancements and strengthening cybersecurity. The government’s push for deep-tech innovation, AI, and cybersecurity will be a game-changer. Investing in next-gen technologies and digital resilience will empower businesses and accelerate India’s position as a technology leader.
The revised tax structure, ease of compliance, and 50-year interest-free loans to states for infrastructure projects will drive economic growth. Additionally, a strong emphasis on skill development in emerging IT domains ensures a future-ready workforce. With strategic reforms and a focus on technology, Budget 2025 paves the way for a digitally empowered and globally competitive India”.

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.”

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.”

Suchita Vishnoi, Co – Founder & CMO GatewAI
“Its encouring to see Union Budget’s focus on a national framework for Global Capability Centres (GCCs) in tier-II cities. It is a significant boost for the technology services ecosystem. Strengthening talent and infrastructure in these emerging hubs will drive innovation, expand opportunities, and position India as a global leader in digital transformation. It shows the focus of government in GCC sector, which is acting as job multiplier”
“The Budget 2025 initiatives reflect a strong push for innovation and inclusivity. Investing ₹500 crore in an AI Centre of Excellence for Education highlights India’s commitment to future-ready talent. Additionally, establishing COEs for semiconductor manufacturing is a crucial step in building a skilled workforce across the value chain. These measures will strengthen India’s position as a global tech and manufacturing hub, driving long-term economic growth and self-reliance.” *To be attributed to Ankur Goel, Founder and CEO GatewAI*

Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“The 500-crore budget allocation for establishing a Centre of Excellence (CoE) in Artificial Intelligence (AI) for education will give a much-needed boost to India’s educational and technological ecosystem. We are also glad to see that five National Centres of Excellence for Skilling will be established to pave the way for youth towards global opportunities. This will be beneficial in driving innovation, raising the quality of education and improving employability in the long run.
The announcement of the DeepTech Fund of Funds and 10K fellowships for advanced research at IITs & IISc will be crucial in building a robust R&D ecosystem in India. The government’s proposal for a national guidance framework and boosting infrastructure development will help accelerate GCCs growth in emerging tier 2 cities, thereby increasing employment and boosting urban development.
Given the rapid evolution of technological advancements, the government’s emphasis on regulations is crucial to encourage their ethical and safe use. With these commitments, India will soon truly be Atmanirbhar (self-reliant) and solidify its position as a global leader in technology and innovations.”

Prof Rudra Pratap, Founding Vice-Chancellor, Plaksha University
“The biggest problem in India is delivering quality education to a very large population base. The Union Budget 2025 outlay of ₹500 crore for Centre of Excellence for AI in Education will go a long way in addressing this. By integrating AI-driven tools into learning, this initiative will cultivate technological fluency, equipping students to think critically and solve real-world problems. Additionally, 50,000 Atal Tinkering Labs and broadband access in all secondary schools will ensure early exposure to emerging technologies, fostering grassroots innovation.
At the research level, the Deeptech Fund of Funds and 10,000 new PM Research Fellowships at IITs and IISc will accelerate advanced research. These measures create a seamless pipeline from foundational learning to cutting-edge innovation, positioning India as a global technology leader.”

Mr Mayuresh Kini, Principal Officer, Zinc Financial Advisors
“The decision to raise the TCS threshold on overseas remittances from ₹7 lakh to ₹10 lakh is a progressive step that increases capital flexibility for individuals and businesses involved in global investments, education, and travel. We believe this aligns with India’s vision for enhanced financial integration while streamlining the remittance process for greater efficiency.
Equally notable is the allocation of ₹500 crore for an AI Centre of Excellence in education, along with the establishment of five National Centres of Excellence for skill development and the expansion of IIT infrastructure to accommodate 6,500 more students. These initiatives reflect a strong commitment to nurturing a future-ready workforce, equipped with the skills necessary to lead AI-driven transformations and deep-tech innovations.
Moreover, the government’s focus on deep-tech innovation through the introduction of a dedicated Fund of Funds (FoF) is highly promising. Providing structured capital will fuel the growth of AI and frontier technology startups, positioning India as a leader in cutting-edge innovation.
These measures underscore a forward-thinking approach to financial accessibility, innovation funding, and AI-driven skilling, reinforcing India’s role as a global leader in both technology and finance.”

Avinash Punekar, CEO, iCreate
“The Union Budget 2025 sets a bold direction for India’s startup ecosystem, strengthening its position as a global innovation leader. The government’s ₹10,000 crore expansion of the Fund of Funds will fuel innovation across key sectors, while enhanced Credit Guarantee Schemes for startups and MSMEs will improve access to capital for growth. The introduction of a Deeptech Fund of Funds and 10,000 research fellowships underscores India’s commitment to cutting-edge technology leadership. Additionally, 50,000 Atal Tinkering Labs and Centres of Excellence in AI & Manufacturing will empower young innovators with future-ready skills. The new scheme for 5 lakh women, scheduled castes, and scheduled tribes first-time entrepreneurs, offering term loans up to ₹2 crore and capacity-building initiatives, will further foster inclusive growth. These initiatives will drive entrepreneurship and global competitiveness. At iCreate, we are dedicated to accelerating this vision by fostering groundbreaking ideas and shaping the next wave of world-class innovators.”

Aman Singh, Co-founder, GradRight
“The government’s proposal to remove TCS on remittances for education, when funded through education loans, is a much-needed relief for Indian students and their families. The increase in the TCS exemption limit under the Liberalised Remittance Scheme (LRS) from ₹7 lakh to ₹10 lakh will further ease financial strain on those supporting higher education abroad. Eliminating TCS on education loans up to ₹10 lakh from specified financial institutions ensures that students can pursue global learning opportunities without additional tax-related concerns. By reducing financial barriers, this policy reinforces India’s commitment to world-class education. We commend these steps, which align with the aspirations of thousands of Indian families striving to provide the best opportunities for their children.”

Mr. Vinay Chhabra, Co-founder and MD, AceCloud, a brand of Real Time Data Services
“The Union Budget 2025 introduces initiatives and reforms that build on the path set in previous editions. Technology continues to remain a key focus area, and this budget saw its application across several areas. The launch of the National Manufacturing Mission is a strong step forward in strengthening the ‘Make in India’ movement. Its broad focus on clean technology and sustainability complemented by the increased credit to SMEs and MSMEs will spur investment and innovation in this area.
Additionally, the significant focus on AI, including ₹500 crore for a Centre of Excellence in AI-driven education, marks a pivotal move towards transforming India into a global hub for industrial clusters, sustainable urbanization, and long-term economic resilience. The proposal to explore a Deep Tech Fund of Funds, along with the provision of 10,000 fellowships under the PM Research Fellowship Scheme, reflects a forward-thinking approach to nurturing research and development in cutting-edge technologies. These measures have the potential to drive significant advancements in sectors such as artificial intelligence, machine learning, and other emerging fields.
The plan to establish a national framework for Global Capability Centers in tier 2 cities is a forward-thinking strategy that will build on the success of the GCCs in India and create new job opportunities while helping to ease urban migration and drive equitable distribution of development and wealth.
To summarize, this budget continues to unlock the potential in the powerhouse that is India, especially in the world of technology.

Jeenendra Bhandari, Chairman of JITO Incubation and Innovation Foundation (JIIF)
With China aggressively expanding its AI capabilities and the U.S. maintaining its dominance, India cannot afford to lag behind. Deep tech is no longer an option; it is the need of the hour. The government’s commitment—allocating ₹20,000 crore for private-sector-driven R&D and proposing a Deep Tech Fund—signals a crucial shift toward fostering homegrown innovation. With alternative investment funds already receiving commitments of over ₹91,000 crore and an additional ₹10,000 crore Fund of Funds on the way, we have a unique opportunity to build world-class startups in AI, quantum computing, and advanced manufacturing.

Sumit Bhatia, Co – Founder Aksum Trademart Pvt Ltd
The Government’s decision to increase investment and turnover limits for MSMEs by 2.5x and 2x, respectively, is a welcome move that will enable businesses to scale, innovate, and attract investments. Additionally, the enhanced credit guarantee cover under CGTMSE will provide easier access to formal credit, helping MSMEs grow and modernize.
At Aksum , we believe these reforms will strengthen India’s MSME sector, boost job creation, and drive economic growth. We look forward to leveraging these benefits to expand and innovate.

Venkatraman Venkateswaran – Group President & Chief Financial Officer at Federal Bank
It is a growth-oriented budget, focusing on our journey towards Viksit Bharat. Labour-intensive sectors like agriculture, footwear, leather, toys, and food processing, which are largely MSME sectors, have received a boost. This budget complements our focus on the MSME sector and presents an opportunity to further strengthen our relationship with customers and finance their growth. The personal income tax rate reduction also provides a boost from the consumption side.
The fiscal consolidation roadmap outlined last year stays the course, and government capex spending will provide impetus for infrastructure and job creation.
In summary, it is a balanced budget with a boost to consumption.

Balasubramanian A, Senior VP and Business Head at TeamLease
“The Finance Minister’s announcements will give a strong push to India’s tourism, healthcare, and aviation sectors, creating jobs and driving economic growth. Easier visa norms under ‘Heal in India’ will attract more medical tourists, boosting hospitals, hospitality, and foreign exchange earnings. Opening up PM GatiShakti data to private players and developing 22 key destinations in partnership with states will strengthen tourism infrastructure and local economies. The expansion of UDAN to 120 new destinations and new greenfield airports in Bihar will improve regional connectivity, making air travel more accessible to the middle class while supporting trade and investment. These steps position India as a key global destination for tourism, healthcare, and aviation-driven growth.”

Sachin Tayal, Managing Director, Protiviti Member Firm for India
“The budget gets a lot of proposals right on the mark against the overarching goal of boosting domestic consumption and consumer demand, manufacturing and exports, while keeping the fiscal deficit well in control. The high allocation for capital expenditure particularly in infrastructure is retained and will not only boost the GDP for the next fiscal but also will have a cascading and net positive effect on rest of the industry.
We welcome the expansive digitalization initiatives across taxation, governance, education, healthcare, infrastructure, and international trade as they will make the government more accessible to citizens and businesses alike. The corporate sector has a lot to cheer from the proposed reforms in energy, urban development, and financial sectors, as well as new opportunities for their participation in India’s infrastructure development. The technology services sector is also set to expand with the introduction of a national framework supporting the rapid growth of Global Capability Centres (GCCs) in tier-II cities, emphasizing talent development and infrastructure enhancement.
Finally, the headline proposals including significant reductions in income taxes and the simplification of TDS, TCS, and related tax compliances will no doubt go a long way in uplifting the consumer sentiment and enhancing spending power, arguably the most important requirement for Indian economy at this juncture.”

Mr. Navneet Munot, MD & CEO, HDFC Asset Management Co. Ltd.
Budget walked the talk on fiscal consolidation without losing sight of the much-needed consumption boost needed to stimulate economic growth. Government has been doing heavy lifting on public capex. Now, spurring consumption by putting more money in the hands of taxpayers is a step in the right direction. Government’s intention of investing in economy, people and innovation was the need of the hour to harness India’s demographic edge. Set-up of Fund of Fund aimed at start-ups, along with a focus on MSMEs fosters entrepreneurship and could transform India from a nation of job-seekers to job-creators. Simplification of tax structure and ease of compliance should aid in investor confidence and stimulate both, domestic and foreign investments. While short-term volatility could be par for the course due to the current global economic backdrop, the long-term direction rooted in policy prudence and support for growth should bolster Destination India’s credentials for foreign and domestic investors alike.

Mr. Debadatta Chand, Managing Director & CEO, Bank of Baroda
“The Budget has reiterated its commitment to fiscal prudence by moving along the FRBM path. From the point of banks, the focus on growth is positive, as this would mean steady growth in credit as the budget has provided the necessary push to MSMEs and industry. There is boost to the corporate bond market including municipal bonds which will have a big role to play in financing investment required in the coming years. The concessions on the income tax front will put more money in the hands of taxpayers and would boost consumption in the economy. The capital expenditure of Rs 11.2 lakh crore announced will encourage investment and also help backward linkages to sectors like steel, cement, machinery etc. Working on the PPP mode across ministries to implement various projects is very progressive and will boost infrastructure capacity in the country.
The budget has also taken a medium term view for the next five years to move faster to the goal of Viksit Bharat and focussed on four major sectors – Agriculture, MSMEs, Investment and Exports thus covering both the objectives of inclusive and accelerating growth to higher levels.”

Dinesh Gulati, COO, IndiaMART InterMESH Limited
“We are delighted to see the overwhelming contribution and growth of the MSME sector in India and the government’s continuous focus on enhancing it further. Responsible for 45% of exports and employment to 7.5 crore people, MSMEs are one of the biggest sectors contributing to Indian GDP and we are glad to see that the budget has significantly recognised the sector’s play in the same.
Addressing the issues of credit access and skilling, much prevalent in the sector, saw significant reforms in the budget today. The revised criteria for classification and investment will encourage the businesses to scale up without losing incentives. The increase in credit guarantee cover, with additional schemes for 2-crore term loan for first-time women and customised credit cards till 5 lakh limit, is a major boost for the MSME sector. The expansion of the Fund of Funds for Startups with an additional INR 10,000 crore will encourage innovation and entrepreneurship at scale.
Another two important areas that demand special mention are the programmes for manufacturing and the skilling of the future workforce. The introduction of the National Manufacturing Mission to support the MSMEs through comprehensive policy backing and a detailed framework will further pave the way for us to become a global manufacturing hub.
The Launch of National centres of excellence for skilling, and Atal Tinkering Labs in government schools to encourage curiosity, innovation, and scientific temper indicates that the future of the country will be prepped and equipped with the right skills to take over.
The significant reduction in personal income tax remains the obvious highlight, as it will leave more disposable income in the hands of individuals. This is expected to boost consumption, particularly benefiting MSMEs and consumer-driven sectors, driving overall economic momentum.”

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. 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.

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. 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.

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.

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.

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.

Prof. Indranil Manna Vice Chancellor, BIT Mesra, Ranchi
The much-awaited Union Budget 2025 delivers a promising roadmap for India’s education sector. The establishment of a Centre of Excellence for AI in Education with an outlay of ₹500 crore will drive innovation and cutting-edge research in artificial intelligence and emerging technologies.
In addition, the expansion of infrastructure in IITs, allowing for 6,500 additional seats will further strengthen India’s technical education ecosystem. We are also encouraged by the focus on skilling through five National Centres of Excellence and the Deeptech Fund of Funds, which will facilitate and empower our youth to lead in global technological advancements.
Currently, research and development labs in India are heavily dependent on funding from ANRF, a recent government’s initiative to create an ecosystem for the sector. However, additional focus on private educational institutions in the current Budget would have given a booster dose to the sector since a higher number of students enrol in private institutes, than government ones.
These measures, coupled with the emphasis on digital education and research fellowships, will certainly propel India toward becoming a global knowledge and innovation hub”.

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.

Deep Vadodaria – CEO of Nila Spaces
“The Union Budget 2025 presents a strong focus on urban development and real estate growth. The 1 Lakh crore Urban Challenge Fund and the SWAMIH Fund 2 with Rs 15,000 crore will help address infrastructure gaps and provide relief to lakhs of homebuyers. The modified Udaan scheme, expanding to 120 new destinations, will boost connectivity and drive real estate sales by encouraging migration to new areas. A notable point, with the income tax exemption for earnings up to Rs 12 lakhs will also help the working class save more, potentially enabling them to invest in their dream homes. Overall, the budget takes significant steps toward a more connected and financially secure India.”

Rajeev Tiwari, Co Founder of STEMROBO Technologies
The announcements made in the Union Budget 2025 highlight a forward-thinking vision for India’s growth, with a strong emphasis on digital infrastructure, skill development, and innovation. The decision to expand broadband connectivity to all government secondary schools is a game-changer. It will not only bridge the digital divide but also ensure that students across the country have access to the same learning opportunities, regardless of their location.
The establishment of 50,000 Atal Tinkering Labs over the next five years is a great move for encouraging creativity and innovation among our youth. These labs will provide hands-on learning and inspire the next generation of engineers, scientists, and innovators. Such initiatives will also increase awareness and understanding of the importance of 21st-century skills, helping schools and students recognize their critical role in future-ready education.
The launch of the Bharatiya Bhasha Pustak Scheme, which will bring digital books in Indian languages, is another crucial step towards making education more accessible to people in rural and remote areas, while also preserving our rich linguistic diversity. This will further encourage students to embrace modern learning tools while staying connected to their cultural roots.
The ₹500 crore investment in AI research and development for setting up five Centers of Excellence for Skilling with global expertise will ensure that our workforce is prepared for the future, ready to meet the demands of the global market. This will underscores India’s commitment to becoming a global leader in technology, These measures will strengthen the adoption of 21st-century skills in schools and encourage students to develop competencies such as critical thinking, problem-solving, and digital literacy.
Another crucial step is the enhanced credit coverage support for MSMEs and startups. This initiative will go a long way in fostering innovative startups and entrepreneurs, enabling them to become an integral part of the education ecosystem. With increased financial support, startups focusing on educational technology, AI tools for learning, and skill development programs will have greater opportunities to create impactful solutions that enhance education quality and accessibility.
Overall, these initiatives will not only drive growth but also position India as a key player in the global economy, equipping its younger generations with the tools needed to thrive in an increasingly technology-driven world while fostering innovation within the education sector.

Mr. Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company
“The Union Budget 2025-26 reaffirms the government’s commitment to infrastructure development, taking it to new heights. We welcome this focus, particularly on strengthening logistics through enhanced infrastructure, digital transformation, and supportive policies, which will be a game changer for India’s supply chain ecosystem.
The introduction of the Bharat Trade Net Platform for seamless trade documentation and financing, along with the ₹25,000 crore Maritime Development Fund, are strategic moves that will drive efficiency, and boost global competitiveness. Maritime Development Fund will not only enhance India’s logistics and trade capabilities but also provide employment opportunities across diverse skill levels—from blue-collar workers to high-tech professionals—ensuring inclusive growth in the maritime economy.
Additionally, the push for modernizing air cargo, investing in geospatial infrastructure, fostering AI-driven innovation, and promoting public-private partnerships will further enhance connectivity and operational agility.
These transformative initiatives position India on the path to becoming a global logistics powerhouse.”

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 Shekhar Singal, Managing Director, Eastman Auto & Power Ltd.
“The Union Budget 2025 significantly advances India’s renewable energy sector with the launch of the Clean Tech Mission, focusing on Solar PV, EVs, and Batteries, alongside the National Manufacturing Mission. The announcements underscore the government’s dedication to strengthening ‘Make in India’ and becoming Aatmanirbhar in generation as well as storage of clean energy. This approach aims to reduce import reliance and build a robust domestic industry.
From a Solar and Last Mile e-mobility category perspective, the budget with reduction in the BCD for cells and modules prioritizes scaling up of the domestic manufacturing capacities for key components for Solar. The addition of 35 capital goods related to Lithium batteries for EV reduces capital expenditure for setting up manufacturing plants thereby stimulating growth.
These strategic measures set India on a path to achieve its 500 GW renewable energy target by 2030, paving the way for energy independence and a cleaner more sustainable future.”

Mr. Sebi Joseph, President, Otis India
This Budget lays a strong foundation for India’s next phase of growth, with a sharp focus on agriculture, infrastructural expansion, digital transformation, and sustainable development. The reforms on personal income tax are going to drive consumption. The vision of Sabka Vikas over the next five years will be instrumental in driving balanced growth across industries and steering India towards its larger goal of becoming a developed nation 100 years after independence in 2047.
The thrust to further ‘Make in India’ through a National manufacturing mission, building national centres of skilling, and centre of excellence for AI, are progressive measures. Encouraging private-public partnerships in building the infrastructure is commendable. Continued attention to enhance connectivity across the country through operationalisation of new airports will boost the economy. The urban challenger fund would create new city growth hubs.
The budget sets a confident path for India’s transformation. The initiatives will not only strengthen India’s position as a global economic force but also enable a smarter, more connected, and more inclusive urban landscape. It offers a clear roadmap—one that ensures India is not just preparing for the future but actively shaping it.

Karan Chopra, Chairman and Co-CEO, Table Space
“The national GCC framework is a game-changer, bringing much-needed recognition to a sector that has transformed India’s economic landscape. At Table Space, we’ve witnessed firsthand the tremendous potential of India’s competitive edge in this space. Our client base of over 350+ which includes leading global Fortune 50/500 enterprises, continue to expand their Indian operations, drawn by our nation’s exceptional talent pool of millions of skilled professionals across technology and financial services. This momentum is fuelling unprecedented demand for high-quality, agile workspaces, and we at Table Space are uniquely positioned to meet this need, enabling global enterprises to scale seamlessly in India.”

Pratik Kakadia – Founder & Managing Director at Sahana System.
“The Union Budget 2025 reinforces the government’s commitment to empowering MSMEs and startups by enhancing capital access, technological advancements, and ease of doing business. The increase in investment and turnover limits for MSMEs—2.5x and 2x, respectively—will instill confidence and enable them to scale operations and create more jobs for the youth. The expansion of credit guarantee coverage, with the limit rising from ₹5 crore to ₹10 crore for micro and small enterprises and from ₹10 crore to ₹20 crore for startups, will unlock an additional ₹1.5 trillion in credit over the next five years. Moreover, the proposal to explore a Deeptech Fund of Funds and offer 10,000 fellowships for tech research at IITs and IISc under the PM Research Fellowship Scheme will accelerate deep-tech innovation and R&D, fostering a strong technology-driven ecosystem
Additionally, initiatives like the ₹500 crore Centre of Excellence in AI for education will strengthen India’s leadership in artificial intelligence and skill development. At Sahana System, we fully support these forward-looking measures and look forward to contributing to India’s journey toward innovation, digital transformation, and economic growth.”

Mr Prashant Singh, Co-Founder & CEO, Blue Planet.
“The Union Budget’s full exemption of customs duty on waste and scrap of lithium-ion batteries, lead, zinc, cobalt, and other critical minerals is a significant step forward towards achieving a circular economy. This policy not only incentivizes e-waste recycling but also creates a level playing field for recycling players in India. At Blue Planet, we see this as a catalyst for increased investment in specialized processing facilities, particularly for lithium-ion batteries and other critical minerals. The support for EV and mobile phone battery manufacturing further strengthens this positive momentum. While we applaud these initiatives, we also believe that continued focus on recycling infrastructure and consumer awareness will be crucial for realizing the full potential of this policy. With this new Budget announcement, we are eager to explore more strategic collaborations and contribute our expertise to building a sustainable future for India.”

Dr. Simmardeep S Gill, MD & CEO, Sterling Hospitals, Ahmedabad
“The draft Union Budget 2024 has important takeaways for the healthcare industry. In India, the number of cancer cases is expected to increase by 12.8% by 2025. The government’s initiative of establishing daycare cancer centres in all districts will help provide effective cancer treatments nationwide. The finance minister further stated that the government will promote ‘Medical Tourism’ and ease the visa process under the ‘Heal in India’ initiative. This will encourage investment in high-tech medical infrastructure while boosting employment for doctors, nurses, and therapists. Additionally, hospitals and medical service providers can generate more revenue. Access to quality, affordable & comprehensive healthcare is one of the key aspects of the government’s Viksit Bharat initiative, and by encouraging medical tourism, the healthcare sector will be able to contribute to this mission.”

Mr. Swarup Bose, Founder & CEO, Celcius Logistics
“The government’s focus on enhancing post-harvest infrastructure, including warehousing, is a significant step forward for the agriculture sector. Startups in cold chain technology and third-party logistics can play a pivotal role in improving storage solutions, ensuring that high-value perishable produce is preserved and efficiently transported, ultimately benefiting farmers and consumers alike.”

Abhijit Zaveri, Founder and Director, Career Mosaic
The Union Budget 2025 takes significant strides toward making international education more accessible and strengthening India’s position as a global knowledge hub. The removal of Tax Collected at Source (TCS) on education-related remittances through loans is a crucial step in easing financial constraints for students and families. This measure will not only encourage more aspirants to pursue world-class education abroad but also reinforce India’s role as one of the largest contributors to global student mobility.
International universities are increasingly recognizing India as a pivotal market, both for student recruitment and institutional collaborations. As more universities seek to establish a stronger presence in India, policy measures that facilitate seamless student mobility and cross-border academic partnerships will be critical in shaping the future of higher education.
The establishment of five National Centers of Excellence for Skilling, in collaboration with global experts, is a forward-thinking initiative that aligns education with the evolving demands of the global job market. The growing interplay between education, technology, and employability underscores the need for a more integrated approach to global learning pathways. Continued collaboration between governments, academic institutions, and industry stakeholders will be essential in ensuring Indian students are not only future-ready but also positioned to lead in a rapidly changing world.

Anish Srikrishna, CEO, TimesPro
The Education Budget 2025 represents a pivotal moment in our nation’s journey towards fostering a future-ready workforce through strategic investments in education, skill development and technological research. The establishment of AI Centres of Excellence and the expansion of IITs mark a significant step toward positioning India as a global leader in technology and innovation. These initiatives, coupled with 10,000 fellowships for technological research in IITs and IISc, will not only strengthen India’s academic and research ecosystem but also equip students with cutting-edge skills required for emerging industries. Additionally, the expansion of medical education with 75,000 new seats will play a crucial role in addressing the growing demand for healthcare professionals and strengthening the country’s healthcare infrastructure.
The launch of five National Centres for Excellence in Skilling, in collaboration with global partners, will ensure India’s youth are equipped with industry-relevant expertise. The rollout of 50,000 Atal Tinkering Labs and initiatives like the Bharatiya Bhasha Pushtak scheme further exemplify a forward-looking strategy that aligns seamlessly with the vision of a ‘Viksit Bharat.’ At TimesPro, we view these strategic interventions as more than policy measures; they are the foundation of a dynamic learning ecosystem that will redefine education and skill development in India. By nurturing innovation and ensuring adaptability in the face of rapid technological advancements, we are paving the way for a knowledge-driven future and strengthening the nation’s global competitiveness.

Sripal Jain, CA, CPA, Co-Founder and Global Instructor
The Union Budget 2025-26 is a forward-thinking roadmap that strengthens India’s education and workforce ecosystem while empowering professionals with greater financial flexibility. The government’s decision to raise the tax-free income slab to ₹12 lakh is a transformative move, ensuring working professionals to invest in upskilling and global certifications.
Additionally, the government’s sustained emphasis on technology integration in learning and significant investments in digital infrastructure are key steps toward equipping students with future-ready skills. These initiatives align well with global trends in education and workforce development, ensuring India’s workforce remains competitive in an evolving job market.
As India’s prominence in finance and accounting continues to grow, there is a clear opportunity to build a globally competitive workforce. The increasing recognition of international professional qualifications highlights the importance of aligning education with industry needs, especially for those seeking alternative pathways to global careers. The government’s focus on strengthening skill-based learning and expanding career opportunities will be crucial in ensuring India remains a major contributor to the global financial and accounting sectors.
While the budget’s focus on digital skilling and AI-driven education provides a solid foundation for building an adaptive and innovative workforce, the next step should involve a deeper integration of application-based learning. This will enable students to harness these technologies effectively in real-world scenarios. As India moves towards becoming a global leader in education and professional skill development, we look forward to continued policy support that enhances global mobility, facilitates access to internationally recognized qualifications, and empowers students to compete on the world stage. The government’s commitment to skill-driven education will be pivotal in shaping a knowledge-driven economy, and we are optimistic about the positive impact these initiatives will have in the years ahead.

Mr Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd
Union Budget 2025 is a liquidity focused, offering significant relief to the middle class while maintaining a strong focus on infrastructure and real estate. With tax slab rationalization, increased disposable income and less compliance burden, it puts more money in the hands of common man, thus boosting both spending appetite and encouraging investment patterns for the general public.
The ₹11 lakh crore capital expenditure push will accelerate infrastructure development, along with the Urban Challenge Fund which reinforces urban transformation, boosting development and creation of newer micro-markets for the real estate sector. Along with this, the introduction of SWAMIH 2.0 with ₹15,000 crore allocated for 1 lakh housing units strengthens the real estate sector.
Key reforms like TDS and TCS simplification increase in the TDS limit on rent and the allowance of two self-occupied properties instead of one will leave more money in the hands of the consumer, thereby boosting consumption. Additionally, extending the investment timeline for AIF Category I & II until 2030 supports long-term capital formation. Overall, the budget also covers the key engines of development across sectors, MSMEs, investment, and exports, ensuring sustained economic momentum.

Dr. Sangeeta Chhabra: Co-Founder & Executive Director- AceCloud
“The Union Budget 2025 builds upon the foundation laid in previous years, introducing initiatives and reforms that reinforce India’s growth trajectory. Technology remains a central pillar, with its impact spanning multiple sectors. A key highlight is the launch of the National Manufacturing Mission, a decisive step in advancing the ‘Make in India’ initiative. With a strong emphasis on clean technology and sustainability, coupled with enhanced credit support for SMEs and MSMEs, this initiative is poised to drive investment and innovation.
The budget’s substantial focus on AI, including a ₹500 crore allocation for a Centre of Excellence in AI-driven education, is a transformative step toward positioning India as a global leader in industrial clusters, sustainable urbanization, and long-term economic resilience. The exploration of a Deep Tech Fund of Funds, along with 10,000 fellowships under the PM Research Fellowship Scheme, underscores a progressive vision for fostering research and development in frontier technologies. These initiatives have the potential to propel advancements in AI, machine learning, and other emerging domains.
The proposal to create a national framework for Global Capability Centers (GCCs) in tier 2 cities is another forward-looking move. This initiative builds on India’s success in the GCC space, creating new employment opportunities, reducing urban congestion, and ensuring more balanced regional development.
In essence, this budget continues to unlock India’s immense potential, particularly in the realm of technology, setting the stage for sustained innovation and growth.”

Mr Ratish Pandey, Business Coach & Founder, Ethqiue Advisory, pertaining to the MSME Sector.
The Hon’ble Finance Minister’s budget brings much-needed attention to MSMEs, marking a step in the right direction for small and medium businesses.
A key highlight is the revision of limits for Micro, Small, and Medium Enterprises in terms of both sales and investments, creating new growth opportunities. Increased access to credit will strengthen MSMEs, helping them navigate market volatility more effectively. The introduction of term loans for well-performing exporters is another welcome move that will boost India’s export competitiveness.
Recognizing the shift towards a digital economy, the introduction of custom credit cards for MSMEs is a game-changing initiative that will streamline financial transactions and enhance digital adoption.
The continued focus on Alternative Investment Funds (AIFs) has yielded positive results, and this year’s ₹10,000 crore allocation for startups is a significant step toward supporting innovation and ensuring access to much-needed funding.
While these measures set a promising tone, the success of these initiatives will depend on their execution. Nonetheless, the budget reflects strong intent in fostering MSME growth and startup innovation, paving the way for a more resilient business ecosystem.

Mr Manish Aggarwal, CEO & Founder, FINQY pertaining to the Startup Sector
The Union Budget 2025-26 brings a welcome boost for India’s startup ecosystem, particularly in improving access to credit and fostering growth. The increase in the credit guarantee cover for startups to ₹20 crore, with a moderated guarantee fee, will significantly enhance funding opportunities for emerging businesses in critical sectors. The announcement of establishing a new Fund of Funds underscores the government’s commitment to nurturing innovation and scaling high-potential ventures.
Extending tax benefits under Section 80-IAC for startups incorporated until 2030 is another encouraging step, providing much-needed financial relief and incentivizing entrepreneurship.
I believe these measures will help strengthen the foundation for a self-reliant and globally competitive startup ecosystem in India. The increased emphasis on Fintech solutions to enable Startups & MSMEs to access financial services will further facilitate the ease of doing business in the country.

Vinay Bagri, Co-Founder & CEO, Niyo
The Union Budget 2025 brings encouraging developments for both startups and international travellers. The five-year extension for startup incorporation eligibility is a strong boost to India’s entrepreneurial ecosystem, providing much needed continuity and support. On the international travel front, while the increase in the Liberalized Remittance Scheme (LRS) limit to ₹10 lakh is a step forward, we were hoping for exemptions on TCS for global travellers which remains a concern. The removal of TCS on education remittances from loans is a positive move, easing the financial strain on students. As a travel banking fintech, we believe these policy changes will impact how Indians engage with the global economy.

Chirashree Ghosh, National Coordinator, FORCES (Forum for Creches and Child Care Services)
“The Union Budget 2025 announcement of the increase in allocation for Saksham Anganwadi and Poshan 2.0 is a welcome step towards strengthening early childhood care in India. With 32.1% of children under 5 years being underweight, enhanced nutrition support is a vital parameter for their development. This enhanced funding will help create comprehensive childcare support systems. Following the government’s push for increasing women’s economic participation and the expanding gig economy, such infrastructure is crucial for enabling them to fully engage in the workforce and pursue livelihood opportunities.”

Mr. Pankaj Bajaj, Founder & Director, Bajaj Foundation
“The Union Budget 2025-26 makes notable strides in sustainability, particularly in e-waste management and clean tech manufacturing. The emphasis on recycling critical minerals and promoting circular economy practices is a step in the right direction. Additionally, greater digital access in schools creates opportunities to integrate sustainability education, fostering awareness about responsible e-waste disposal among the next generation. Such measures are essential for building a greener, more responsible future.”

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.”

Manjunath Jyothinagara, Managing Director, KASFAB Tools, Pvt. Ltd.
“The budget announcement is certainly a boost to MSME by raising turnover and investment limits to access credit and increasing credit guarantee scheme support. Even though policy decisions are welcome, no specific financial incentives like enhancement of capital subsidy like in PLI for larger projects are provided to MSME’s. It is also unfortunate to see no specific measures to promote local ecosystem for semiconductor industry growth. Government sponsored exchange programs for MSME’s with other semiconductor ecosystems in the world through bilateral cooperation agreements is an important route to enhance the local ecosystem capability. However, there is no effort to address this requirement. The government directives on financial support through PLI scheme to large players to trickle down to MSME’s is missing which takes away opportunity for local ecosystem growth”.

Neha Singh, Co-Founder, Tracxn
Embracing the Union Budget 2025-26, I laud the government’s proactive steps to amplify credit access for startups and MSMEs. The decision to double the credit guarantee limit to ₹20 crore from ₹10 crore stands out as a game-changer, easing the path for startup MSMEs to secure essential working capital without compromise. The allocation of Rs 20,000 crore towards private sector R&D and innovation, coupled with the introduction of a Deep Tech Fund of Fund and the establishment of a fresh ‘Fund of Funds for Startups’, underscores a resolute commitment to fueling entrepreneurship in our country. The provision for supporting 5 lakh first-time entrepreneurs from underrepresented backgrounds showcases a dedication to nurturing diversity and inclusivity in the startup ecosystem. Additionally, the announcement of Centres of Excellence in AI for education, backed by a significant outlay of Rs 500 crore, signifies a progressive approach towards equipping our youth with cutting-edge skills. These budgetary initiatives paint a promising picture for the future of innovation and entrepreneurship in India.\\

Mangesh Wange, CEO and Director, Swades Foundation
“India can only reach its full potential when our villages progress. The Rural Prosperity and Resilience Program offers a promising path forward, with its multi-pronged approach to empowering rural populations through skill development, investment, and technology adoption. The creation of 5 National Centers of Excellence for Skilling is a significant step, and aligning education with industry needs—especially in emerging fields like AI—will be key to preparing this workforce.
However, it’s the accessibility of these centers to rural populations that will make them truly impactful. With a focus on quality internships and strong job placement support, they have the power to transform lives and uplift communities”.

Suresh Ramamoorthy, Country Head of Lingaro India
“The Union Budget 2025-26 is a compressive budget focussed on holistic growth, to not only make the nation self-reliant and but to also prepare to take on global leadership across sectors, including technology, manufacturing and skilled labour. It reinforces India’s ambition to continue its leadership position in research and outsourcing in AI, Data and Innovation driven industries. The announcement of setting up a National Framework for GCC’s is a particularly welcoming initiative as it will provide a structured roadmap for one of the fastest-growing sectors in India. With over 1,700 GCCs employing nearly 1.9 million professionals, the National Framework for GCC’s will help strengthen India’s position as a hub for advanced technology solutions while also help drive deeper collaboration between industry and academia.
The setting up pf the dedicated Centre of Excellence in AI for Education, in addition to the other AI-driven initiatives, represents the government’s focus and commitment to continued investment in fostering homegrown innovation. It also highlights the need for leveraging AI for national progress. These investments are definitely in line with the national vision to accelerate India’s transformation into an AI powerhouse while also equipping the workforce with future-ready skills.
Additionally, the plan for developing five National Centres of Excellence for skilling, with global expertise and partnerships, will further enhance the employability of India’s youth. As we enter the era of Industry 4.0, the focus on deep tech, advanced manufacturing, and digital skilling is imperative. The allocation of ₹20,000 crore for private sector-driven R&D, along with the proposed Deep Tech Fund of Funds, will be a game-changer in fostering the next generation of Indian startups and breakthrough innovations.
With a clear vision to integrate digital infrastructure, innovation, and human capital development, this budget not only propels India’s Make in India and Make for the World vision but also ensures that India remains at the forefront of AI and data-driven transformation in the years to come.”

Sanyam Gandhi, Whole Time Director at Chartered Speed.
“The government’s push for Public-Private Partnerships (PPP) in infrastructure, including a 3-year pipeline of state projects and ₹1.5 lakh crore for 50-year interest-free loans, creates strong opportunities for urban development, better infrastructure, and mobility innovations. The further push in EV manufacturing will accelerate growth in multimodal transport, clean energy, and digital infrastructure, helping to accelerate the shift to cleaner, more efficient transport networks. At Chartered Speed, we see significant potential to scale EV adoption and multimodal transport solutions through PPPs and sustainable transit initiatives. Additionally, the proposed no-income-tax slab for earnings up to ₹12 lakh will boost consumption and overall liquidity in the economy, boasting travel spends.”

Vinay Thadani, Director & CEO GREW Solar
“The budget for 2025-2026 presented by the finance minister is a testament to the Government’s commitment to move towards renewable energy for Viksit Bharat by 2047.
The idea of a new manufacturing mission under the ‘Make in India’ initiative will support small, medium, and large industries through comprehensive policy backing and a detailed framework.
The mission aims to create an ecosystem for solar PV cells, electrolysers, and grid-scale batteries. This will help expedite the development of the renewable energy sector, which will help in employment generation, reduce the cost of the panels, and focus on research and development.We are also extremely grateful to FM for simplifying income tax and putting additional money in the hands of the middle class. This will boost the consumption and wheels of the economy.”

Dr. Simmardeep S Gill, Managing Director & CEO of Sterling Hospitals
“The draft Union Budget 2024 has important takeaways for the healthcare industry. In India, the number of cancer cases is expected to increase by 12.8% by 2025. The government’s initiative of establishing daycare cancer centres in all districts will help provide effective cancer treatments nationwide. The finance minister further stated that the government will promote ‘Medical Tourism’ and ease the visa process under the ‘Heal in India’ initiative. This will encourage investment in high-tech medical infrastructure while boosting employment for doctors, nurses, and therapists. Additionally, hospitals and medical service providers can generate more revenue. Access to quality, affordable & comprehensive healthcare is one of the key aspects of the government’s Viksit Bharat initiative, and by encouraging medical tourism, the healthcare sector will be able to contribute to this mission.”

Vishal Chiripal, Managing Director, Shanti Education Initiatives Limited
The Union Budget takes a holistic approach by expanding higher education, boosting research, and fostering innovation to create a future-ready workforce.
It reinforces the government’s commitment to expanding education and research. The increased infrastructure support for IITs and the addition of 10,000 medical seats mark a significant step toward enhancing higher education capacity. Setting up 50,000 Atal Tinkering Labs in schools will nurture scientific curiosity among students.
The establishment of a Centre of Excellence in AI for Education with an outlay of Rs 500 crore is a forward-looking initiative that will drive innovation in learning methodologies, skill development, and research. Additionally, broadband connectivity for government secondary schools under BharatNet will help bridge the digital divide, ensuring better access to education and learning resources in rural areas.
The enhancement of the PM Research Fellowship scheme, offering 10,000 fellowships in IITs and IISc, will further boost India’s research ecosystem, encouraging technological advancements and innovation-led growth”

Vinay Thadani, CEO at Vishal Fabrics Limited.
“The Union Budget 2025-26 sets a transformative course for India’s textile industry, highlighting a commitment to strengthening manufacturing and boosting exports.
Key initiatives, such as the Mission for Cotton Productivity, promise to revolutionize cotton farming, enhancing quality and sustainability. This will have a direct positive impact on the textile sector, ensuring a steady supply of raw materials for domestic manufacturers.
Additionally, the introduction of ‘BharatTradeNet’ (BTN) provides a unified platform to streamline trade documentation and financing, ensuring smoother integration with global supply chains.
With increased investment limits for MSMEs and a simplified tax regime, the budget paves the way for growth and competitiveness. The support for textile exports through export credit, cross-border factoring, and regulatory enhancements will foster international market penetration.
As domestic consumption also gets a boost with tax relief for middle-income groups, the overall ecosystem for growth and sustainability in the textile sector is well-supported.”

Dr. HP Singh, CMD, Satin Creditcare Network Limited
“The Union Budget 2025 brings a significant shift in empowering rural India, particularly women entrepreneurs and SHG members. With the introduction of the ‘Grameen Credit Score’ framework, financial institutions will now be able to assess creditworthiness more effectively, even for individuals without formal credit histories. This will expand financial opportunities and help bridge existing gaps for rural populations, especially women, enabling them to grow their businesses and improve livelihoods.
Coupled with the launch of customized credit cards for micro enterprises with a ₹5 lakh limit, and the issuance of 10 lakh such cards in the first year, these measures will provide much-needed financial support to the heart of India’s economy. MSMEs, which contribute nearly 30% to India’s GDP and employ more than 11 crore people, will now have the means to expand, driving growth in sectors vital to our GDP. These initiatives will strengthen the SHG model, empower women-led businesses to thrive, and bolster the economic fabric of rural India, advancing Naari Pragati and creating lasting financial independence.
In addition, the creation of a High-Level Committee for Regulatory Reforms to review regulations, certifications, licenses, and permissions will strengthen trust-based economic governance and create a more conducive environment for NBFCs to operate efficiently and expand their reach, further fueling financial inclusion.”

Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance
“This Budget reaffirms India’s commitment to inclusive growth, prioritizing infrastructure, healthcare, and financial empowerment. The finance minister has announced many measures which will ease the financial burden, especially for the middle class and spur economic participation. The increase in the income tax exemption limit to ₹12 lakh will provide significant relief and increase disposable income, thereby driving consumption. The government’s focus on healthcare sector in the budget would make essential treatments more affordable and widely available. The FDI limit being raised from 74% to 100% will prove to be a landmark reform in the insurance sector which will help unlock new opportunities for investment and innovation. These reforms will strengthen investor confidence, drive innovation, and support sustained economic prosperity.”

Anuj Tyagi, MD & CEO, HDFC ERGO General Insurance
“The budget presented by FM Nirmala Sitharaman is truly futuristic, one that accelerates growth, caters to the evolving needs and boosts consumption economy. We truly believe that this Budget will be a catalyst for innovation and progress as it emphasises on digital infrastructure and skill development. Investments in Centres of Excellence in Artificial Intelligence for education will position India as a global leader in technologies that will define the future.
The increase of FDI for insurance sector from the present 74% to 100% is a positive move for the industry. Not only will this encourage the global insurers to expand commitment in India, but this will also contribute positively in boosting the growth of this sector.
There has been a host of positive announcements for the health sector. Addition of 10,000 seats undergraduate and postgraduate medical seats in the coming fiscal will help in narrowing the present doctors and patients gap. Similarly, initiatives like addition of day care cancer centres at all district hospitals over the period of next 3 years and exemption of customs duty for 36 lifesaving drugs are examples of the Government’s efforts on building up a conducive health care system in the country. Complementary with these initiatives is the extension of PM Jan Arogya Yojana to provide health insurance for gig workers will provide a safety net for the vital segment of the workforce, which is largely underserved at present. Also, reduction of tax burden on the salaried individual will provide them with an increased disposable income, thereby swaying the insurance consideration by the consumers in a favourable direction.
All these initiatives will also help in boosting insurance penetration and affordability, thereby complementing IRDAI’s goal of ‘Insurance For All by 2047’.”

Dr. Vibha Tripathi, Founder, Boon
The Union Budget 2025–2026 has taken a significant step towards MSMEs and start-ups, providing easier access to funding required for growth and innovation while also increasing micro-enterprise loan guarantee coverage. The focus on start-ups is also encouraging, with the rise in credit guarantee cover to ₹20 crore and the establishment of a ₹10,000 crore Fund of Funds, signaling a strong commitment to innovation.
The Clean Tech Mission is an excellent step for sustainable businesses, and the extension of the Jal Jeevan Mission to 2028 will provide tap water connections to 15.43 crore rural households, significantly improving the quality of life for many.
Additionally, the emphasis on women entrepreneurship, with term loans up to ₹2 crore, is empowering and inclusive. And, in order for the youth to strengthen their careers, the FM mentioned setting up national skilling centres that will address the talent gap, providing a skilled workforce that can drive MSME and start-up growth.
Overall, the budget provides the right resources and incentives for entrepreneurs to scale up, innovate, and thrive.

Mr. Vaibhav Pratap Singh, Executive Director, CSI
– On Energy Sector
“Allowing an additional 0.5 per cent of GSDP borrowings emphasises the importance of electricity transmission and distribution in India’s vision for a greener grid. This flexibility can help states adapt to the evolving generation and consumption patterns resulting from an increasing share of renewables in the grid.
Furthermore, it could address challenges within the country’s distribution sector, thereby promoting overall electricity generation in the nation, while meeting the financing requirements of both the transmission and distribution sectors, which are likely to be significant at around USD 180 billion according to the NEP until 2032.”
– On MSME Sector
“It is encouraging to see MSMEs taking centre stage in the Union Budget. Enhancing credit guarantee coverage and reducing associated costs are crucial for ensuring the availability of credit that will facilitate future growth.
Equally important is the need to protect export-focused MSMEs from non-tariff measures, such as the CBAM, through the establishment of an Export Promotion Mission. This mission could enhance the global competitiveness of Indian enterprises.
Aligning MSME growth with climate technologies will be essential for advancing India’s ambitions for a circular economy. Additionally, implementing a policy on critical minerals is a vital step towards securing India’s energy future, which we believe will increasingly rely on electricity and how we store and utilise it.”

Mr. Harsh Jayesh Ruparel, Co-Founder & CEO, Commbitz
“The abolition of the ‘angel tax’ is a progressive step towards boosting the Indian start-up ecosystem. The removal will facilitate more investment and foster innovation within the start-up community. The additional ₹10,000 crore contribution announced by the honorable Finance Minister presents a dynamic opportunity for startups to accelerate their growth. Furthermore, with the enhanced financial support from the government, startups will now be able to access much-needed capital to scale operations, develop innovative products, and explore new markets. This funding injection not only provides direct financial benefits but also encourages investor confidence, leading to increased private funding opportunities.”
“It is equally important to note that startups can also leverage these funds to invest in research and development, enabling them to adopt advanced technologies and stay competitive in dynamic markets. Moreover, the increased funding will also make it easier for the startups to venture into emerging sectors, driving innovation and contributing to the country’s technological advancements. We are positive that this financial boost will set the stage for the start-up sector to achieve sustained growth, enhancing their market presence and overall impact.”

Mr. Piyush Peshwani, Co-founder and CEO, OnGrid
“Having a national framework for the states to promote Global Capability Centers (GCCs) in Tier-2 cities is a smart step. With talent availability, infrastructure improvements, bylaw reforms, and industry collaboration in mind, this should accelerate the establishment of high-value, tech-led jobs beyond the metropolitan areas. As GCCs reach further into Tier-2 regions, background verification and trust infrastructure will see a huge surge in demand, which is exactly at the core of OnGrid’s offerings.
Additionally, renewal of the ₹10,000 crore commitment to the Fund of Funds for AIFs is a significant step forward in India’s startup and investment ecosystem. The earlier commitment generated investments of ₹91,000 crore, thus with new funding, it could draw in an additional ₹1 lakh to ₹1.5 lakh crore of capital. The initiative will provide much-needed growth capital to early-stage startups and thereby further build India’s position as a global hub for innovation. This will work out well for OnGrid as it will directly support the growing demand for trust and verification solutions as businesses scale.
Both these moves underline India’s commitment to promote entrepreneurship and global competitiveness”

Ms Lina Ashar, Founder, Dreamtime Learning
“The announcement of the Bharatiya Bhasha Pustak Scheme and the Centre of Excellence in AI for education is a welcome step toward making learning more inclusive and future-ready. Providing digital resources in Indian languages will bridge learning gaps, making subjects more accessible to students across diverse backgrounds.
However, while the budget states that technology advancements should not be neglected, integration of new innovative curriculum designs is an urge for any government school and board. It needs to move the education system from the comfort zone of traditional methods toward a new-age learning model.
Additionally, the jobs and roles of tomorrow are shifting rapidly, but our school and college education models remain stagnant and still follow “teach to test methods. We were expecting that the government to address future-proof education by appointing expert curriculum design teams and innovating teaching methodologies. I hope that the government to look into a structured investment in these areas to ensure that the next generation is not just educated but truly equipped for the world ahead.”

Mr. Chitranshu Mahant, Co-founder & CEO, Primebook
“The extension of tax benefits under Section 80-IAC for startups to 2030, coupled with the strengthening of credit availability and the expansion of the Fund of Funds, is an important step in supporting innovation and entrepreneurship in India. This will enable Primebook to invest in R&D, scale operations, and enhance India’s digital and manufacturing ecosystems. The government’s initiative in enabling the domestic electronic equipment industry will also give further momentum to Make in India in opening new opportunities for youth and self-reliance in technology.
The setting up of the Export Promotion Mission is yet another welcome initiative that will help Indian consumer electronics startups widen their global footprint. We have started exporting our laptop to developing countries like Zimbabwe and Nepal, this initiative would go a long way in further widening our exports and penetration into other developing markets. We welcome these visionary steps for India to become a global technology giant.”

Mr. Konark Trivedi, Founder and CEO, Frog Cellsat Ltd
“The Union Budget 2025 takes a progressive step toward strengthening India’s telecom sector. The reduction of basic customs duty on Carrier Grade Ethernet Switches from 20% to 10% is a much-needed relief that will lower costs for telecom operators and resolve classification disputes. This move is expected to catalyze further investments in 5G expansion and accelerate preparations for 6G deployment, reinforcing India’s position as a global leader in next-gen connectivity.
While this is a positive development, the industry continues to seek broader tax reforms that ease the cost burden on telecom and RF equipment manufacturers. Additionally, as digital infrastructure expands, government-led initiatives in advanced security frameworks and standards will be essential to safeguarding networks against evolving cyber threats. We look forward to further policy measures that support indigenous telecom manufacturing and enable a secure, future-ready ecosystem”.

Mr. Bodhisattwa Sanghapriya, founder and CEO of IG Drones
The Union Budget 2025-26 delivers a significant boost to deep-tech innovation, AI, and indigenous manufacturing, reinforcing the government’s vision for Atmanirbhar Bharat and Make in India. The ₹20,000 crore allocation for private sector-driven R&D and the Deep Tech Fund of Funds will accelerate advancements in AI-powered drone technology, enhancing applications in surveillance, infrastructure, disaster management, and precision agriculture. A key highlight is the expansion of credit guarantee cover, which will provide much-needed financial support to startups and MSMEs. The increase in guarantee cover from ₹5 crore to ₹10 crore for MSMEs and from ₹10 crore to ₹20 crore for startups will unlock additional credit worth ₹1.5 lakh crore over the next five years. This move is crucial for small and mid-sized drone manufacturers, helping them scale operations and compete in the global market. Additionally, enhanced credit support for exporter MSMEs will strengthen India’s drone export potential, positioning the country as a key player in the global UAV industry. While these initiatives are commendable, a structured roadmap integrating drone technology into agriculture and mining would unlock further potential. A dedicated Production-Linked Incentive (PLI) scheme for drone manufacturing and export-friendly policies would further strengthen India’s position as a global drone technology leader. We look forward to leveraging these policy measures to scale innovation and drive impact across critical sectors.

Mr. Ramit Sethi, Founder, Seclude Hotels Home Style:
“We welcome a consumption-led budget and the tax relief, which should empower people with more disposable income and greater tourism choices. The government’s focus on tourism in the Union Budget 2025-26 is a positive development, especially with initiatives like MUDRA loans for homestay businesses. This will provide crucial support to small and boutique hospitality ventures, helping them enhance their offerings and elevate guest experiences. Additionally, the development of 50 top tourist destinations and visa fee waivers will drive both domestic and international travel, benefitting the entire hospitality ecosystem. At Seclude Hotels Home Style, we are excited to embrace these initiatives and contribute to redefining experiential stays across India.”

Mr. Ankit Agrawal, CEO and Founder, of InsuranceDekho.
The 2025 Budget’s focus on a ₹10,000 crore fund for Alternative Investment Funds (AIFs) and enhanced support for startups is a significant step toward empowering the entrepreneurial ecosystem. With better access to capital, expertise, and tailored financial solutions, startups will be better equipped to drive innovation, create jobs, and scale effectively. Additionally, increasing the FDI limit in the insurance sector to 100% will bring in vital capital, foster greater competition, and substantially expand insurance penetration, especially for emerging businesses and workers. Together, these initiatives align with the government’s vision of ‘Insurance for All’ by 2047, driving a more resilient, inclusive economy while prioritizing skilling and employment for the youth.

V Suresh, CEO, foundit
“The government’s announcement of a ₹500 crore outlay for an AI Centre of Excellence and the establishment of five national skilling centres reaffirms India’s commitment to an AI-driven future. We are witnessing a paradigm shift where AI is no longer just a futuristic concept but a critical driver of India’s workforce transformation. In fact, our recent report projected a 14% growth in AI hiring in 2025, reflecting the industry’s rapid evolution. These initiatives will not only accelerate AI adoption but also equip talent with the right skills to thrive in the digital economy.”

Mr. Madhusudan G., CMD, Sumadhura Group
Budget 2025’s personal income tax relaxation enhances middle-class liquidity, driving consumption and boosting housing demand. The removal of restrictions on owning two self-occupied properties without tax implications and the higher TDS exemption threshold on rental income (₹6 lakh) will spur fresh residential investments. Additionally, the government’s push for manufacturing under PM Gati Shakti, along with incentives for MSMEs, startups, and clean-tech sectors, will generate employment and income growth, fueling demand across residential, commercial, and warehousing segments. The expansion of Global Capability Centers (GCCs) has been prioritized, with a national framework to promote their growth in Tier-II cities. With GCCs occupying over one-third of India’s Grade A office stock and projected to drive 40-50% of leasing activity in 2025, this initiative will foster inclusive economic growth. Furthermore, strengthening warehousing and industrial real estate will enhance supply chain efficiency, supporting India’s vision of becoming a global manufacturing powerhouse.

Bhavesh Kothari, Founder and CEO, Property First
The Union Budget 2025 strikes a balanced approach towards supporting the real estate sector, especially for the middle class. The SWAMIH Fund’s expansion through the launch of SWAMIH 2.0 is a crucial step toward stalled housing projects, delivery of 100,000 homes, and much-needed liquidity in the affordable and mid-income housing segment. Simultaneously, the support of ₹15,000 crore to states, along with a well-defined three-year project roadmap, will further strengthen infrastructure development.
Though a reduction of ₹1 lakh crore in capital outlay for infrastructure may be worrisome, the government’s focus on public-private partnerships and an ambitious asset monetisation target of ₹10 lakh crore over the next five years should sustain infrastructure growth. If effectively implemented, these measures will improve housing availability, enhance investor confidence, and support long-term urban expansion, making real estate a key driver of economic progress.

Mr Sunil Pareek, Executive Director, Assetz Property Group
The Union Budget 2025-26 proposes a positive and consumption boosting outlook, with commitments towards easing business operations and simplifying compliance. Initiatives like the new Income Tax Bill, streamlined TDS and TCS processes, rationalization of tariffs and a push for digital governance reflect a strong focus on fostering a business-friendly environment to boost global and domestic investors’ confidence.
The increase in tax slabs, with NIL tax for incomes up to ₹12 lakh and the revised tax slabs, is a significant step in boosting disposable income and counter spending. Announcements around infrastructure funding, such as the ₹1 lakh crore Urban Challenger Fund and other development initiatives announced will enhance urban liveability but also create demand across the housing sector in long run. These measures will support real estate growth in the medium to long term through improved connectivity, affordability and job creation.
While some long-standing expectations, like increased tax incentives for homebuyers, remain unmet, the budget introduces some meaningful steps for the real estate sector. The launch of SWMHI Fund 2 is a critical move to address stressed projects, offering buyers greater confidence and providing liquidity to late stage projects. Additionally, allowing rental income relief for up to two self-occupied properties without attributing any notional rent will incentivize property investments and portfolio building. The increase in TDS limit for 6 lakhs for rental properties will also easy compliance burden especially now that rentals have gone up across the country. These measures along with putting more money in hands of people through direct tax relief will add their bit towards the resilient housing market.

Mr Angad Bedi, Chairman and Managing Director, BCD Group:
“The Union Budget 2025-26 enunciates a futuristic vision for Viksit Bharat with a strong focus on infrastructure and housing for boosting the country’s economic growth. The launch of SWAMIH 2.0 with a ₹15,000 crore blended finance facility is a significant step forward for affordable and mid-income housing. With 50,000 homes already delivered and another 40,000 on track, this initiative will provide much-needed liquidity and accelerate project completions.
The budget’s focus on infrastructure through a ₹1.5 lakh crore support to states and a robust PPP framework will drive urban transformation, particularly in Tier 2 and Tier 3 cities. Also, the Urban Challenge Fund of ₹1 lakh crore will further strengthen urban development.
The new regime also brings in new tax slabs, which would increase disposable incomes and make it easier for the middle-class to buy homes. While these steps are laudable, it is disappointing that the long-pending industry status for the real estate sector has not been granted yet. This would have opened up new financing opportunities and increased sectoral growth.”

Mr Shesh Rao Paplikar, Founder and CEO of BHIVE Workspace:
This year’s Union Budget aptly focused on inclusive development and providing relief to India’s middle-class taxpayers to strengthen the economy. We are elated about the Hon’ble Finance Minister proposing a national framework for promoting Global Capability Centers (GCCs), which we believe shall, over the long-term, substantially heighten new-age flexi-office uptake across the country, including tier 2 cities. As India continues reaffirming its glorious stature as the world’s GCC capital, another pivotal factor driving demand for flexible workspaces and commercial spaces is the country’s startup boom. We are also very happy to note the Government has continued to prioritize fostering entrepreneurship and innovation in the country with announcements like the incorporation of a new Fund of Funds to boost capital availability for startups, and optimize support for Alternate Investment Funds (AIFs) that have already secured commitments of over 91,000 Cr. However, the expectations to roll-out dedicated measures and tax reforms to support the nation’s burgeoning commercial realty and office realty sectors have remained unmet in this Budget.

Ms. Charu Kapoor, Country Director, NIIT Foundation
“The Budget 2025 has given skilling and education its due importance, and this is necessary for our country’s aspirations for a Viksit Bharat by 2047. Investment in establishing five National Centres of Excellence for Skilling will provide our youth with the right platform, and renew their aspirations to prepare themselves for high quality employment.
In addition to this, there have been substantial commitments made to provide 10,000 fellowships under the PM Research Fellowship Scheme, investment in IITs and IISC, add 10,000 new medical seats, launch 50,000 Atal Tinkering Labs over the next five years, and lastly – provide broadband connectivity to all government schools. This has significant ramifications for the skilling and education sector, particularly for those involved in rural skilling, where digital skill based training was limited due to low availability of internet. The Budget 2025 will make our youth skilled, improve their income potential, and contribute meaningfully towards the country’s ambition for a ‘Make for India, Make for the World’ manufacturing’ regime.”

Mr. Praneet Mungali, Trustee & Secretary, Sanskriti Group Schools.
It is immensely encouraging to see Budget 2025 prioritize the strengthening of India’s STEM ecosystem. By investing in new infrastructure for the recently established IITs and expanding IIT Patna, the government will create opportunities for 6,500 students—significantly contributing to the pool of qualified professionals across emerging sectors. The plan to establish 50,000 Atal Tinkering Labs further underscores the commitment to cultivate innovation through promotion of STEM education nationwide.
In addition, the focus on developing India’s indigenous AI capabilities marks a forward-thinking step. Allocating INR 500 crores to set up five Centres of Excellence for AI opens the door for students, researchers, and private enterprises to shape the country’s AI landscape. Overall, these initiatives are geared towards making India future-ready with focus on cutting-edge STEM education, and research.

Mr. Ankush Kapoor, CEO and Founder of PharmNXT Biotech
The rising burden of cancer and other life-threatening conditions makes this year’s budget a significant step toward improving patient access to critical treatments. With approximately 70 million people affected by rare diseases, 80% of which are genetic, the government’s decision to fully exempt 36 lifesaving drugs from Basic Customs Duty (BCD) and extend concessional 5% duty to six additional medicines will substantially lower treatment costs and enhance affordability.
Furthermore, extending full BCD exemption to 37 more medicines under Patient Assistance Programs, along with 13 new such programs will ensure a broader access to essential medicines at no cost to patients.
The government’s commitment to advancing healthcare and building an integrated ecosystem for biotechnology is further reflected in the increased budget allocation for the Department of Biotechnology, rising from ₹2,460.13 crore in 2024 to ₹3,446.64 crore in 2025, an almost 40% increase. The budget also reflects a forward-looking investment strategy with ₹20,000 crore allocated for private-sector research, which should be strongly leveraged by the Pharma and biopharma sector to enable drug discovery and localized manufacturing.

Anubhav Kathuria, Managing Director, Synergy Steels
“The Hon’ble FM’s call for an in-depth review of the existing regulatory frameworks to identify areas of improvements comes at the very right time to enhance India’s competitiveness to attract investments, as we see the larger China+1 strategy evolving in other emerging market economies.
The quantum of certifications, licenses, and permissions – including those with stringent penal provisions – remain high, therefore, the Jan-Vishwas Bill 2.0 will be looked forward to very positively.
The proposed High-Level Committee on Regulatory Reforms has a large task ahead of it, and sector specific-ministry specific consultations will play an important role for a more nuanced interventions for reforms.

Deepanker Mahajan, Co-Founder and CEO, CoverYou
“This 2025 budget definitely lays a strong foundation for the future of India’s healthcare and insurance sectors. The addition of 10,000 medical seats this year, with a vision for 75,000 over the next five years, is a decisive step toward bridging the doctor-patient gap and ensuring equitable healthcare access. The establishment of 200 cancer daycare centers will be life-changing for millions, strengthening India’s fight against non-communicable diseases. For the insurance industry, the proposal to raise the FDI limit to 100% signals a new era of investment and innovation. This will not only expand coverage options for healthcare professionals but also ensure that doctors, hospitals, and patients have access to world-class insurance solutions. As the healthcare sector evolves, comprehensive insurance will be the backbone of a more protected and resilient system. We believe these reforms will empower India’s medical community while driving a stronger, more inclusive healthcare infrastructure. A thriving healthcare sector needs financial strength, and this budget takes us one step closer to that goal.”

Kashika Malhotra, Head of Business Development and Director of Brandman Retail
“The Union Budget 2025 brings a significant boost to India’s retail and footwear sectors. The dedicated scheme for the footwear and leather industry, aimed at creating 22 lakh jobs, generating ₹4 lakh crore in revenue, and increasing exports to ₹1.1 lakh crore, directly supports the ‘Made in India’ vision by strengthening local manufacturing. This creates a favorable environment for licensing strategies, helping international brands collaborate with Indian manufacturers to produce locally and expand their reach. The National Manufacturing Mission further enhances India’s manufacturing capabilities, improving global competitiveness. Together, these initiatives will drive long-term growth, support the ‘Make for India, Make for the World’ vision, and open up new market opportunities in the retail and footwear sectors.”

Rajesh Patel, Co-Founder & CEO of Snowkap
“The government’s initiative to strengthen clean tech manufacturing is a crucial step toward creating a sustainable and self-reliant energy ecosystem. By supporting the domestic production of solar cells, EV batteries, wind turbines, and grid-scale storage, this plan will help reduce the carbon footprint of energy generation while lessening reliance on imports. The focus on fostering innovation and R&D in clean technology is key to driving energy efficiency, creating high-value jobs, and positioning India as a leader in green technology. The emphasis on policy support and financial incentives will accelerate the shift to low-carbon operations across industries and promote sustainable industrialization.”
On Energy Industry
“The commitment to achieving 100GW of nuclear energy by 2047 is a significant step toward a stable and sustainable energy future. Investing in small modular reactor (SMR) R&D provides scalable, clean energy solutions that complement renewables and strengthen grid stability. With power sector reforms and capacity expansion facilitating the adoption of sustainable energy, we are moving toward a more resilient and balanced system. This approach ensures long-term energy security by reducing dependence on fossil fuels, supports the transition to net-zero emissions through cleaner and more efficient energy sources, and reinforces India’s leadership in global climate action by demonstrating a commitment to sustainable development and innovation in the energy sector.”

MR. VAIBHAV KHANNA, CEO & CO-FOUNDER OF EZSTAYS
The government’s decision to allocate an additional ₹10,000 crore to the startup ecosystem is a strong step toward fueling innovation and scaling Indian enterprises. While this initiative provides much-needed capital, its true impact will depend on a clear, transparent, and unbiased framework for deployment. Ensuring that these funds reach the right founders—those tackling critical challenges and driving meaningful change—will be crucial in shaping a startup ecosystem that truly contributes to India’s growth and global competitiveness. If allocated effectively, this initiative will also play a vital role in advancing the Viksit Bharat mission, empowering entrepreneurs to drive economic progress and technological innovation for the nation’s future.

MR. VAIBHAV KHANNA, CEO & CO-FOUNDER OF EZSTAYS
The government’s commitment to strengthening India’s education infrastructure is evident in the expansion of IITs established after 2014. As part of this initiative, Finance Minister Nirmala Sitharaman announced that IIT Patna will undergo significant capacity expansion, alongside efforts to accommodate an additional 6,500 students across five IITs. The addition of new hostels and infrastructure will not only enhance student housing but also ensure that more students have access to quality education in a well-equipped learning environment. With Patna emerging as a key education hub, such developments will further encourage academic excellence and position India as a global leader in higher education. This strategic push towards educational and housing infrastructure will also contribute to the Viksit Bharat vision, fostering skilled and empowered youth who will drive the nation’s growth in the coming decades.

MR. VAIBHAV KHANNA, CEO & CO-FOUNDER OF EZSTAYS
Urbanization with proper planning and world-class infrastructure is crucial for driving India’s holistic development and ensuring that growth reaches every corner of the nation. The government’s decision to allocate ₹1.5 lakh crore in interest-free loans and implement a structured 3-year PPP pipeline for infrastructure is a strong step toward this goal. Investing in urban development will not only modernize our cities but also create significant trickle-down effects—boosting employment, enhancing quality of life, and attracting global investment. If executed effectively, this initiative will be a key driver in realizing the Viksit Bharat vision, positioning India as a global leader in sustainable and inclusive urban growth.

Abhishek Dua, Co-Founder & CEO of Showroom B2B
“The focus on MSMEs as India’s ‘second engine’ in the budget is a game-changer. With over 5.7 crore MSMEs contributing significantly to both manufacturing and exports, the enhanced credit facilities, technological upgrades, and the expansion of investment and turnover limits are set to propel these businesses to new heights. This, in turn, will catalyze innovation and create a robust ecosystem for employment, empowering India’s youth while reinforcing the country’s position as a global manufacturing hub.”
“The Finance Minister has set a bold vision—MSMEs as the second engine of growth. With MSMEs contributing 45% of exports, the sector’s importance cannot be overstated. The government’s decision to enhance classification limits and provide term loans up to ₹20 crore is a significant step toward unlocking this potential.
The introduction of customized credit cards for micro-enterprises is a thoughtful intervention, addressing the critical need for working capital. These measures, combined with the push for Industry 4.0, signal a clear intent to modernize India’s manufacturing sector and integrate it into global supply chains. The focus on youth participation in Industry 4.0 is particularly noteworthy. ”

Eklavya Gupta, Co-Founder & CEO of Recur Club.
The recent announcements in the budget underscore India’s commitment to becoming a magnet for foreign investment. The establishment of the Fund of Funds and the focus on public-private partnerships in infrastructure projects are key drivers of this strategy. It demonstrates a clear intention to bolster investor confidence and create an ecosystem that fosters sustainable growth while encouraging both domestic and international capital to flow into India’s high-potential sectors.

Smiti Bhatt Deorah, COO & Co-founder, AdvantageClub.ai
“The announcement of a fresh ₹10,000 crore fund for startups and a dedicated scheme for 5 lakh women and first-time entrepreneurs from SC/ST communities is a step in the direction of making a more inclusive entrepreneurial ecosystem. Still, the biggest barrier remains access to capital for women and marginalized entrepreneurs. This move, therefore, opens up tremendous avenues for innovation and job creation. I believe this is going to drive not only more women-led businesses but also inspires the next generation of leaders to dream bigger. Real progress happens when entrepreneurship isn’t a privilege but an access point for everyone, and hopefully, this move comes with streamlined execution to amplify its impact.”

Sourabh Deorah, Co-founder & CEO, AdvantageClub.ai
“The Union Budget 2025 brings a much-needed shift in India’s tax framework, starting with the exemption of income tax up to ₹12 lakh. For millions of middle-class taxpayers, this isn’t just a tax break—it’s more money in their pockets. With higher disposable income, consumer spending is set to rise, which in turn can fuel demand across industries, drive business expansion, and create more job opportunities.
Tax compliance is also getting a major upgrade with simpler TDS and TCS mechanisms. For startups and SMEs, often burdened by administrative red tape, this will ease compliance and free up resources for core business activities. Reduced compliance costs mean better cash flow management and a business environment that encourages investment and growth.
Given that MSMEs contribute nearly 30% of India’s GDP, these changes will help them reinvest in their operations and scale faster. And it’s not just about domestic growth—tax simplification strengthens India’s position as a top destination for global investments. These reforms make it easier for businesses of all sizes to thrive, which is crucial as India aims for the $5 trillion economy milestone.
This Budget clearly emphasizes ease of doing business and long-term growth. It’s laying the groundwork for an innovation-driven economy that supports both businesses and individuals. And with the New Income Tax Bill set to be presented next week, we can expect further steps to simplify the tax structure and bring more clarity for all stakeholders.
These are more than just policy changes—they’re a sign of India’s growing commitment to fostering sustainable business growth, innovation, and prosperity. It’s a step toward a future where both entrepreneurs and everyday citizens can thrive together.”

Sourabh Deorah, Co-founder & CEO, AdvantageClub.ai
“Announcing a Deep Tech Fund of Funds is a game-changer for India’s startup landscape. Deep tech startups often have long gestation periods and need significant R&D investments. With this fund, startups no longer have to rely on thin air and hope to fuel innovation. It fits perfectly with India’s ambitions to lead globally in areas like AI, quantum computing, and other cutting-edge technologies.
This fund, backed by an additional ₹10,000 crore contribution, is poised to help deep tech startups scale faster, attract world-class talent, and drive breakthroughs in AI, robotics, and biotech. These sectors hold the potential to shape the future and transform industries, so timely support like this is critical for sustainable growth.
Just as important is the extension of tax benefits under Section 80-IAC for five more years. Startups can now focus on innovation and scaling without the fear of fiscal constraints holding them back. This breathing room can make a huge difference, enabling founders to take bold risks without worrying about financial pressures derailing their progress.
The government’s ₹91,000 crore commitment to Alternate Investment Funds (AIFs) further reinforces its dedication to creating a world-class startup ecosystem. This isn’t just about access to capital—it’s about building trust and confidence. India is positioning itself as a global powerhouse for both entrepreneurship and technological advancement.
Another notable step is aimed at micro-enterprises. Custom credit cards with limits of ₹5 lakh are being rolled out for businesses registered on the Udyam portal. With 10 lakh cards expected to be issued in the first year, this initiative will provide much-needed liquidity. For many micro-enterprises, scaling up or innovating is often hindered by cash flow issues. This move could be the key to unlocking their next phase of growth.
These measures go beyond mere policy announcements. They signal a bold vision for India’s startup ecosystem—one that supports both large-scale deep tech players and grassroots innovators. With this level of support, we’ll see a wave of Indian entrepreneurs building sustainable, globally competitive businesses. The long-term impact of these initiatives will be transformational, and I can’t wait to see what’s next.”

Saurabh Kumar Sahu, Managing Director and Lead – India Business, Accenture
“The Union Budget 2025 presents a robust roadmap for India’s industrial and technological advancement. With a strong focus on manufacturing, the National Manufacturing Mission and policy support for industries specifically electric vehicles will further boost consumption and growth of the auto industry. In addition, the emphasis on public-private partnerships in infrastructure development opens up new avenues for collaboration and innovation. Further, the Centres of Excellence in AI and focus on skilling will create a workforce ready for technology-led reinvention of industries, enhancing India’s position as global manufacturing and AI hub.”

Vineet Dhawan, CEO, Digital Convergence Technologies (DCT)
The Union Budget of 2025 has included a new set of initiatives that will prove to be transformative for the technology sector, particularly in deep-tech innovation and the expansion of Global Capability Centers (GCC) in India. With a sum of ₹20,000 crore allocated for private-sector Research, Development, and Innovation and the proposition of a ‘Deep Tech Fund of Funds’, the government has committed to making India a technology leader. Once implemented, these initiatives will catalyze the next-gen startup evolution and accelerate projects in the areas of Artificial Intelligence, cloud migration, and cybersecurity.
Further, we are also excited to see how the national framework for promoting GCCs in emerging tier 2 cities will encourage talent availability, infrastructure improvement, and industry outreach. We hope this results in not just decentralized growth but also in growing various domestic talent pools. All in all, we observe some good steps taken towards continuing India’s prominence among global technology leaders.

Prateek Maheshwari, Co-Founder of PhysicsWallah (PW) and Chair of the India EdTech Consortium (IEC)
We welcome the Union Budget’s focus on advancing the goals of NEP 2020 and addressing key education challenges. The expansion of IITs and 75,000 additional medical seats over five years is a crucial step in reducing medical student outflow to other countries, given that over 23 lakh students appear for NEET, but only 1.1 lakh seats are available. The Bharatiya Bhasha Pustak Scheme will enhance regional language learning, while 50,000 Atal Tinkering Labs in government schools will foster scientific temper and innovation. Broadband connectivity in secondary government schools can be a game-changer, enabling affordable, high-quality, and personalized digital learning solutions. Public-private partnerships with edtech companies can be explored as they become a bridge between policy and execution of this initiative. The recognition of AI’s role in education is commendable, with the ₹500 crore Centre for Excellence in AI for Education paving the way for smart, adaptive learning. These initiatives lay a strong foundation for a future-ready, inclusive, and tech-driven education ecosystem in India.

Aatur Thakkar, Co-founder and Director of Alliance Insurance Brokers
The proposed increase in the Foreign Direct Investment (FDI) limit to 100% and the introduction of health insurance for gig workers are transformative steps that will not only enhance market competitiveness but also ensure financial safety for the underserved population.
100% FDI will attract substantial foreign capital, which will lead to improved technological interventions and advancements in the country. With international competitors entering the country, consumers can expect better products and services, empowering them with more choices tailored to their needs. Additionally, the provision of health insurance specifically for gig workers addresses a significant gap in coverage for this growing workforce segment, ensuring that they have access to essential healthcare services and improving overall public health outcomes.
These initiatives signify a commitment to modernizing India’s insurance landscape, positioning the sector for an inclusive future.

Shubham Jhuria, CFO & Partner at Aeravti Ventures
Infrastructure, Energy, Healthcare, and Consumption: The Big 4 Beneficiaries of the Budget.
The latest Budget brings an immediate positive impact to four key sectors—Infrastructure, Energy, Healthcare, and Consumption. The Government’s emphasis on developing both rural and urban infrastructure will not only fuel the broader consumption story but also strengthen the supply chain and agricultural sectors.
Rather than focusing on direct tax rebates for startups, this Budget prioritizes long-term, business-building policies. The strategic push toward clean energy, the Nuclear Mission, and healthcare expansion creates a strong foundation for innovation. These positive policy movements are likely to attract more investors, providing a significant boost to founders operating in these spaces.
Overall, India’s growth trajectory remains intact, with strong tailwinds supporting the startup ecosystem.

Ms. Praveena Rai, MD & CEO, MCX
The Union Budget 2025 reflects the Government’s vision for moving towards a stronger and more resilient economy. The focus on tax rationalization and people skilling will spur consumption and economic growth. We appreciate the Government’s commitment to enhance productivity in agriculture, support MSMEs, boost manufacturing and secure energy supplies. Specifically, the announcement made on removal of Basic Customs Duty on waste and scrap of metal commodities like Copper, Lead, Zinc and others has the potential to boost the circular economy, enhance raw material supplies and support domestic manufacturing.”

Vamsi Krishna UV, CEO, StoxBox
Given the current market conditions and the government’s strong push for economic growth, the Union Budget 2025 brings a renewed sense of optimism for the stock market. The focus on infrastructure, innovation, and fiscal prudence will not only drive domestic consumption but also attract significant foreign investment. As we enter an era of digitisation and sustainable growth, this budget positions the Indian capital market as an increasingly lucrative space for both investors and businesses alike.”

Yuvraj Thakker, Managing Director, StoxBox
“Union Budget 2025 brings significant relief to the middle class, with the bold move of exempting incomes up to ₹12 lakh from income tax. This will have a positive impact on the retail investor segment, boosting household savings and investments. With the government focusing on infrastructure development and expanding FDI in the insurance sector, we can expect a strong push for growth in financial markets and a more investor-friendly environment. As a stock broking platform, we are excited about the potential of this budget to foster a more robust investment culture in India.”

Ramadass Selvaraj, Chief Operating Officer at Pathfinder Global
The Union Budget 2025 brings growth opportunities to the retail sector. The exemption of annual income up to Rs 12 lakh from income tax, along with the rejigged tax slabs, will significantly boost disposable income for consumers. This is set to increase consumer spending, especially in retail and e-commerce. We at Pathfinder are excited by the potential of these measures, as they lay the foundation for an even more vibrant, digitally-driven retail landscape. The future of Indian retail is brighter than ever!

Mr. Himanshu Kohli, Co-founder, Client Associates:
“The Union Budget 2025-26 represents a forward-thinking approach to sustaining long-term economic growth while ensuring inclusivity. By focusing on key areas such as infrastructure development, agricultural productivity, renewable energy, and skill development for the youth, the government is laying a strong foundation for future prosperity. Additionally, the emphasis on supporting start-ups and addressing the needs of the growing middle class will foster innovation and drive economic expansion. This budget strikes the right balance between fostering growth and ensuring social welfare, paving the way for a more resilient and equitable India.”

Routhu Nagaraju – Chief Executive Officer, Experion Developers
“The Union Budget 2025 has introduced several transformative measures that will significantly impact the real estate sector and urban development. The ₹1 lakh crore Urban Challenge Fund is a visionary step toward modernizing cities, fostering creative redevelopment, and positioning urban centers as growth hubs. This initiative, combined with the National Geospatial Mission to modernize land records and infrastructure planning, will streamline urban development and unlock new opportunities for real estate projects.
The announcement of SWAMIH Fund 2.0 with a ₹15,000 crore allocation to complete 1 lakh stalled housing units is a much-needed boost for homebuyers and developers alike. This will not only revive stalled projects but also restore confidence in the housing market, ensuring timely delivery of homes for middle-class families. Also, the increase in disposable income due to revised tax structures will enhance home affordability and borrowing capacity, driving demand in the residential real estate sector. Also, one can now have 2 self occupied homes without any tax liability. At Experion, we are excited about these remarkable announcements and remain committed towards contributing to India’s urban transformation by delivering innovative, high-quality real estate solutions.

Avinash Rao, Founder of Alt DRX
“This budget is a transformative blueprint for India’s real estate and infrastructure sectors. The tax relief on a second self-occupied house and the TDS threshold hike on rent will stimulate demand for residential and rental properties, empowering homeowners and tenants alike. Combined with the ₹15,000 crore allocation to complete 40,000 stalled housing units under SWAMIH 2.0, this budget addresses both affordability and trust deficits in the market.
The ₹1 lakh crore Urban Challenge Fund and PPP-driven infrastructure pipeline will catalyze smart city development, creating opportunities for integrated townships and commercial hubs. Initiatives like airport expansion under UDAN 4.0 and the focus on temple tourism (including Buddhist circuits) will drive real estate demand in emerging destinations, from Patna to spiritual corridors.
With disposable incomes rising due to tax reforms and long-term interest-free loans for PPP projects, this budget retains our ‘Buy’ outlook for 2025. At Alt DRX, we are poised to leverage these reforms to deliver innovative, community-centric real estate solutions that redefine urban living.”

Madhav Krishna, Founder and CEO at Vahan.ai
“The Budget 2025 takes a decisive step in strengthening MSMEs by expanding credit access and reducing financial barriers—both critical for their growth and sustainability. The enhanced credit guarantee cover and customized credit cards via the Udyam Portal will inject much-needed liquidity, enabling small businesses to access timely and affordable financing. As a digital lending platform committed to empowering MSMEs, Indifi welcomes these initiatives, which will improve credit flow, de-risk lending, and encourage broader financial inclusion. The increased investment and turnover limits, coupled with targeted support for first-time women entrepreneurs, will boost business expansion and enhance the sector’s resilience. We look forward to working alongside MSMEs to leverage these opportunities and drive sustainable growth.”
“The Government earmarking funds for healthcare benefits under the PM Jan Arogya Yojana to about 1 crore gig workers is commendable. While the Code of Social Security was introduced in 2020, it is great to see financial allocation being made towards it. Additionally, government-backed ID cards for gig workers would help formalize the profession in a manner. Gig work has stopped being a part-time, side occupation, and for many in India is their primary profession. The Government taking up the responsibility for healthcare will encourage gig workers, and also reduce the financial burden from e-commerce and quick commerce platforms. While the compliance requirement for these may take time, once implemented they will have a positive impact on the economy.
Also delighted to see the 500 crore outlay for 3 Centres of Excellence on AI for education. I look forward to the Government making specific guidelines on increasing investments in AI-focused startups, especially after Union Minister Ashwini Vaishnaw’s recent announcement on developing LLMs and chips in India, whether through public-private partnerships, or other means. The establishment of a DeepTech Fund and fellowships in tech research in IIT and IISc are valuable, and the government should do more to sow the initial seeds for a thriving domestic AI ecosystem, fostering innovation and ensuring responsible development of this transformative technology”

Venkatesh Mudragalla, Co-founder and COO at Jeh Aerospace
“We welcome the Modified UDAAN Scheme, which will add 120 new destinations and 4 crore additional passengers, significantly enhancing regional connectivity and logistics. Strengthening air travel access is a crucial step toward fostering economic growth, boosting trade, and creating new opportunities in the aerospace and manufacturing sectors. Alongside this, the National Manufacturing Mission under Make in India, with its focus on cleantech, will drive India’s manufacturing growth by increasing its GDP contribution from 16% to over 20%. Enhancing domestic production and improving export competitiveness will further position India as a global aerospace and manufacturing powerhouse. At Jeh Aerospace, we see these initiatives as transformative moves that will unlock new avenues for innovation, supply chain expansion, and sector-wide growth”

Priyadarshi Mohapatra, Founder & CEO – CureBay
“CureBay welcomes the Union Budget 2025’s emphasis on rural broadband and AI-driven healthcare innovation that will significantly enhance last-mile healthcare delivery. Strengthening PHCs with connectivity and expanding cancer care at district hospitals will bridge critical gaps in accessibility. The exemption on lifesaving drugs ensures affordability for patients battling severe illnesses. Investments in AI technologies will help drive smarter, more efficient healthcare solutions. These steps reinforce India’s commitment to equitable healthcare, aligning with CureBay’s mission to make quality care accessible to all.”

Arvind Kumar, Founder, Exolar Energy
The budget 2025, marks a critical step to enhance the country’s renewable energy landscape, encouraging India’s focus on sustainability and the growth of MSMEs. With a target of 500 GW in non-fossil fuel capacity by 2030, increased financial backing and investment thresholds for MSMEs will enable emerging businesses like ours to scale operations, drive technological advancements, and contribute to the broader clean energy transition. The emphasis on cleantech within the National Manufacturing Mission will encourage local solar cell production, lessen reliance on imports, and position India as a key player in the global solar market.
The initiative of investing in the Nuclear Energy Mission will work alongside solar advancements in accelerating the country’s net-zero ambitions. Given the anticipated 15%+ annual growth in the domestic solar market and the expectation of over $200 billion in investments in renewable energy by 2030, these initiatives provide a strong platform for startups to innovate and expand. This policy framework paves the way for a more sustainable, energy-secure future, driving fresh opportunities for innovation, employment, and long-term economic stability.

Arjun Gupta, CEO, KragBuzz Sports
The 2025 Budget gives a much-needed boost to MSMEs, reinforcing their key role in India’s manufacturing and export growth. Higher investment and turnover limits, along with increased credit guarantee cover, will help MSMEs like ours grow, invest in innovation, and expand globally. With India’s sportswear market expected to grow over 10% CAGR and global demand for athleisure rising fast, these reforms will help Indian brands compete internationally.
The Fund of Funds and new financing schemes will support first-time entrepreneurs, making the sector more inclusive. Streamlining customs tariffs will further improve competitiveness, strengthening India’s position in global sportswear exports. We are excited to use these measures to expand our brand in both domestic and global markets.

Mr. Piyush Peshwani, Co-founder and CEO, OnGrid
“Having a national framework for the states to promote Global Capability Centers (GCCs) in Tier-2 cities is a smart step. With talent availability, infrastructure improvements, bylaw reforms, and industry collaboration in mind, this should accelerate the establishment of high-value, tech-led jobs beyond the metropolitan areas. As GCCs reach further into Tier-2 regions, background verification and trust infrastructure will see a huge surge in demand, which is exactly at the core of OnGrid’s offerings.
Additionally, renewal of the ₹10,000 crore commitment to the Fund of Funds for AIFs is a significant step forward in India’s startup and investment ecosystem. The earlier commitment generated investments of ₹91,000 crore, thus with new funding, it could draw in an additional ₹1 lakh to ₹1.5 lakh crore of capital. The initiative will provide much-needed growth capital to early-stage startups and thereby further build India’s position as a global hub for innovation. This will work out well for OnGrid as it will directly support the growing demand for trust and verification solutions as businesses scale
Both these moves underline India’s commitment to promote entrepreneurship and global competitiveness”.

Dr. Sampath Ravinarayanan, Chairman of AXISCADES Technologies
“The Union Budget 2025 lays a strong foundation for India’s tech-driven future. The focus on upskilling through the National Centres of Excellence and expanding IIT capacity will nurture the talent the industry needs to power research and innovation . The new Centre of Excellence in AI for education is set to be a game-changer, paving the way for creating indigenous innovative solutions that can transform learning. The ₹20,000 crore boost for private sector-led R&D and the Deep Tech Fund of Funds is a welcome move which will fuel groundbreaking inventions and support businesses driving change. The increase in allocation for defense capex to 1.80 lakh crores provide a huge philip to domestic defence manufacturing and atmarnirbhar bharat.The ease of access to PM Gati Shakti’s data will make project planning smarter and more efficient for Public-Private Partnerships, which will be the catalyst for the country’s infrastructural growth. Plus, with initiatives like the Export Promotion Mission and support for global supply chain integration, India is clearly gearing up to become a global tech hub. This budget is therefore a bold step towards building a domestic ecosystem where technology, talent, and innovation thrive together.”

Ms. Sindoori Reddy, Director – Strategy, Apollo Hospitals
“The Union Budget 2025-26 sets a meaningful trajectory for India’s healthcare sector, by reducing tax rates, and putting money in the hands of individuals, which they can use to secure meaningful health insurance. In addition, by prioritising medical education, reinforcing AI-driven advancements, expanding access and reducing cost of cancer care, the Government has brought back health as a vital theme. By strengthening the ‘Heal in India’ and ‘Heal by India’ initiatives, the government is fostering an ecosystem where Indian healthcare can meet global demand while ensuring quality care at home. With these strategic initiatives , India is not just preparing for the healthcare challenges of today but laying the foundation for a resilient, future-ready health economy.”

Namrata Mittal, Chief Economist, SBI Mutual fund
Macro backdrop for FY26
The Union Budget for 2025 has been presented at a time when addressing the cyclical slowdown early on is crucial. Among the various sectors, consumption stands out as the most vulnerable and requires immediate attention. This budget, being the first full-year budget of the current government’s third term, provides an opportunity to introduce reform initiatives that will shape the economy in the coming years. In addition to these key priorities, the budget must also factor in the fluctuations in crude oil prices, global policy changes under the Trump administration, and India’s long-term goal of reducing government debt. Moreover, rating agencies have recommended that the fiscal deficit should be kept below 7%, which is likely another important consideration for the budget planners.
In striking a delicate balance, the Finance Minister has aimed to achieve fiscal consolidation while simultaneously lowering tax rates for the middle class to encourage consumption.
The Centre’s target for the gross Fiscal Deficit in FY26 is set at 4.4% of GDP, a reduction from 4.8% in FY25. The fiscal deficit for the states is expected to remain around 2.9-3.0% in both FY25 and FY26. When adjusting for the capex loan from the Centre to the states (approximately 0.4% of GDP), India’s overall government deficit is expected to decrease from 7.3-7.4% in FY25 to 7% by FY26.
Income tax buoyancy helped offset other areas of revenue shortfall in FY25; Capex targets in FY25 revised down by Rs. 900 billion
Looking at the FY25 numbers, the government is set to surpass its fiscal consolidation target, reducing the fiscal deficit to 4.8% of GDP, compared to the initial goal of 4.9%. The capital expenditure (capex) target has been revised down to Rs. 10.2 trillion, from the original Rs. 11.1 trillion. Despite this reduction, capex spending will still need to grow by 21% in Q4 FY25 to meet the revised target. Overall receipts are expected to fall short of the budgeted plans by Rs. 600 billion, largely due to a shortfall in disinvestment targets (Rs. 330 billion vs. the budget estimate of Rs. 500 billion) and higher tax devolution to states (up by Rs. 400 billion). However, the shortfall in corporate tax and other indirect taxes is more than offset by strong income tax collections. Income tax as a percentage of GDP in India has nearly doubled from 2.1% a decade ago to an expected 3.9% in FY25 RE. In summary, the FY25 government balance sheet reflects a significant miss in spending across several key sectors. Weak government expenditure (with total expenditure expected to grow by just 6% in FY25—revenue expenditure by 5.8% and capex by 7.3%) has impacted tax buoyancy in indirect taxes and corporate taxes. However, the structural improvement in income tax collection, driven by better compliance, appears to be the main factor supporting fiscal consolidation in India, providing some fiscal space for future spending.

FY26 fiscal arithmetic looks credible
Looking ahead to FY26, nominal growth is projected at 10.1%, slightly higher than the 9.7% growth expected in FY25. Gross tax revenue is anticipated to grow by 10.8%, compared to a likely 11.2% in FY25, indicating a tax buoyancy of 1.1 in both FY25 and FY26, down from 1.4 in FY24. Aside from income tax, which is expected to grow by 20% despite tax rationalization, the growth assumptions for the other tax categories—corporate tax, customs, excise, and GST—seem reasonable. The government expects dividend receipts to rise to Rs. 3.3 trillion in FY26, up from Rs. 2.9 trillion in FY25, suggesting an expectation of over Rs. 2 trillion in realized profits from the RBI. The disinvestment target for FY26 has been set at Rs. 470 billion, up from the revised estimate of Rs. 330 billion for FY25 (with the government having realized only Rs. 86 billion in disinvestment until January 2025). Telecom receipts for FY26 are projected at Rs. 824 billion, potentially reflecting lower receipts expected from BSNL, which is largely an accounting entry.
As tax buoyancy peaks, government pares down its expenditure growth to achieve fiscal consolidation; skew towards capex remains
The Centre’s expenditure is expected to moderate to 14.2% of GDP in FY26, compared to an anticipated 14.6% in FY25. Capex through budgetary resources is budgeted to grow by 10%, an improvement over the revised 7% growth forecast for FY25 (3.1% of GDP), while revenue expenditure is projected to rise by 6.7% in FY25 (compared to a revised estimate of 5.8% year-on-year). At 11% of GDP, the Centre’s revenue expenditure is among the lowest since the 1990s (excluding FY17-19). However, much of the increase is due to the government absorbing some vintage oil and fertilizer bonds into the budget. Excluding interest payments, revenue expenditure is expected to grow by 4.2% in FY26, down from 5.3% in the FY25 revised estimate. Therefore, as revenue buoyancy appears to be peaking, government expenditure growth is being moderated to align with the fiscal consolidation agenda.
13% growth in rural schemes comes on the back of sharp miss in FY25 targets; Housing and tap water is the focus
In FY25, there was a significant shortfall in actual spending on key rural-oriented schemes such as the Jal Jeevan Mission and Pradhan Mantri Awas Yojna (PMAY Rural). With a 4% y-o-y decline in spending in FY25, FY26 is expected to see a 13% increase in funding for rural-oriented schemes.

Infrastructure budget sees weak expansion for second year now; focus towards urban development
Infrastructure spending, including both budgetary support and extra-budgetary resources, is expected to grow by a modest 8% y-o-y, compared to a likely 3% growth in FY24. As a result, infrastructure spending has been moderating for two consecutive years. However, there seems to be a shift in focus sectors, with budgetary allocations for core sectors like roads and railways remaining largely flat, while urban development sees a significant 33% increase in allocation. The defence budget has risen by 13% y-o-y. Rural-oriented infrastructure also sees a healthy increase, largely driven by expectations of better outcomes in FY26, particularly in the Jal Jeevan Mission and the housing sector.
The highlight of the budget was an attempt to boost consumption by reducing the tax incidence on middle class.
Income tax structure has been revised in such a way that income below Rs. 12 lakh per annum will be taxed at nil (vs. Rs. 7 lakh previously). The tax structures has also been revised in a way that individuals with income above Rs 12 lakhs see a lower annual tax incidence ranging from an annual savings of Rs. 80000-Rs.1.1 lakh per person. This is expected to result in an aggregate tax saving of Rs. 1.1 trillion (0.3% of GDP) with most of the benefits accruing to households with income ranging from Rs. 10-50 lakhs creating a positive impetus for discretionary consumption demand.
Other areas of reforms and focus
Beyond the numbers, deregulation and improving the ease of doing business have been central themes of the Budget. It highlights the importance of simplifying permissions, documentation, certifications, and licenses, especially for MSMEs, which is expected to boost employment as well. The budget also appears to be favorable for the solar sector, with increased allocations for solar rooftop projects. The focus on power sector reforms continues, with states that undertake these reforms being incentivized through additional borrowing limits. Building on the success of the first round of the asset monetization plan, where the government likely exceeded its target of Rs. 6 trillion in monetizing operational assets across sectors like roads, mining, power, petroleum, and airports, the government has announced a second asset monetization plan for 2025-30, aiming to raise Rs. 10 trillion for new projects. Additionally, the push for lithium-ion batteries and other critical minerals needed for electric vehicles and electronics remains a key priority.
Future path for fiscal consolidation
In its FRBM document, the government has emphasized that it will prioritize the debt-to-GDP ratio as the key fiscal anchor, aligning with global trends. Additionally, it has set a target to reduce the debt-to-GDP ratio to about 50+1% by March 31, 2031. Working backward, we estimate that the government’s debt reduction goals can be achieved with a 4% fiscal deficit between FY27 and FY31, coupled with a 10.5% nominal growth rate. If the country achieves slightly stronger growth of 11% in the coming years, the debt reduction target could be met without the need for further fiscal consolidation by the Centre.
Gross G-sec supply marginally higher than expectation; but RBI’s OMO will provide a support
Leading into the Budget, the key expectations from the Fixed income perspective were for continuation of the fiscal consolidation path. At the same time expectations on the gross borrowing numbers were anchored around Rs 14.0 trillion with some aggressive estimates being even lower. This was contingent on assumptions of RBI doing switches with the GoI with respect to its maturing Government securities in the coming year. Seen from this angle , the eventual outcome today can be seen as underwhelming from a market positioning perspective.
While the government has targeted the FY26 FD estimate at 4.4% in line with the anticipated range, with net borrowings stable at Rs 11.53 Trillion, the gross numbers have been budgeted higher at Rs 14.82 trillion. A higher gross borrowing number may be seen marginally negative vis a vis expectation. However, the demand- supply balance remains favorable on a broader level. This will also be bolstered by the requirement for the RBI to conduct OMO purchases in the near term given the pressures on core liquidity. The focus from the market perspective would be more on potential RBI actions going forward. While the possibility of repo rate reduction would be debated, the sequencing of the same would be subjective, with any rate actions likely to remain ineffective if liquidity conditions remain tight and persistent pressures on the currency continues.

Mr. Anant Bengani, Co – Founder & Director – Zell Education
“The Union Budget 2025-26 presents a transformative vision for financial education and technology integration. The establishment of AI Centre of Excellence with ₹500 crore outlay and the proposed Deeptech Fund of Funds will significantly enhance the quality of financial technology education. The allocation for research fellowships and skilling centers will create a robust ecosystem for developing future-ready financial professionals. These initiatives align perfectly with our mission of delivering cutting-edge financial education,”

Sanket S, Co – founder of Scandalous foods
“We appreciate the government’s progressive budget, which prioritizes ease of doing business, economic growth, and social security. The simplification of tax structures and the increased income tax slab to ₹12 lakh reflect a modern approach to redefining the middle class, boosting disposable income and economic participation.
The introduction of health provisions for gig economy workers is a crucial step in ensuring long-term stability for India’s evolving workforce. Additionally, the focus on tourism is a strategic move, catering to the rising demand for domestic travel and driving consumer spending across multiple sectors.
A particularly forward-looking measure is the push to make India self-reliant in pulses. As the world’s largest consumer, yet dependent on imports, this initiative will strengthen food security, reduce dependency, and support farmers.
Further, agriculture-focused initiatives and support for medical tourism will boost rural and healthcare sectors. This well-structured budget lays a strong foundation for long-term growth and self-sufficiency.”

Aditya Singh, CEO of ZEVO
“We commend the government’s proactive steps in the 2025 Union Budget to support the electric vehicle ecosystem. The exemption of customs duties on the manufacturing of batteries for electric vehicles marks a significant stride towards reducing production costs. These measures are a crucial step towards removing the hurdle of higher upfront investment costs for EVs. It will not only make EVs more affordable but also foster domestic battery manufacturing, strengthening the entire EV supply chain.
While we eagerly await expanded incentives for charging infrastructure, these provisions are a clear indication of the government’s commitment to sustainable transportation. We are confident that such initiatives will accelerate EV adoption and help India achieve its environmental goals more swiftly.”

Mr. Hiren Pravin Shah Founder, MD & CEO – Replus Engitech; A Subsidiary of Bhilwara Energy Limited
Owing to the Union Budget announcement, these are exciting times for the Green Revolution. The import duty cuts on EV batteries and the government’s push for technology driven local manufacturing of grid scale batteries are welcome moves for Replus. This initiative aligns perfectly with our vision for an Atmanirbhar Bharat, strengthening our commitment to developing world-class energy storage solutions in India for the global market.”

Fr Dr K S Casimir, Director XLRI Delhi NCR
“With the announcement of the Education Budget for 2025, we witness a pivotal moment in our nation’s commitment to shaping a brighter and more equitable future. This budget reflects an understanding that education is the cornerstone of progress as it not only enhances infrastructure and digital learning but also invests in ensuring quality learning for all. Notably, the establishment of a ₹500 crore Centre of Excellence for AI in Education is a commendable initiative. By nurturing intellectual capital, we are empowering individuals with the skills to innovate, solve problems, and drive sustainable growth, building the foundation for a prosperous and inclusive nation.”

Mr Ajitesh Korupolu, Founder & CEO, ASBL.
‘From a personal finance perspective, the budget introduces a significant tax exemption for individuals owning two self-owned properties, easing the financial burden for those looking to expand their real estate holdings. Additionally, the tax relief aimed at the middle class is expected to reduce the overall tax burden, giving individuals more financial flexibility as they consider buying their first home. While these moves aren’t direct incentives for home loan interest, they still play a crucial role in making homeownership more accessible. Reforms in REITs are also anticipated to provide increased liquidity in the market, opening up new investment opportunities.
By focusing on infrastructure and easing the tax burden, the budget is laying the foundation for a more feasible path to homeownership, especially for those in the middle-income bracket looking to step into the real estate market.’

Piyush Somani, Chairman and Managing Director, ESDS Software Solution Limited
“As India moves towards becoming a global digital powerhouse, the upcoming budget must take a decisive stance on digital sovereignty. Indian cloud service providers and data center operators expect the government to introduce bold initiatives that will foster the development of indigenous hardware, operating systems, encryption software, app stores, browsers, and other critical digital infrastructure. A dedicated fund to support ‘Make in India’ hardware and sovereign digital platforms will be a game changer.
Additionally, tax incentives, R&D grants, and production-linked incentives (PLIs) for Indian companies working on AI-driven cloud solutions, enterprise SaaS platforms, and cybersecurity frameworks will accelerate our self-reliance. We need policy frameworks that mandate Indian encryption software for sensitive national data and encourage the use of locally developed applications in government and enterprise ecosystems.
By strategically investing in these areas, India can reduce its dependence on foreign technologies and build a truly Atmanirbhar digital economy, ensuring data security, national security, and economic prosperity in the AI era.”

Sushil Motwani, Founder of Aytexcel Pvt. Ltd and the official India Representative for Formovie projectors, says that there is no relief for importers, who are major contributors to GST collections
While the increased income tax ceiling in the Union Budget provides relief to the common man, the high duty and GST rates charged to importers remain unchanged, which, according to major importers, is a significant disappointment. Stating that they were expecting a major GST relaxation for premium products, Sushil Motwani, Founder of Aytexcel Pvt. Ltd, and the official India Representative for Formovie projectors, says their demands were overlooked, despite importers being major contributors to GST collections.
“While the government anticipates higher GST collections, businesses that contribute the most through high GST rates often face pressure from customers to reduce these charges. Due to these high rates, many premium products, particularly items like projectors, cannot be sold at competitive prices compared to the global market. That is why we have been advocating for a reduction in GST from 28 per cent to 18 per cent,” says Mr Motwani.
He said that reduction on GST would have significantly boost sales and make premium consumer electronics more accessible to consumers.

Bruce Keith, Co founder CEO, InvestorAi
“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”.

Sridhar Parthasarathy, Co-Founder & General Partner at Bluehill.VC
The government’s announcement of a another Fund of Funds (FoF) worth ₹10,000 crore in the budget is strong commitment to cultivate an entrepreneurial ecosystem and an acknowledgement of Alternative Investment Funds (AIFs) in channeling these resources effectively.
While equity funding through AIFs is essential, there is an urgent need for debt financing for startups. The introduction of a credit guarantee will help startups achieve a balanced mix of equity and debt funding, making their growth more sustainable.
Additionally, the plan for a new Deep Tech Fund of Funds is a crucial step towards advancing deep tech innovation in India. This signals a clear intent from the govt to position India strongly in the global AI race, which is much needed boost for deep tech startups specially in AI and space tech”.

Ankur Mittal, CO-Founder, Inflection Point Ventures
“Our ask was a better credit platform and framework for startups and to that extent this is a welcome step. This will allow them to grow and build sustainable businesses and not be dependent on just equity infusion to grow. Their capacity to attract follow-on growth capital will be further strengthened by the additional cash, which will also help them make important investments in operations, personnel, and technology. This action boosts job creation, accelerates startup growth, and creates long-term value in the ecosystem by resolving financial limitations”.

Mr. Prashant Mishra founder & CEO at Agnam Advisors
The Union Budget 2025 walks a fine line between fiscal discipline and economic growth. The 4.4% fiscal deficit target is bold, showing the government’s intent to stay financially prudent, even as some pushed for a slower approach. With ₹11.2 lakh crore allocated for capital expenditure—a solid 30% jump from last year—the focus on infrastructure is clear. The income tax exemption up to ₹12 lakh under the new regime is a big relief for many, though some may still prefer the old system. That said, there weren’t any immediate measures to boost growth, which left a few disappointed. Going forward, taxpayers will have to carefully weigh their options between the two tax regimes.

Vishal Jain, CEO, Manipal Business Solutions
The government’s initiative to revamp the Central KYC Registry in 2025 marks a transformative leap toward a more efficient and seamless compliance process. By streamlining the KYC framework, this move will eliminate redundancies, accelerate digital onboarding, and further enhance financial inclusion. With technology at the forefront, automation and AI-powered solutions will drive real-time compliance, minimizing friction for both financial institutions and customers. This visionary step lays the foundation for a more secure, transparent, and agile financial ecosystem in India, empowering progress and trust across the sector.

Mr. Amit Suri, CFP®️ – Founder of AUM Wealth
The latest tax reform marks a substantial shift from the previous regime, where incomes above ₹10 lakh were taxed at 30%. By raising the exemption limit, the government aims to enhance disposable income, driving consumption and economic growth. Individuals earning ₹12 lakh annually will now see their tax liability eliminated, effectively increasing their net income. This move is expected to provide financial relief to the middle class while stimulating demand across sectors.
Beyond personal taxation, the budget’s broader vision aligns with fostering inclusive development and encouraging private investment.
Additionally, the emphasis on fiscal consolidation, urban consumption growth, and higher capital expenditure through central, state, and PSU allocations strengthens the economy’s foundation.
This forward-looking budget simplifies tax regulations and improves the ease of doing business, a major boost for industries such as D2C brands, quick commerce, and FMCG. By balancing tax relief with growth-driven policies, the government has delivered a fiscal roadmap that caters to both individual taxpayers and businesses, setting the stage for long-term economic resilience.

Mr Ashok Vashist, Founder and CEO, WTiCabs
“The expansion of regional connectivity under the UDAN scheme, with 120 new destinations, presents a significant opportunity for WTi Cabs/people mobility Industry to enhance its airport transfers, intercity travel, and last-mile connectivity. Simultaneously, customs duty adjustments supporting EV manufacturing—including exemptions on 35 additional capital goods—will lead to improved technology and lower vehicle acquisition costs. These initiatives will further strengthen WTi’s/ people mobility industries sustainability goals by enabling a smoother transition to electric mobility while leveraging solar-powered EV charging infrastructure, ensuring an eco-friendly and cost-effective transportation network.

Jeenendra Bhandari, Chairman of JITO Incubation and Innovation Foundation (JIIF)
With China aggressively expanding its AI capabilities and the U.S. maintaining its dominance, India cannot afford to lag behind. Deep tech is no longer an option; it is the need of the hour. The government’s commitment—allocating ₹20,000 crore for private-sector-driven R&D and proposing a Deep Tech Fund—signals a crucial shift toward fostering homegrown innovation. With alternative investment funds already receiving commitments of over ₹91,000 crore and an additional ₹10,000 crore Fund of Funds on the way, we have a unique opportunity to build world-class startups in AI, quantum computing, and advanced manufacturing.

Sumit Bhatia, Co – Founder Aksum Trademart Pvt Ltd
The Government’s decision to increase investment and turnover limits for MSMEs by 2.5x and 2x, respectively, is a welcome move that will enable businesses to scale, innovate, and attract investments. Additionally, the enhanced credit guarantee cover under CGTMSE will provide easier access to formal credit, helping MSMEs grow and modernize.
At Aksum , we believe these reforms will strengthen India’s MSME sector, boost job creation, and drive economic growth. We look forward to leveraging these benefits to expand and innovate.

Ankit Jaipuria – Co-founder – ZYOD
“This year’s budget takes meaningful steps toward strengthening India’s manufacturing and export ecosystem, with a clear focus on productivity, innovation, and global reach. The focus on boosting cotton productivity, setting up a digital public infrastructure for international trade, and launching an Export Promotion Mission with sector-specific targets is a transformative step for India’s manufacturing and export ecosystem. The deep tech fund and extended incorporation benefits for startups will further fuel innovation across diverse sectors. We are particularly optimistic about the National Manufacturing Mission and the voluntary scheme for exporters and importers, which will strengthen India’s position in global supply chains and boost domestic manufacturing. Collectively, these initiatives will drive economic growth and create a robust ecosystem for MSMEs and startups to thrive.”

Ritesh Khandelwal – Co founder- ZYOD
“This budget brings a much-needed boost for MSMEs, making it easier for small businesses to access credit and scale up. Expanding the credit guarantee cover for MSMEs, increasing investment and turnover limits, while introducing customised credit cards for micro-enterprises will provide vital financial support. Coupled with other positive developments like the National Manufacturing Mission, these developments will accelerate growth, foster innovation, and generate employment. At the same time, the push for skill development through the National Centres of Excellence and global collaborations will empower our youth with the capabilities to compete and succeed on the world stage.

Manoj Gaur, CMD, Gaurs Group & Chairman, CREDAI National
“Budget 2025 underlines the Central government’s commitment to economic expansion, infrastructure advancement, and financial stability, thereby fostering a conducive environment for real estate growth. Measures supporting start-ups and job creation, coupled with much needed reductions in income tax slabs, are set to enhance liquidity and stimulate demand in the sector. While the focus on overall growth is encouraging, we look forward to further initiatives that will accelerate affordable housing development, ensuring inclusive progress for the country.”

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.”

Amit Modi, Director, County Group
For real estate buyers, the proposal to value two self-occupied properties at nil for tax purposes brings much-needed relief—particularly for middle-class professionals in metro cities who also posess a self-occupied second home in their villages or hometowns.  Similarly, raising the TDS threshold on rental income from Rs 2.5 lakh to Rs 6 lakh will benefit those dependent on rental earnings. Furthermore, the revision in tax slabs—exempting income tax up to Rs 12 lakh—places more disposable income in the hands of the middle class planning for future real estate investments.

Sandeep Chhillar, Founder and Chairman, Landmark Group
 “The announcement made in the Union Budget shows the government’s balanced approach focused on empowering the middle class, encouraging private investment, and maintaining favorable economic conditions. The reduction in the income tax slab proposes that no income tax is needed to be paid for total income up to Rs 12 Lakh per annum and this has come as a great encouragement for millions of first-time homebuyers. Besides, the government’s continued focus on strengthening infrastructure across states and cities has been mentioned in this year’s budget as well. Extending support to states, an outlay of 1.5 lakh crore is proposed for the 50-year interest-free loans to states for capital expenditure and incentives for reforms. This will bode well in continuing propelling infra upgradation across the country and drive growth for real estate sector as well.”

Rajjath Goel, Managing Director, MRG Group
The allocation for infrastructure development, urban transformation, and SWAMIH Fund 2 along with tax reforms that will improve liquidity lays the foundation of country’s continued economic progress. Steps such as nil tax for two self-occupied properties and rental income upto Rs. 6 lakh will enhance the lucrativeness of real estate investments. We are hopeful that these measures will lead to sustained real estate expansion, benefiting homebuyers and investors alike.

Gurpal Singh Chawla, Managing Director, TREVOC
The budget effectively balances development priorities with financial stability. The emphasis on infrastructure growth, including the Rs 1 lakh crore Urban Challenge Fund, lays a strong foundation for long-term progress. Additionally, key tax revisions enhance market liquidity ultimately creating an optimistic roadmap for the real estate sector.

Yash Miglani, MD, Migsun Group
Prioritizing private sector investments and uplifting household sentiments is set to strengthen homeownership and commercial expansion, fostering sustained momentum in the real estate sector. Measures aimed at empowering the middle class, including tax relief for individuals with annual incomes of up to ₹12 lakh, will provide significant relief and boost disposable income. These initiatives will reinforce a strong foundation for a resilient, future-ready economy and drive investment in the real estate sector, bolstering confidence and contributing to its growth.

Pawan Sharma, MD, Trisol RED
The revised tax slabs and increased rebate limits under the new tax regime will significantly boost disposable income, leading to higher savings and greater investment in real estate. With no income tax payable up to ₹12 lakh and reduced tax slabs, we anticipate a stronger inclination towards homeownership, particularly in the mid-income segment. Additionally, the extension of tax benefits for investments in infrastructure and real estate will further strengthen capital inflows into the sector.
Moreover, the government’s ₹1.5 lakh crore allocation for interest-free loans to states for capital expenditure will drive large-scale infrastructure development. This will enhance urban connectivity, upgrade civic amenities, and improve the liveability of emerging real estate hubs.

Ravindra Gandhi, Founder and Managing Director of Tirasya Estates,
“The revised tax slabs, which offer increased rebates and lower tax rates, will enhance disposable income, encouraging greater investment in the overall real estate sector, particularly in second homes and vacation properties. The extension of tax benefits for investments in infrastructure and real estate further strengthens Goa’s position as a lucrative destination for both domestic and international investors.

Dr. Gautam Kanodia, Founder of KREEVA and Kanodia Group
The Union Budget 2025 has brought major relief to the middle class through revised income tax reforms, alongside a bold vision for urban development. The waiving of income tax up to Rs 12 lakh will boost the sentiments of middle-class homebuyers. Further, the establishment of the Rs 1 lakh crore Urban Challenge Fund demonstrates a strong commitment to urban renewal and infrastructural development. This initiative will support the redevelopment of key urban areas, improve infrastructure, and enhance urban livability. Besides, the government’s push for PPP in infrastructure and allocation of 1.5 lakh crore in interest-free loans for capital expenditure and incentives for reforms will help facilitate the development of infrastructure that will support long-term economic growth. We believe all these measures will boost economic growth, laying the foundation for an inclusive, modern, and interconnected urban environment.

Uddhav Poddar, CMD, Bhumika Group
The government’s emphasis on infrastructure development and economic prudence sets the stage for sustained real estate growth. A key highlight is the focus on enhancing the role of Public-Private Partnerships (PPP) in India’s infrastructure development, which will boost the country’s commercial projects while ensuring long-term progress. Moreover, the tax slab revision exempting income tax up to Rs 12 lakh will leave the middle class with more money to consider investing in real estate.

Prashant Tiwari, CMD, Prateek Group
The union budget announcements are a welcome move as it has introduced measures that will benefit the real estate sector. The revision of the income tax slab that makes an annual income of up to Rs 12 lakh tax-free is likely to increase disposable incomes, which will, in turn, boost housing demand, particularly among first-time homebuyers. Additionally, the government’s support for affordable housing through the SWAMIH Fund 2.0, which allocates Rs 15,000 crore for the completion of 100,000 units, is a significant step towards promoting “Housing for All.” This initiative is expected to relieve the financial strain on middle-class families who are currently managing both home loan EMIs and rent for their existing homes. While these two announcements greatly strengthen the middle class—which is urgently needed—we hoped the government would also address the long-standing request for industry status for the real estate sector. Granting this status could enable developers to access credit funds at lower interest rates. Another major concern is the proposal to reduce the GST on construction services from 18 percent to 12 percent. This reduction would significantly lower project costs, thus enhancing the affordability for homebuyers.

Saurab Saharan, Group Managing Director, HCBS Developments
The Union Budget 2025-26 introduces key measures that will strengthen the real estate sector. Raising the TDS threshold on rental income to ₹6 lakh simplifies tax compliance, benefiting the housing market. Additionally, the decision to value two self-occupied properties at Nil for tax purposes offers homeowners greater financial flexibility, encouraging property investments. The exemption of income tax up to ₹12 lakh further makes homeownership more attainable, driving demand in the sector. Furthermore, the ₹1.5 lakh crore allocation for 50-year interest-free loans to states is a crucial step that will drive urban infrastructure, connectivity, and real estate growth, creating new opportunities for residential developments

Ashwani Kumar, Pyramid Infratech
The Union Budget’25 announcements reflect the constructive growth plan chalked out by the government. The emphasis given to the PPP model for infrastructural development and proposing an outlay of 1.5 lakh crore for the 50-year interest-free loans to states for capital expenditure will create various opportunities for private players to contribute to the economic development significantly. Besides, we applaud the government’s decision to revise the tax slab and make the annual income of Rs 12 lakh tax-free. This is a great relief for salaried middle-class income as they will have increased purchasing power and will be able to own their dream home.

Salil Kumar, Director (Marketing & Business Management) of CRC Group
The Union Budget 2025-26 is a pivotal step in accelerating the growth of India’s real estate sector. By increasing the TDS threshold on rental income and exempting income tax on earnings up to ₹12 lakh, it creates an environment that encourages homeownership, especially among the middle class. The allocation of ₹1.5 lakh crore for interest-free loans to states will support urban development and infrastructure, further boosting demand for both residential and commercial properties. This budget brings a renewed sense of optimism, laying a strong foundation for sustained growth in the real estate market.

Harinder Singh Hora, Founder Chairman, Reach Group
“This budget demonstrates the government’s proactive approach towards economic decentralization, with a special focus on promoting the development of GCCs in emerging Tier-II cities. This forward-thinking initiative not only nurtures regional growth but also opens doors for talent acquisition, industry partnerships, and innovation. The creation of a dedicated fund for urban development will reshape our cities, providing the infrastructure and workforce required to attract national and international companies. With these reforms, we foresee a significant boost in inclusive economic growth, making these cities key players on the global stage.”

Harsh Gupta, CEO, Sundream Group
The Union Budget’s focus on urban development and infrastructure is a major milestone for the commercial real estate sector. The boost in investments towards smarter cities, improved connectivity, and strategic infrastructure upgrades sets a strong foundation for the growth of commercial spaces. Annual incomes of up to ₹12 lakh will provide significant relief and boost disposable income, while the urban development fund promises to transform India’s cities into thriving hubs of sustainability and modernity. Moreover, the introduction of a national framework to promote Global Capability Centers will guide states in building the right infrastructure, cultivating a skilled talent pool, and implementing critical by-law reforms. These steps will make Indian cities more attractive to multinational companies, driving demand for high-quality commercial spaces.

Sanjay Sharma Director, SKA Group
In the Union Budget 2025, the government has made commendable efforts for the country’s economic growth, with a focus on tax rationalization and infrastructure expansion. The revised tax slabs and offering zero tax up to Rs. 12 lakh will boost disposable incomes and drive demand for housing, especially among first-time homebuyers. Further, an increase in the TDS threshold limit on rent from ₹2.4 lakh to ₹6 lakh is a significant boost for the rental housing market. In addition, the ₹1 lakh crore Urban Challenge Fund will play a pivotal role in transforming cities into vibrant growth hubs, ensuring balanced real estate development. These policies will propel the country’s development and drive real estate growth at the same time.

Prakash Mehta, Chairman and Managing Director, Ocus Group
The 2025 budget reflects a continued focus on strengthening urban infrastructure, which is crucial for overall real estate growth. By reducing the tax burden, the government is directly boosting consumer confidence, encouraging greater spending, and ultimately stimulating demand in the commercial sector. In addition, the announcement of a national framework for GCCs will decentralize business operations, enhance local talent pools, and drive infrastructure development. As businesses seek to optimize costs and tap into untapped talent, India will emerge as a key hub for global innovation and business services. Hence, we believe this synergy between government support and private sector participation will bring unparalleled growth to these cities, creating job opportunities and boosting the real estate sector.

Ajendra Singh, Vice-President, Sales and Marketing, at Spectrum@Metro
The Union Budget 2025 outlines a transformative vision for India’s commercial real estate sector, with a clear focus on strengthening urban infrastructure. The government’s investments in smarter cities, better connectivity, and sustainability will directly benefit commercial spaces. The reduction in income tax and the establishment of a national framework for Global Capability Centers are poised to drive demand for premium commercial spaces, attracting global businesses and fueling growth in cities across India

Manit Sethi, Director, Excentia Infra
The Union Budget 2025 underscores the government’s commitment to economic growth and infrastructure enhancements, further supporting the real estate sector. The increase in the TDS threshold limit on rent from ₹2.4 lakh to ₹6 lakh is a significant boost for the rental housing market. This move will ease compliance for those in the affordable and mid-segment rental sector. Meanwhile, the ₹1 lakh crore Urban Challenge Fund will focus on urban redevelopment, transforming cities into dynamic growth hubs. This initiative will fund critical projects like improving water and sanitation systems, upgrading infrastructure, and redeveloping key urban areas. The ₹15,000 crore SWAMIH Fund 2 is another transformative step in addressing India’s housing shortage. Besides, allowing taxpayers to claim the annual value of two self-occupied properties, instead of just one, is a major relief for property owners. Further, the change in tax slabs is a welcoming step, bringing relief to homeowners, making real estate ownership more attractive and easing the tax burden on multiple property owners.

The Union Budget 2025 underscores the government’s commitment to economic growth and infrastructure enhancements, further supporting the real estate sector. The increase in the TDS threshold limit on rent from ₹2.4 lakh to ₹6 lakh is a significant boost for the rental housing market. This move will ease compliance for those in the affordable and mid-segment rental sector. Meanwhile, the ₹1 lakh crore Urban Challenge Fund will focus on urban redevelopment, transforming cities into dynamic growth hubs. This initiative will fund critical projects like improving water and sanitation systems, upgrading infrastructure, and redeveloping key urban areas. The ₹15,000 crore SWAMIH Fund 2 is another transformative step in addressing India’s housing shortage. Besides, allowing taxpayers to claim the annual value of two self-occupied properties, instead of just one, is a major relief for property owners. Further, the change in tax slabs is a welcoming step, bringing relief to homeowners, making real estate ownership more attractive and easing the tax burden on multiple property owners.

Mr. Piyush Kansal, Executive Director, Royale Estate Group,
The budget reinforces economic resilience through strategic infrastructure investments and financial reforms. The Rs 1 lakh crore Urban Challenge Fund and SWAMIH Fund 2 will accelerate urban transformation and affordable housing. Additionally, tax slab revisions and higher TDS thresholds empower the middle class, driving liquidity and investment in real estate. These measures set a promising course for sectoral growth.

Nishant Kumar, Co-Founder Earthytweens
“Union Budget 2025 to launch a new scheme aimed at boosting the manufacturing ecosystem is a commendable step towards strengthening local manufacturing and innovation. The extension of tax benefits for startups until March 2025 is a commendable move, reflecting the government’s commitment to fostering creativity and entrepreneurship. This initiative not only strengthens the MSME sector but also encourages startups to innovate responsibly, contributing to a greener and more self-reliant India.”

Mr. Neeraj Kansal, Founder and CEO, Crack Academy
The Union budget 2025 announcements laid a strong foundation for the education sector. The establishment of three Centres of Excellence in AI for Education with an outlay of ₹500 crore is a visionary move that will accelerate the integration of AI into the learning ecosystem. This will particularly benefit rural schools and students in tier 2 and 3 cities, enabling them to access e-learning resources, virtual classrooms, and AI-based education tools. Coupled with the Bharatiya Bhasha Pushtak scheme, which promotes Indian language books in digital formats, the budget reinforces the government’s commitment to inclusive and multilingual education.

Ambika Saxena, CEO, TWH Hospitality
This year, the government has presented a well-balanced and growth-oriented budget, specifically supporting the tourism and hospitality sectors. The modified Udaan scheme will open doors for the hospitality sector by bringing new tourist destinations into the spotlight. Hotels, resorts, and homestays in unexplored regions will see a surge in demand, encouraging further investment and development. With the government’s push for connectivity and including new 120 destinations, we expect a stronger pipeline in the hospitality sector, catering to both business and leisure travellers in emerging tourism hotspots

Umesh Bhati, Director of Operations at Bayside Corporations
“Budget 2025 lays a comprehensive roadmap for economic expansion, with a clear focus on strengthening domestic manufacturing and enhancing India’s integration into global supply chains. The government’s support for the electronics industry and advancements in automation, AI, and digital technologies will create a demand for specialized commercial real estate in emerging sectors. Furthermore, the proposed national framework for promoting Global Capability Centres in tier-2 cities is poised to drive both economic diversification and real estate development in these regions. Combined with continued infrastructure investments, these measures position the real estate sector for robust and sustainable growth across both established and emerging markets.”

R P Yadav, Chairman & Managing Director, Genius Consultants
“The Union Budget 2025 has taken significant strides toward strengthening India’s workforce and employment landscape. The government’s continued focus on skill development, job creation, and digital transformation is a step in the right direction, ensuring a future-ready workforce equipped for emerging industry demands.
The push for MSMEs, startups, and manufacturing through tax incentives and financial support will generate new employment opportunities, creating a ripple effect across various sectors. Additionally, increased allocation for skilling initiatives, particularly in AI, automation, and green technologies, will help bridge the talent gap and enhance employability.
Labour reforms and policies promoting gig and platform workers are commendable, as they recognize the evolving nature of work and ensure a more inclusive job market. The government’s focus on boosting women’s participation in the workforce through targeted programs is another positive move that will contribute to economic growth.
With initiatives aimed at ease of doing business and digital workforce solutions, hiring processes will become more seamless and efficient. Overall, the budget is well-balanced, addressing both immediate and long-term employment needs. We are optimistic that these measures will drive workforce growth, foster innovation, and strengthen India’s position as a global talent hub.”

Mr. AK Tyagi, Founder, Chairman & Managing Director of Nuberg Engineering Ltd.
“I congratulate the government on a forward-looking Union Budget 2025-26 that prioritizes energy security and sustainability. The ambitious Nuclear Energy Mission (100 GW by 2047) and the 500 GW renewable energy goal by 2030 reinforce India’s green future. Increased incentives for green energy, MSME solarization, and domestic manufacturing will boost industries and job creation.
The budget’s emphasis on hydrogen as a clean fuel aligns with India’s energy strategy. Support for green hydrogen production, industrial decarbonization, and ammonia-based solutions will drive innovation and sustainability. Investment in infrastructure and emerging technologies will further accelerate the energy transition. With strong policies and financial backing, this budget sets the stage for India’s leadership in sustainable energy.”

Mr. Amey Belorkar – Fund Manager – Maharashtra and Aerospace Venture Fund at IDBI Capital Markets & Securities Limited.
“The Budget has focused on strengthening India’s MSME and Startup ecosystem through enhanced credit access by way of expanded fund-of-funds (FOF) of ₹10,000 crores as well as a proposal for setting up a Deep Tech FOF. Further the investment limits for MSME classification have been increased by 2.5 times which means that businesses can now invest significantly more while still qualifying as MSMEs. Also startups are benefited with the increase in Incorporation period by 5 years. The allocation of ₹500 crore for MRO sector and the establishment of a ₹25,000 crore corpus for shipbuilding shows India’s commitment to promote India’s self-reliance.
Additionally, India is focused to accelerate clean energy to develop at least 100 GW of nuclear power by 2047 and encourage private sector involvement. A dedicated ₹20,000 crore R&D initiative for Small Modular Reactors (SMRs) will be launched, with the goal of having at least five indigenously developed SMRs operational by 2033. The Budget also aims to create self reliance in EV and mobile phone battery manufacturing.”

Mr. Abhinav Jain, Co-Founder and CEO, Almonds Ai
Union Budget 2025-26 is a bold step toward a tech-driven and sustainable future. The allocation of ₹20,000 crore for private sector-driven Research, Development, and Innovation initiatives is a significant step forward. It will fuel technological advancements and drive innovation across various sectors. The support for startups through enhanced credit availability and regulatory reforms will create a more conducive environment for entrepreneurship. Additionally, the emphasis on green initiatives, such as the Asset Monetization Plan and the Nuclear Energy Mission, underscores the government’s commitment to sustainable development. These measures will not only boost economic growth but also position India as a leader in the global green economy.

Mr. Naveen Tiwari, Co-Founder, Scrabble
The Union Budget 2025 seems to have tackled the precarious tasks of balancing infrastructure development, skill building, and job creation with futuristic growth and capability building for the emerging technologies. In particular, we appreciate the announcement of fresh INR 10,000 CR being pumped into Fund of Funds for the start-ups. This, along with Fund of Funds in Deeptech, supporting Fellowship in research in the field of Tech & AI, will certainly boost domestic capabilities. The budget also has provisions for MSMEs, easing their access to credit while creating more avenues for job creation and nation building. The proposal to push the income tax limit to 12 lakhs, furthermore, will spread the cheer amongst India’s salaried professionals. At the same time, taking cognisance of gig workers, supporting them with healthcare etc and supporting 5 lakh women, SC, and ST first-time entrepreneurs are critical developments that will lead India towards more inclusive and holistic development.

Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance
“The Union Budget has clearly focussed on driving consumption led growth and foster inclusive development. A key highlight is the increase in the FDI limit in the insurance sector from 74% to 100%, a move set to bring in fresh capital and bolster the industry’s financial strength. The decision reflects the government’s continued commitment to making India a prime investment hub for stable, long-term capital.
Greater foreign participation, will accelerate the adoption of global best practices, introduce innovative products, and elevate customer service standards. Additionally, the mandate to invest premiums within India ensures that these funds contribute to domestic economic growth and infrastructure development.
The next five years present a significant and an exciting opportunity to propel the industry forward onto greater heights.”

Dr. Renuka Diwan, Co-founder and CEO, BioPrime
“The Union Budget 2025-26 demonstrates a robust commitment to advancing India’s agricultural sector and ensuring nutritional security. With initiatives such as the Prime Minister Dhan-Dhaanya Krishi Yojana and the Developing Agri Districts Programme aim to enhance productivity and promote sustainable farming practices across 100 districts, benefiting more than 1.7 crore farmers.
The government’s strategy to achieve self-sufficiency in oilseeds—including mustard, groundnut, sesame, soybean, and sunflower—by strengthening their production, storage, and marketing is a significant move towards ‘atmanirbharta’. Additionally, the six-year Mission for Aatmanirbharta in Pulses, focusing on Tur, Urad, and Masoor, is poised to reduce import dependence and provide citizens with greater access to protein-rich foods.
The establishment of large-scale clusters for vegetable production near major consumption centers will streamline supply chains and ensure fresher produce for consumers. The creation of the Makhana Board in Bihar is a commendable step to harness the potential of this superfood and empower rural communities.
Furthermore, the National Mission on High Yielding Seeds will bolster agricultural resilience by developing and promoting seeds that are high-yielding, pest-resistant, and climate-resilient. The emphasis on leveraging advanced science and technology, coupled with the Deep Tech Fund of Funds, will catalyze next-generation innovation in agri-tech, paving the way for a self-reliant and nutritionally robust nation.
The enhancement of investment and turnover limits for MSMEs by 2.5 times and 2 times, respectively, is a strategic move to empower these enterprises to scale up, innovate, and generate more employment opportunities for the youth.
Collectively, these initiatives reflect a holistic approach to strengthening India’s food security, promoting sustainable agriculture, and fostering economic growth within the agricultural ecosystem.”

Mr. Mahavir Lunawat, Group Founder & Managing Director, Pantomath Financial Services Group
“The Union Budget 2025-26 paves the way for a stronger, more self-reliant India, driving economic transformation across key sectors to propel India towards ‘Viksit Bharat’.
With 7.5 crore people employed under MSME, contributing 36% to manufacturing and 45% to exports, MSMEs are the backbone of India’s economy. Initiatives such as enhanced credit access through credit guarantee schemes and dedicated funds for early-stage investors will encourage innovation and competitiveness, evolving the sector further. The introduction of the National Manufacturing Mission, covering small, medium, and large industries, aims to drive the ‘Make in India’ initiative.
Budget 2025 also introduced the much-awaited tax relief for the Indian middle class by completely exempting individuals earning up to Rs 12 lakh from taxation under the new tax regime. The restructuring of tax slabs has resulted in a simpler and more progressive framework, ensuring that people have greater disposable income that will eventually lead to strong investment for better future. By streamlining the tax system and making it more accessible, these changes are expected to boost savings and increase participation in primary and secondary markets, leading to better capital formation overall.
2024 saw a record-breaking capital raise through initial public offerings (IPOs), 2025 is expected to be even more exciting. India has emerged as one of the world’s major IPO hubs for domestic and international companies alike. The momentum anticipated in the next two years in the capital market is thrice of what it has achieved in the last 5 years. There have been 851 initial public offerings (IPOs) in the last 5 years, and estimates suggest that there will be over 1,000 IPOs in the next two years. Market confidence is continuing to rise as India’s market capitalization has topped US$5 trillion, ranking it fourth in the world after the US, China (including Hong Kong), and Japan.
The additional liquidity in the hands of the middle class via tax savings will be a strong pillar to drive the capital market forward.
Overall, the budget 2025 stimulates investment, innovation, and industrial growth that will lead to a strong economic growth this year. India is well-positioned to accelerate its transition in becoming one of the world’s most powerful economies by streamlining taxes, enhancing MSMEs, and boosting capital markets.”

Monika Potharkar, Director-FSS and Site Lead at General Mills India Center
“The Union Budget’s emphasis on developing a national framework for Global Capability Centers (GCCs) in emerging Tier-2 cities is a testament to India’s commitment to building a future-ready digital and innovation ecosystem. Strengthening talent pipelines, upgrading infrastructure, and enabling industry collaboration will further position India as the preferred global hub for enterprise innovation and operational excellence.
The measures to streamline international taxation—such as the block-period approach for arm’s length pricing and the expansion of safe harbour rules—will provide greater regulatory clarity, reduce litigation, and enhance ease of doing business.
Additionally, the introduction of a Center of Excellence (CoE) for Artificial Intelligence underlines India’s commitment to developing a scientific temper and accelerating AI-driven transformation. With these strategic initiatives, India is reinforcing its position as a powerhouse for digital transformation, AI adoption, and global enterprise operations.”

Mr. Tarun Singh, Founder and Managing Director of Highbrow Securities
“The Union Budget 2025-26 presents both opportunities and challenges that will shape India’s economic trajectory. As an equity investor in MSME companies, I welcome the government’s renewed focus on this sector. The revised MSME classification—raising investment limits by 2.5 times and doubling turnover thresholds—will significantly improve credit access and support mechanisms, enabling small businesses to drive economic growth.
However, the budget’s heavy reliance on disinvestment and privatisation raises concerns. While privatisation may boost government revenues, it risks job losses and could disrupt long-term growth. Employment stability is crucial, and economic expansion must not come at the cost of job security. Similarly, raising the income tax exemption limit to ₹12 lakh provides relief but lacks alignment with broader growth strategies.
Despite these concerns, the National Manufacturing Mission is a commendable step toward strengthening India’s “Make in India” vision. Prioritising ease of doing business, workforce development, MSME engagement, technological access, and quality production will foster a dynamic manufacturing ecosystem.
The proposed tax reforms promote inclusivity by reducing compliance burdens. Lowering TDS thresholds and extending tax return timelines benefit small businesses, startups, and those with variable incomes. Simplifying tax laws and encouraging voluntary compliance will create a more transparent and equitable system.
This budget underscores the MSME sector’s pivotal role in India’s growth story, but its success hinges on balanced economic policies that ensure both business expansion and job creation. While the road ahead holds promise, its execution will determine whether India achieves its economic aspirations. As an investor, I remain optimistic yet cautious about the journey forward.”

Varun Babbar, MD India, Qlik
“The Finance Minister’s announcement of a Centre of Excellence in AI for Education with an outlay of ₹500 crore is a commendable step toward strengthening India’s AI ecosystem. Qlik’s recent AI survey highlights that 79% of AI decision-makers see India leading in AI skills within five years, yet challenges like talent shortages, governance complexities, and trust issues continue to slow AI adoption.
This initiative can play a pivotal role in bridging the AI skills gap, equipping future professionals with industry-relevant expertise, and fostering innovation. Additionally, the expansion of Atal Tinkering Labs, five National Centres of Excellence for skilling, and the National Framework for GCCs in tier-2 cities will create new opportunities for high-skilled jobs and strengthen India’s digital economy.
By focusing on upskilling, research, and responsible AI deployment, these initiatives will not only boost India’s global AI competitiveness but also empower businesses with skilled talent to accelerate AI-driven transformation. At Qlik, we actively support this vision through our Qlik Academic Program, which provides students with hands-on analytics training to enhance employability and industry readiness.
As India moves towards a $1 trillion digital economy, collaborative efforts between the government, businesses, and educational institutions will be crucial in building a future-ready workforce and ensuring AI drives meaningful transformation across industries.”

Meghna Krishna, Group CRO, VideoVerse:
The Union Budget 2025 takes a significant step towards fostering innovation and technological leadership, especially for startups and AI. The enhanced credit guarantee and the ₹10,000 crore Fund of Funds will provide a much-needed boost for startups to scale, innovate, and contribute to India’s digital economy. The government’s commitment to AI with the Centre of Excellence for Artificial Intelligence in Education and the proposed Deeptech Fund of Funds further reinforces India’s vision to become a global leader in AI-driven solutions. These initiatives will empower startups to develop cutting-edge technologies, drive content innovation, and revolutionize digital experiences. We look forward to leveraging these opportunities to push the boundaries of AI in media and content creation.

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.’’

Monika Potharkar, Director-FSS and Site Lead at General Mills India Center
“The Union Budget’s emphasis on developing a national framework for Global Capability Centers (GCCs) in emerging Tier-2 cities is a testament to India’s commitment to building a future-ready digital and innovation ecosystem. Strengthening talent pipelines, upgrading infrastructure, and enabling industry collaboration will further position India as the preferred global hub for enterprise innovation and operational excellence.
The measures to streamline international taxation—such as the block-period approach for arm’s length pricing and the expansion of safe harbour rules—will provide greater regulatory clarity, reduce litigation, and enhance ease of doing business.
Additionally, the introduction of a Center of Excellence (CoE) for Artificial Intelligence underlines India’s commitment to developing a scientific temper and accelerating AI-driven transformation.  With these strategic initiatives, India is reinforcing its position as a powerhouse for digital transformation, AI adoption, and global enterprise operations.”

Sumit Sabharwal, Country Leader for India at Deel
“In the wake of the Union Budget 2025-26 announcements, the focus on developing new skills and increased investment given to India’s start-up sector are the areas I’m most excited about.
Whilst this was a well published and expected budget measure, the significant emphasis on skill development, particularly in high-demand areas such as AI and digital technologies, are essential for keeping India’s talent globally competitive. The Economic Survey 2023-24 flagged that just 51% of Indian graduates are employable due to a lack of relevant skills. The establishment of a Centre of Excellence for AI in education with an investment of ₹500 crore will enhance education and training in AI, ultimately improving employability. This is especially crucial as over 50% of organizations prefer recruiting AI talent within India, according to Deel’s recent study. Strengthening AI education will capitalize on this need and ensure India’s workforce is equipped to meet the demands of a rapidly evolving job market.
On the technology front, the budget emphasizes investments in AI, aligns with the government’s broader strategy to boost skill development in areas such as cloud computing and data analytics. By allocating funds for AI tools across various sectors, we anticipate rapid digital transformation in HR practices and recruitment processes, ultimately elevating productivity and efficiency. The establishment of five national centers of excellence for skill development will further help India’s workforce become at par with global standards.
Additional funds worth ₹10,000 crore for the Fund of Funds for Startups, will support innovation and entrepreneurship by providing essential capital to startups at various stages of their growth. With over 1.5 lakh recognized startups in India, this funding is crucial for strengthening the startup ecosystem, reinforcing India’s position as an innovation hub and accelerating the pace of these businesses to compete on a global scale.
Moving forward, effective implementation of these initiatives alongside faster adoption of technologies like AI is poised to help close the employability gap for the Indian workforce, as the global economy continues to get increasingly competitive.
By adopting platforms like Deel, Indian businesses can expand their global presence. Meanwhile, Indian talent gains access to top opportunities—without leaving home. This helps build critical skills, opens up new growth avenues, and reinforces India’s competitive position globally.”

Mr Ritesh Mastipuram, Founder & MD, Ridhira Group
‘The Union Budget 2025 lays a strong foundation for real estate and infrastructure, with increased capital outlays for urban development, multi-modal connectivity, and transit-oriented growth. The emphasis on digital transformation in real estate transactions is a step toward greater transparency and efficiency, streamlining processes for investors and developers alike.
Sustainable urbanization and smart city initiatives will shape the next phase of growth, creating opportunities in infrastructure, green buildings, and rental housing. Policy support for REITs and asset monetization signals a maturing market, attracting both domestic and global capital. As these measures take shape, they have the potential to enhance resilience and unlock long-term value in the sector.’

Ramesh Punugu, Global Head, Buy-side Research, Acuity Knowledge Partners
‘The 2025 Budget 2025 is transformative as despite a tax cut bonanza fiscal consolidation path remains on track. The government capital expenditure, however, remains flat at 3.1% of GDP. The budget is designed to drive consumption, improve the ease of doing business, and keep coalition partners satisfied. The income tax-cuts should be broadly positive for consumer durables, consumer discretionary and automotive sectors. A commendable job by finance minister as we continue to adhere glide path towards fiscal consolidation. Fiscal deficit is expected to be 4.8% GDP (better than 4.9% estimated in the July 2024) with a target of 4.4% of GDP for FY26, which is favorable from a credit rating perspective. The deficit will be funded through net borrowing of INR 11.5 trillion ($171 billion), slightly higher than expectations, and should remain attractive to foreign investors (FIIs purchased $14.4 billion of index-eligible bonds in 2024). Additionally, key measures such as a focus on nuclear energy, 100% FDI in insurance, exemptions and rationalization of customs duties, skill improvement initiatives, and special packages for the toys and leather sectors will continue to support the corporate sector and MSMEs’

Mr Saumyajit Roy, CEO and Co-Founder, Emoha:
“The 2025 Budget’s commitment to expand medical education with 10,000 additional seats and the goal of adding 75,000 seats in the next 5 years is a critical step toward addressing India’s healthcare workforce needs. With our rapidly aging population, this expansion isn’t just about numbers – it’s about building a healthcare ecosystem that understands and responds to the unique needs of our seniors.
The announcement of a ₹10,000 crore Fund of Funds scheme for startups is particularly significant for healthtech innovation. This fresh capital injection will catalyze the development of specialized solutions for elderly care, especially as we see increasing intersection between healthcare delivery and technology. For those of us building in the senior care space, this represents both validation and opportunity to scale our impact.
I’m particularly encouraged by the initiative to establish Day Care Cancer Centers in all District Hospitals, which will significantly improve accessibility to specialized care for our elderly population. As someone deeply involved in senior care innovation, I see this as a game-changing move that aligns perfectly with the evolving healthcare needs of our aging demographic.
However, while expanding medical education and infrastructure is crucial, the quality of care ultimately depends on the quality of carers. More needs to be done to promote and support organizations that supply trained carers, ensuring that our seniors receive the compassionate, skilled assistance they deserve.”

Srividya Kannan, CEO and Founder, Avaali Solutions: Enhanced investment and focus on India’s growth potential
“A key decision by the government to drive the digital economy is the formation of a national framework for promoting Global Capability Centers (GCCs) in emerging Tier-II cities. This move is set to boost employment growth and position India as a hub for high-value global services.
The government’s plan to establish 50,000 Atal Tinkering Labs is a visionary step toward fostering a culture of innovation and entrepreneurship across the country. By integrating interventions at schools, universities, research institutions, MSMEs, and industries, this initiative will create a robust ecosystem for technological advancement. It is encouraging to see the government’s strategic focus on the digital economy and its commitment to building a future-ready workforce.
Investment in AI Centers of Excellence (CoEs) in education is a positive step toward the adoption of emerging technologies in key industries. Additionally, the expansion of infrastructure in the five IITs established after 2014, including increasing capacity for 6,500 more students and enhancing hostel and other facilities at IIT Patna, is a significant move toward strengthening India’s tech workforce.
It is also promising to see the government extending support to the domestic equipment industry under the Make-in-India and National Manufacturing Mission. This initiative will empower local businesses and strengthen India’s position as a leader in next-generation manufacturing and technology. Moreover, it will create new opportunities for global electronic equipment companies to establish their captive centers in India.
Also it is extremely heartening to see increase in the limits for classification of MSME and additional credit offerings to them. This will immensely help boost the Indian entrepreneurial ecosystem.”

Dr Krishna Prasad, Chigurupati Chairman & Managing Director, Granules India Limited:
“Exempting 36 life-saving pharmaceuticals from basic customs duty and adding six essential medicines under a concessional 5% duty will significantly enhance access to critical therapies. Extending full exemption and concessional tariffs to bulk drugs used in their manufacturing will further improve affordability and availability.
The expansion of medical education with 10,000 additional seats and the establishment of 200 daycare cancer centers in FY 2025-26 will strengthen healthcare infrastructure, enabling early diagnosis and treatment. Additionally, the establishment of five National Centers of Excellence for Skilling, along with global skilling collaborations, will equip India’s workforce with the expertise needed to drive pharmaceutical innovation and manufacturing.
These strategic initiatives reinforce India’s commitment to providing accessible and cost-effective healthcare solutions said Dr. Krishna Prasad Chigurupati Chairman & Managing Director, Granules India Limited”

Mr Arjun Juneja, Chief Operating Officer, Mankind Pharma Limited and Chairman, Pharma Committee, FICCI:
“The Union Budget 2025-26 lays a solid foundation for India’s pharmaceutical sector and enhances healthcare accessibility. The exemption of Basic Customs Duty on 36 life-saving drugs makes critical treatments, especially for oncology and rare diseases, more affordable, aligning with the government’s vision of a self-reliant India. The establishment of Day Care Cancer Centres and expansion of Patient Assistance Programs (PAPs) will further improve patient access to essential treatments.
The budget’s focus on 5% concessional duties on essential medicines and bulk drug exemptions will optimize production costs, boost domestic manufacturing, and drive innovation. The commitment to adding 75,000 medical college seats and the creation of a Centre of Excellence in AI further strengthens the healthcare ecosystem.
The ‘Heal in India’ initiative, combined with streamlined medical tourism policies, positions India as a global healthcare hub, driving demand for high-quality, affordable medicines. These reforms are a significant step toward making India a global leader in pharmaceuticals, and we at Mankind Pharma are excited to support and contribute to this transformation.”

Mr Yatharth Tyagi, Director- Yatharth Group of Hospitals
“The Union Budget 2025-26 is a well-thought and strategic move, laying a transformative foundation for an inclusive and resilient healthcare ecosystem. The establishment of 200 daycare cancer centers with a three-year district hospital rollout plan is a welcome intervention. This initiative, along with customs duty exemption on 36 life-saving drugs and 13 new patient assistance programs, will improve access to specialized treatment and reduce the financial burden of cancer care. The commitment to add 10,000 medical seats, aiming for 75,000 in five years, and the establishment of five National Centers of Excellence for skilling are strategic steps to address critical workforce gaps in healthcare delivery.
At Yatharth Hospitals, our recent expansion, particularly in advanced cancer care infrastructure, positions us well to leverage these progressive reforms. These policy measures align perfectly with our mission to make quality healthcare accessible to every Indian, supporting the government’s vision of ‘Viksit Bharat.’”

Bharat Gite, MD & CEO, Taural India
“The Union Budget 2025 sets a decisive course for India’s manufacturing sector by strengthening MSMEs, fostering domestic production, and enhancing global trade competitiveness. The enhanced credit guarantee scheme and financing for machinery upgrades will accelerate MSME expansion, fueling industrial growth, particularly in Tier II and III regions.
The National Manufacturing Mission, coupled with a dedicated committee to review and reform business regulations, will improve the ease of doing business—streamlining processes, reducing bottlenecks, and attracting investments. Additionally, digital public infrastructure for international trade will unlock financing solutions, giving Tier II and III industries better access to global markets.
A strong push for innovation through private-sector-driven research and 10,000 PM Research Fellowships will strengthen India’s R&D ecosystem, fostering high-value manufacturing advancements. By equipping researchers with resources to develop globally competitive technologies, these initiatives will help India move up the value chain—ensuring our industries are not just production hubs but innovation powerhouses. Expanding IIT capacity by 6,500 seats will further drive engineering excellence and future-ready talent.
By prioritizing scale, efficiency, and innovation, this budget paves the way for India to emerge as a global manufacturing leader—an ambition deeply aligned with Taural India’s vision.”

Sunil Nehra, CEO – IT Staffing, FirstMeridian Business Services
“India’s tech landscape is set for a transformative journey ahead, as the FY26 budget prioritizes spearheading AI capabilities, building future ready skills and fostering employment. The introduction of 50,000 Atal Tinkering Labs & the new Centers of Excellence in AI for Education (with the 500 Crores impetus), along with the IIT infrastructure catapult will address the rising demand for skilled tech talent in the country. It will further propel our position as the global IT hub, strengthening the country’s education and research capabilities. Embracing AI within the learning pedagogy will bridge the existing gap between our current skill capital and future workforce readiness. Another strategic move in today’s budget is decentralizing economic growth by incentivizing Global Capability Centres in tier-2 cities, which are set to create 2.5 lakh to 3 lakh jobs over the next 2 years. FY26 budget has answered the clarion call for a skilled, AI-driven workforce and paves the way for sustainable growth, innovation and employment in the country, which are the building blocks for Viksit Bharat.”

Ajay Mariwala, Managing Director, Food Service India Pvt Ltd.
The focus on tax reliefs and measures aimed at increasing disposable incomes, especially for the middle class in India and this is a positive move that will strengthen purchasing power and drive consumerism and increase spends in F&B. The FM has highlighted and incorporated aggressive plans towards enabling the agri and foograins sector in this year’s budget. The establishment of a dedicated food processing institute in Bihar is a step forward in strengthening India’s food processing sector—enhancing local value addition and opening sustainable growth avenues. Coupled with the upcoming 6-year Mission for Aatmanirbharta in Pulses, focusing on Tur, Urad, and Masoor, these initiatives reinforce the Make in India vision for a self-sufficient food industry.”

Kiran Reddy, CEO & Founder, Bricks & Milestones
The 2025 Union Budget delivers a positive outlook for the real estate sector, with strong measures aimed at promoting urban growth and affordable housing. The ₹1-lakh crore allocated for the development of cities as growth hubs, along with a focus on creative redevelopment, will pave the way for more sustainable, future-ready urban spaces. Additionally, the emphasis on improving compliance through tax reforms and raising the TDS threshold on rent will ease the burden on small landlords and encourage more investment in housing.
The government’s push to promote tier 2 cities as global capability centres and its focus on developing 50 tourist destinations will undoubtedly spur demand for hospitality real estate, particularly hotels, resorts, and service apartments, across emerging and regional markets. The Government’s investment in this sector will create a ripple effect, stimulating both commercial and residential real estate, as hospitality developments often drive growth in surrounding areas.
Infrastructure remains a crucial factor in urban expansion. Despite long-standing plans, many state governments have yet to undertake new road developments over the past 25 years. A stronger intervention from the central government, particularly in taking up (PRR) and state highway projects, is essential to ease congestion and improve connectivity.
Moreover, as cities continue to expand rapidly, the surge in population will escalate concerns around air and water pollution, leading to severe health issues. Addressing this challenge requires dedicated funding and proactive measures by the central government to ensure sustainable urban living.

Mr. Kishore Reddy, CMD of Mana Projects
The Union Budget 2025-26 demonstrates a progressive vision for sustainable urban development and economic growth across India. The Budget allocation of ₹1 lakh crore for urban development initiatives, primarily focusing on ‘Cities as Growth Hubs’ and creative redevelopment, illustrates the Government’s responsibility and commitment to transforming the country’s urban landscape. This investment will be crucial for addressing infrastructure gaps and improving the quality of life in our cities.
The push to promote Global Capability Centers in Tier 2 cities through state-level guidance is specifically promising for the real estate sector. This initiative will segregate the economic growth and create new markets in the developing urban centers. The development of GCCs will improve the demand for commercial and residential real estate while generating employment opportunities.
The Government’s focused approach towards labor-intensive sectors through specific policy measures aligns perfectly with our industry’s needs. Merged with urban development measures, such initiatives will generate an expanded effect on economic growth. The 2025-2026 Budget effectively and promisingly balances infrastructure development with employment generation, positioning India for a sustained economic expansion in the coming years.

Mr. Rajesh Gupta, Founder & Director, Recyclekaro
“The Union Budget 2025 takes a decisive step towards strengthening India’s battery recycling and manufacturing ecosystem. The exemption of Basic Customs Duty (BCD) on critical minerals like cobalt, lithium-ion battery scrap, lead, and zinc will enhance domestic resource availability, reduce dependency on imports, and accelerate value addition within India. This move aligns with India’s vision for a circular economy, fostering investment in battery recycling and EV supply chains. The addition of new capital goods for EV and mobile battery manufacturing will further boost local production and job creation.”

Mr. Anand Kumar Bajaj, Founder, CEO & MD, PayNearby
“The Union Budget 2025 takes bold steps to foster rural growth, women empowerment, and MSME ecosystem, unlocking significant opportunities for economic growth in Bharat. Easing credit for women, Scheduled Caste and Tribes, and first-time entrepreneurs with loans up to ₹2 Crore, alongside the revamped support for MSMEs, will not only empower local businesses but also ensure a more robust economic framework. The increase in credit guarantee covers, along with the introduction of customized credit cards for micro-enterprises, will provide much-needed relief to entrepreneurs and help sustain business growth in local economies. The announcement to develop Grameen Credit Score framework to serve the credit needs of SHG members and people in rural areas is a welcome step to boost rural economy, especially women economic development through SHG framework. Additionally, the revamped KYC process will streamline business operations, making it more efficient across sectors, while the enhanced PM Svanidhi scheme will support street vendors by encouraging digital payments and reducing reliance on informal credit.
With PayNearby Digital Naari’s focus on bridging the financial, digital and healthcare gaps among women, especially rural women, it is encouraging to see Saksham Anganwadi and Poshan 2.0 programs getting announced. This will work towards improving the nutritional support for women and children, leading to better food security for women. Overall, PayNearby welcomes the focus on women and rural economy, and steps that boost more economic participation by women and drives rural development is important for the next orbit of growth for the country.”

Shantanu Bairagi, CEO – Veefin Capital
“The role of MSMEs in the journey towards Viksit Bharat has been called out clearly by the Finance Minister and commensurate to that are some of the fiscal and policy measures announced in the budget to boost the backbone of the economy.
Credit & MSME
Availability of credit access, simplification of CKYC and enhancement of credit guarantee covers for MSMEs, startups and exporters stand out as key fiscal support measures from the Government of India. A big increase in Udyam registrations, which is an indicator of extent of formalization of small and medium businesses, is expected with customized credit cards with INR 5L limit being introduced for registered businesses. With the government expecting to give 10 Lakh credit cards in a year, this is going to be yet another measure to incentivize MSME businesses to formalize and have faster access to working capital. The enhancement in the investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times respectively will spur widespread adoption of digitization among small businesses and bring them on par in terms of access to commerce and capital.
The Manufacturing Mission to furthering Make in India and Make for the World by improving ease of doing business, create a vibrant MSME ecosystem and improve availability of technology will enhance the credit worthiness of small and medium sized and boost the confidence of financial institutions in doubling up their efforts to lend to MSME. The Economic Survey has already indicated how banks credit to MSMEs has grown 13% y-o-y. Some of the measures announced in the budget will further boost credit for the MSME ecosystem.
DPI
India’s steadfast approach to being recognized as an example in building digital public infrastructure got yet another boost with the announcement of ‘BharatTradeNet’ (BTN) for international trade – a unified platform for trade documentation and financing solutions.”

Sundeep Mohindru, Founder and Promoter, M1xchange
“The Union Budget 2025 has given much-needed attention to MSMEs, recognizing them as the key driver of India’s economy and global competitiveness. The enhancements in definition of MSME, upto  ₹125 crore of investment in plant and machinery and an annual turnover of ₹500 crores,  will provide much-needed support to MSMEs in scaling operations, embracing new technologies, and accessing capital more efficiently. With new definition the benefit of TReDS will expand to larger set of enterprises for facility of early realisation of their dues from customers, who were earlier deprived of this benefit.
Expanding the credit guarantee cover and introducing customized credit cards for micro-enterprises will inject much-needed capital liquidity into the MSME sector, allowing businesses to invest in growth and innovation. Further, set up of Bharat Trade Net portal will digitalise the documentation flow of cross border business and enhance possibility of cross border finance for MSME exporters in big way on ITFS (International Trade Finance System) platform.
The next level initiative by government to decriminalise 100 more provisions under various Acts will give confidence to businesses to invest more and experience the ease of doing business. Additionally, the Manufacturing Mission’s emphasis on workforce development, and technology adoption will further strengthen India’s position as a global manufacturing powerhouse. Especially, with global companies increasingly looking to India as a preferred business destination, these measures will not only improve MSME productivity and competitiveness but also accelerate the ‘Make in India’ vision, helping position India as a dominant player in the global supply chain.”

Kiran Dev, CEO, BizongoFin (MSME)
The government’s emphasis on strengthening MSMEs in this year’s budget is evident. Increasing the credit guarantee cover from ₹5 crore to ₹10 crore is a crucial step that will unlock ₹1.5 lakh crore in additional credit over the next five years. Additionally, a term loan of up to ₹20 crore will be provided to well-run export-oriented MSMEs, further supporting their expansion. With MSMEs employing 7.5 crore individuals and contributing 36% to manufacturing, these measures will bolster their growth, enhance financial access, and reinforce India’s position as a global manufacturing hub.”

Pushkar Mukewar, Co-Founder and CEO, Drip Capital
“The Union Budget 2025 strongly emphasises exports as a key pillar of economic growth, bringing much-needed support to MSME exporters who contribute nearly 45% of India’s total exports. The enhancement of investment and turnover limits for MSME classification and the significant expansion of credit guarantee cover for well-performing exporter MSMEs will enable businesses to scale efficiently and access capital more easily.
Establishing the Export Promotion Mission and BharatTradeNet (BTN) as a unified digital public infrastructure for trade documentation and financing solutions is a welcome step. By streamlining access to export credit and cross-border factoring, these initiatives will improve liquidity and reduce operational bottlenecks for exporters. Additionally, aligning BTN with international trade practices will enhance India’s ease of doing business and strengthen our position in global markets.
Reducing customs duties on key seafood industry inputs will further boost the competitiveness of Indian seafood exports, helping businesses expand their global footprint. With these policy measures, the government has reaffirmed its commitment to making India a leading player in global trade while empowering MSMEs with the right financial and digital infrastructure to compete internationally.”

Munindra Verma, CEO, M1 NXT
“The Union Budget 2025 takes a progressive approach by recognizing exports as a key pillar of economic growth. The establishment of the Export Promotion Mission and Bharat Trade Net as a unified digital public infrastructure will significantly enhance trade facilitation, and help MSMEs build a strong digital trail, enhancing the trust of financial institutions in their businesses. With digital documentation, transparency in trade transactions will improve, leading to greater credit infusion and improving access to export credit and cross-border factoring support for a better financial inclusion for MSMEs.
We believe that the emphasis on easing financial bottlenecks for exporters, particularly MSMEs, will be beneficial in long term. Further addressing non-tariff barriers will strengthen India’s global trade competitiveness. With simplified access to trade finance and seamless digital documentation will be instrumental in driving efficiency, liquidity, and ease of doing business in international markets. These measures mark a crucial step toward positioning India as a stronger player in global trade.”

Gurjodhpal Singh, CEO, Tide India: (MSME)
“The Union Budget 2024-25 has made notable progress in addressing the needs of MSMEs, aligning with several key expectations. The enhancement of investment and turnover limits for MSME classification by 2.5 and 2 times, respectively, is a forward-looking step that will encourage scalability and job creation, particularly for the youth. This move is likely to instill confidence in MSMEs to expand their operations and contribute more significantly to employment generation.
The substantial increase in credit guarantee cover—up to ₹10 crore for Micro and Small Enterprises and ₹20 crore for Startups—addresses the persistent challenge of access to capital. The introduction of customized Credit Cards for micro-enterprises is another positive step, simplifying funding and fostering operational efficiency. Additionally, the budget’s emphasis on inclusivity, through schemes offering term loans up to ₹2 crore for women, SCs, and STs first-time entrepreneurs, alongside online capacity-building programs, is commendable. The recognition of gig workers through identity cards and healthcare benefits under PM Jan Arogya Yojana further supports the new-age services economy.
However, the budget falls short in certain areas. A more focused approach to leveraging AI in business and fintech partnerships could have significantly improved access to credit for MSMEs. While initiatives like transforming India Post into a public logistics organization and leveraging rural post offices for economic growth indirectly promote digitization, a direct push for AI-driven solutions would have been more impactful. Additionally, explicit tax reforms to ease compliance burdens on MSMEs remain unaddressed, which could have further strengthened the sector.
Overall, the budget lays a solid foundation for MSME growth, with a focus on credit availability, scalability, and inclusivity. While it misses opportunities to address AI integration and tax reforms, the measures announced are poised to empower MSMEs to drive economic recovery, job creation, and India’s vision of becoming a global manufacturing hub. The success of these initiatives will depend on effective implementation and continued focus on addressing gaps in the future.”

Pallavi Shrivastava, Co-founder, Progcap
“Progcap welcomes the Union Budget 2025, which strengthens the foundation for MSME growth by addressing long-standing challenges in access to credit, scalability, and global competitiveness.
A major highlight of this budget is the enhanced Priority Sector Lending (PSL) classification, with investment limits increased by 2.5 times and turnover limits doubled. This change expands the pool of MSMEs eligible for PSL-linked credit, incentivizing financial institutions to direct more funding into the sector. With more MSMEs qualifying for PSL benefits, businesses will have better access to affordable capital, reducing their reliance on high-cost borrowing and fostering long-term growth.
For years, one of the biggest hurdles for MSMEs has been securing timely and adequate credit. The expansion of the credit guarantee cover for micro enterprises from ₹5 crore to ₹10 crore is a critical move, unlocking ₹1.5 lakh crore in additional lending over the next five years. This gives financial institutions greater confidence to extend credit to underserved businesses, enabling them to access working capital without collateral.
The introduction of customised credit cards with a ₹5 lakh limit for micro enterprises registered on the Udyam Portal is another step toward financial flexibility. Many small businesses operate with irregular cash flows, and these cards will give them a structured, accessible way to manage short-term expenses. This allows credit distribution at the last mile to an even wider segment of the market.
The budget also introduces a new scheme offering term loans of up to ₹2 crore for first-time women, Scheduled Castes (SC), and Scheduled Tribes (ST) entrepreneurs. Historically, these groups have encountered barriers such as limited access to capital and inadequate managerial support, hindering entrepreneurial pursuits. This initiative not only provides financial assistance but also includes online capacity building for entrepreneurship and managerial skills, empowering marginalized groups to establish and grow their businesses.
With MSMEs contributing 45% to India’s exports, the newly announced export promotion mission will help businesses navigate non-tariff barriers and expand globally. As MSMEs scale up to meet global demand, they will need stronger financial, technical, and skilling support.
We believe these budgetary measures will catalyse the next wave of MSME growth, fostering a more inclusive and resilient financial ecosystem. Progcap looks forward to working with MSMEs to leverage these opportunities, ensuring they have the credit, flexibility, and support needed to grow, innovate, and thrive.”

Anuj Khurana, Co-founder & CEO, Anaptyss Inc.
Budget FY26 reiterates India’s commitment to promote long-term economic resilience through improved capital access, streamlined regulations, and deep-tech innovation. With doubled loan limits up to ₹20 crore and the expansion of credit guarantees, industry players received the much-needed financial impetus to foster sectoral growth. Another positive step is the ₹10,000 crore allocation to drive stimulus, which will give high-potential businesses, specifically those in Fintech and BFSI the runway they need to develop and expand.
Interestingly, the focus on education and skill development through the new centres of excellence, expansion of IIT infrastructure and AI Center for Education will help enhance the country’s skill dividend. And on the other hand, the new national framework to promote GCCs in emerging Tier-2 cities will propel new opportunities for the services industry, including in the highly competitive and delivery-driven financial services sector.This initiative will enhance value delivery to customers by expanding reach into niche talent pools and leveraging economies of scale.
Overall, these imperatives will augment our capabilities in automation, risk management, and regulatory technology, elevating our delivery capabilities for the financial services industry on a global scale. In addition to structured investments in deep tech, a more simplified regulatory framework would have encouraged improved efficiency, security, and innovation.
Today’s budget definitely lays a solid foundation, however, some other measures which would have propelled the financial services sector like streamlining credit access, funding for fintech innovations & digital banking infrastructure, and incentivising R&D would have been an added bonus.

Mr. Akarsh K. Hebbar, Global Managing Director, Vedanta Semiconductors and Display; Managing Director, AvanStrate Inc.
“The Union Budget continues to incentivise incremental contribution from the manufacturing sector in India’s journey toward Viksit Bharat, strengthening the Make in India vision and positioning the country as a global manufacturing destination. The strategic push for MSMEs, increased investment thresholds and targeted incentives for electronics manufacturing will accelerate India’s integration into global value chains. Along with exemptions for key components like lithium-ion batteries and mobile phone parts, the doubling of BCD on Flat LED TV panels will incentivise competitiveness, innovation and value creation in domestic high-tech electronics manufacturing, especially display manufacturing.
Further, the allocation of ₹500 crore for the establishment of a Centre of Excellence in Artificial Intelligence for education is a strong step toward cultivating skilled AI talent in emerging technologies, strengthening India’s leadership in artificial intelligence. Along with five National Skilling Centres of Excellence, these initiatives will empower India’s youth with future-ready skills, opening doors to high-value careers and strengthening the nation’s focus on advanced technology manufacturing.”

Mr. Gautam Bali, MD and Founder, Vestige Marketing Pvt. Ltd
“At Vestige, we align with the Union Budget 2025-26, as the government emphasizes self-reliance and entrepreneurial growth. The budget’s focus on empowering women and youth resonates with our mission to help these groups achieve financial independence. Increased support for these demographics is expected to drive greater participation in the direct selling sector. A standout initiative, the establishment of five National Centre for Excellence, will equip youth and women with world-class skills, enabling them to seize significant opportunities. These efforts will provide a much-needed push toward skill development, entrepreneurial growth, and managerial capabilities. With the rapid growth in health and wellness products, the budget’s emphasis on health, entrepreneurship, and economic empowerment presents a strong opportunity for Vestige. By capitalizing on these evolving categories, we can strengthen our market presence and sync with the expanding health and wellness movement. Additionally, the budget’s tax reductions for the middle class will put more money in their hands, stimulating household consumption, savings, and investment. This creates a favourable environment for the direct selling sector, offering new opportunities to expand reach and empower individuals to engage in entrepreneurial ventures.”

Dr. Sanjeev Kumar, President- ADSEI
“The Union Budget 2025-26 reinforces India’s vision of self-reliance and global competitiveness through its focus on skilling, manufacturing, and entrepreneurship. The establishment of five National Centres for Excellence is a landmark initiative that will equip the workforce with world-class skills, enabling them to seize global opportunities. This aligns closely with the Direct Selling industry’s mission of empowering individuals—especially youth and women—by fostering entrepreneurship and leadership. As a key contributor to MSME growth and local employment, the Direct Selling sector welcomes the government’s commitment to ‘Make for India, Make for the World’ and remains dedicated to supporting India’s economic progress through skill-driven, sustainable business opportunities.”

Founder and CEO, Sanandan Sudhir, On2Cook
The Finance Minister spoke today about the need to strengthen India’s global positioning, and I must say that it is in sync with our expectation of facilitating measures that could make India a global leader in innovation. We welcome the budgetary allocation of Rs 20000 crore to promote innovation in India and the announcement on the fund of funds for next generation entrepreneurs. The National Framework to promote global capabilities in tier 2 cities and the proposal for Centres of Excellence in AI for Education are also steps that will work towards enhancing capabilities, especially amid the era of Industry 4.0. So will the setting up of the Bharat Trade Net, a unified logistics interface platform to enhance international trade. We request the government to reconsider the tax regime in the near future and introduce lower GST rates for sustainable, innovative products with global patents. The industry will also benefit from subsidizing international certification costs like UL and CE to ease market entry for export-focused startups, and the streamlining of compliance processes to reduce delays and foster faster scaling of innovative technologies.

Mr Leo Peter Charles, Founder & Managing Director at Jane Solutions -Supply Chain Management Company:
“In a major push for India’s maritime sector, Finance Minister Nirmala Sitharaman announced new provisions and facilities to enhance shipbuilding in India as part of the Union Budget 2025. This initiative is set to improve supply chain efficiency and strengthen the country’s logistics network.
With improved shipbuilding capabilities, India can expand its shipping fleet, reduce dependency on foreign vessels, and lower logistics costs. This will particularly benefit fisheries and agri-export sectors, ensuring faster, more cost-effective global trade. Strengthening domestic shipbuilding also supports port infrastructure and coastal connectivity, boosting India’s trade competitiveness worldwide.”

Mr Harsh Talwar, Founder & CEO, Cashforphone- Online Retail Tech Startup Company:
“The 2025 Budget holds promising avenues for startups and the retail industry, especially those companies that specialize in sustainable and technology-based services such as mobile phone recycling, repair, and resale. The incorporation period of five years for startups and an increased Credit Guarantee Scheme of ₹20 crore will provide much-needed financial support to emerging businesses and spur innovation and growth in the circular economy.
The removal of TCS on certain transactions,coupled with the simplification of tax compliance, will ease complexity in operations, thereby making business transactions in the refurbished mobile phone market smoother. Reducing the BCD on crucial minerals such as lithium-ion battery waste and scrap, as done by the government, is a step in the right direction and is likely to fortify the electronics recycling industry in general to use resources appropriately and sustainably.
This budget further cements India’s commitment to developing a robust, technology-driven retail ecosystem by pushing ease of doing business and further reinforcing financial support for startups. We look forward to using these reforms to drive the adoption of refurbished and recycled mobile devices into a wider consumer base while supporting India’s green economy.”

Mr Sarvesh Mutha, MD, IntegriMedical, on Union Budget 2025:
“This year’s budget lays a strong foundation for the future of India’s healthcare and medical innovation. Key measures like the expansion of medical education, establishment of Cancer Day Care Centres, and government’s commitment to promoting research and innovation provide a significant boost to the healthcare sector​. But the real catalyst lies in the government’s focus on deep-tech and healthcare infrastructure. As a company dedicated to innovative healthcare solutions, we are encouraged by these initiatives and are eager to contribute to this transformative journey. By investing in healthcare infrastructure, skill development, and research, this budget takes meaningful steps toward making advanced healthcare more accessible for all.”

Dr. Himani Narula Khanna, Developmental Behavioural Paediatrician and Adolescent Mental Health Expert, Co-founder of Continua Kids
The healthcare sector welcomes the Union Budget 2025, recognizing it as a people-friendly and pro-development initiative. It is reassuring to see the government’s continued focus on ensuring access to high-quality, affordable, and comprehensive healthcare.
Beyond healthcare, the budget also prioritizes public education and infrastructure. Finance Minister Nirmala Sitharaman announced that under the BharatNet project, broadband connectivity will be provided to all government secondary schools and primary health centers in rural areas. She emphasized that a “Viksit Bharat” will be defined by zero poverty, quality education, and accessible, high-quality healthcare.
Building on last year’s initiatives, this budget also focuses on cancer care, with plans to establish Day Care Cancer Centres in all district hospitals over the next three years—200 centers will be set up in FY 2025-26. Additionally, gig workers will now have access to healthcare under the Pradhan Mantri Jan Arogya Yojana (PM-JAY), benefiting nearly 1 crore workers. The government also aims to promote medical tourism and the Heal in India initiative through private-sector partnerships, capacity building, and streamlined visa norms.
While these initiatives are praiseworthy, the budget could have adopted a more holistic strategy to tackle broader healthcare challenges. Mental health remains a pressing issue in India, and I had hoped for the introduction of specific programs dedicated to children’s mental well-being. Ultimately, our children represent the future of our nation, and prioritizing their mental health is imperative.

Dr. Puja Kapoor, Pediatric Neurologist, Director, and Co-Founder of Continua Kids
The healthcare industry appreciates the Union Budget 2025, introduced by Finance Minister Smt. Nirmala Sitharaman. This year’s budget is particularly significant for its emphasis on empowering women, fostering rural development, and supporting the nation’s youth. A key provision is the exemption of 36 life-saving medications for cancer and rare diseases from basic duties, which will enhance accessibility for patients in need.
Moreover, initiatives such as medical tourism and the Heal in India program will be fostered through collaborations with the private sector, capacity development, and streamlined visa processes. The Saksham Anganwadi and Poshan 2.0 initiatives will deliver vital nutritional support to 80 million children, 10 million mothers, and 2 million adolescent girls, focusing on the needs of lactating women, adolescent girls, and young children. Additionally, gig workers will gain access to healthcare services under the Pradhan Mantri Jan Arogya Yojana (PM-JAY), benefiting approximately 10 million workers.
While these measures are commendable, I had hoped for greater attention to children’s health, particularly for autistic children, who continue to face social stigma. It would have been beneficial if the financial burden had been shared by including the cost of therapy under some scheme. I hope that future budgets will address this crucial aspect of healthcare.

Mr. Sanjay Shirodkar, Co-Founder, Wavar
“The Union Budget 2025-26 reinforces the government’s commitment to sustainable agriculture and farmer empowerment. The introduction of the PM Dhan Dhanya Krishi Yojana and the enhanced credit support for farmers are welcome steps that will drive innovation and technology adoption in the sector. As a company dedicated to Integrated Pest Management (IPM) solutions, we see these initiatives as catalysts for a more resilient and eco-friendly agricultural ecosystem. By prioritizing sustainability, the budget lays the foundation for long-term agricultural growth, ensuring better productivity and profitability for farmers.”

Ms. Praveena Rai, MD & CEO, MCX
The Union Budget 2025 reflects the Government’s vision for moving towards a stronger and more resilient economy. The focus on tax rationalization and people skilling will spur consumption and economic growth.
We appreciate the Government’s commitment to enhance productivity in agriculture, support MSMEs, boost manufacturing and secure energy supplies. Specifically, the announcement made on removal of Basic Customs Duty on waste and scrap of metal commodities like Copper, Lead, Zinc and others has the potential to boost the circular economy, enhance raw material supplies and support domestic manufacturing.”

Ganesh Raju, Founder, Turbostart Global
“The 2025 Budget presents a pragmatic approach to startup growth. The new ₹10,000 crore Fund of Funds, combined with streamlined business registration processes, shows that we’re moving beyond mere funding to creating an enabling environment for innovation. The emphasis on credit access, particularly the 1% guarantee fee for loans up to ₹20 crore in 27 key sectors, could be transformative for startups working on capital-intensive solutions in manufacturing, deep tech, and other strategic sectors. This is crucial as we see a shift from pure digital plays to more complex, innovation-driven ventures. However, the real test lies in implementation. While compliance reduction is a step in the right direction, startups need a more fundamental ease of doing business – faster fund deployment, clearer regulatory frameworks, and simpler tax structures. These are critical for early-stage ventures where time and resources are always at a premium. As we look ahead, these measures could help India move beyond being just a large startup hub to becoming a global innovation powerhouse.,”

Mr. Soumitra Gupta, Founder & CEO of Aforeserve
The Union Budget 2025-26 shows a clear focus on supporting MSMEs and strengthening the manufacturing sector, which is key to India’s economic growth. The revision of MSME classification criteria and the increase in credit guarantee cover will make it easier for businesses to access funds, helping them expand and create jobs. The introduction of customized credit cards for micro-enterprises and the new scheme for first-time entrepreneurs will encourage small businesses, especially those led by women and marginalized communities. The National Manufacturing Mission and support for clean tech manufacturing will boost domestic production and promote sustainable growth. These measures will improve business operations and help India become a stronger player in global manufacturing. Aforeserve appreciates the government’s approach to strengthening MSMEs, driving innovation, and creating more employment opportunities.

Sujit Jagirdar, Interim CEO of T-Hub
Our central government has come out with new initiatives in the Union Budget to support the startup ecosystem here in India. The allocation of a ₹10,000 crore corpus for the Startup India initiative, along with moderated guarantee fees and loan provisions ranging from ₹10 crore to ₹20 crore, aims to provide startups with financial resources to grow and innovate. The focus on 27 sectors important for ‘Atmanirbhar Bharat’ is intended to support ventures in areas like deep-tech and AI. This initiative represents a step towards enhancing India’s entrepreneurial landscape & seeks to advance the startup ecosystem and innovation in India.”

Rahul Paith, CEO, DST MATH
This year’s Union Budget 2025 signals a progressive shift in India’s startup landscape, particularly for research-driven and deep-tech ventures. The introduction of a ₹10,000 crore corpus, combined with structured loan mechanisms and a 1% moderated guarantee fee, addresses a critical gap in the funding lifecycle of high-impact startups. By prioritizing 27 key sectors, the government is ensuring that innovation is directed toward strategic areas essential for India’s self-reliance and global competitiveness. For startups in AI, quantum computing, space tech, and biotech, access to patient capital and sector-specific support is crucial for long-term scalability. At DST MATH, we remain committed to fostering research-led innovation, bridging the gap between academia and industry, and supporting visionary entrepreneurs who are building solutions for the future. This initiative is a step in the right direction, and we look forward to working closely with the ecosystem to drive impactful outcomes.”

Subbu Subramanian, Country Director – India, Dynatrace
India is taking a bold leap with the Union Budget for the year 2025-26, continuing on her path to becoming a frontrunner for global technology and innovation. The government has reiterated its focus on skilling, as well as AI integration and is understandable, as it allows India to harness the massive human resource and allows the demand of the youth to participate in high paying high value jobs. The budget looks to address, the presently dire need for a workforce that is ready for the future, by putting towards resources that can establish Centres of Excellence in AI and further expanding skilling initiatives. These measures are not only designed to help close the prevailing skill gaps, but they will also enable our youth to succeed in an AI-driven economy. Additionally, investments made towards the digital infrastructure and AI technologies will allow for the effortless advancement of innovation, greater operational efficiency, and the expansion of new business opportunities in emerging fields. As businesses adopt AI at an increasing rate, the demand for professionals versed in AI observability, automation, cloud-native technologies, and cyber security continues to grow. At Dynatrace, we are excited about the potential these initiatives hold for fostering innovation in the tech sector sustainably. In the long run, this will greatly benefit India and aid it in positioning itself as a leader in the global digital economy.

Dr. Jitin Chadha, Founder & CEO of the Indian Institute of Art and Design (IIAD)
A study by the All India Council for Technical Education (AICTE) reveals a 40% increase in demand for art and design courses over the past decade. This shift underscores a growing recognition of creative fields as essential contributors to the economy, driven by evolving societal perceptions and industry demands. As the government prepares to present the Union Budget 2025-26, a crucial question arises: Will this momentum be reinforced with the necessary policy and financial backing to elevate design education in India?
The proposed allocation of ₹50,077.95 crores for higher education signals a commitment to the sector. While an increase in absolute spending is encouraging, a more strategic focus on digital infrastructure, immersive learning tools and research grants tailored to design disciplines is imperative to strengthen India’s creative economy. Over the past five years, funding for higher education has grown from ₹38,572 crores in 2020-21 to ₹50,077.95 crores in 2025-26—a nearly 30% increase.
Allocation of ₹500 crore to set up Centers of Excellence (CoE) for Artificial Intelligence (AI) presents an opportunity, furthering India’s vision for technological development. AI is no longer a peripheral tool but a transformative force—reshaping generative design, intelligent assistance and user experience simulations. With the right academic-industry partnerships, these CoEs can position India as a leader in AI-driven design innovation. Similarly, the establishment of 50,000 Atal Tinkering Labs could serve as a breeding ground for future designers if these spaces integrate creative problem-solving and prototyping methodologies.
A key financial reform, the removal of TCS on educational remittances for students availing loans, is another positive step. While it benefits those pursuing international education, an equally critical need exists for domestic financial aid, scholarship and interest subsidies to ensure equitable access to quality design education in India.
Allocation of ₹1 lakh crore by the National Research Fund underscores a commitment to the Research and Development (R&D) sector. Yet, a dedicated fund for design research remains absent. With India’s R&D expenditure at 0.65% of GDP, well below global leaders at around 2%, increasing this investment over the next five years could drive innovation. Design would play a key role in bridging research and real-world applications.
The budget reflects progress in skill development and digital transformation, but a dedicated strategy for design education is yet to be realized. A forward-thinking approach—emphasising targeted research funding, industry-aligned curricula, faculty upskilling and enhanced financial support for students—is quintessential to leverage the full potential of the design industry.
The rising demand for design education signals a shift in the way our nation perceives creativity—as a fundamental driver of innovation and economic growth. With the right strategic investments, the Union Budget 2025-26 can establish a design ecosystem that empowers India’s creative talent to lead on the global stage.

Mr. Rakesh Goyal, Director, Probus
“The decision to raise the FDI limit to 100% is a transformative step that will attract capital inflows, drive innovation, and enhance industry competitiveness. Additionally, reducing the corporate tax rate for several foreign companies from 40% to 35% is a positive move that may encourage global businesses to invest in India.
However, while increasing foreign ownership from 74% to 100% is significant, challenges in ease of doing business remain. Foreign insurers are still cautious due to a deteriorating business environment in India, which may hinder substantial investments. Large-scale economic measures for growth and development are essential, but ensuring a stable and investor-friendly ecosystem is equally critical to unlocking the sector’s full potential”.