Discover what industry leaders have to say about their expectations and priorities for the upcoming budget. This collection of insights sheds light on the key reforms, policies, and support measures that could drive growth and innovation across sectors.

Amit Chadha, CEO & Managing Director, L&T Technology Services and NASSCOM Executive Council member, L&T Technology Services
“India’s growth trajectory is at an exciting juncture, and we anticipate that the upcoming budget will play a crucial role in fostering technological advancements. The Government of India’s efforts to drive economic growth and promote innovation has been noteworthy. The Production Linked Incentive (PLI) Scheme has been a significant step in boosting manufacturing capabilities and encouraging investment.

At LTTS, we strongly believe that the government’s sustained emphasis on incentivizing investments in R&D and creating a conducive ecosystem for technology-led advancements can unlock immense potential for engineering services firms. Such initiatives will not only strengthen India’s standing as a preferred destination for global ER&D but also catalyze economic growth by delivering value across sectors like manufacturing, energy, and mobility. We expect the budget to further accelerate India’s growth momentum by introducing policies that promote investments in research and development, digital transformation and advanced skill development.

We are optimistic that the budget will introduce policies supporting innovation, sustainability, and growth, aligning with initiatives like the National Green Hydrogen Mission. This will likely foster a business-friendly environment, boosting investments in research and development, digital transformation, and skill development, ultimately driving India’s growth momentum forward.”

Ms. Smitha Shetty, APAC Regional Director at Achilles Information Ltd.
“As India navigates the challenges of a cyclical economic slowdown, marked by decelerating consumption and reduced capital expenditure across both private and public sectors, particularly in manufacturing and infrastructure, the upcoming budget offers a valuable opportunity to foster sustainable growth. At Achilles, we believe that integrating sustainability into India’s economic fabric is not just the right thing to do but a cornerstone for long-term prosperity.

This budget has the potential to empower businesses, especially MSMEs, to overcome challenges such as limited resources and awareness in adopting green practices like renewable energy adoption, waste reduction technologies, and sustainable supply chain management. We hope to see measures such as easier access to green financing for MSMEs, tax benefits for environmentally friendly investments, and the creation of a robust Green Credit and Carbon Market framework to incentivize sustainable investments and enable businesses to offset emissions.

Additionally, promoting supply chain transparency can support responsible sourcing, reduce environmental impact, and strengthen resilience against future uncertainties—all while advancing India’s Net Zero 2070 vision. We urge the government to introduce practical, actionable policies that empower businesses to transition toward sustainability seamlessly and inclusively, contributing to a greener, more resilient future for India.”

Arun Balasubramanian, VP & MD, India & South Asia, UiPath
“With the union budget right around the corner, we are confident that the Government of India (GOI) will continue its efforts to achieve Viksit Bharat. The IMF has recently updated its forecast for India, now projecting a growth rate of 6.5 percent for FY26, driven by robust domestic demand and an expanding young workforce.
A key area for the GOI to make significant strides is investing in AI and agentic automation to enhance productivity and efficiency, which is crucial for our economic growth. Gartner predicts that AI investments in India will reach around $7.8 billion this year which proves the catalytic nature of the technology. Moreover, providing export incentives for Global Capability Centers (GCCs) will help boost our IT sector. This support will help these centers expand their operations and increase their contributions to India’s export revenues. We also expect the GOI to increase investments in reskilling initiatives focused on AI, automation, IoT, data analytics, robotics and cloud computing. Such initiatives will be essential for India to become the world’s leader in software technology.”

Mr. Lokesh Nigam, CEO and Co-Founder, Konverz.ai
“As we look ahead to the Union Budget 2025-26, it’s prominent that AI is transforming employment opportunities and the economy. Technologies such as generative AI aim not only to increase efficiency, but also to create new career prospects and improve how we work. According to TeamLease Digital, AI has the potential to add $500 billion to India’s GDP by 2035, which is a significant opportunity for all of us. To fully realize this potential, we need to ensure that AI is used ethically. Clear norms and ethical guidelines will help to ensure that artificial intelligence is fair, unbiased, and respects privacy. Along with that, we cannot neglect the necessity for reskilling. As NASSCOM points out, up to 40% of India’s workforce will require upskilling by 2025.

Therefore, it is imperative that the government provide funding for AI research top priority as we get ready for the 2025–2026 budget, particularly in fields like HR technology. We can develop a workforce prepared for the future and establish India as a global leader in AI and digital transformation by emphasizing innovation, reskilling, and ethical AI practices. This is our opportunity to build a more skilled, efficient, and inclusive job market in the future.”

Mr. Satish Shukla, Co-founder, Addverb
“India is at a pivotal point in its economic trajectory. A combination of policy stability, deepening economic reforms, robust domestic consumption and favourable demographic dividend has led to India becoming the fifth-largest global economy with a GDP of around $4 trillion. In this revolutionising journey, AI and automation are expected to play transformative roles in industries such as manufacturing, logistics, and warehousing. These technologies improve efficiency, optimize operations, and lower costs, resulting in considerable prospects for growth.

We hope the Union Budget 2025 includes initiatives to encourage the deployment of AI and automation across industries. Tax breaks for deploying robotics and AI solutions, subsidies for technology-driven initiatives, and increased investment for R&D can all help to hasten this transformation. Furthermore, investing in skill development programs dedicated to AI and automation will prepare the workforce to accept these innovations. Furthermore, focusing on infrastructure development to support automation—such as smart factories and AI-powered supply chains—will allow industries to scale more effectively. India’s goal to use technological advancements for the fair and human-centered development of businesses, economies, and society is in line with its support for a future in which technology acts as a bridge rather than a barrier.”

Sunil Sharma, Vice President – Sales, Sophos India & SAARC
“With the recent introduction of the Digital Personal Data Protection (DPDP) Act rules, India has made significant strides in establishing a strong foundation for data protection and privacy. Ahead of the Union Budget 2025-26, we look forward to measures that will further strengthen the nation’s cybersecurity framework.

As the nation increases its investments in digital transformation and integration of artificial intelligence, it increases the need for proactive cybersecurity measures. Data breaches have taken over the news in the past year as critical sectors have been targeted. Adding to the threat of exploited vulnerabilities such as malicious links or confidential data being leaked, enterprises and employees alike have had to reconsider whether what meets the eye is the truth due to highly advanced deepfakes.

Investments in cutting-edge threat detection, incentivising secure digital practices, and fostering innovation in cyber resilience could greatly complement the country’s digital transformation journey. Additionally, as enterprises take on digital transformation or AI adoption, the focus on cybersecurity may fall by the wayside as there is a gap between supply and demand of skilled cybersecurity resources. Mitigating this issue requires investments in cybersecurity courses in educational institutes as well as continuous skilling opportunities for those already working. This will ensure that enterprises remains abreast with knowledge about all possible risks as well as the solutions.

With advancements in proactive cybersecurity, India can reinforce trust in its digital economy while ensuring sustainable growth in a rapidly evolving cyber landscape.”

Mr. Nirav Choksi, CEO & Co-founder at CredAble
“Ahead of India’s Union Budget 2025, the nation is at a critical juncture with growth unexpectedly pegged at 5.4% in the second quarter. This is a result of weak export performance owing to the impact of geopolitical events on global supply chains.

Over the last few years, the government has undertaken several commendable initiatives to enhance the ease of doing business and ensure regulatory clarity.

In line with this, simplifying tax structures and ensuring more clarity in compliance requirements for startups and MSMEs will instil greater confidence in India’s legal and economic systems.

India’s capital markets have emerged as one of the best-performing markets in 2024. To ensure FinTechs and other players in the financial services sector achieve momentous growth in the coming years, we hope the budget will introduce policies for enhancing financial inclusion and creating a more robust risk management framework.

On the broader economic front, we look forward to more financial incentives such as subsidies and tax reliefs to reduce entry barriers for MSMEs and enable broader participation. Additionally, performance-linked benchmarks and targeted benefits, including easing the delivery of credit, will be crucial to propelling the MSME sector to new heights.”

MSME lending
“The Union Budget 2025 presents a critical opportunity to empower millions of entrepreneurs and create a more resilient and dynamic Indian economy.

Considering how affordable and timely access to financing remains a priority for the MSME sector, we hope the government takes a comprehensive review of MSME schemes. Credit to the MSME sector recorded impressive growth in Q2 2025, aligning with the sector’s increased investments towards business expansion.

While a slew of policy announcements in the past have catered to the short- and medium-term credit needs of MSMEs, we are anticipating policy measures that will strengthen the digital infrastructure and ease credit access to support MSME growth.

AI-driven credit decisioning, an increase in the guaranteed coverage under CGTMSE, and subsidies to introduce innovative lending solutions will empower MSMEs to access credit without hurdles and foster inclusive economic progress. Government initiatives that support skill development and enhance participation across all tiers of the manufacturing ecosystem will further enable MSMEs to seize trade opportunities across global trade corridors.”

Fintech and Digital Lending
“With expectations running high for India’s Union Budget 2025, the FinTech sector calls for forward-looking policies that will create a conducive environment and support innovation in key areas like digital lending, while ensuring data security and consumer protection.

A lot remains to be done to bring the underbanked segments like MSMEs into the financial mainstream. The Union Budget can aid India’s FinTech sector to unlock the next phase of the digital lending revolution with supportive measures, clearer regulations, and tax exemptions.

FinTech platforms aim to further augment digital lending offerings with highly personalised credit solutions and flexible repayment schemes.

While UPI has pushed the envelope with innovations like credit payments, and international integration, the upcoming Budget presents an opportunity for measures that will encourage digital lenders to capitalise on this strong foundation. We expect policies that will catalyse innovation and enable FinTech players to strengthen market trust and offer long-term value by redefining credit accessibility and adopting fairer practices.”

Anand Jain, Co-Founder and Chief Product Officer, CleverTap
“With the upcoming budget, it’s crucial to prioritize emerging sectors like SaaS, Web3, and AI. Together, they are transforming industries and positioning India as a global technology leader. Clear regulatory frameworks for digital assets, smart contracts, and SaaS platforms will help foster innovation, attract investment, and enhance competition in these high-growth areas. As a SaaS company, we see immense potential in policies that drive the adoption of cutting-edge technologies like AI. Initiatives such as the Centers of Excellence for Artificial Intelligence, the INDIAai mission and the ‘Make AI in India’ programs are commendable. Expanding incentives for AI-driven solutions across governance, education, and healthcare could further accelerate India’s digital transformation and solidify its leadership in the global AI landscape.

At the same time, the reduction in LTCG tax rates for unlisted shares to 12.5% last year was a positive step. Simplifying compliance, stimulating innovation, and ensuring access to funding are essential fo rempowering startups and MSMEs to create transformative solutions for the world. Additionally, extending the ESOP tax deferment policy to all DPIIT-recognized startups would also help attract and retain top talent, addressing a critical challenge in today’s ecosystem.

From a broader perspective, revisiting income tax slabs should also be a priority. With rising living expenses significantly reducing disposable income, consumption has slowed, impacting economic momentum. Providing relief through taxation adjustments would help ease financial pressures, encourage spending, and drive growth across sectors. A more progressive framework could further boost demand, benefiting businesses, including startups and MSMEs.

Dinkar Sharma, Company Secretary & Partner, Jotwani Associates
We expect the Union Budget 2024-2025 to focus on creating a more business friendly environment by promoting ease of compliance for businesses. We recommend rationalizing GST slabs to simplify indirect taxation and broadening the tax base by leveraging technology for enhanced compliance. Additionally, targeted incentives for startups and MSMEs, particularly in the tech and green energy sectors, could fuel growth. Emphasizing infrastructure development and tax relief for individuals, especially for those who opt for a new tax regime, would further boost consumption and investment, driving overall economic momentum.

Dinesh Jotwani, Co-Managing Partner, Jotwani Associates
We expect the Union Budget 2025-2026 to address key legal and financial challenges to enhance ease of doing business and promote economic growth. Strengthening judicial infrastructure, incentivizing alternative dispute resolution mechanisms, and introducing technology-driven reforms in courts could significantly improve access to justice. On the financial front, simplification of tax structures, rationalization of GST rates, and enhanced clarity in compliance requirements for professionals, startups, and MSMEs would bolster confidence in India’s legal and economic framework. Greater alignment between legal and financial policies will be crucial to sustaining investor trust and fostering innovation.

Purusharth Malik – Tech, Smartphones & Digital Marketing Expert
I expect the Union Budget 2024-2025 to prioritize fostering innovation and supporting entrepreneurship through targeted reforms. Simplifying compliance processes for businesses and rationalizing GST rates would not only streamline operations but also enhance ease of doing business.

Incentivizing sectors such as technology, MSMEs, and sustainable energy can create opportunities for growth and employment generation.

Introducing policies to support startups in emerging domains like AI, IoT, and green tech would further strengthen India’s global competitiveness. Infrastructure development, coupled with individual tax relief under the new tax regime, could spur domestic consumption and investment, driving holistic economic progress.

CA Aditya Sesh, Founder and Managing Director of Basiz Fund Services
“We do not expect any significant changes to tax exemptions under provisions like Section 80C, 80D, or 24(b). The likely adjustment could be an increase in the minimum tax slab under the new tax regime, aligning with the government’s focus on simplifying taxation and incentivizing middle-class taxpayers to transition to this framework.
A significant portion of individual tax returns are either nil returns or refund claims, indicating limited revenue potential from this segment. The government’s emphasis is shifting towards enhancing tax compliance and curbing evasion, targeting high-income individuals and businesses avoiding taxes.

On the policy front, the long-awaited new Direct Tax Code might be introduced, potentially modernizing tax laws to reflect contemporary economic realities. Budgetary priorities will likely include support for flagship initiatives like Make in India and Ease of Doing Business, with targeted incentives for the MSME sector, which faces pressing supply-side constraints. Infrastructure development will continue receiving a push, in order to sustain the economic momentum.

While GDP growth has moderated following a period of consistent expansion, the Budget must ensure that the private sector steps up its capital expenditure to complement government efforts in driving economic growth. Addressing bottlenecks in the MSME and manufacturing sectors will be crucial to increasing output and maintaining competitiveness, for a more balanced recovery.”

Mr Udit Yadav, Founder & Director of Satan Digital
“Gear up the youth with tech skills today, so they can rule the jobs of tomorrow!

As we approach the 2025 budget, integrating digital tools into education must be a priority. With India’s GDP projected to grow at 6-6.5% in FY 2025 and the digital economy contributing nearly $250 billion, the time is ripe to invest in building a future-ready workforce. The future of learning lies in a hybrid model that combines the strengths of online platforms and traditional classroom teaching.

For this vision to materialize, the government must focus on enhancing digital infrastructure, especially in rural areas, where only about 40% of households have reliable internet access. This presents a unique opportunity for public-private collaboration to develop innovative educational technologies and skill-building programs. By equipping our youth with digital literacy and tech-driven skills, we can help them meet the demands of the modern workforce and thrive in a global economy. At Satan Digital, we are dedicated to making education accessible, inclusive, and aligned with the needs of tomorrow’s world.”

Piyush Goyal Co-Founder & CEO, Volks Energie
India has embarked upon an ambitious journey of achieving net zero emissions by 2070, and a part of that future is achieving 500 GW of energy from non-fossil fuel forces by 2030. To the same end, we at Volks Energie believe that this year’s budget announcement could be a watershed moment for India’s renewable energy sector, especially solar and green energy.

We expect the budget to introduce incentives for tech breakthroughs and innovations in clean energy. There should also be provisions supporting large-scale investments in solar and wind energy projects, spread across the wide lands and coastlines of India.

At the same time, we recommend that the government introduce subsidies and tax rebates for Battery Energy Storage Systems (BESS), without which stabilizing the grid as more renewable energy gets added, is not possible. The government should also incentivize innovation in battery technology, favoring more up-and-coming battery solutions like LFP and Ni-Cd.

The current ecosystem for renewable energy needs to be strengthened and companies supporting cutting-edge sustainable practices must be empowered with favorable policies and investments to drive long-term sustainable growth. We certainly need a forward-looking budget that prioritizes green and clean energy in 2025.

Dr. Suman Katragadda, CEO, Heaps.ai
“As the Indian government prepares to announce the Union Budget for 2025-26, the healthcare sector anticipates strategic initiatives to drive industry growth and improve public health outcomes. To sustain the growth trajectory and address emerging health challenges, the upcoming budget could focus on investing in preventive care, enhancing care coordination and management, and addressing healthcare gaps in rural areas. There is also an opportunity to accelerate India’s digital and AI revolution while transforming critical areas like healthcare through care coordination. Focused investments in AI infrastructure, regulatory frameworks, and skill development can empower innovation and democratize intelligent solutions. In healthcare, prioritizing AI-driven care coordination can streamline patient journeys, enhance access to quality care, and reduce system inefficiencies”

Thomas Stopper, VP-Asia, Hansgrohe Group
“As we look toward the Union Budget 2025, we expect the Finance Minister to introduce policies that foster sustainable growth in the housing sector, which will, in turn, help align industries like premium lifestyle and home solutions for broader development. A key focus should be on enhancing urban infrastructure, with dedicated funds for sustainable housing projects, smart cities, and eco-friendly home solutions. We anticipate that the Budget will introduce tax incentives for manufacturers focused on sustainability, encouraging the development of products that align with India’s environmental goals. Additionally, reducing GST on luxury home solutions is expected to make them more accessible, driving demand in this segment”.

Ashish Bhutani, CEO, Bhutani Infra
The Union Budget 2025 will be a game-changer for India’s real estate sector, especially in bustling regions of Uttar Pradesh. Areas like Noida are seeing a surge in demand for commercial spaces. The rising demand for commercial properties in areas like Noida, spurred by transformative projects such as the Bayview Bhutani International Film City and Noida International Airport underscores the need for policies that further boost infrastructure and urban development. One major improvement could be introducing single-window clearance systems to fast-track project approvals. It’s a simple step that could save time and cut delays for commercial real estate projects. Another big opportunity lies in making it easier for foreign investors to invest in mixed-use and Grade-A office spaces. Tax breaks for green buildings and smart urban projects can attract global investors and elevate the region’s status as a commercial hub. With strategic government support, real estate can boost job creation and contribute to India’s $5 trillion economy vision.

Pushpamitra Das, Founder & Director, JUSTO
India’s real estate sector plays a crucial role in driving economic growth, contributing significantly to GDP and employment. As the 2025 Union Budget approaches, the industry and stakeholders anticipate measures that could drive growth, address challenges, and ensure sustainability.
· Enhanced affordable housing focus through increased PMAY allocation and tax incentives
· Infrastructure status for real estate sector to enable easier financing
· Potential GST rationalization for under-construction properties for commercial and residential segment
· Higher tax deductions on home loan interest
· Provide tax benefits to Real Estate Investment Trusts (REITs) to encourage retail and institutional participation, boosting commercial real estate.
· Reforms in land acquisition policies and single-window clearance system
· Increased focus on rental housing through tax benefits for both owners and tenants and co living assets
· Extension of SEZ benefits to boost commercial real estate
· Green building incentives through additional tax benefits
A balanced and forward-looking budget can unlock the sector’s true potential while aligning it with the nation’s broader economic goals.

Naina Parekh, Founder, EUME
“The Union Budget 2025 presents a unique opportunity for the Modi 3.0 government to prioritize initiatives that can catalyze the growth of the travel and tourism sector. Beyond ongoing infrastructure projects, it is essential to allocate specific funds for smart tourism solutions, such as digitizing tourist experiences and enhancing public transportation networks to improve accessibility for domestic and international travelers.

Policy measures that encourage niche tourism segments like wellness, adventure, and heritage tourism can help position India as a year-round travel destination. Also, the growing demand for travel accessories, including sustainable and ergonomic solutions, highlights the need for supportive measures. Reducing GST rates for manufacturers in this sector can promote innovation, make products more affordable, and establish India as a leader in the global travel accessory market. Such initiatives align with the government’s vision of building a vibrant, inclusive, and self-reliant economy.”

Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited.
“We anticipate that the upcoming Union Budget will prioritize infrastructure spending, which will significantly benefit our lending segments, particularly small businesses, contractors, and transporters. This focus on infrastructure is expected to lead to a surge in demand for steel, cement, and other materials, further driving demand in vehicle finance and other sectors reliant on bulk materials. This will not only boost economic activity but also create substantial employment opportunities, especially in semi-urban and rural areas. We foresee new vehicle sales growth in Q4 to be in double digits year-on-year, as we expect government spending on infrastructure to be much higher than previous quarters.”

Shashwat Swaroop, Founder, Marmeto.
“As a key enabler of India’s digital economy, the e-commerce industry looks forward to a progressive Union Budget 2025 that fosters growth, innovation, and ease of doing business.

The role of technology is critical in driving India’s growth journey. Initiatives aimed at simplifying regulatory frameworks, reducing operational complexities and promoting technological adoption will further empower businesses to scale efficiently and compete globally. Government initiatives such as the Digital India program, promotion of digital payments, GST simplification, and the Data Protection & Cybersecurity Framework have already laid a solid foundation for e-commerce growth, helping brands establish and expand their online presence. Furthermore, continued focus and investments, especially in Tier II and III cities can bridge accessibility gaps, open up new markets, and create equitable opportunities for both businesses and consumers.

I definitely expect more push around making India more capable and ready for larger semiconductor productions considering the adoption and impact of AI on the ecosystem has been massive with just few players taking the lead currently but if it reaches the mass, it can help us enable easy digital businesses across the rural sectors of India where people are not very tech savvy. Commerce experiences in return can be enhanced further without too much hassle.

A good portion of rural trade comes from small mom and pop stores which don’t generally grow beyond a certain scale and with access to AI agents easily, they can learn to expand and grow their businesses, take them digital, manage operations efficiently and much more. In fact, all this can be done without even having to learn English. Many AI models today are quite good at local languages and can talk to us, take commands, write documents, make suggestions in all major Indian languages like Hindi, Odiya, Bengali, Tamil, Kannada, Gujarati etc.

At the same time with further push to the EV industry, we can also unlock a sustainable and eco-friendly growth of the commerce industry. The 2025 Budget holds the promise of enabling a thriving e-commerce ecosystem, aligning with our nation’s aspirations to achieve a ‘Viksit Bharat’.”

Jatinder Paul Singh, Co-founder and CEO, Viacation
“As we approach the Union Budget 2025, we expect a lot of transformational initiatives that could positively change India’s travel sector. Greater investments in infrastructure would make traveling so much easier, and with it, India’s connectivity to the urban as well as the rural destinations will also be greatly enhanced. Reforms in taxation targeted for the travel and tourism industry would fasten growth with increased domestic as well as international tourism. Incentives for sustainable tourism are also vital, as it would make India the first country to lead eco-friendly travel while retaining our rich cultural heritage. Policies that promote travel within the country will also help local economies and inculcate a sense of community and exploration in citizens. The travel sector requires support for start-ups, as innovative businesses lead to new trends and enhance the travel experience as a whole. The concentration of the tourism human resource upon the skill enhancement and training of these employees can also develop empowerment along with the deliverance of high-quality services. This would develop a stronger stand of India among the globe’s travel destinations. Until now, we await the extent of the budget, which outlines and develops sustainability infrastructure along with policy lines related to economic growth to suffice for all constituents in the tourism chain.”

Ritwik Khare, Founder and CEO, ELIVAAS
“As the Union Budget is on its way, the hospitality industry is looking for an effort to support recovery and growth. One of the industry’s primary expectations is comprehensive tax coverage. A 100% tax coverage across different segments could alleviate financial pressures. It can also ensure that important things like food services, accommodation, and travel are adequately supported. Adjusting the taxation rates can make tourism more attractive and will encourage both domestic and international visitors. India’s robust USD 24 billion hospitality sector, fueled by increasing disposable income and the government’s commitment to tourism infrastructure development, is poised for significant growth. The country’s success in hosting global events like the G20 and the ICC Cricket World Cup has attracted global brands and investors so far, positioning India as a key destination for hospitality development. Hospitality players are ready to open a record number of properties across the country, with emerging destinations like Ayodhya and Lakshadweep set to become popular hotspots this year. Therefore, the hospitality industry also seeks investments in tourism infrastructure and sustainability initiatives, which would not only create new employment opportunities but also increase productivity. The hospitality industry wants to be rescued from high operating costs and provided with an encouraging environment for any business venture, like holiday homes and villas. There is a good future in building well-educated and skilled manpower for the industry through education and training systems in hospitality services. The hospitality community now needs clear policy and fiscal measures that will help it get ready for the new year. Therefore, we expect a balanced budget that is going to promote real estate investment and employment generation in the hospitality sector. This will set us up for a resilient and thriving industry.”

Praveen Singh, CEO, Aasoka (MBD Group)
“As we approach the Union Budget 2025-2026, there is hope for a significant boost in budgetary allocation for education and skill development, ideally reaching 6% of GDP to align with the ambitions of NEP 2020. Such investment will be crucial for enhancing public-private partnerships, expanding skilling initiatives, and creating sustainable employment opportunities that contribute to individual empowerment and national economic growth. With the ambitious GER targets in higher education, leveraging technology and online learning is essential to provide millions of students with access to quality education. This can only be achieved if policies prioritize both accessibility and the consistent improvement of learning outcomes.

Many educational institutions continue to face challenges due to outdated infrastructure and limited technological resources, such as insufficient computer labs and unreliable internet access. Addressing these gaps, along with equipping both students and faculty with the right tools and training, is vital to preparing future generations for a tech-driven job market. A clear policy roadmap is needed to ensure that critical learning skills are delivered effectively from primary to higher education, empowering students to thrive in a rapidly evolving world.”

Aarul Malaviya, Founder, Zamit
“As we approach Budget 2025, we are hopeful that the government will introduce policies that prioritize digital infrastructure, skill development, and inclusive learning. Increased allocations for technology integration in schools, tax incentives for EdTech platforms, and support for teacher training initiatives can drive innovation and accessibility. With a growing focus on future-ready skills, we anticipate measures that strengthen collaboration between industry and academia, enabling India to nurture a workforce equipped for the challenges of tomorrow.”

Mr. Andre Eckholt, Managing Director, Hettich India.
Furniture industry eagerly anticipates its inclusion in the Production Linked Incentive (PLI) scheme. As Previously indicated by the finance minister for inclusion in the furniture industry, this move could modernize the sector, enhance exports, and align with the ‘Make in India’ initiative.
Inclusion in the PLI scheme would enable the industry to invest in capital expenditure (capex) and adopt advanced manufacturing technologies and know how. This modernization could reduce production costs and boost global competitiveness which would be complementary to the introduction of BIS in Furniture fitting sector. This would be a game-changer, modernizing and making Indian furniture a global brand.
We anticipate lower Tax rates of GST and income tax to enhance household savings of the public at large to drive consumer demand and industrial growth.
The sector hopes the Finance Ministry’s announcement will deliver on these expectations, paving the way for growth, innovation, and increased employment opportunities.

Rajeev Kapur, MD, Steelbird Helmets
According to industry estimates, the Indian helmet market is poised to grow significantly, driven by increasing awareness of road safety and stringent government regulations. By 2030, the market is expected to exceed Rs 10,000 crore, with the potential to create over 50 lakh jobs across manufacturing, retail, and allied sectors. While the industry has made remarkable strides, challenges such as affordability, lack of awareness in rural areas, and counterfeit products remain critical hurdles to achieving widespread adoption.

To enhance road safety and boost the adoption of helmets, the government should consider the following recommendations:

1. Compulsory Helmet Mandate for Pillion Riders Calls for the enforcement of a compulsory helmet mandate across all states of India, requiring both riders and pillion passengers to wear helmets.

2. Reduction in GST on Helmets Recommends reducing GST on helmets from 18% to at least 12% to make high-quality safety gear more affordable and accessible.

3. Mandatory Two Helmets with Two-Wheelers Suggest making it mandatory for two-wheeler purchases to include two helmets, ensuring rider and pillion safety.

4. Incentivizing Safety Measures Advocates for Budget 2025 to promote road safety by incentivizing compliance measures for two-wheeler riders.

5. Focus on Infrastructure and Regulations Urges prioritization of infrastructure development and stricter enforcement of safety regulations to foster a safer commuting culture in India.

Ayush Lohia, CEO, Lohia Auto
According to Union Minister Nitin Gadkari, the Indian electric vehicle market is likely to be worth Rs 20 lakh crore and has the potential to create around five crore jobs across the entire EV ecosystem by 2030. While the industry has made significant progress, it still faces critical challenges, particularly in battery manufacturing and charging infrastructure.

To boost the adoption of EVs, the government should consider the following recommendations:
1. First, India lags behind global leaders like China in battery production. The 2025 budget could incentivize local manufacturing through: favourable policies to attract investments in battery production facilities and provide tax incentives and subsidies to reduce dependency on imports.
2. Secondly, to reduce setup costs the government should classify charging stations as part of the “infrastructure industry”. Also, cheaper financing options should be available for the developers.
3. Third, additional tax credits for consumers and businesses would further incentivize EV adoption. While the lower 5% GST on EVs encourages adoption, the 18-28% GST on raw materials creates high working capital demands, increasing the costs unnecessarily. Addressing this taxation disparity and refining policies will create a stronger foundation for the sector’s efficiency and competitiveness, providing a much-needed boost for sustainable growth.

Mr. Pardeep Kumar Siwach, DGM – Mayfair Spring Valley Resort
As the 2025 budget approaches, the tourism industry hopes for a strong focus on better infrastructure and sustainability. Last year’s steps to promote rural tourism and improve connectivity were well-received, and we now look forward to more investments in emerging destinations. Resorts need tax relief on investments and GST adjustments to stay profitable. Funding for skill development and workforce training is also important to improve service quality.

Greater attention to eco-tourism and sustainable practices, along with policies that encourage public-private partnerships, can drive growth in tourism. Improving infrastructure and accessibility in Northeast India will make the region more attractive to visitors, boosting its growth in a sustainable way. Combining eco-tourism with opportunities for MICE (Meetings, Incentives, Conferences, and Exhibitions) events can turn Northeast India into a leading destination for tourism and global events, putting it firmly on the world tourism map.

Mr. Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company
“As a key driver of India’s economic growth, the logistics industry anticipates The Union Budget 2025 to prioritize efficiency and innovation. Simplifying GST, accelerating multi-modal logistics parks, and incentivizing green logistics are essential to align with the National Logistics Policy.

While technology will continue to be the transformative power revolutionizing logistics operations and enhancing connectivity; it is equally important to focus on the training and skill development of aspiring professionals to remain competitive in the digital era.”

Gaurav Dagaonkar, Co-founder & CEO, Hoopr
“Last year’s budget introduced several encouraging measures for the startup ecosystem, such as the extension of tax benefits for startups, a focus on developing digital infrastructure, and the establishment of a ₹1 lakh crore corpus for low-interest loans to startups. Building on this momentum, I am eagerly anticipating the upcoming Union Budget.

For music-tech startups like ours, initiatives that further simplify and strengthen intellectual property regulations, provide access to affordable capital, and incentivize innovation in areas like AI and music technology will be crucial. We need a policy framework that not only supports the growth of India’s ₹10,000 crore creator economy but also fosters responsible innovation and empowers creators to thrive.

I am hopeful that the upcoming budget will continue to create a conducive environment for the music-tech sector to flourish and contribute significantly to India’s economic growth.”

Mr. Rajat Goel, Co-founder and CEO of Eye-Q Superspeciality Hospitals
“As we look forward to the 2025-26 Union Budget, Eye-Q Super-Speciality Eye Hospitals is hopeful for continued reforms in healthcare that prioritize accessibility and affordability. With the growing burden of eye diseases in both rural and urban India, there is an urgent need for increased budgetary allocations towards expanding eye care infrastructure, promoting public awareness, and ensuring cost-effective treatment options. A reduction in GST and import duties on critical medical equipment and supplies would notably lower treatment costs, making advanced eye care services more accessible to the wider population. We also encourage policies that support healthcare financing, enabling more people, particularly in underserved areas, to access the care they need. Furthermore, incentivizing skill development in ophthalmology will be vital in addressing the rising demand for specialized eye care professionals. As a leading eye care hospital chain, we are committed to working towards an inclusive eye care ecosystem and are optimistic that the upcoming budget will reflect policies that enable healthcare providers to offer high-quality, affordable treatments to all”

Ms. Simrat Kathuria, CEO and Head Dietitian at The Diet Xperts
“As we approach the Union Budget 2025-26, we believe that a forward-thinking approach to health and wellness is essential for the nation’s overall prosperity. At TheDietXperts, we advocate for increased investment in public health infrastructure, particularly focusing on preventive healthcare through nutrition education. A focus on integrating personalized dietary counseling services in primary healthcare facilities would not only alleviate the burden on hospitals but also promote long-term wellness at the grassroots level. Moreover, tax incentives for businesses and individuals committed to wellness, including those offering evidence-based nutrition solutions, would be a step in the right direction. The government’s support in fostering a wellness-centric ecosystem is key to ensuring a healthier, more productive workforce. With the right policy initiatives, we can ensure that nutrition and holistic health take center stage in the nation’s development agenda, empowering individuals to lead healthier lives and reduce healthcare costs in the long run”

Dr. Sheetal Jindal- Senior Consultant and Medical Director at Jindal IVF
“As we approach the 2025-26 Union Budget, we look forward to policies that enhance access to advanced healthcare technologies, especially in reproductive health. Given the rising incidence of infertility among Indian couples, the government should consider incentivizing fertility treatments like In Vitro Fertilization (IVF). Tax breaks or subsidies on assisted reproductive technologies (ART) would make these services more accessible, particularly in tier 2 and tier 3 cities. Additionally, comprehensive insurance coverage for fertility treatments is essential to bridge a critical gap in healthcare policies. This should include coverage for multiple IVF cycles, as success often requires repeated attempts. Increased funding for research and training in ART and genetic diagnostics will further drive innovation and improve patient outcomes. At Jindal IVF, we remain hopeful that this year’s budget will prioritize accessible, high-quality reproductive care, paving the way for healthier families and a brighter future for India”

Mr. Nitin Gupta, Co-Founder & CEO of Attero
“India stands at a pivotal moment in its journey toward a recycling revolution, driven by the rapid surge in e-waste generation, which has increased by 73% between 2019 and 2023. The launch of the ‘Critical Minerals Mission’ offers a unique opportunity to address this challenge while building a self-reliant ecosystem for resource recovery.

To further accelerate progress, we strongly advocate the introduction of a Production-Linked Incentive (PLI) scheme for the recycling industry. Such a policy would not only incentivize investments in advanced recycling technologies but also facilitate large-scale capacity building, thereby reducing reliance on imports for critical minerals.

Given China’s dominance as a supplier of critical minerals, India must adopt policies that promote recycling and domestic production to achieve self-sufficiency. Robust policy support for the extraction and utilization of critical minerals from e-waste and Li-ion batteries is essential. This includes focused efforts on the efficient salvaging of high-value materials such as lithium, cobalt, and nickel from end-of-life products like EV batteries and electronic devices. Such measures would enable a seamless framework that integrates extended producer responsibility (EPR) mechanisms with a strengthened value chain to drive the creation of a circular economy.

We also welcome initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program, and we look forward to complementary measures that promote domestic recycling of EV batteries and other e-waste components.”.”

Mr. Saket Gaurav, Chairman & MD, Elista
“The upcoming budget presents a significant opportunity for the government to support the Indian consumer durables industry. Expanding the PLI scheme and reducing import duties on critical components will significantly strengthen domestic production capabilities. Rationalizing GST rates, especially on larger screen televisions currently taxed at 28%, would enhance affordability and encourage the adoption of advanced technology, aligning with the ‘Digital India’ vision.
Better financing options for consumers, coupled with infrastructure development, can further accelerate market growth. Policies aimed at export subsidies and favorable trade agreements will enable Indian brands to expand their global footprint and compete effectively in international markets. We believe these reforms can play a pivotal role in shaping a robust and self-reliant consumer durables ecosystem in India.

Mohit Goel, Managing Director, Omaxe Ltd:
The real estate sector stands at a pivotal juncture, and the 2025 budget must provide the impetus to make housing accessible and sustainable for growth. We are hoping that the government will take measures to help the sector in unlocking its true potential. The government should prioritise fiscal incentives for affordable and mid-segment housing, including tax benefits for developers and buyers and enhanced funding under PMAY. This would not only help the sector maintain its current momentum but also help meet the demand for quality homes. Lower interest rates would make home loans more affordable, encouraging more people to buy homes. Income tax relief would also be beneficial, increasing disposable income and supporting greater spending on real estate. Additionally, infrastructure development in Tier 2 and Tier 3 cities is critical to fostering balanced growth and easing the pressure on metro cities. Finally, reducing excise duty on fuel would help reduce construction costs, which would, in turn, keep housing prices stable. We hope the upcoming budget will address these needs, creating a more sustainable path for the sector’s growth.

Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women’s Wing:
Property prices and construction costs have consistently increased over the years. In this scenario, increasing the tax exemption limit to Rs 5 lakh aligns perfectly with the evolving needs of homebuyers and the market. It will help ensure housing remains accessible and attractive for buyers. This could provide the kind of relief homebuyers need to make owning a home a little more within reach. Another important change that we are looking forward to is the GST input tax credit. Right now, the tax burden on developers is high, and a small adjustment could help ease that pressure. If developers feel less of a strain, it could mean more affordable properties in the market. These steps could make a difference in making housing more accessible for everyone.

Aditya Kushwaha, CEO and Director, Axis Ecorp:
“Last year, the real estate sector witnessed strong growth driven by rising urbanization and increasing demand across affordable, mid-income, and luxury segments. We are hoping that the upcoming budget will prioritise tax relief for homebuyers and streamline regulations. Additionally, introducing tax benefits for those investing in REITs focused on premium commercial or residential assets would encourage more investments and boost the sector. We are also hoping that the government will continue to invest in infrastructure projects. These measures will help the housing sector remain a key contributor to economic progress.

Granting industry status to the real estate sector has been a long-standing demand, and we remain hopeful it will finally be addressed this year. Such a move has the potential to significantly stimulate growth, benefiting numerous ancillary industries, driving job creation, enhancing skill development, and amplifying overall economic activity,”.

Mr. Sumit Singh, CEO and Co-founder of DashLoc
“As the Union Budget 2025 approaches, it is crucial for the government to focus on bolstering the startup ecosystem by reducing regulatory complexities, which often hinder growth. Establishing dedicated IT software parks can provide startups with essential infrastructure and foster innovation. Additionally, simplifying access to loans through banks and government-backed schemes will ensure that startups can secure funding more efficiently, enabling them to scale and contribute significantly to the economy. These measures will create a conducive environment for startups to thrive and position India as a global leader in innovation”

Mr. Sarvagya Mishra, Co-founder & Director at Superbot
“All eyes will be on the Finance Minister as she announced the Union Budget 2025. We believe that this year, we have an incredible opportunity to position India as the global hub for AI innovation and hope that the Union Budget 2025 will give a great boost to AI research, development, and commercialization to drive job creation and economic growth. The government should consider supporting entrepreneurship in the field, by introducing tax rebates and subsidies for AI start-ups in the domain of healthcare, education, and governance – promoting AI innovation in solving real world problems. The budget should look into addressing hyper-local challenges, improving agricultural yield or making education more accessible in India. Furthermore, provisions should also be in place for boosting the AI infrastructure, high-performance computing and skill building in the domain. The government should also consider giving tax rebates to companies investing in skill-based hiring or upskilling initiatives. The focus should also be in promoting start-up-specific investment funds or supporting tokenization models to enhance funding access to early-stage and growth-stage start-ups. The government may also have the critical task of ensuring data privacy, while allowing start-ups to innovate in creating global models of excellence. Government initiatives in promoting global collaboration will help Indian start-ups gain recognition and prominence at a global stage”- Mr. Sarvagya Mishra, Co-founder & Director at Superbot

Mr. Mudit Dandwate, CEO & Co-Founder, Dozee
India must prioritize and invest in becoming the global leader in health AI, driving advancements in digitization, building a connected healthcare ecosystem, and enhancing the manufacturing capacity of indigenous medical devices. This singular focus on health AI leadership can transform the nation’s healthcare landscape, improving quality, infrastructure, and global competitiveness.

The Union Budget 2025 should align with this vision by expanding the Production Linked Incentive (PLI) scheme, investing in AI innovation hubs, and fostering public-private partnerships. Standardizing GST rates at 12% for medical devices and software, alongside increasing customs duties on non-critical imports, will further boost domestic innovation and reduce dependency on imports.

Additionally, by investing in medical tourism—offering access to world-class doctors and facilities at competitive rates—India can position itself as a premier destination for global healthcare, further strengthening its healthcare ecosystem and economy.

India has the talent and technological expertise to lead globally in AI-driven diagnostics, telemedicine, and predictive analytics. With bold policy measures, India can establish itself as a healthcare technology powerhouse, delivering affordable, world-class care while becoming a beacon of innovation for the world

Deepak Pahwa – Chairman, Pahwa Group & Managing Director, Bry-Air
With the Union Budget approaching, the EV sector is optimistic about some major policies and incentives to spur the growth of the segment. The industry players are anticipating developments to boost the affordability and accessibility of EVs across the country this year. In the process, working towards the aspirational goal of making the Indian EV sector a Rs 20 lakh crore market by 2030, there is a need to promote local manufacturing of batteries. The government should focus on framing a robust policy for incentivizing battery manufacturing facilities.

Along with this, initiatives should also be undertaken to exercise GST parity of EV batteries. The industry players are hopeful of a reduction in tax implemented on batteries from 18% to 5%, which is at par with other automotive components. This will be a significant step towards shrinking the overall cost of manufacturing EVs and, likewise, have a cascading effect on driving the affordability of EVs at the same time. Additionally, to add to the resilience of the sector, supporting it with tax incentives propelling green technologies can help India emerge as a global leader in the EV ecosystem.

Mr. Manish Dabkara, Chairman and Managing Director, EKI Energy Services
The industry is anticipating a forward-looking budget from the Ministry of Environment, Forests, and Climate Change, especially with the projected Rs 40 billion allocation—a 3% increase over 2024. This budget presents an opportunity to drive India’s net-zero ambitions through targeted initiatives.

Enhanced renewable energy investments can further accelerate our green energy transition, while a balanced energy policy from NITI Aayog could integrate sustainable growth, employment, and environmental priorities. We urge consideration of Production Linked Incentive (PLI) schemes for sectors essential to supply chain decarbonization, alongside support for green hydrogen (GH2) economies and technologies.

Mobility policies could expand beyond four-wheelers to include innovative solutions like electric motorized bicycles, which can revolutionize decarbonization efforts for daily commuting of the masses at large beyond Tier 1 cities. The government’s inclusion of clean cooking with renewable energy in Article 6.4 lists is a commendable step; we hope for broader inclusions to encourage community-level carbon reduction projects.

With the gradual phase-out of EV subsidies, we look forward to alternative measures ensuring sustained momentum in clean mobility adoption. Support for micro-enterprises, particularly in adopting cleaner energy sources, is crucial for widespread impact. Also skill development has very important role in supporting regular operation and maintenance support and optimizing adoption of these green technologies; so budget should have sizable allocation in vocational skill development. By aligning these priorities, the 2025 budget could be a defining moment in propelling India toward a sustainable, net-zero economy.

Mr. Sandeep Ahuja Global CEO of Atmosphere Living
“The luxury real estate sector in India continues to be on an upward trend and is likely to remain so. Therefore it is of utmost importance to lead on the policies that incentivize buyer involvement. Sustainability incentives will help to increase the resonance of green projects, which correspond to the viability of the projects all over the world, and therefore, they are likely to be sought after. Those steps will contribute not only to the attraction of capital but India will also strengthen its position as the leader in the real estate sector. Apart from that, there is also a necessity for policies that enhance the ease of doing business including a relaxation in the FDI norms. These changes will help boost both local and foreign investments, and thus, the real estate market will become more vibrant. With the right blend of changes, the budget can thus be an engine for prosperity in the long run, and the right investors will be heading to India’s enlarging luxury real estate market.”

Mr. Anthony Fernandes, Founder – Shaalaa.com
” As we approach the Union Budget, key focus areas must include steps to empower education and bridge digital gaps. A reduction in GST on education services is essential to make quality learning more affordable and accessible, especially for middle-class families. Additionally, targeted investments in rural internet infrastructure are critical to bringing underserved communities into the digital economy, enabling them to participate in new-age learning and employment opportunities.

To address India’s growing skills gap, the government should provide incentives for vocational training platforms to foster job-ready talent across sectors. Skilling initiatives, particularly in areas like digital literacy, green energy, and logistics, will drive employability and long-term economic growth.

A future-ready economy requires a workforce equipped with both education and skills. By focusing on reducing education costs, expanding connectivity, and supporting skill-building platforms, the Budget can ensure that India’s youth are prepared for emerging opportunities in a rapidly evolving job market. “

Mr. Rohit Beri- CEO and CIO ArthAlpha
“As the fintech sector eagerly awaits the Union Budget, we anticipate forward-thinking policies that drive innovation, financial inclusion, and digital transformation. Key expectations include revised taxation structures for startups and fintech firms, promoting ease of doing business through tax parity between capital gains for listed and unlisted securities, which will spur investment in the startup ecosystem. Enhanced budgetary allocations for financial literacy programs and digital infrastructure in rural and semi-urban areas will further expand the reach of digital finance. The introduction of a regulatory sandbox expansion for emerging technologies like blockchain and AI-driven lending platforms would foster innovation while ensuring consumer protection. Additionally, streamlined compliance norms for digital payments and incentives for expanding UPI penetration to international markets can position India as a global fintech leader. A holistic approach to data privacy regulations and credit access for MSMEs would further bolster growth. A dynamic, fintech-centric budget can strengthen India’s digital economy, making it more resilient and future-ready.”

Mr. Ravi Goel- CBO RapidShyp
“As we approach the upcoming Union Budget, the logistics sector anticipates reforms and investments that will accelerate its modernization and strengthen India’s position in logistics sector world wide. Key expectations include enhanced allocations for infrastructure development, with a focus on last-mile connectivity and multi-modal logistics parks (MMLPs) as part of the PM GatiShakti plan, which aims to develop over 35 MMLPs with investments exceeding ₹50,000 crore. Modern warehousing infrastructure needs targeted incentives, as the market is projected to grow to ₹2.8 lakh crore by 2025. We also look forward to simplified regulatory frameworks and increased incentives for technology adoption, including AI-driven logistics solutions and automated systems, which could reduce logistics costs from 14% of GDP to a globally competitive 8-10%. Supporting EV infrastructure for green logistics will align with the government’s target to achieve 30% EV penetration by 2030. Favorable GST reforms and streamlined compliance will enhance competitiveness for India’s 63 million MSMEs, making this sector more efficient and future-ready.”

Bhavna V, Co-founder, Nysh.in
Budgetary reforms can be highly impactful for the travel Industry. Strategies could be implemented for spiffing up the traveller’s overall experience. These may include an added number of cleanliness drives and efficient garbage collection at popular tourist destinations, as improvement in basic cleanliness and hygiene facilities can boost tourism.
Also sustainable energy sources should be made more affordable and easily attainable for touristic places. Incentives should be administered for the usage of green energy, solar energy, and recycling drives. Travellers need to get some relief in taxes on the amount they spend for their travel to encourage guilt-free trips (especially work travel and educational trips). Funds need to be allocated for improving the infrastructure and connectivity for newer and untapped tourist destinations. Maybe a congestion tax on overcrowded tourist places and easing the taxes for some unexplored destinations could bring a new surge in the travel industry.
Budget 2025 needs to identify such core concerns for the travel industry and contrive far-reaching and effective policies. Travelling is crucial for an individual’s mental and social well-being, and hoping that it gets its fair share in the upcoming budget.

Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025, we at BuyUcoin hope to see big steps forward for India’s Web3 industry. The cryptocurrency sector has faced numerous challenges, particularly due to the high taxation imposed since 2022. We think the government will recognize the need for a more favorable regulatory environment, which includes lowering the current 1% TDS and 30% capital gains tax on virtual digital assets (VDAs) to levels that help the industry grow and come up with new ideas.

For 2025, we’d like to see policies that not only get people to invest but also bring talented folks back to India, helping Web3 startups thrive. The government can make the most of blockchain technology and decentralized finance by setting clear guidelines and changing tax rules. We believe that if the upcoming budget includes helpful measures, India can become a world leader in Web 3. This is an opportunity for the government to solidify its commitment to building a strong digital economy that benefits all stakeholders involved.

Anish Jain, Founder, W Chain
The upcoming Union Budget presents a critical opportunity to foster innovation and growth within India’s burgeoning Web3 sector. We expect the government to consider several key measures, including:

Clearer regulatory framework: A well-defined regulatory framework that encourages responsible innovation and fosters a conducive environment for Web3 businesses to thrive.
Tax incentives for R&D: Incentives for research and development in blockchain technology can drive innovation and attract talent to the sector.
Focus on skill development: Initiatives to upskill the workforce in blockchain and Web3 technologies are crucial for India to become a global leader in this space.
Support for Web3 infrastructure: Supporting the development of robust and scalable blockchain infrastructure, including high-speed internet connectivity and access to affordable cloud computing resources.

We believe that a supportive regulatory environment and targeted policy measures can unlock the immense potential of Web3 technologies and position India as a global hub for blockchain innovation.
Specifically for W Chain, we expect the government to recognize the potential of blockchain-powered payment solutions in driving financial inclusion and boosting economic growth. We look forward to contributing to India’s journey towards becoming a global leader in the Web3 revolution.

Gracy Chen, CEO at Bitget
India’s stance on crypto regulation is being followed by nations worldwide. It is vital for the global crypto ecosystem’s growth and for the country’s dominance into becoming a financial and business hub. A balanced approach in the 2025 budget could provide immense potential for innovation and financial inclusion for crypto. Reducing the currently implied heavy taxations on digital assets can increase mass adoption and transparency for crypto. At Bitget, we see India as a key market for crypto growth, and regulatory clarity can help build an environment for secure and inclusive financial solutions around crypto. Collaboration between policymakers and industry leaders will be essential to ensure this sector thrives responsibly.

Mr. Amit Nigam, COO, BANKIT
“The upcoming Union Budget 2025 presents an opportunity to strengthen financial inclusion across the country by addressing key challenges. As an industry, we collectively anticipate much-needed GST relaxation on Business Correspondent (BC) services. This adjustment would significantly alleviate operational burdens, enabling wider outreach of banking and financial services, particularly in underserved and unbanked regions, and supporting the nation’s vision of inclusive growth.
Additionally, there should be a reduction of TDS on BC merchant accounts while making transactions to ensure better cash flow and operational efficiency for BC agents. A government-backed fintech skilling program would also be a game-changer for the industry, fostering innovation, nurturing talent, and driving responsible and inclusive growth. The industry looks forward to a visionary budget that prioritizes these measures and lays the groundwork for a stronger, more equitable financial ecosystem.”

Tejas Patil, Founder, Arbour Investments
According to Tejas Patil, Founder, Arbour Investments, as we approach the Union Budget 2025, the real estate sector, currently contributing approximately 7.3% to India’s GDP and projected to reach 13% by 2025, anticipates reforms to address persistent challenges and unlock its full potential. This sector is also a significant employment generator, supporting over 50 million jobs, underscoring the need for focused policy attention.
A critical expectation is the granting of ‘Industry’ status to real estate, which can streamline access to institutional finance, potentially reducing borrowing costs and enhancing transparency. Furthermore, increasing the tax exemption limit for housing loans from ₹2 lakh to ₹3 lakh could spur demand for residential properties, making homeownership more affordable for the middle-income segment.
Amendments to GST regulations, such as allowing input tax credit on under-construction properties, can reduce costs for developers and end-users. Additionally, reducing the GST rate on cement from the current 28% to 18% would lower construction costs, thereby promoting growth in the housing sector.
Infrastructure development should remain a priority, with increased budgetary allocations for urban renewal projects and connectivity initiatives. The previous year’s capital expenditure saw a significant increase, and a similar push this year could accelerate growth, particularly in tier 2 and 3 cities.
Lastly, fostering private investments through Alternative Investment Funds (AIFs) and offering tax incentives to institutional investors will ensure liquidity and enable ambitious projects.
We hope the upcoming budget takes these transformative steps, empowering real estate to remain a cornerstone of India’s growth story.

ExportersIndia.com
“Believes that Budget 2024, with its focus on digitisation, MSME incentives and ease of doing business initiatives, has laid the foundation for a revolution in the retail sector. As Budget 2025 approaches, we look forward to further measures to build on this momentum. The retail industry needs strategic interventions such as reducing GST rates on essential items, promoting retail exports and encouraging the adoption of new technologies such as AI and IoT to improve supply chain efficiency. A focus on providing low-interest credit facilities and tax incentives to small and medium-sized retailers could create a stronger environment for growth and enable the sector to realize its full potential. These reforms will not only benefit businesses like ours but also empower countless retailers to scale their operations globally.

Ashish Kakkar CEO and Co-Founder of Harmony Systems
Feels that the 2024 Budget made notable advancements in improving India’s manufacturing abilities and infrastructure growth, which had a beneficial effect on sectors such as furniture and office solutions. As we near the 2025 Budget, we remain hopeful for additional actions to assist businesses that promote workplace innovation and security improvements. The industry would significantly gain from programs like subsidies for implementing sustainable manufacturing methods, reduced GST rates on furniture and modular office solutions, and incentives for firms investing in state-of-the-art control room technology to enhance security infrastructure. We also anticipate a focus on digital transformation and simplified import-export regulations to aid businesses serving various industries. With these reforms, Harmony Systems is assured that India’s workspace and security solutions market can expand significantly while aiding the overall advancement of the economy. “

Mr. Sandeep Jain, Founder & MD, Desi Masala.
Over the past few years, the restaurant industry has not only contributed substantially to economic growth but has also been a steadfast source of employment generation. As we move closer to the Union Budget 2025, the restaurant sector has high expectations from the government. One critical aspect that needs urgent attention has been reinstating input tax credit (ITC) for the industry. The budget needs to revisit the input tax credit on GST for the sector as this would help reduce operational costs and improve profitability. Other key areas include tax incentives, easier credit access, rationalising licences and regulations, and other policy support to promote business growth. Another prominent demand of the restaurant sector is granting industry status as this will enable them to get financial benefits such as loans at lower interest rates, special schemes, subsidies, fast track clearance processes for licenses etc. An industry status to the food service sector will also encourage entrepreneurship. Overall, these measures will definitely boost sustained growth of the restaurant industry, which contributes significantly to economic activity.

Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI
“As India continues to lead in technology and innovation, we hope this budget emphasizes policies that accelerate AI adoption across industries. Incentives for businesses driving green technology and sustainability can be game-changers, promoting eco-friendly practices and fostering a culture of responsibility. Additionally, investments in digital infrastructure and smart technology solutions will empower startups and enterprises to scale efficiently, bridging the gap between innovation and inclusivity. A budget fostering AI and sustainability will not only propel economic growth but also position India as a global leader in green and digital transformation. We hope to see more tax breaks, funding schemes and R&D grants specifically targeted at tech-driven startups, enabling them to scale and contribute to the nation’s vision of a greener, digital-first economy.”

Mr Tarun Gupta, Co Founder at Lissun
At Lissun, we view the 2025-26 Union Budget as a vital opportunity to reshape India’s mental health framework. We hope for increased funding in awareness, accessibility, and affordability, alongside integrating mental health into primary healthcare. Investments in digital solutions, incentives for innovative startups, and targeted skill development to address the professional shortage are essential. Key priorities include insurance coverage for mental health, enhanced research funding, and a national mental health database. We particularly emphasize increased support for early intervention programs for children with autism and neurodevelopmental challenges and expanding university courses to produce more qualified therapists. Additionally, incorporating mental health education into schools and workplace wellness programs is crucial. With these measures, the budget can drive meaningful progress in mental health care, innovation, and accessibility across India.

Raj Karkara, COO, ZebPay
“It is pivotal for India to align its crypto policies with the global regulatory framework to fully harness the industry’s potential. We are hoping that the Union Budget 2025 will introduce progressive measures such as revisiting the 30% tax on crypto income and the 1% TDS mechanism. Simplified tax structures can encourage wider participation while boosting liquidity and trading volumes. Recognition of crypto as a formal asset class, with clear classifications is another critical step. This clarity, coupled with robust regulatory guidelines, will not only safeguard investors but also provide a stable foundation for the industry’s growth.

Additionally, we look forward to policies that incentivise innovation, such as subsidies or tax breaks for blockchain and Web3 startups. Such measures will position India as a global hub for decentralised finance, digital identity solutions, and asset tokenisation. Fostering institutional participation through clearer guidelines on custody, security, and compliance standards will enable the government to unlock significant potential in the crypto space. We believe these steps will pave the way for an inclusive, secure, and innovation-driven digital economy in India.”

Srikanth Kandikonda – Chief Financial Officer, ManipalCigna Health Insurance.
With the Hon. Finance Minister presenting the Union Budget in a few days, the health insurance sector stands at a pivotal moment where policy reforms could significantly transform the landscape of healthcare accessibility and coverage in India.

Healthcare costs are rising significantly and expected to double in six years, we urge the government to implement measures that can help make healthcare more affordable for all Indians. For a healthier Bharat, the outlay for healthcare spend has been proposed to be increased to 2.5% of the GDP by 2025 as per the National Health Policy. While India’s out-of-pocket expenditure has seen a decline from 64.2% 2013-14 to around 40% in 2021-22 as per the national health accounts estimate, we are still working towards our mission of achieving Universal Health Coverage. Hence, we request the government to increase outlay for public healthcare spend during this budget, as this is the need of the hour.

Given the rising healthcare costs and the need for higher sum insured cover, the government should reduce tax burden by increasing the limits under Section 80D of income tax for premium paid for health insurance to Rs 50,000 for all and Rs 1 Lakh for senior citizens. This is crucial for achieving the government’s vision ‘Insurance for all by 2047’ and would substantially reduce the financial burden on families investing in their health and financial wellbeing.

Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance.
“Health insurance has emerged as a crucial safety net for Indian families, shielding them from unexpected medical expenses. According to the IBEF report, India is the 4th largest general insurance market in Asia and the 14th largest globally. Data from IRDAI’s annual reports reveals that health insurance has grown steadily at approximately 25% annually over the past three years, highlighting its importance in protecting households.

As India advances toward financial inclusivity and universal healthcare, Budget 2025 offers a pivotal opportunity to further strengthen the health insurance sector. Anticipated policy measures include enhancing accessibility, simplifying tax benefits, and encouraging innovation in insurance products. Initiatives such as Bima Sugam, designed to achieve the goal of ‘Insurance for All’ by 2047, are expected to receive regulatory and fiscal support to address the protection gap. Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure. By fostering a conducive ecosystem, Budget 2025 can empower insurers to contribute to a healthier, more secure India, aligning with the vision of a Viksit Bharat.”

Praveen Grover, Vice President, and Managing Director, AHEAD
The Union Budget 2025 offers a unique opportunity to reinforce India’s position as a global digital leader while addressing gaps in infrastructure and workforce readiness. As global digital transformation accelerates, India must focus on building a sustainable, scalable digital infrastructure. We hope for incentives that encourage investment in carbon-neutral data centres and hybrid cloud solutions, such as capital subsidies and accelerated depreciation benefits for green technologies. AHEAD also advocates for a focused allocation to AI-driven digital innovation, including a national AI fund that supports research in predictive analytics and generative AI. On the talent side, budgetary provisions to fund reskilling initiatives in partnership with IT service providers could ensure our workforce remains future-ready. Additionally, streamlining compliance processes for cross-border IT service providers would enhance ease of doing business and attract global enterprises to invest in India. This budget must address the growing complexity of the digital economy with bold, forward-looking measures.

Mr. Dinkar Agrawal, Founder, CTO & COO, Oben Electric.
The Union Budget 2025 is a critical opportunity to address key challenges in India’s EV transition. To achieve the ambitious target of 30% EV penetration by 2030, it’s crucial to tackle both manufacturing and consumer-centric challenges.

Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing. Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India’s Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap.”-

Mr. Amit Bansal, Founder, BharatLoan
As a prominent digital lending platform, We look forward to the upcoming Union Budget with anticipation for policies that will further enhance financial inclusion. With the growing demand for easy access to loans, especially in underserved markets, we are hopeful the government will focus on improving digital infrastructure and regulatory support. Measures that simplify the lending process, reduce operational costs and foster innovation will empower platforms like ours to reach more customers. We are optimistic that this budget will strengthen the fintech ecosystem, enabling affordable credit solutions for the broader population.

Mr. Vikkas Goyal, Founder Rupee112
As the Union Budget approaches, we anticipate policy measures that recognize the pivotal role of NBFCs in driving infrastructure growth. Infrastructure financing has been a core area where NBFCs can make significant contributions, given our flexibility in underwriting and customized solutions.

To this end, we expect the government to announce long-term funding mechanisms or partial credit enhancement programs, tailored specifically for NBFCs. Measures to reduce the cost of borrowing, such as extending the benefit of tax-free infrastructure bonds to NBFCs, can further boost our ability to channel credit into critical sectors like transportation, energy, and urban development. We also urge the government to streamline regulatory guidelines to reduce compliance costs and encourage public-private partnerships.

This year’s Budget should emphasize enhancing credit flows while reducing operational barriers, enabling NBFCs to contribute meaningfully to India’s vision to become a fast growing economy.

Mr. Ankit Modi, Managing Director, SalaryOnTime
The upcoming Union Budget offers an opportunity to address the financial inclusion gap by empowering NBFCs, especially those serving underserved and unbanked segments. NBFCs play a crucial role in providing short-term loans and personal loans to individuals, catering to the needs of salaried employees and urban customers often underserved by traditional banking channels.

We look forward to initiatives that support digital transformation and enhance credit delivery through technology. Subsidizing digital infrastructure for small and mid-sized NBFCs can accelerate digitization, reducing operational costs and improving customer outreach.

The Budget could also include a framework to promote co-lending partnerships between NBFCs and banks, enabling seamless credit delivery at competitive rates. Furthermore, tax incentives for lending to priority sectors and a rationalization of GST on financial services can significantly improve the viability of small-ticket loans. A comprehensive, reform-oriented Budget can strengthen the NBFC sector’s role in driving financial inclusion and ensuring equitable economic growth.

Mr. Kaushik Chatterjee, Founder & CEO, lendingplate (UCIL)
The Union Budget 2025 is a chance to address critical bottlenecks for NBFCs offering short-term loans to salaried employees. Reducing the SARFAESI Act threshold to ₹1 lakh will significantly enhance the recovery process for smaller-ticket loans, ensuring better cash flow for lenders and faster access to credit for borrowers. Additionally, a 10% TDS exemption on interest income will free up liquidity, enabling NBFCs to provide more affordable and seamless lending experiences. As salaried professionals increasingly rely on short-term credit for emergencies and lifestyle needs, these reforms will empower players like us to continue driving financial inclusion while maintaining sustainable growth.

Angad Bedi, Chairman & MD, BCD Group:
The Union Budget 2024 allocated 11.11 lakh crore to infrastructure development and laid a solid foundation for India’s realty sector. This noteworthy initiative opened up significant opportunities in the residential and commercial segments, while reducing stamp duty made property investments more accessible. However, the Union budget 2024 fell short of addressing some critical long-standing demands of the realty sector.

Key areas like granting industry status to the real estate sector, which would ease access to institutional funding, was overlooked. Likewise, GST rationalisation and reinstating input tax credit (ITC) remained unaddressed. These measures are vital for simplifying processes, reducing costs, and boosting efficiency. On the individual front, there were only marginal tax benefits under the new regime, and no enhancements to home loan deductions under Sections 24(b) or 80EEA. For Budget 2025, we anticipate focused attention on these unresolved issues. Rethinking the definition of affordable housing according to market realities and lowering GST rates can give an impetus to a more inclusive housing system. Most importantly, granting infrastructure status to the sector would improve access to funding at reduced interest rates. The government’s renewed focus on these aspects would ensure a thriving, resilient, and future-ready realty sector

Shesh Rao Paplikar, Founder and CEO, BHIVE Workspace
The upcoming Union Budget 2025 presents a pivotal opportunity to sustain and enhance the growth momentum of India’s commercial realty sector, driven majorly of late by escalating demand for flexible office spaces. We expect this year’s Budget to introduce multiple fiscal incentives, tax benefits and reforms aimed at empowering developers and operators focused dedicatedly on the flexible workspace segment, as well as for businesses looking to redesign their offices with sustainability and hybrid work model in mind. The Government must also consider classifying REITs as equity investment instruments, lowering TDS rates for coworking and managed office operators and enabling them to claim Input Tax Credit under GST. Furthermore, supportive and future-facing policy measures to boost flexi-office and commercial space demand across tier 2, tier 3 India and to further catalyze the country’s burgeoning startup and GCC ecosystems would be highly appreciated. Last but not the least, granting ‘industry status’ to India’s commercial real estate sector and reducing GST on commercial properties can become the ultimate game-changers and growth juggernauts over the long-term. We sincerely believe these anticipated moves have the potential to turn India into a world-leading real estate powerhouse, while fuelling the nation’s cherished aspiration of achieving ‘Viksit Bharat’.

Sankey Prasad, Chairman & MD, Middle East & India, Colliers
“Building on the transformative momentum of 2024, which saw unprecedented demand and heightened consumer confidence in the Indian real estate sector, we look to Budget 2025 as a pivotal moment to accelerate India’s growth trajectory. Strategic initiatives, such as increased allocations for affordable housing, enhanced tax benefits for homebuyers, and streamlined regulatory frameworks, have the potential to ignite fresh investments while meeting the aspirations of millions. At Colliers India, we firmly believe that a forward-looking and inclusive budget can unlock the sector’s full potential—driving economic resilience, shaping smarter urban landscapes, and championing sustainable growth for generations to come.”

Bhavesh Kothari, Founder and CEO, Property First
With the Union Budget 2025 drawing closer, India’s realty sector looks for a more inclusive and growth-focused stance from the government. The emphasis on infrastructure by the government in previous budgets has been a commendable step; however, this year, we expect a more targeted approach toward easing the financial burden on homeowners and developers alike.

One key area of concern is the absence of tax relief and reforms to address the needs of home loan borrowers. We believe that offering greater tax benefits under the old tax regime would significantly ease the burden on homebuyers.

Another critical aspect that needs to be addressed is the long-standing call for the sector to be recognised as an industry. If approved, this would significantly improve access to funding, besides helping developers manage project costs more effectively and deliver projects on time. This will ultimately reduce housing prices for buyers. Additionally, rationalising GST rates and reinstatement of input tax credits (ITC) would simplify taxation and make housing more affordable for buyers.

For the realty sector to thrive, policies that enhance liquidity and encourage private and foreign investments are crucial. A focused and balanced approach to these areas will help strengthen the housing market besides making it accessible, sustainable, and a catalyst for national growth.

Mr Vishal Goel, Managing Director, RX Propellant
Budget 2025 offers a critical opportunity to position India as a global leader in life sciences, especially given geopolitical shifts and the need to compete with established players like China. To achieve this, the budget must prioritize strategic investments and targeted support. This includes significantly increasing government funding for research and development through measures like extending tax benefits to CROs and R&D firms through modification of 115BAB, reintroducing weighted R&D deductions under 35(2AB), and implementing a 200% deduction on R&D expenditures, alongside streamlined tax appeal processes. Furthermore, investing in shared, high-quality infrastructure within established research ecosystems, elevating NIPERs to IIT standards, and providing direct funding for promising drug candidates are crucial for fostering innovation. Increasing healthcare spending to align with global averages and rationalizing customs duties on essential therapies and equipment will further enhance access and affordability.

While Promotion of Research and Innovation in the Pharmaceutical and Medical Technology Sector (PRIP) scheme which encourages established pharma companies to engage in collaborative research with the NIPERs and avail their research infrastructure is a good start, mere financial support and institutional collaboration through NIPERS may not be enough. Other incentives such as creating an ecosystem for protecting and monetizing Intellectual Property rights (IPR), partnerships with internationally recognized facilities for clinical trials, are also essential to attract large pharmaceuticals and medical technology companies. These measures, coupled with regulatory streamlining and robust implementation of the National Pharmaceuticals Policy, 2023, are essential for strengthening India’s innovation ecosystem, solidifying its role as the ‘pharmacy of the world,’ and achieving the goal of a $130 billion pharma market by 2030.

Mr. Darshan Govindaraju, Director, Vaishnavi Group:
As the real estate sector inches closer to the $1 trillion mark by 2030, the upcoming budget should address the sector’s long-standing demands, according to an industry status, providing input credit on GST while unlocking new regions through policy interventions for decluttering our major cities. This will ensure the liveability quotient is maintained while helping increase the organised share of the real estate sector, eventually benefitting the end consumer. In addition to this, increasing the disposable incomes in the hands of homebuyers will help maintain a healthy demand-supply equilibrium while helping achieve the government’s vision of housing for all.

It also becomes pertinent in our view to focus on the other developments within the sector including roll out of incentives for constructing green buildings, adoption of alternate construction techniques and working on to reduce input cost of materials to drive sustainability in an affordable manner. This will ensure a win-win situation for homebuyers, developers and the environment while making sustainability an effective business case. As one of the fastest growing real estate developers in the country, we have been at the forefront of identifying new pillars of growth with green buildings and inclusion of technology in construction while shielding the business from market shocks.

Mr. Ashok Jayanthi, Chairman & Co-founder, Hosachiguru
To achieve a healthier population and a more sustainable environment, the government must prioritize increased subsidies for sustainable farming practices. Organic farming not only enhances soil health but also contributes significantly to carbon sequestration, thereby mitigating climate change.

To promote this transition, it is imperative to establish more centers for organic certification and provide comprehensive education and resources to farmers. These efforts will enable them to produce healthier crops without relying on chemical pesticides and fertilizers, leading to long-term cost savings and improved public health outcomes. Additionally, creating digital platforms to market and sell organic produce globally will provide farmers with better market access and improve their livelihoods.

The government should also invest in setting up model demonstration units tailored to various demographics. These units would showcase best practices for cultivating native crops, which are more resilient to pests, require fewer inputs, and are nutritionally superior. Such initiatives would help farmers understand the importance of growing native varieties that are suited to their local climate and ecosystem.

Encouraging mixed farming systems is another crucial step. Promoting biodiversity on farms ensures year-round crop production, providing a steady income stream for small and medium-sized farmers while also contributing to food security.

Lastly, investing in localized weather stations is essential. Accurate, region-specific weather predictions will empower farmers to make informed decisions, reduce crop losses, and optimize their productivity. A comprehensive approach like this will pave the way for a resilient agricultural sector that supports both farmers and the environment.

Sumit Sabharwal, Country Leader for India at Deel
“The upcoming union budget for FY 2025-26 should place a strong emphasis on skill development, aligning with last year’s budget and the Viksit Bharat scheme. Targeted initiatives are expected to focus on in-demand skills like cloud computing, AI/machine learning, data analytics, and cybersecurity. This is crucial, as the Economic Survey 2023-24 indicates that only 51% of Indian graduates are currently employable, due to the lack of essential, industry-relevant skills.

One idea, as recommended by CII, is that the government develop an integrated platform that consolidates data from different ministries and states, providing insights on employment opportunities and skills in demand. This will help job seekers, employers, academic institutions, and government departments make more informed decisions and align skills development with market needs.

Organizations are hoping that the budget simplifies labor laws across states, making it easier to do business across the country. This could involve consolidating multiple state and central labor codes, making labor regulations more transparent and accessible through a centralized platform. This will make it easier to create jobs since the government wants to give 41 million young people jobs by 2029.

We also expect to see more efforts to make gender-sensitive initiatives that help women get equal pay and better financial support. These include mandatory gender pay audits and programs for women in leadership roles.

HR practices are quickly moving toward digital solutions. More and more companies are using AI-driven recruitment tools and employee management systems, which are already becoming popular. The government should boost this shift by allocating funds for the development and implementation of AI tools across sectors.”

Abhinav Kumar, Co-Founder, Brand Concepts Limited
“As we approach the upcoming budget 2025, we hope to see significant measures that address the pressing need for increased disposable income among consumers, particularly through income tax reforms. Reducing GST will help ease the financial burden on consumers and enhance their purchasing power, driving retail consumption. Moreover, boosting consumption in Tier 3 cities through targeted incentives, accessibility, and infrastructural development will be crucial for expanding retail markets. Simplifying the ease of business is also key to enhancing growth in this dynamic sector. Specifically, in the handbag category, the right policy framework will help us create high-quality products that meet the evolving needs of consumers, contributing to the continued expansion of India’s retail landscape.”

Dr. Rakesh Gupta, Chairman- Sarvodaya Healthcare
“As we approach the 2025 Union Budget, the focus must shift toward building a resilient and inclusive healthcare ecosystem. With India’s healthcare industry projected to reach $683 billion by 2025, investments in emerging trends like Remote Patient Monitoring (RPM), AI-powered diagnostics, and digital therapeutics (DTx) are crucial to address the dual challenges of accessibility and affordability. Strengthening rural healthcare infrastructure, supporting digital health initiatives like Ayushman Bharat Digital Mission, and enabling technologies such as blockchain and personalized medicine will be key drivers of progress. This budget has the potential to transform healthcare delivery, fostering a future where cutting-edge solutions improve outcomes for millions while ensuring inclusivity and compassion remain central to patient care.”

Mr. Girish Hirde, Global Delivery Head at InfoVision
“As we approach Union Budget 2025, InfoVision anticipates a forward-looking agenda that addresses the transformative potential of AI and other cutting-edge technologies. We expect robust provisions to maintain India’s global competitiveness in the rapidly evolving tech landscape. Key areas we hope to see addressed include investments in AI infrastructure, establishment of clear ethical guidelines for AI development, and tax incentives for companies investing in AI and emerging tech training programs.

Furthermore, we look forward to support for telecom advancements, particularly in 5G and 6G infrastructure, which are crucial for enabling AI and IoT applications at scale. We also anticipate increased allocation for cybersecurity to strengthen India’s digital defenses, enhanced funding for AI and deep-tech startups, and incentives for AI integration across sectors like healthcare, agriculture, and manufacturing. By focusing on these areas, Budget 2025 can lay the foundation for India to lead in the AI era, creating sustainable job opportunities and driving optimal growth in the digital”

Mr. Sunder Ram, Co-Founder, Hejje
“HEJJE is hopeful that the 2025 Budget will significantly strengthen the healthcare sector, driving economic growth and sectoral advancement. We expect the government to allocate 2.5-3% of GDP to healthcare, as recommended by the National Health Policy, prioritizing infrastructure upgrades, hospital bed capacity, and diagnostic services in underserved regions. Tax reforms to enhance affordability and accessibility are critical for equitable care. We also anticipate increased funding for preventive healthcare through awareness campaigns and programs to ease the burden of chronic diseases. Policies focusing on transition care, holistic recovery, and personalized treatments will improve patient well-being. With strategic investments and reforms, this budget can transform healthcare into a cornerstone of economic progress and societal health.”

Sitashwa Srivastava, Founder & CEO, Stockal
According to Sitashwa Srivastava, Founder & CEO, Stockal, over the past few Union Budgets, we’ve witnessed consistent provisions and proposals aimed at tracking cross-border financial activities. These measures reflect the government’s recognition of India’s evolving financial landscape, particularly for retail investors and individuals with rising incomes and global aspirations. At Stockal, we are keen to see how Budget 2025 continues to support Indians striving to build global lifestyles and broaden their financial horizons.
India’s position as the highest recipient of inward remittances, with a record $120 billion last year, highlights the immense value of global financial integration. This inflow underscores how Indians working, studying, and investing abroad significantly contribute to the nation’s economic growth.
To build on this momentum, we believe that Budget 2025 should focus on creating a more robust financial infrastructure that enables Indians to freely explore opportunities across borders. This includes streamlining regulations for global investments, facilitating ease of cross-border transactions, and offering tax incentives to encourage international engagement.
Such measures would empower Indians to travel, study, and invest abroad with greater freedom and confidence, ultimately benefiting India through foreign investments, knowledge exchange, and stronger global connections.
By fostering international ambitions, the government can ensure that India thrives in an increasingly interconnected world.

Sajeev Nair, Founder and Chairman, Vieroots
“As we approach the Union Budget 2025, the focus on preventive healthcare is more crucial than ever. At Vieroots, we believe that the future of healthcare lies in empowering individuals to take charge of their well-being through personalized solutions rooted in genetic and metabolic insights. This approach not only reduces the burden of lifestyle diseases but also enhances the overall productivity and quality of life for millions.

The upcoming budget presents an opportunity for the government to incentivize this shift towards proactive healthcare. Tax benefits for individuals investing in preventive health programs can encourage widespread adoption. Additionally, targeted support for health-tech innovations, especially in genomics and AI-driven personalized health, can position India as a global hub for cutting-edge wellness solutions. Public awareness campaigns highlighting the importance of personalized wellness can further transform health outcomes at a population level.

A robust focus on these measures will not only strengthen India’s healthcare ecosystem but also foster a healthier and more resilient society. By aligning policy priorities with the potential of personalized wellness, we can create a sustainable, future-ready healthcare model that serves as a benchmark for the world.”

Mr Masaharu Morita, Founder and Program Director at NURA:
The country’s healthcare industry hopes that the government will surely look at launching programmes and policies in the upcoming Budget 2025 that support the growth of the AI ecosystem in India with a clear roadmap to position the country as a global hub for the AI-enabled healthcare services.

With the help of government’s industry friendly policies, AI-enabled healthcare companies can channelize more investments in the healthcare sector, particularly in the adoption of AI and advanced technologies. Higher budgetary allocation for healthcare in the upcoming budget particularly in promoting R&D and integration of AI solutions in diagnostics, telemedicine, and personalised healthcare would be very beneficial for the sector as a whole.

To address emerging health challenges, the upcoming budget should focus on investing in preventive care, enhancing care coordination and management, and addressing healthcare gaps, particularly with the help of emerging technologies such as AI and blockchain.

Sunil Sisodiya, Founder, Geetanjali Homestate
As Budget 2025 draws near, the real estate industry looks forward to key policy announcements that could shape its path to reach the ambitious $1 trillion market goal by 2030. This budget offers a vital chance to tackle urgent issues like affordability, price stability, and boosting demand steps needed to spark growth and promote lasting progress.

One rising trend that needs focus is tourism-based real estate, which is picking up steam. Luxury properties in beautiful and important places are becoming popular among NRIs and HNIs. Scenic spots and areas rich in heritage are seeing more interest in second homes and vacation properties that offer exclusivity, comfort, and a link to nature. To tap into this potential, the industry turns to the government for specific help. This includes tax cuts, financial aid, or easier rules for people building fancy and tourist-focused projects. These steps could boost investments, make these places more attractive, and help the sector grow even more. This fits with bigger money-making goals.

Vishal Raheja, Founder & MD,InvestoXpert.com.
Elevated borrowing costs, driven by persistent inflation, have significantly increased construction expenses throughout 2024. These challenges are further compounded by ongoing supply chain disruptions, exacerbated by escalating geopolitical tensions. As a result, construction costs are projected to rise even higher in the coming year.

Amid this backdrop of surging costs and a noticeable slowdown in demand, the real estate sector’s expectations for Budget 2025 have reached unprecedented levels. Stakeholders across the industry are hoping for policy measures that address these challenges, such as incentives to curb rising input costs, streamlined processes to ease project delays, and initiatives to stimulate consumer demand. The sector anticipates interventions to foster growth, stabilize costs, and revive investor and buyer confidence as it navigates an increasingly complex economic landscape.

Mr. Manun Thakur, Founder & CEO of Veda Rehabilitation and Wellness
According to a recent report by Deloitte India, “Poor mental health in employees is causing Indian companies a loss of over $14 Billion (INR 1,19,000 crores) annually” – Investing in mental health is crucial for not only enhancing productivity but enhancing overall happiness across sectors. The Union Budget for 2024-25 allocated approximately ₹90,659 crore to the healthcare sector, a modest increase of 2% from the previous fiscal year. However, only about 1% of this allocation is dedicated to mental health initiatives, with ₹850 crore for the National Institute of Mental Health and Neurosciences (NIMHANS), ₹60 crore for the Lokopriya Gopinath Bordoloi Regional Institute of Mental Health, and ₹90 crore for the National Tele-Mental Health Programme (TELE Manas).
Despite these allocations, there remains a significant need for increased funding and awareness, particularly concerning postpartum depression. Approximately 22% of new mothers in India experience postpartum depression, yet many remain unaware of their condition.
By allocating more resources to mental health services and launching targeted awareness campaigns about conditions like postpartum depression, the government can directly improve national well-being. Such investments would not only enhance individual quality of life but also contribute to a more productive and prosperous society.

Surjeet Thakur, Founder & CEO of TrioTree Technologies
As we approach the Union Budget, it is crucial for the government to prioritize healthcare spending, which currently stands at less than 2% of GDP. For a nation of our size and population, this is insufficient. Increased investments in healthcare infrastructure, such as building new hospitals and medical colleges, are essential to address the pressing need for skilled manpower. Currently, India has just 1.3 doctors per 1,000 people, and this gap can only be bridged by expanding medical education and training programs, possibly through public-private partnerships. Another critical area is mental health, which continues to be stigmatized and underfunded. Awareness campaigns and dedicated spending in this area are needed to tackle issues like depression, which significantly affect productivity and social dynamics.

The government should also focus on fostering indigenous medical research and development. India’s leadership during the COVID-19 pandemic demonstrated its potential in this field. Incentives for private players and funding for public-sector initiatives can reduce our reliance on international resources. Additionally, health insurance should become more accessible. Waiving GST on health insurance premiums, as previously suggested by Mr. Nitin Gadkari, could encourage wider adoption and benefit citizens.

From a digital health perspective, we are encouraged by initiatives under the Ayushman Bharat Digital Mission (ABDM) and the Data Protection Bill’s integration into healthcare. However, incentivizing private healthcare providers to adopt these digital tools is necessary to ensure widespread implementation and effectiveness. Finally, reducing the cost of life-saving drugs and bridging the gap in healthcare access between urban and rural areas must remain priorities. Only then can we ensure equitable healthcare for all.

We are optimistic that this budget will take significant steps toward creating a more robust and inclusive healthcare ecosystem in India.

Navneet Singh, founder & CEO, Avsar
As the upcoming budget planning period draws near, the hiring, employability, and employment sector is filled with anticipation. This sector plays a critical role in shaping economic growth and creating sustainable livelihoods, making it imperative for the government to introduce policies that address its evolving challenges. With unemployment rates, skill gaps, and workforce development continuing to be key concerns, industry stakeholders are hopeful for a budget that prioritizes actionable and inclusive solutions.

One of the primary expectations is around incentives for job creation. Industries are looking forward to measures such as tax benefits for organizations expanding their workforce, subsidies for startups, and support for small and medium enterprises (SMEs). These incentives can directly boost employment opportunities across diverse sectors.

Another key area of focus is skill development. As industries continue to embrace digitalization and automation, upskilling and reskilling have become vital. Increased allocation toward skill enhancement programs, particularly in emerging fields like artificial intelligence, renewable energy, and healthcare, could bridge the gap between workforce capabilities and market demand. Furthermore, regional programs catering to underserved communities could play a significant role in fostering inclusive growth.

The rise of the gig economy has also brought new challenges. Gig and contract workers form a significant part of today’s workforce but often lack access to benefits like health insurance or retirement plans. There is a strong need for policies that protect these workers and provide them with basic social security while ensuring the growth of this flexible employment model.

Education reforms are another critical area. Employers frequently highlight the gap between academic learning and industry requirements. Investments in vocational training, apprenticeships, and industry-academia collaborations can equip graduates with the skills needed to meet real-world job demands, boosting their employability.

The sector also emphasizes women’s workforce participation as an area requiring attention. Targeted initiatives, such as financial incentives for hiring women, investments in childcare facilities, and provisions for flexible work options, could help retain more women in the workforce and foster gender equality in employment.

Lastly, the budget is expected to encourage the development of regional employment hubs. Investments in infrastructure and incentives for companies to operate in tier-2 and tier-3 cities can create localized job opportunities and reduce migration to urban centers.

This year’s budget presents a significant opportunity for the government to introduce transformative measures that support job creation, improve employability, and address pressing workforce challenges. A well-thought-out budget could strengthen the foundation of the employment sector, paving the way for sustainable economic growth and a more inclusive workforce.

Abhay Deshpande, Founder & CEO, Recykal
“We applaud the introduction of the Critical Minerals Mission and the anticipated Production Linked Incentive (PLI) scheme in Budget 2024. With India heavily reliant on imports for critical minerals, strengthening domestic recycling infrastructure has become a strategic necessity. E-waste and battery recycling are vital for the recovery of rare earth elements and critical minerals, especially as global production is concentrated in a few nations.

To mitigate this dependency, India must prioritise the development of advanced recycling technologies, financial support for state-of-the-art facilities, and investment in R&D for critical mineral recovery. Furthermore, mechanisms like the Reverse Charge Mechanism (RCM) are essential to fostering formal circular economy practices and ensuring efficient operations across the recycling value chain.

Additionally, reducing GST to ‘nil’ for both plastic waste and recycling machinery would significantly incentivise recycling efforts and accelerate the adoption of advanced technologies. We hope the budget will also include tax incentives and subsidies to enable recycled minerals to play a pivotal role in India’s clean energy transition, ensuring a sustainable and resilient future while strengthening our economic and environmental goals.”

Jani Vehkalahti – SVP, Smart Grids, Wirepas
“The Indian Union Budget presents a pivotal opportunity to position the nation as a global leader in the energy transition. To achieve this, we at Wirepas strongly urge the government to prioritize significant investment in accelerating large-scale adoption of IoT-enabled solutions in smart metering deployments. This forward-thinking approach promises substantial payback, first to utilities and ultimately to consumers, through lower fees and more sustainable infrastructure.

Smart meter rollouts in Europe, originally introduced for billing purposes, have proven to be a key solution in supporting the growth of renewable energy production. They also enable existing electricity infrastructure to handle the rising demand from air conditioners and electric vehicles. Notably, the implementation of dynamic tariffs for consumers has successfully reduced consumption peaks across Europe, ensuring energy availability at all times.

Mesh networks, unlike cellular-based solutions, offer a remarkable 30-50% reduction in communication costs, making them a cost-effective and ultra-reliable option. Their longevity—outlasting cellular networks prone to 10-year lifespans—ensures a smart metering network that can serve India’s needs for the decades to come.

Additionally, by emphasizing design transfer and skill development, investing in mesh not only strengthens domestic expertise but also creates new revenue streams with export opportunities, cementing India’s position as a hub for advanced, sustainable technologies.”

Mr. Ketan Kulkarni – Managing Director – Gati Express and Supply Chain Limited
“Aligned with India’s ambitious vision of becoming a $7 trillion economy by 2030, Budget 2025 must prioritise rapid infrastructure development to enable the logistics and transportation sector to realise its full potential as a catalyst for economic progress and sustainable growth.

We hope Budget 2025 will reflect the government’s commitment to continuity in reforms, stable decision-making, and progressive policies. Such measures can unlock industry potential by promoting breakthrough technological innovations, empowering start-ups to adapt to an evolving landscape, and bolstering the sector’s competitiveness and resilience.

The industry anticipates bold initiatives aimed at improving last-mile connectivity and transformative reforms to strengthen the logistics and transportation ecosystem. A key expectation is the incentivisation of EV charging infrastructure, which is critical to driving sustainability through greater adoption of electric vehicles in logistics operations.

Furthermore, the budget presents an opportunity to enhance the ease of doing business through initiatives like ‘Jan Vishwas Bill 2.0’ and accelerating digitalisation efforts to optimise regulatory processes. Increasing the collateral-free Mudra loan limit and establishing dedicated e-commerce export hubs would also be significant in fostering the growth of MSMEs, a crucial driver of India’s economy.

By placing a stronger emphasis on digital transformation, Budget 2025 could significantly improve the efficiency and agility of the logistics sector. This would align the industry with global standards while creating a competitive and future-ready ecosystem that underscores the government’s commitment to a seamless and resilient business environment.”

Mr. Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“The primary aspiration of the typical Indian is to have a home of their own, a formidable undertaking in a developing nation like ours. While the government has taken steps through the Pradhan Mantri Awas Yojana (now PMAY 2.0) to address this issue, home ownership is still far from reality for the masses of the country.

For a large section of population, affordability remains the biggest challenge with the right home always being just out of reach for prospective homebuyers. On this front, the union budget has provided relief in the past by facilitating tax deductions for principal and interest components of home loans and even harvesting capital gains from sale of existing property. We believe that these measures can be tweaked further to have a real impact on affordability.

1) Boost for affordable housing
The share of sales in the <INR 50 lakh housing units (affordable housing sales) segment has dropped steadily from 48% in 2018 to less than 30% in 2024. Even as overall housing sales go from strength to strength and stand at multi-year highs, affordable housing sales have dropped 16% YoY in 2023 and have seen further degrowth in 2024. Homebuyers in this segment are most impacted by affordability constraints caused by increasing residential prices and high cost of living.
a) Under PMAY 2.0, beneficiaries receive a 4% interest rate subsidy on a loan amount of INR 8 lakhs, provided the total loan does not exceed INR 25 lakhs and the house value is up to INR 35 lakhs. However, the high unit prices in major metro cities in India often exceed this limit, making it difficult for homebuyers to benefit from PMAY 2.0. Therefore, it is suggested that the maximum house value limit be increased from INR 35 lakhs to INR 50 lakh at least, particularly in metro cities, to align with the higher cost of living.
b) Maximum deduction for home loans u/s 24
i) To invigorate the housing market, especially in the affordable segment most affected by the pandemic, it is imperative to enhance the tax rebate on home loan interest rates under Section 24(b) of the Income Tax Act from INR 2 lakh to a minimum of INR 5 lakh.
c) Focused benefit u/s 80 C
i) At present, Section 80 C of the Income Tax Act does not provide for a focused benefit on housing which is the largest and most important expense item for most taxpayers during their lifetimes. A separate annual deduction of INR 150,000 for principal repayment will improve housing affordability and provide the much-needed fillip to opt for home loans.

2) Incentivising rental housing
a) In addition to supporting homebuyers, the budget can also play a part in incentivizing rental housing for the low-income segment for many of whom, acquiring a home is simply not an option. There are houses in the sub-50 lakh ticket size that have been acquired as an investment but remain unoccupied as owners do not find it viable to rent out due to the low prevailing yields.

The budget could introduce a 100% exemption for rental income up to INR 3 lakh for houses costing up to INR 50 lakh. This would incentivize investors to rent out properties and augment the supply of rental accommodation in the segment which is the most impacted by the housing shortage.

b) Land availability in the right location at the right price is the biggest challenge for the development of affordable housing today. Free market forces will never allow lower prices for properties in desirable locations, than the market prices, and hence need to be government regulated. Government owned surplus land in urban areas owned by the railways, defence forces or other government entities can be used for high density rental housing development.
i) The housing units built here will be let out at a ~2% yield on the rate-able value in that location.
ii) These units will be available for long term rental housing, only for homebuyers who fulfill the qualifying income criteria for the affordable segment and never be allowed in the open market.
iii) The government will retain ownership of the land/ property and will be responsible for its maintenance and upkeep.

3) Making home purchases more tax-efficient – Long term capital gains benefit u/s 54
a) Under section 54 of the Income Tax Act, long-term capital gains from sales of existing house can be utilized in buying or constructing a new property. If the investment for exemption is done through an under- construction property, it can be claimed only if the construction of the property is completed within three years of sale of the earlier house.

Residential projects are continuously increasing in scale in terms of number of units, height and amenities which causes them to have completion timelines in excess of three years. Also, while the implementation of RERA has caused an improvement, the completion timelines of under-construction projects frequently exceed deadlines. This causes significant hinderances to homebuyers in setting-off capital gains in under-construction properties. To mitigate this, we recommend that the completion timeline of under-construction properties be extended to five years instead of the existing three.

Section 54 also states that a new residential property must be bought within one year before or two years after the sale of the old property to avail long term capital gains benefits. The criteria should be relaxed to two years in the case of purchasing new property before sale of the existing one as well. It is relatively much harder to find buyers for older properties due to limitations of bank financing and oncoming supply among others. This time extension will give sellers more time to look for better prices and not sell at discounts just to avail of the capital gains. Given that homes are the largest investments most Indians will make in their lifetime, this will be a tangible aid in managing the stretched finances of homebuyers looking to move residences.”

Mr Ankit Kumar, CEO, Skye Air
“We envision Bharat emerging as a global drone hub by 2030, and the Union Budget 2025 presents a pivotal opportunity to accelerate this journey. A key focus should be boosting the adoption of drones in the logistics sector, particularly in quick-commerce and e-commerce. With the rising demand for efficient last-mile delivery solutions, drone technology is poised to play a transformative role in meeting these needs. To realize this potential, we urge the government to foster an enabling ecosystem through targeted policy measures.

Tax exemptions or reduced GST rates on drone services, manufacturing, and maintenance would significantly lower operational costs, making drones more accessible for businesses. Expanding funding under the Production Linked Incentive (PLI) scheme to include drone services and infrastructure—such as drone ports—will further catalyze the sector’s growth.

Regulatory clarity is another critical area. Simplifying approvals for drone operations, especially for Beyond Visual Line of Sight (BVLOS) deliveries, will be instrumental in integrating drones into Bharat’s supply chains. A clear and predictable regulatory framework will encourage greater private-sector investment and innovation.

Additionally, we advocate for increased government support in research and development (R&D) and subsidies for pilot training programs to build a skilled workforce capable of driving this industry forward. Collaboration between policymakers, technology providers, and logistics stakeholders is essential to create a robust ecosystem that positions Bharat as a global leader in drone-powered commerce.

The Union Budget 2025 is a critical moment to unlock the vast potential of drones in logistics and beyond. With progressive policies and the right incentives, Bharat can solidify its position as a global drone hub, fueling innovation, economic growth, and technological leadership.”

Mr Saurabh Rai, CEO – Arahas Technologies
As India approaches the Union Budget, the nation faces a pivotal moment to balance rapid technological advancement with foundational needs. Amid the AI revolution, critical projects leveraging Geographic Information Systems and space tech for better governance, remain underfunded. GIS isn’t just about mapping—it’s a tool for disaster preparedness, land optimization, and sustainable urban planning. Without adequate investment with proper controls, initiatives like these risk falling behind, leaving gaps in environmental stewardship and governance precision.

Simultaneously, India’s sustainability agenda is at a crossroads. While we pledge ambitious climate goals, budgetary allocations for wetland conservation, water resource management, and renewable energy lag dangerously behind. Neglecting these areas risks ecological collapse, undermining long-term growth. Artificial intelligence offers transformative potential, but its rapid adoption must not overshadow core priorities. AI must be harnessed to tackle challenges like climate resilience, sustainable agriculture, and urban development, not at the cost of environmental funding.

This budget must strike a balance—boosting funding for GIS, prioritizing sustainability, and directing AI innovation towards solving real-world problems. Progress cannot come at the expense of the planet. This is the moment to align India’s technological ambitions with its ecological and societal responsibilities.

Rahul Garg, Founder & CEO, Moglix
“The Union Budget 2025 presents a defining opportunity to establish India as a global manufacturing and economic leader while advancing the vision of a Viksit Bharat. Empowering the startup ecosystem, which drives innovation, employment, and economic growth, must remain a top priority. Measures such as extending incentives, simplifying regulations, and enhancing funding opportunities can unlock growth across sectors like manufacturing, e-commerce, and supply chains.

For MSMEs and the manufacturing sector, resolving structural challenges, rationalizing tariffs on key raw materials, and investing in logistics and port infrastructure are critical to boosting export potential. Additionally, skill development initiatives focusing on emerging technologies like AI, robotics, and advanced manufacturing can create a future-ready workforce aligned with global demands.

Sectors such as semiconductors, sustainable manufacturing, and automation hold immense potential for startups to contribute to India’s $1 trillion economy target by FY30. Dedicated funding pools, tax incentives for investors, and streamlined implementation frameworks are crucial to achieving this vision.

Moreover, simplifying processes for electronics imports while promoting domestic manufacturing is essential for innovation and competitiveness in high-tech industries. We are optimistic that Budget 2025 will drive sustainable growth, foster innovation, and position India as a resilient, globally competitive economy.”

Priyanka Salot, Co-Founder, The Sleep Company.
“Ahead of the Union Budget, we are hopeful to see continued focus on nurturing India’s dynamic startup ecosystem, which has emerged as a highly innovative and driving force for economic growth. With the proliferation of D2C brands and e-commerce, startups are transforming industries, and we expect the Government to further strengthen policies that support their growth.

Access to capital at the right time remains one of the critical factors for startups, as they prepare for their next phase of growth or eye public listing. The abolishment of Angel Tax as announced in the Interim Budget was a critical step in the direction of easing financing woes by startups. We look forward to more initiatives such as this to ease investment regulations, which will spur the growth of startups.

While initiatives like ‘Startup India’ have propelled the growth of the startup ecosystem in India, we are hoping for additional support from the Government in creating a conducive environment to conduct R&D. Continued focus on creating a robust infrastructure and a simplified tax regime will enable startups to allocate funds towards R&D and develop innovative solutions, thereby contributing to economic growth.

Incentivizing domestic production will further enhance manufacturing capabilities and ease the growth journey of startups. This will also align with the Government’s vision to transform India into a global manufacturing hub. We are also keen to collaborate with the policymakers and trade bodies to foster innovation in the ecosystem, and national networking platforms will be instrumental in shaping a tech-driven future.

As we aspire to take The Sleep Company beyond the national boundaries, making it a legacy brand in the Comfort-tech industry, we are looking for enhanced support on seamless export policies and international trade support. We hope to see stronger regulations to safeguard startups from corporate fraud, ensuring a secure and trustworthy ecosystem.

Lastly, talking from a consumer lens, the buying behavior and journey of people has evolved over the years, with digital payments taking a centerstage. Robust digital payment systems will support in streamlining online purchases, thereby enhancing business operations and ensuring customer convenience.”

Vivek Merchant, Director, Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited or RNEL):
“The Indian government’s emphasis on improving shipping infrastructure and promoting indigenous shipbuilding has significantly transformed the sector. India holds a mere 0.05% of the global market share in shipbuilding, in stark contrast to China (~47%), South Korea (~30%), and Japan (~17%), which currently dominate the industry.
Therefore, new Government initiatives and improved budgetary allocations for ports and shipyards could be game changers, showcasing a clear vision for a robust maritime economy. The announcement of India’s Maritime Development Fund (MDF) for long-term indigenous manufacturing projects and the anticipated Shipbuilding Subsidy (SBS) Policy 2.0 could further strengthen the ecosystem, encouraging greater self-reliance and competitiveness.
As we approach 2025, it is crucial for the Union Budget to prioritize investments in shipbuilding infrastructure, incentivize green technologies, and create export opportunities for Indian shipyards.”
Sustainability and Innovation:
“As the global maritime industry pivots toward sustainability, Swan’s Shipyard is prioritizing the development of eco-friendly ships with hybrid propulsion systems. Our facility is equipped to handle advanced fabrication projects while adhering to stringent quality standards. India’s commitment to reducing its carbon footprint and embracing green technologies will define the next decade of maritime growth. At Swan, we are proud to contribute to this journey by building a sustainable and self-reliant shipbuilding ecosystem.”

Ankur Maheshwari, CFO, Freo: (India’s leading digital finance app)
Digitalization has revolutionized banking, making it more convenient for customers and advancing financial inclusion, with India now accounting for nearly 46% of the world’s digital transactions. While the financial services sector holds a promising outlook, achieving the vision of Viksit Bharat will require exponential growth—20 times the current scale. This ambitious goal demands a focus on real-time innovation, robust data privacy policies, and resilience against global challenges.

We anticipate the Union Budget 2025 will support these efforts by enhancing synergies among banks, NBFCs, fintechs, and digital infrastructure. Budget allocations for R&D in technologies like AI and blockchain, along with initiatives for rural outreach and MSME credit support, will be pivotal. By fostering collaboration, technological advancements, and consumer-centric policies, the financial services sector can significantly contribute to Digital India and the nation’s economic growth.

Mr Ashok Vashist, Founder and CEO, WTiCabs : (a leading and listed premium cab service provider in India)
“There are multiple tax regimes for the car rental business, namely 5%, 12%, 18%, and 28% + cess for leasing. GST, being a destination-based taxation system, does not allow clients/end consumers to avail of Input Tax Credit (ITC) for such taxes. Moreover, this type of taxation makes car rentals more expensive for app-based aggregators, and leasing becomes costlier than bank funding due to GST being charged even on interest. This creates widespread confusion and results in a complicated taxation system, leading to complex accounting issues and increased litigation.

As an industry, we should urge the government to introduce a unified tax regime of 5% without ITC across all car rental and leasing products. Additionally, implementing a unified one-time or monthly state entry tax for all commercial vehicles would resolve many challenges while promoting road transportation. This simplification would significantly boost the self-drive car rental business as well.

In the past couple of years, we have witnessed fantastic road infrastructure development, which has greatly boosted tourism and intercity road travel. However, similar development efforts should be initiated within cities to enhance urban connectivity. Furthermore, increased allocation for infrastructure development, including the accelerated rollout of 5G networks, would enhance connectivity and drive digital transformation across industries.”

Sahil Lakshmanan, Chief Business Officer, CarePal Money:
“As the Union Budget approaches, the healthcare sector looks forward to reforms that address the shortcomings of flagship schemes like Ayushman Bharat. While the scheme has been instrumental in providing financial coverage to economically disadvantaged populations, a significant issue persists: high-quality private hospitals are often reluctant to admit patients under the program. Currently, only 43% of the hospitals empaneled under Ayushman Bharat are private. Many private hospitals cite low reimbursement rates and delayed payments—averaging 6 to 8 months—as key barriers, making it financially unviable for them to participate in the scheme.

The government has made efforts to strengthen healthcare infrastructure, as seen in the 63% increase in allocation for the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission, from ₹2,300 crore in 2023-24 to ₹3,756 crore in 2024-25. However, broader healthcare expenditure trends reveal the need for greater focus. The Ministry of Health and Family Welfare’s allocation for 2024-25 stands at ₹90,959 crore, or 1.89% of the total Union budget—a decline from 2.3% in 2019-20. This indicates that while nominal healthcare spending has risen, its proportion relative to the overall budget has steadily decreased.

To achieve equitable access to quality healthcare, the government must balance its focus between schemes like Ayushman Bharat and building a robust healthcare infrastructure. Establishing more high-quality, government-funded hospitals will reduce reliance on private institutions, address regional disparities, and create a sustainable, inclusive healthcare ecosystem.”

Harsh Vardhan Bhagchandka, President IPL BIOLOGICALS
IPL BIOLOGICALS anticipate a transformative budget that aligns with the pivotal role of biofertilizers and biopesticides in sustainable agriculture. Our foremost expectation is the exemption of GST on biofertilizers and biopesticides, fostering affordability and accessibility for farmers. This step would catalyze the adoption of eco-friendly agricultural practices, promoting a harmonious balance between productivity and environmental stewardship.

Moreover, we look forward to the implementation of a Production Linked Incentive (PLI) scheme specifically tailored for biologicals. This strategic measure would not only encourage indigenous production but also stimulate research and development, fortifying India’s position as a global hub for bio-based agricultural solutions.

Recognizing the significance of transitioning from chemical-based to biological farming, IPL BIOLOGICALs urges the government to introduce incentives for farmers making this shift. Financial rewards or subsidies would serve as a catalyst, motivating farmers to embrace sustainable practices that benefit both the environment and crop yields.

Manas Mehrotra, Founder, 315Work Avenue
The coworking industry has become more relevant than ever with the demand surging significantly in recent times owing to its affordable pricing options and flexible work culture. It has emerged as a pivotal force in the modern workspace landscape, that cater to diverse business needs. Taking into consideration the popularity of hybrid working, we have a few expectations around GST and taxation from the upcoming Union Budget that can further accelerate growth of this sector. Moreover, ensuring the availability of institutional finance at competitive rates is vital for the growth of the coworking sector as it would enable coworking firms to scale efficiently and making them more attractive to businesses of all sizes. We also believe that a significant push to infrastructure and single-window clearance system will help in faster establishment of coworking spaces in non-metro cities as well.

Some of the measures that we look forward to include lower GST rate for small-scale coworking clients as this will significantly help the coworking industry boost their footprints by attracting small start-ups to be part of the industry as well as increase the revenue collection to the government. Input tax credit under GST is an important issue that concerns coworking sector. Hence, we expect the budget would enable coworking firms to claim input credit on work contract and construction services supplied so that it is passed on to companies who lease out space for coworking and thereby reduce their overall costs. There are few other aspects too that needs attention. Typically stamp and registration duties are high and since both the landlord as well as client agreements are subject to these charges, hence, either concession in such stamp duty rates or allowing twice the duty paid as expenditure under income tax will encourage even the small agreements to get registered. An important requirement for the coworking industry has been Lower/Concessional rate of TDS which will improve the working capital. Another measure that could be announced to intensify growth of the coworking sector is a further and continued extension of tax holiday for start-ups as they would be motivated to scale up their business and enhance investment.

Coworking spaces have emerged as the defining feature of India’s rapidly evolving commercial real estate market, reflecting the broader shift toward work culture, flexibility, collaboration, innovation, and sustainability. Hence, the coworking sector, is expecting continued improvement in the ease of doing business and a series of both financial and non-financial incentives which will play an important role in the growth of the industry. Coworking businesses will also continue to attract investment due to the sector’s scalability and growth potential. The share of coworking in the overall leasing of flex space is set to grow further and play a pivotal role in 2025 and beyond.

Abhijeet Rajpurohit, COO and Co-Founder, CloudTV
“The 2025 Union Budget is expected to lay the groundwork for economic progress and help shape the trajectory for multiple industries and sectors. With India’s startup ecosystem witnessing a surge in the past year, the Government’s commitment to supporting innovation and building domestic capacities is commendable.

As per industry reports, 2024 brought in a rise in India’s software spending which is projected to increase at its highest annual growth rate by 17% in 2025. In terms of the Smart TV OS industry, fresh breakthroughs at the intersection of Advertising, Tech, and Marketing such as the Connected TV boom, fuel curiosity for how the upcoming budget will impact opportunities and global competitiveness.

As a homegrown brand, we have faced the challenges of competing with global giants and we believe that there is a need for the introduction of policies that prioritize and support local companies dedicated to building solutions for India. We strongly believe that decisive actions will play a key role in developing the sector.”

Dinesh Gulati, COO, IndiaMART InterMESH Limited
Healthy recovery in credit growth, strong infrastructure spending, PLI scheme aiding manufacturing however slow GDP growth in Qtr 2 & 3, high inflations and lot of geo-political uncertainties has made this year a mixed bag. However, India remains the highest GDP growing country in the world.
Simplified Tax, Easy Credit and Structured Vocational Skills
In order to create the required growth momentum, a few key enablers for MSMEs are essential. There is a further need to simplify the tax structure, create more transparency that will help reduced compliance processes and cost involved for MSMEs.

Last decade has been Start-up decade, in order to boost start-up eco system, offering a tax holiday or subsidized tax structure to newly formed MSMEs / Start-up will be quite helpful, this can be sector specific as well namely Technology, EV / Alternate energy etc. MSMEs that invest in technology, e-platforms or other tech tools should be given tax breaks in order to improve the digital transformation at a better speed.

The traditional method of BLR (Bank Loan Ratings) does not hold right for smaller businesses as they don’t have robust financial records to present, thus attracting high-interest rates and frequent rejections. Transparency in lending practices and collateral free loans can also help in providing much needed credit relief and financial support.

The government’s upcoming credit guarantee scheme, aimed at providing loans of up to Rs 100 crore without the need for collateral, is a positive initiative in this direction. The scheme will help in improving MSMEs’ growth potential by making financial resources more accessible without requiring guarantees or third-party collateral. Pooling credit risks for MSMEs through a self-financing guarantee fund will positively impact the sector by enhancing access to finance, enabling larger loans without collateral, promoting financial stability, and encouraging growth.

The internship program and employment linked incentive announced in the last budget seem to have created the desired impact. India being a young country, to drive the demographic dividends, there is an acute need to enhance vocational skills. MSMEs need continued govt initiatives to drive skill development and employment generation programs.

Dr. Bijal Sanghvi – Managing Director – Axis Solutions Pvt. Ltd for the manufacturing sector
The future of engineering and manufacturing in India holds immense promise as the government continues to prioritize clean energy, sustainable practices, and technology-driven advancements. The Budget 2025 is expected to amplify this trajectory by allocating substantial resources toward renewable energy adoption, waste reduction, and green technology integration. Industries in India are poised to make significant strides toward achieving net-zero emissions through eco-friendly collaborations, such as establishing energy-efficient factories and adopting sustainable materials. The government’s focus on initiatives like the National Green Hydrogen Mission, solar energy expansion underscores a commitment to creating a cleaner, greener industrial ecosystem. These measures are anticipated to attract investments, generate green jobs, and position India as a global leader in sustainable manufacturing.

Simultaneously, the Budget 2025 is expected to foster the digital transformation of India’s manufacturing sector, unlocking the full potential of Industry 4.0 through strategic investments in AI, IoT & IIoT, robotics, and automation. Public-private partnerships will play a pivotal role in driving innovation and integrating cutting-edge technologies into traditional manufacturing processes. Initiatives such as “Digital India,” “Make in India,” and “Skill India” are likely to receive renewed focus, enhancing competitiveness and creating a skilled workforce prepared for the future of work. Furthermore, investments in infrastructure upgrades, advanced logistics, and global trade corridors will ensure inclusive growth, extending opportunities to all stakeholders. Together, these initiatives promise to blend sustainability, innovation, and equitable development, paving the way for a resilient and progressive industrial future for India.

Ashish Munjal – Co-Founder and CEO, Sunstone.
The last year’s budget saw a 7.99% increase, reaching Rs 47,620 crore. The allocation for Central Universities rose by 29%, while NITs and IIEST received a 5% boost. In addition to increased funding for higher education, the budget introduced initiatives such as education loans, an updated skill loan scheme, and a youth internship program.

We hope that the Budget 2025 prioritises accountable education by enhancing access, quality, and skill development. Key focus areas include increasing funding for educational infrastructure, improving teacher training, and updating curricula to align with industry needs. Support for digital education and policies promoting equitable learning opportunities for students from diverse socio-economic backgrounds are essential. Additionally, fostering industry-academia collaboration through fiscal incentives for skill development programs can bridge employability gaps.

Investments in R&D within higher education and technological advancements for student skilling and training will enhance sector potential. This approach will position India as a global knowledge hub, empowering students with the skills and knowledge necessary for a rapidly evolving global economy.

S Anand, Founder and CEO of PaySprint
“India stands at a pivotal moment in its fintech revolution, with 2025 promising to be a landmark year for innovation, inclusion, and economic growth. The Union Budget offers a unique opportunity to shape the trajectory of the fintech ecosystem, which has already positioned India as a global leader in digital payments and financial technology.
In 2024 alone, India processed over 12 billion UPI transactions monthly, a testament to the growing trust and adoption of digital financial tools across urban and rural landscapes. At PaySprint, with over 5,000 partners and a robust suite of API-driven solutions, we’ve witnessed firsthand how technology can empower businesses and drive financial inclusion. However, to sustain this momentum, we need supportive policies that bridge existing gaps and fuel the next wave of innovation.

One critical area for focus is enhancing the infrastructure for open banking and API-driven platforms. A recent study by BCG indicates that India’s fintech sector could contribute $200 billion to GDP by 2030, but achieving this requires interoperability, seamless integrations, and policies that encourage collaboration between banks, fintechs, and regulators. The budget could incentivize these efforts by promoting API standardization and allocating funding for ecosystem-wide development.

Financial inclusion must remain at the heart of this vision. While over 80% of Indian adults now have a bank account, thanks to initiatives like Jan Dhan Yojana, only about 23% of rural users actively engage in digital transactions. Bridging this gap requires targeted investments in digital literacy programs, internet infrastructure expansion in underserved regions, and subsidies for SMEs to adopt digital payment systems. Empowering small businesses is especially critical, as they contribute nearly 30% of India’s GDP and are key drivers of employment.

Additionally, the government has an opportunity to support fintech startups and RegTech innovations through tax relief and funding programs. According to NASSCOM, India is home to over 2,300 fintech startups, yet many face challenges in scaling due to high compliance costs and limited access to capital. Incentives for early-stage innovators could unleash a wave of transformative solutions in areas like fraud detection, automated compliance, and data security.

Lastly, cybersecurity and data privacy must remain a top priority. With digital payments surpassing ₹20 lakh crore monthly, trust in secure platforms is non-negotiable. Budget provisions that establish national cybersecurity frameworks and offer grants for fintechs to invest in advanced data protection technologies will ensure that users can transact with confidence.

At PaySprint, we are committed to driving financial inclusion and delivering innovative solutions that simplify banking and payments for all. The 2025 Union Budget has the potential to catalyze the fintech sector’s growth, ensuring that India remains at the forefront of the global digital economy. Together, with the right policies and collective effort, we can build a more inclusive, secure, and prosperous future for millions of Indians.”

Vikram Kankaria, Co-Founder & CEO, Fashor:
“As we approach the Union Budget 2025, I am optimistic about the government’s continued focus on empowering the retail and fashion industry, a sector that not only contributes significantly to the economy but also reflects the aspirations of millions of Indians. With the Indian apparel market poised to grow at a CAGR of over 10% and expected to reach $100 billion by 2030, it is imperative to provide the right fiscal and policy support to sustain this momentum.
Key areas of focus should include reducing GST rates on fashion and apparel to enhance affordability for consumers, especially in the ethnic and fusion wear segments that cater to a wide demographic. Currently, GST rates at 12% or 18% on apparel over ₹1,000 act as a constraint for many brands, particularly those targeting Tier 2 and Tier 3 markets, where price sensitivity is high. A reduction in GST could accelerate demand and unlock significant growth potential across these regions.

Additionally, the industry would benefit immensely from incentives for D2C brands to establish offline footprints, particularly in underserved markets. As Fashor plans to open 100 exclusive brand outlets (EBOs) in the next few years, we look forward to policies that support infrastructure development and reduce operational costs, such as rent subsidies or interest rate concessions for retail-focused businesses.

On the manufacturing side, the budget could consider enhanced Production Linked Incentives (PLI) for apparel and textile sectors, emphasizing sustainability. Globally, consumers are gravitating toward eco-conscious fashion, and providing support for green manufacturing practices would enable Indian brands to compete on an international scale.

Lastly, digital transformation remains the backbone of modern retail. A push for greater investments in logistics and e-commerce infrastructure, coupled with incentives for technology adoption, can help brands like ours expand our omnichannel presence and improve customer experiences.

At Fashor, we’re committed to empowering the modern Indian woman through affordable, stylish fashion. We hope the budget sets the stage for a more inclusive and competitive retail landscape, enabling Indian brands to thrive both domestically and globally.

Ms. Sujatha Kshirsagar, President – Career Launcher
“The Union Budget 2025 presents a unique opportunity to strengthen India’s education ecosystem, especially in areas critical to building a globally competitive workforce.

For starters, Indian budget must aim to touch 5 percent in order to help leapfrog towards Amritkaal goals. Last year’s historic allocation for education showcased a positive intent, and we hope this year’s budget further raises the bar.

We urge the government to prioritize increased funding for STEM research and innovation, as well as introduce targeted subsidies for international students studying in India, which would position the country as a global education hub. Additionally, with education being a concurrent subject, we hope to see enhanced collaboration between the Centre and State Governments to ensure efficient utilization of resources and equitable access to quality education across regions.

For skills training and coaching institutions that empower students preparing for careers, exams and study-abroad programs, supportive policies and grants in digital education and skill development would greatly accelerate our mission. A budget that focuses on holistic educational growth and technological advancement will be pivotal in preparing Indian students to thrive in an increasingly dynamic global landscape.”

Waseem Javed, Founder&CEO, EduVib
The Union Budget 2025 presents an opportunity to acknowledge the growing aspirations of Indian students aiming to pursue education abroad. With over 13.35 lakh Indian students studying overseas in 2024, the importance of creating a supportive and streamlined ecosystem for international education is evident.

A focus on simplifying processes and making financial support more accessible could greatly benefit students and their families, enabling Indian talent to excel on a global platform.
As a study-abroad consultancy, we remain dedicated to empowering students through technology, personalized guidance, and robust global partnerships. Initiatives that foster international education opportunities will further strengthen India’s role in global education mobility, creating pathways for students to achieve their academic and career goals.

Mr. Soumya Sarkar, Co-Founder, Wealth Redefine
As we approach the Union Budget 2025, it’s imperative for the government to address the taxation policies affecting personal finance and mutual fund investments. The Association of Mutual Funds in India (AMFI) has proposed reinstating long-term indexation benefits for debt mutual funds, a move that would encourage retail participation in bond markets and enhance investor confidence. Additionally, introducing pension-oriented mutual fund schemes with tax benefits similar to the National Pension Scheme (NPS) could provide individuals, especially in the unorganized sector, with more avenues for retirement planning. These measures would not only align taxation policies with market development goals but also foster a more inclusive financial ecosystem.

Sachin Jain, Managing Partner, Scripbox
Equity participation in India has always been low and thanks to all the efforts made by the regulators and the government together the safe, compliant & digital environment makes investing in equity easier and rewarding too. Also, it will be extremely helpful in supporting the long-term growth of our country and our vision led by our visionary Prime Minister to become a developed nation by 2047. In the bargain taxation and rising transaction costs have impacted the scrupulous players in the Industry dearly. Revenue pressures have led to innovative but unsuitable products thriving in the market on the one hand and encouraged participation in leveraged trades leading to higher volumes on the other. This defeats the purpose of long-term wealth creation and the power of compounding, especially for a retail investor. Budget is a good tool to control behavior in the long run and hence incentivizing the senior citizens with higher tax relief majorly in debt options and supporting long-term investor behavior by offering tax reliefs in long term equity holding could be considered. Infrastructure funding through REITs & Inveits may also need government support for higher investor participation. At the same time controlling unscrupulous practices by higher taxation on speculative and unregulated products could well compensate the government as well as help reduce such practices too.

Mahavir Goel, Chairman of Venkateshwar International School, Sector 10 Dwarka.
“As we look ahead to the Budget 2025, we anticipate a focused commitment to strengthening the foundation of our education system. The need for increased investment in infrastructure, teacher training, and innovative learning solutions has never been more pressing. We hope the upcoming budget will prioritize equitable access to quality education, support for digital transformation, and foster an environment where both students and educators can thrive. There is a growing need for a more pronounced focus on the “Education 4.0 Revolution,” which calls for greater digital learning infrastructure and a shift towards skill-based knowledge.
By allocating resources that nurture the future of education, we can ensure a generation that is equipped with the skills, knowledge, and resilience to meet the challenges of tomorrow.” Furthermore, we anticipate that the fiscal plan will realign priorities to align with global standards, strengthening health management education and addressing the growing demand for skill-based education and digital learning in higher education. These investments and policy adjustments will be pivotal in building a future-ready education system, empowering students to tackle the challenges of tomorrow.”

Shekhar Swarup, Joint Managing Director, Globus Spirits Limited
As we approach the Union Budget, the retail sector is poised for transformative policies that could provide much-needed momentum. Key stakeholders are optimistic about potential reductions in interest rates, which would facilitate easier access to financing, thereby bolstering the retail business landscape. Within this sector, the food & beverage (F&B) retail segment is particularly hopeful for recognition as an essential service, seeking targeted subsidies and benefits for utilities and land costs.

Moreover, a budget that offers tax relief to citizens could significantly boost disposable income, thereby enhancing their purchasing power. This, in turn, would likely drive consumer spending across various retail categories.

The retail industry also requires substantial support to navigate the ongoing premiumization trend, which is shaping consumer preferences towards higher-quality products. A robust financial framework in the upcoming budget could empower retailers to innovate, expand, and meet the evolving demands of a dynamic market.

Saumyajit Roy, CEO & Co-Founder, Emoha
“As we anticipate the forthcoming budget, we are hopeful for continued and expanded support for our elderly population. Government initiatives such as the Pradhan Mantri Vaya Vandana Yojana have been pivotal in providing financial security to senior citizens, with the scheme offering an assured return of 8% per annum. However, there is a pressing need for greater investment in healthcare, particularly geriatric care and mental health support, to meet the growing demands of our aging population. As highlighted by NITI Aayog’s recent position paper, the elderly population in India is set to grow significantly, with projections indicating that by 2050, seniors will comprise nearly 20% of the population. This shift necessitates a more comprehensive, integrated policy for senior care, especially for those living in rural areas where healthcare access remains limited. Additionally, with nearly 75% of elderly individuals suffering from chronic diseases and 20% facing mental health issues, the budget should focus on strengthening healthcare infrastructure and expanding tele-consultation services. We positively look forward to policies that not only address the financial and healthcare needs of seniors but also foster their social inclusion, recreation, and active participation in society, aligning with the global movement towards healthy aging.”

Kunal Arya, Co Founder & Managing Director at ZELIO E Mobility Ltd.
As India’s electric mobility sector gears up for an era of unprecedented growth, the Union Budget 2025-26 will play a critical role in shaping its trajectory. To ensure a sustainable future, we at ZELIO E Mobility believe that the government must introduce long-term subsidies akin to the FAME scheme, which will not only support the industry’s expansion but also encourage widespread consumer adoption of electric vehicles. Consistent policy backing will give manufacturers the confidence to invest in innovative solutions and scale production. We also urge the government to provide subsidies for the establishment of EV manufacturing plants. Facilitating this capital-intensive infrastructure will enable India to emerge as a global leader in EV production, stimulating local economies and fostering technological advancements. Simplifying access to financial services from banking institutions is another vital need of the industry. More accessible lending schemes and flexible credit options will allow EV manufacturers to expand their operations and bring high-quality products to market at a faster pace. Notably, we request a reduction in GST on spare parts from the current 28% to a more realistic range of 5-12%. This adjustment will substantially reduce production costs, allowing manufacturers to pass on the benefits to consumers, thereby further accelerating the adoption of electric vehicles.

*Gunjan Malhotra, Co-founder, of Komaki Electric
“India is progressing at a good pace towards EV adoption, with the help of transformative government policies like FAME II and now PM E-Drive. As we approach the Union Budget 2025, the automobile industry is expecting significant development in terms of tax incentives, EV infrastructure, and domestic battery manufacturing. Expanding green financing options and lowering interest rates on EV loans can significantly boost adoption and make it more accessible for both urban and rural consumers. Additionally, investing in research and development for advanced battery technologies will also be crucial for adding to the performance and credibility of electric vehicles. With the right support and incentives in place, India has the potential to become a global leader in the EV market. Additionally, the industry is also speculating GST parity of EV batteries for reducing the rate from 18% to 5%, which can further contribute to the affordability of the electric vehicles.”

Anupam V Joshi, Founder & CEO of WAE Ltd.
“As India positions itself as a global manufacturing hub, the small and Medium Enterprises (SMEs) sector remains the cornerstone of its industrial and economic growth. However, systemic bottlenecks and operational inefficiencies continue to impede the sector’s potential. The existing GST payment structure disproportionately burdens SMEs, as it necessitates tax remittance prior to the realization of buyer payments. This structure exacerbates liquidity pressures, creating a financial bottleneck for manufacturers. A proposed amendment to transfer GST liability to the buyer would alleviate these challenges, ensuring that SMEs retain adequate cash flow to sustain operations. The upcoming Union Budget offers a critical opportunity to bridge the gap between policy intent and implementation. Adequate fiscal allocation and targeted interventions are necessary to expand and reform the CGTMSE scheme and develop SME-specific industrial zones. Along with this, it strengthens the enforcement of payment obligations and redresses systemic inefficiencies in the GST mechanism.

In addition to this, the statutory 45-day payment mandate under the MSMED Act remains largely ineffective, with government agencies and public sector enterprises among the primary defaulters. To address this, stakeholders call for the implementation of stringent enforcement mechanisms, such as penalties for non-compliance and real-time payment tracking systems. Such reforms are imperative to uphold fiscal discipline and ensure liquidity within the SME value chain”.

Himanshu Arya, Founder & CEO, Luxury Cart
“The pre-owned car segment has seen a significant rise in demand and is growing at the faster pace then the new car market. The government is continuously supporting the automobile industry through various incentives and policies for new cars but the pre-owned cars as a segment hasn’t been the focus area.

This year the pre-owned car industry is hopeful about possible lowering of tax in the upcoming budget that could make pre-owned vehicles more accessible. The booming sector is also optimistic about supporting simple financing options from the banks with regulatory push, such as extended loan schemes and interest rate as competitive as new cars, specifically designed for pre-owned cars.

Additionally, the industry is expecting incentives to promote the pre-owned car industry as an organised, streamlined, and transparent segment. Encouraging EV resale initiatives and providing subsidies for refurbished EV batteries can also contribute to the government’s push for sustainable mobility in the segment. Overall, the industry is hoping for policies that will not only make it easier for people to purchase pre-owned vehicles but also encourage the adoption of more environmentally friendly options”.

Mr. Shereef Rehuman, MD, ICEXPO Consults pvt. Ltd
Highlighted the opportunity to strengthen India’s healthcare ecosystem and global competitiveness. The pharma sector anticipates enhanced incentives for domestic API and biosimilar production to reduce import dependency. To truly elevate India’s healthcare ecosystem, three critical areas demand attention.

Bolstering healthcare manufacturing and infrastructure is essential. With India poised to be a global leader in healthcare, strategic investments in domestic manufacturing will not only enhance self-reliance but also position the country as a hub for cutting-edge medical technologies and devices. Streamlining regulatory frameworks is crucial, Simplified processes can fast-track the entry of innovative pharmaceuticals and health technologies into the market, ensuring patients benefit from advancements without unnecessary delays. A forward-looking regulatory environment can spark a wave of innovation, attracting global investments and fostering growth. Healthcare must be affordable and accessible to every citizen. Strengthening public-private partnerships and leveraging technology-driven solutions can make quality healthcare a reality for all.

Mr. Kunal Sethi, CEO of The Detailing Mafia
“In the upcoming budget, the industry is eagerly anticipating crucial reforms that can unlock the true potential of the sector. The auto sector is awaiting simplification and rationalization of GST classifications for auto components. They are expecting a streamlined GST classifications to help create a more competitive environment for all stakeholders. Aimed at easing compliance and enhancing the efficiency of the sector, it will have a cascading effect on supply chain, including businesses where cost structures are influenced by the tax.
Likewise, in order to boost domestic manufacturing, Production Linked Incentive (PLI) scheme with more transparency and accountability in the allocation of incentives is expected. Along with this, industry players are also looking forward to policies focused on addressing the challenges impeding the growth of the sector and more developments are expected, giving impetus to electric vehicles in the sector.”

Mr. Kishan Karunakaran, Founder and CEO, Buyofuel
“Budget 2025 is the opportunity to accelerate India’s green energy transition and Buyofuel hopes for more policies enabling biofuel adoption and clean energy innovations. We will see some growth and sustainability in the renewable energy sector with incentives for waste-to-energy technologies, carbon credit markets, and green fuel infrastructure. Supporting cleaner alternatives through government programs may decrease emissions and decouple the use of fossil fuels, resulting in a cleaner environment. Investments could lead to improvements in accessibility and scalability for biofuel solutions through advancements in research and development, logistics, and digital platforms, among other areas. Buyofuel believes that the policies must be developed to create a strong green energy network that will generate jobs and invigorate economic development.”

Ramesh Menon, Founder Director Delhi Consortiums
Budget is a strategic exercise to estimate the revenue & expenditure, for the next 12 months. The forthcoming budget has the potential for a windfall from the capital of the country, Delhi. The trigger is the much-awaited gazette notification of the Delhi Master plan MPD2041 and unlocking of more than 1 lakh crore of private sector investments which can become a revenue spinner for the government through incremental collections from real estate development.
The delay in the gazette notification of the Master Plan for Delhi 2041, has sent a whole section of people into complete uncertainty. Landowners, investors, developers, and many residents have waited with bated breath for this overarching blueprint of urban development. Budget 2025 should prioritize the expedited completion of the MPD 2041 project, as it can be the biggest economic driver in Delhi/ NCR and potentially add 10% to India’s GDP.
Delhi contributes over 50% to NCR’s GDP, which is three times the national average per capita income. And MPD 2041 can double Delhi’s GDP every seven years as it covers 57,000 hectares of land, which would change the face of Delhi as a global services hub for over 31 million people. Delay in MPD 2041 is costing Delhi massive losses.
This delay in finalizing MPD2041 also denies revenues the government stands to gain. The topline potential to be captured from developments undertaken through MPD2041 is expected to be $150 billion, and the government is likely to garner at least 30% of that through different levies. Approving MPD2041 will unlock such revenue streams for local civic authorities, catalyzing the development of Delhi as an economic and social hub. We strongly urge the government to prioritize the Delhi Master Plan 2041 (MPD 2041) in this year’s budget, approaching it with the focus and commitment it deserves.

Aftab Chaz, Associate Director and Business Head at Elephant.in
“The Union Budget 2025 presents a significant opportunity for growth in India’s insurance sector through targeted reforms. Easing procedural hurdles for Foreign Direct Investment (FDI) beyond the current 74% cap could attract more capital, allowing insurers to underwrite larger risks, expand into underserved areas, and invest in technology.
Taxation reforms are equally critical. Raising the Section 80D deduction limit for health insurance premiums from ₹25,000 to ₹50,000 and reducing GST on premiums from 18% to 5% would make insurance more accessible and affordable. Additionally, incentivising technology adoption, such as AI and blockchain, can enhance efficiency and customer experience.
The inclusion of the insurance sector in the national priority list would enable concessional funding and encourage innovation, particularly in micro-insurance and rural outreach. As climate change exacerbates natural disasters, tax incentives for catastrophe insurance are also vital to safeguard vulnerable communities and businesses. The 2025 Budget can catalyse the government’s vision of “Insurance for All” by 2047. With appropriate reforms in FDI, taxation, technology, and disaster preparedness, the sector can grow sustainably while enhancing India’s economic resilience.”

Pratham Barot, CEO and Co founder, Zell Education
“The Union Budget 2025-26 presents a critical opportunity to strengthen India’s financial education landscape through strategic edu-fintech partnerships. We anticipate dedicated initiatives supporting digital financial literacy, including tax incentives for platforms delivering specialized financial education and skill development programs.

We expect policy makers to focus on industry-academia collaboration and professional development grants. These measures will be crucial in creating a financially literate workforce equipped with contemporary skills in fintech, banking, and investment management”

Mr Rohit Gupta, Co-Founder & COO College Vidya
“The upcoming Union Budget 2025-2026 presents a crucial opportunity to strengthen India’s online education ecosystem, particularly as we work towards NEP 2020’s vision of achieving 6% GDP allocation for education.We anticipate that the budget will address the critical need for standardized quality assessment frameworks for online education programs, along with enhanced digital infrastructure support for institutions transitioning to online learning models. With the rising Gross Enrollment Ratio targets in higher education, it’s essential that students have access to reliable information and guidance to make informed decisions about their online education journey.

The budget should prioritize initiatives that bridge the information gap in online education while ensuring quality standards. We hope to see specific allocations for developing robust career counseling frameworks and digital literacy programs that help students evaluate and choose the right online education pathways. This will be crucial in democratizing access to quality higher education and preparing our workforce for future opportunities.”

Mr Gaurav Batra Co Founder and CEO of Infinite Group
“The Union Budget 2025-26 must address the mounting challenges faced by Indian students pursuing international education amidst global inflation and rising costs. We anticipate crucial policy interventions, particularly in reducing education loan interest rates and expanding financial aid support for study-abroad aspirants. The budget should also focus on fostering international university collaborations and streamlining processes for foreign universities establishing Indian campuses. As specialists in helping students achieve their global education dreams, Infinite Group believes these measures will significantly enhance India’s participation in international education and create more accessible pathways for our talented youth to gain global exposure.”

Dr. Sat Kumar Tomer, Founder & CEO of Satyukt Analytics
The Union Budget 2025 is a pivotal opportunity to drive transformative change in Indian agriculture. As the sector faces increasing challenges from climate variability, resource constraints, and global competitiveness, this year’s budget must prioritize innovation, sustainability, and inclusivity.

Investments in agri-tech, particularly in AI, IoT, and satellite data integration, are crucial to empowering farmers with actionable insights. By making precision farming accessible to smallholders, we can enhance productivity while minimizing environmental impacts. Similarly, fiscal incentives for eco-friendly practices such as organic farming and water conservation will position Indian agriculture as a global leader in sustainable food production.

Digital connectivity in rural areas is another cornerstone for transformation. Improved internet access and digital literacy will enable farmers to leverage digital platforms ( for e.g- Sat2Farm) for real-time data on soil health, weather, and market trends. Additionally, support for climate-resilient farming, through research into hardy crop varieties and expanded insurance coverage, is essential to safeguard livelihoods.

By fostering public-private partnerships and scaling innovative solutions, the government can create a future-ready ecosystem where technology and sustainability converge to empower every farmer, ensuring India’s agricultural sector thrives in the face of future challenges.

Samyak Jain, Co-founder and CEO, Zeko AI
“With India becoming the digital-first economy and a powerhouse of technological advancements and adoption, the upcoming budget holds great importance for startups in the technology and AI sectors. As a tech startup, we hope to see investment initiatives that nourish innovation and give a boost to AI infrastructure, startups working towards developing new technologies, and research and development. Support in streamlining data compliance will empower software startups. AI adoption policies across sectors, along with investments in robust AI/data skills training, are vital for a globally competitive tech-driven workforce. Finally, easy access to private funding and reduced compliance burdens for startups will accelerate growth and global scaling. This budget must empower India’s tech future.”

Rajul Tandon, Founder and CEO, Enalytix
“India’s IT sector has traditionally thrived on services, but in line with the Honourable Prime Minister’s Make in India vision, it is time to shift focus towards product development, particularly in emerging technologies like AI. To support this transformation, the upcoming Union Budget should introduce measures that foster innovation and global competitiveness in Indian IT products. Key initiatives could include creating a catalogue of Made-in-India products, particularly in AI, to enhance their visibility in international markets.

Additionally, offering export incentives will encourage companies to scale their product offerings globally. Providing tax benefits on product revenues, especially from AI, will help reinvest in research and development, driving further innovation. These steps will not only establish India as a global leader in AI products but will also boost exports, create jobs, and significantly contribute to the country’s technological advancement on the world stage.”

Mr. Shachindra Nath, Founder and Managing Director, UGRO Capital
“The upcoming Union Budget presents a significant opportunity to strengthen India’s financial ecosystem and drive inclusive growth. We urge the government to expand the PSL(Priority Sector Lending) definition to include emerging sectors like renewable energy, women-led enterprises, and digital infrastructure, aligning with India’s evolving economic priorities. Establishing a dedicated regulatory framework for NBFC catering to PSL will further enable focused lending to underserved segments. Additionally, measures such as concessional refinancing from institutions like SIDBI and NABARD, along with credit guarantee schemes, can lower borrowing costs and mitigate risks, encouraging greater participation from banks and investors. Allowing bank loans to NBFC-PSLs to qualify as PSL will ensure consistent capital flow, empowering MSMEs and other critical sectors to scale operations and contribute to the nation’s growth. By implementing these measures, the budget can pave the way for a robust financial ecosystem, fostering innovation, entrepreneurship, and equitable development across India.”

Ashish Tandon, Founder and CEO, Indusface.
As India’s digital economy continues its rapid growth, the cybersecurity landscape has become increasingly volatile. Our recent research reveals alarming trends—API attacks have surged by 3000%, and SMBs face DDoS attack rates 175% higher than larger enterprises. The rise of generative AI has further lowered the barrier to executing sophisticated cyberattacks, leaving businesses more vulnerable.

While regulators have tightened compliance norms to safeguard critical infrastructure and data, cybersecurity budgets are not evolving at the same pace. We urge the finance ministry to introduce incentives and financial support for businesses prioritizing cybersecurity investments. These measures would help organizations mitigate risks effectively while reinforcing the government’s commitment to a secure digital ecosystem. Bridging the gap between compliance demands and economic realities is essential to strengthening India’s resilience against evolving cyber threats.

Strate School of Design- Mr. Thomas Dal, Dean
“As we await the forthcoming 2025 Budget, the design sector anticipates exciting developments to further fuel creativity and innovation. As the design industry has historically been a major contributor to economic growth, we expect governments to continue to support it, particularly in the area of digital infrastructure and technology-driven solutions.

As demand for innovative design solutions worldwide grows, we hope the budget focuses on investments that strengthen design education and create opportunities for international collaborations. Investment in a holistic and interdisciplinary approach through institutions that promote cross-disciplinary learning will be fundamental in creating future-ready designers who can meet the challenges of an ever-evolving market. Such policies not only would channel the best of design thinking into tech and business domains but also unlock the full potential of creative industries at large, enabling enhanced innovation and competitiveness in a wide range of industries.”

MBA ESG- Dr. Srinivasan K, Director
“As we look ahead to the 2025 budget, we are optimistic about the future of higher education and its role in preparing students for an evolving workforce. We hope the government will give more priority to policies that support industry-aligned curricula and infuse emerging technologies into the way students learn.

MBA ESG operates on the benefits of scholarship funding and global alliances and focuses on enhancing and making quality education accessible to all. India needs to double down on its private institutions, especially those that offer specialized MBA courses to enhance its standing as a global hub for business education. Overall, preparing graduates with skills that are in demand in the changing marketplace will definitely better align education services with the needs of the economy of the future, thus giving students a competitive edge in tomorrow’s job market.”

Mr. Samarth Kholkar, CEO & Co-Founder, BLive
“As we head into 2025, the Budget represents a critical opportunity to accelerate India’s transition to electric mobility, especially in the two-wheeler segment, which underpins last-mile delivery and accounts for over 60% of urban transportation needs. Government subsidies and supportive regulations have already driven the adoption of over 1 million electric two-wheelers in the previous year, signaling transformative progress.

To sustain this momentum, investments in charging infrastructure and innovative financing solutions are essential to bridge critical gaps, enabling seamless integration for riders and enterprises. Transitioning to electric two-wheelers could cut urban carbon emissions by up to 40% annually and reduce operational costs by as much as 30% for businesses, presenting a win-win for sustainability and economic growth.

We urge the government to continue prioritising green mobility initiatives, empowering businesses and individuals to embrace sustainability, drive efficiency, and build a resilient, globally competitive future for India.”

Mr. Narain Karthikeyan, Founder, DriveX
“In 2025, we are excited about the potential for growth in India’s pre-owned two-wheeler market. As a prominent player in the mobility ecosystem, DriveX anticipates hearing about new government policies in the 2025 Budget for the pre-owned two-wheeler industry, which is predicted to reach $10 billion by 2026.

We expect policies that control prices and encourage transparency and vehicle quality will benefit both the industry and consumers. Investing in projects that offer digital platforms for the automobile industry can enhance consumer experiences and make it easier to buy, sell, and maintain vehicles. Incentives for tech-driven and environmentally friendly mobility solutions will also influence the future of the automotive sector, fostering convenience and confidence among all stakeholders.”

We believe these perspectives are highly relevant and would provide value to your audience as they reflect on the upcoming Budget’s impact on mobility, sustainability, and innovation.

Dr. Sunil K. Shekhawat, Founder, SanchiConnect
As we approach the 2025 Union Budget, the DeepTech and startup ecosystem holds high hopes for further fostering innovation and economic growth. The following key areas represent vital opportunities to build upon the government’s commendable efforts:
Enterprise Market Acceleration
The government’s efforts to provide emerging technology startups with pre-seed and seed capital are highly praiseworthy. However, there exists a powerful opportunity to further accelerate innovation adoption within the enterprise sector. By allocating or repurposing additional funds to co-finance proof-of-concepts (PoCs) that hold strategic interest for enterprises, in collaboration with public and private markets, we can stimulate the enterprise market’s maturity. This initiative would drive increased adoption of sustainable and efficient solutions, making enterprises more willing to embrace cutting-edge innovations that will drive long-term impact.
Equal Support for Private Incubators and Accelerators
The government’s focus on supporting incubators within academic institutions and other government-affiliated entities has played a crucial role in advancing the nation’s innovation ecosystem. However, extending this support to include private incubators, accelerators, and similar entities would be a game-changer. This expanded support could encourage more players to launch new initiatives or revamp existing ones, strengthening grassroots innovation across the country. It would motivate private entities to play an even larger role in fostering the next wave of startups, creating a stronger, more diverse innovation landscape.
Addressing High-Tech Infrastructure Costs
DeepTech startups often face significant barriers due to the high costs associated with tech infrastructure and advanced resources. The introduction of targeted measures to attract private multinational infrastructure providers to offer discounted services or establish shared resource hubs would create a more level playing field. By making high-tech resources more accessible, we can support DeepTech startups in becoming more globally competitive, positioning India as a leader in the innovation race. This move would not only reduce the burden on early-stage startups but also enhance the nation’s competitiveness in high-tech innovation.

Shish Kharesiya, Founder & CEO of Baby & Mom Retail Pvt. Ltd.
“As a D2C and e-commerce entrepreneur, I anticipate the 2025 Union Budget will address key growth drivers for our sector. Simplified compliance and tax benefits for MSMEs in the digital space would help smaller businesses thrive. Logistics and warehousing infrastructure investments, especially in tier II and III cities, are essential to reducing delivery timelines and operational costs, benefiting the entire ecosystem. Investments in sectors like railways, data centers, and highways will push the e-commerce industry. For D2C brands, initiatives supporting digital transformation, such as affordable access to credit lines, marketing tools, and broader internet connectivity, could further fuel growth. Consumer preference for “Made in India” products is rising, and additional tax rebates or export incentives would empower local manufacturers to compete globally. Sustainability must also be a priority, with subsidies for eco-friendly packaging solutions encouraging businesses to adopt greener practices. This budget will propel the D2C, e-commerce, and retail sectors forward, enhancing their role in India’s economic growth.”

Kiran Reddy, CEO & Founder, Bricks & Milestones
“Sustainable technology not only offers innovation, but also has the potential to create a positive environmental impact in the long run. We hope that the union budget will provide more financial incentives that would help bring down the initial cost of sustainable goods and provide relief to the real estate sector, encouraging more adoptions towards a green living.

Secondly, We are looking forward to more initiatives such as – reduction in stamp duty charges, tax exemption etc, that could be provided for housing projects in suburban areas and also upcoming micro markets. This would help encourage more home buyers.

Thirdly , The government should consider reducing the interest rate on home loans, since post- Covid people have been looking for larger homes, and this will help in bringing in a greater affordability factor ”.

Jasmeet Singh Chhabra, Co- Founder, Crimson Schools
The school education sector is witnessing a growing need for modern infrastructure, which can be addressed through supportive policies and regulatory measures. With over 4 billion sq. ft. of additional educational space required by 2034-35, Budget 2025 must urgently address these issues through targeted reforms and investments. One key expectation is a shift to lease-based models for school infrastructure. Such models can reduce the capital-intensive nature of setting up new schools and free up resources to enhance teaching quality and student engagement. Policies encouraging this approach will enable schools to expand faster and more efficiently. Another pressing issue is the 18% GST on affiliation and accreditation services, which significantly strains institutions. Reducing this tax rate would provide relief and allow schools to allocate more funds toward improving physical and digital infrastructure. Sustainability, too, must take center stage. Educational institutions are increasingly adopting green and eco-friendly practices, aligning with global standards. Incentivizing these efforts through tax breaks and subsidies will encourage schools to embrace sustainability and contribute to long-term cost savings and environmental resilience.

Furthermore, lifting restrictions on foreign direct investments (FDI) and external commercial borrowings (ECB) for educational trusts and societies could unlock much-needed funding for infrastructure development. Streamlining approvals and foreign grant processes will ensure timely access to these resources.

Mr Sunil Pareek, Executive Director, Assetz Property Group
India’s real estate sector has played a vital role in laying the foundation for the country’s economic development. The long-term demands of this sector must be addressed to unlock its next phase of growth. Some of these demands include granting industry status to the sector, implementing a single-window approval system, and providing input tax credits to developers. The real estate sector is also playing a crucial role in supporting India’s commitment to Net Zero by 2070 by promoting sustainability. Policymakers should incentivize developers who are creating environmentally conscious projects, which will also increase the adoption of emerging technologies and innovative construction techniques. The real estate sector is poised to reach $1 trillion in market value by 2030, and with the right support, it can achieve this ambitious target.

Dr Prabhu Aggarwal, Dean, BSM Hyderabad
“As I reflect on the findings of the World Economic Forum report, the skills gap in India’s workforce is a pressing concern. As the data stated, out of 13 million individuals entering the workforce annually, only one-fourth of management professionals possess the necessary skills to succeed in the job market. This significant gap between educational qualifications and employment necessitates innovative solutions. For this, collaborations between government bodies and private institutions under the Public-Private Partnership (PPP) model are forecast to play a vital role in nurturing digital learning infrastructure and enhancing skill-based knowledge. Further, we must put immense focus on strengthening the Education 4.0 Revolution, fostering industry-academia collaboration and funding research projects to enhance the employability of Indian youth.”

Prof. Radhika Shrivastava, Executive Director, Fortune Institute of International Business (FIIB) New Delhi
“In light of the upcoming budget, we anticipate strategic investments in education, particularly in skill development and advanced learning technologies, to empower the future workforce. As the demand for industry-ready talent increases, it is crucial to encourage greater collaboration between academia and industry. We hope the government will prioritize funding for initiatives that promote entrepreneurship, digital literacy, and vocational training that is made accessible to women, as these are key drivers of India’s economic growth. Additionally, we encourage policies that support the growth of management education institutions, facilitating global-standard education while ensuring affordability and accessibility. A focus on creating an innovation-driven ecosystem that integrates academic learning with real-world applications will not only address the talent gap but also boost India’s competitive edge in the global market.”

Dr. Satyabrata Minaketan, ChairmanODM Educational Group
“As we approach the 2025 budget, I believe that prioritizing K-12 education is imperative, given its pivotal role in driving holistic societal growth. In the 2024-25 budget, the Department of School Education and Literacy was allocated around Rs 73,00 crore, delineating a significant focus on school education. As India stands on the cusp of a major transformation in K-12 education with the integration of cutting-edge technologies such as Robotics, AI, and ML, I am convinced that strategic investments in this sector will yield substantial results. Our K-12 education system, with over 254 million enrolled students, is one of the largest in the world. By fostering collaboration, investing in technology and infrastructure, and enhancing teacher training, India can position itself as a leader in education for younger generations”.

Rahul Goenka, Director, ElectroRide
“The Indian government has set an ambitious target of having EVs comprise 30% of new private vehicle registrations, totalling 8 crore EVs, by 2030. To support this growth, we need a significant expansion of the charging infrastructure, with an estimated 39 lakh public and semi-public charging stations. As the nation strives to meet these targets, the upcoming Union Budget 2025 is expected to play a crucial role in reshaping India’s EV sector. We anticipate several key reforms from the budget, including incentivizing EV adoption through enhanced subsidies, reduced GST on EVs, and incentives for fleet electrification, as well as investments in advanced infrastructure development, such as widespread charging networks, to facilitate the seamless integration of EVs into daily life.”

Nileshkumar Kukalyekar, Business Director, Envalior
“India’s economic future hinges on its ability to transition to a low-carbon economy, with sustainable manufacturing and innovation playing a critical role. We emphasize the need for increased investment in sustainable manufacturing and innovation. With global demand for environmentally responsible products on the rise, supporting industries that drive sustainability is key to India’s economic future. We urge the government to focus on policies that incentivize the use of recycled and bio-based materials, support research into new green technologies, and promote circular economy models. Strengthening these initiatives can help companies like ours accelerate the transition to a low-carbon, sustainable economy. Furthermore, expanding financial support for green manufacturing practices will help India meet its environmental targets while boosting job creation and positioning the country as a global leader in sustainable industry”

Ms. Vidita Kochar, Co Founder, Jewelbox
As we approach the Union Budget, the gems and jewellery sector looks forward to policies that foster growth and innovation. Extending the Production-Linked Incentive (PLI) scheme to our sector can drive exports and domestic value addition, creating jobs and attracting investments. Reducing import duties on advanced machinery will enable access to cutting-edge technology, while export subsidies and dedicated zones can strengthen our global competitiveness. Additionally, incentives for research and green practices are critical to ensuring sustainable growth in this evolving industry

Vineet Dhawan, CEO, Digital Convergence Technologies (DCT)
“The technology sector is optimistic about policies that will catalyze innovation, support growth, and strengthen India’s position as a global tech hub. The rapid adoption of cloud migration, cybersecurity, and OTT video management solutions like our own dcafe’ underscores the need for a robust digital infrastructure backed by forward-looking reforms.

We hope for enhanced incentives to accelerate digital transformation for businesses, support for Global Capability Centers (GCCs) to drive employment and innovation, and clear guidelines to strengthen data security frameworks. Simplified taxation structures for IT exports and R&D investments will further encourage companies to innovate and expand.

Additionally, a focus on skilling programs aligned with emerging technologies is critical to ensuring India remains future-ready. A collaborative approach between the government and industry will not only drive economic growth but also empower businesses to deliver secure, scalable, and innovative solutions on a global scale.

At DCT, we are committed to harnessing the potential of these advancements and look forward to a budget that aligns with India’s aspirations for a digitally empowered future.”

Mr. Raj Singhal, Co-founder & CEO of Footprints Childcare
“As one of the leading players in early childhood education, we hope the upcoming budget places a strong emphasis on increased funding for preschool infrastructure and accessibility, particularly in underserved areas. Early childhood education is the foundation of a nation’s future workforce, and targeted investments in this sector can unlock immense potential for long-term economic growth.

Given the rising costs of education and the impact of declining household spending, we urge the government to introduce measures such as subsidies, tax benefits, and initiatives to make quality education more affordable for families across socio-economic strata. Furthermore, integrating early childhood education into the Skill India Mission would be a game-changer. By aligning educator training and child development programs with skills development, the government can ensure that teachers are equipped with modern pedagogical tools, creating a ripple effect that benefits children during their most formative years. Such a move would not only elevate the preschool sector but also enable it to contribute significantly to India’s long-term skill development goals.”

Swapna Bapat, Vice President & Managing Director, India and SAARC, Palo Alto Networks
As we approach the 2025-26 Union Budget, Palo Alto Networks looks forward to continued investments in AI, cybersecurity up-skilling and innovation-led initiatives. It will be a step in the right direction of prioritizing, modernizing and securing legacy and new systems while fostering a skilled workforce capable of addressing emerging challenges in a digitally connected world. These efforts will safeguard essential services while driving the digital transformation of public infrastructure, offering citizens the safety and confidence in an ever-evolving threat landscape.
The Union Budget 2024 demonstrated a strong commitment to advancing employment, skilling, and economic growth for MSMEs and the middle class. With allocations such as ₹500 crore for the India AI Mission and ₹2 lakh crore for initiatives aimed at creating over 4 crore job opportunities, the government has laid a robust foundation for India’s digital and economic transformation.
Since then, we’ve witnessed remarkable advancements in India’s tech landscape, underscored by publishing the draft of the Digital Personal Data Protection (DPDP) Act on January 3. This step reinforces India’s capability to strengthen its digital infrastructure and safeguard its growing digital economy.

Ankita Chona, the founder of Hocco Ice Creams
“The Food and Beverage industry anticipates the 2025 Budget to simplify GST, reinstating Input Tax Credit and reducing rates on dining services. We expect streamlined regulatory approvals under the National Single Window System and export incentives to boost global competitiveness. Simplified FSSAI licensing will further encourage local entrepreneurship and growth.”

Mr. Janak Vakharia, CEO, Xpedeon 
“As we approach the Union Budget, the construction industry is hopeful for a significant boost in government spending on infrastructure projects and affordable housing, which are critical drivers of economic growth and job creation. Construction ERP providers and industry leaders are advocating for tax incentives and subsidies to encourage the adoption of ERP systems and other digital tools. Such measures can significantly enhance productivity, transparency, and cost efficiency in project management, enabling businesses across the sector to thrive in an increasingly competitive environment. We further urge the government to focus on policy frameworks that support sustainable construction practices, including incentives for green building initiatives and innovations in energy-efficient technologies. These steps will not only strengthen the sector but also align with India’s broader goals of sustainability and digital transformation.”

Mayank Maggon, Founder, CEO & CTO, Techchefz Digital
TechChefz is optimistic that the upcoming Union Budget will introduce measures to support the growth of IT service SMEs. Implementing single-window clearances to streamline regulatory processes would simplify compliance, enabling SMEs to focus on innovation and service delivery. Parity in long-term capital gains tax rates between listed and unlisted securities would attract investment into the SME sector, fostering expansion and competitiveness. Increased spending on digital skill development, particularly in smaller cities, would broaden the talent pool, addressing skill shortages and promoting regional growth. Investments in cybersecurity infrastructure are essential to protect digital enterprises, ensuring business continuity and building trust in online ecosystems. Additionally, policies that facilitate easier access to funding and promote innovation hubs would create an environment where IT service SMEs can thrive. A budget that addresses these areas will significantly enhance the resilience and growth of India’s digital economy.

Sanju Ballurkar, President – Experis
As we anticipate the upcoming Union Budget, it’s crucial to implement targeted measures that will tackle urgent challenges and create avenues for growth. Investing in skilling and reskilling initiatives in high demand- high growth sectors such as AI, green technology, defence, and healthcare can effectively address the talent shortage. Simplification of employment incentive programs can significantly contribute to job creation.
For entrepreneurs, simplifying regulatory processes and enhancing access to credit would greatly foster innovation and support business development. Startups and small to medium enterprises in emerging sectors would gain tremendously from tax breaks and fewer compliance obligations, allowing them the impetus to expand and positively contribute towards the economic growth of the country.
In technology, simplifying compliance processes through digital platforms will make a significant impact on efficiency. At the same time, standardizing registration & licensing policies for staffing companies, along with reforming labour regulations, can increase accountability and weed out bad practices in the industry.
Lastly, a reduction in GST for staffing services, which is currently at 18%, would provide much-needed relief and support for an industry that plays a critical role in job creation. This could make a real difference in ensuring the continued momentum of economic growth.

Hardeep Singh, President – Talent solutions, Right Management India, ManpowerGroup
For India to achieve its ambitions for 2047, its imperative that we solve for the Talent needs and bridge the demand-supply gap between the availability of skilled talent on one hand and employment opportunities on the other. It would be good if the Government could offer incentives for acquiring key skills like tax sops to individuals who acquire key skills through a National level Certification Programe. This way we could create a certified pool of skilled workforce and can also export skilled talent to the world.

Amit Agarwal, CEO, Howden India
“As the Union Budget 2025 approaches, we call upon the government to take bold and visionary steps to fortify India’s insurance landscape. Our armed forces stand as the ultimate protectors of our nation, braving unimaginable risks every day. It is only fitting that a centrally funded life and health insurance scheme be made mandatory for them at all levels—this is not just financial security, but a tribute to their unwavering service.

Equally crucial is the need to nurture a strong talent pipeline for the insurance industry. Establishing government-backed educational institutes and skill development centers will empower young professionals, ensuring insurance reaches the grassroots and secures every Indian’s future.

Additionally, granting a GST waiver on retail life insurance and offering greater tax incentives for corporates providing group life and health policies will be transformative. These measures will accelerate the ‘Insurance for All by 2047’ vision, paving the way for a more resilient and financially inclusive India. We look forward to a budget that prioritizes these reforms and propels the industry to unprecedented heights.”

Payal Nambiar, Founder & Director, B-Square
“We are looking for policies that promote innovation and entrepreneurship while ensuring soft compliance measures that do not stifle growth. It is crucial for the government to recognize the unique challenges faced by tech startups and established businesses alike. By creating an environment where compliance is streamlined and supportive, we can unlock immense potential for growth and development in our sector. The upcoming budget should prioritize measures that facilitate the establishment of AI centres and introduce special schemes aimed at skilling our workforce. This is essential not just for keeping pace with technological advancements but also for ensuring that we harness these innovations effectively. The talent crunch we face today is a pressing issue that demands immediate attention. It’s crucial that policies are put in place to address this gap, focusing on fostering innovation and encouraging out-of-the-box thinking. The paradigm has shifted; today’s generation is wired differently and can contribute significantly if we nurture their potential effectively. We need a drastic overhaul of our teaching methodologies, which have become archaic and misaligned with contemporary needs.

The government must embrace experimental teaching methods. Enrolment criteria should be flexible and affordable, allowing access to high-quality education from esteemed institutions without financial barriers—think Harvard-based lecturers made available through incentives or partnerships.Moreover, there’s a palpable fear among mid-level professionals about job security amidst rapid technological change. To combat this anxiety, we need a culture of continuous learning—one that promotes innovation while providing businesses with flexibility through soft-touch regulations. For sustainable growth, long-term policy shifts are essential; industry players need assurance from the government that they have support in navigating these changes.”

In conclusion, this budget presents an opportunity for transformative change—one where collaboration between government and industry can pave the way for a thriving technological ecosystem ready to meet tomorrow’s challenges head-on.

Ankush Sabharwal, Founder and CEO CoRover.
“As an AI startup, CoRover looks forward to the upcoming budget’s focus on fostering innovation and accelerating growth in the technology sector, which is poised to contribute over $1 trillion to the global economy by 2030. We expect targeted funding and grants AI R&D, aligning with global trends that attract over $100 billion in annual investment. Investment in infrastructure could further empower startups. Strengthening AI talent through skill development is crucial, as India faces a shortage of 2 million professionals. A balanced approach will create a developing ecosystem and contribute to India’s goal of becoming a $5 trillion economy by 2027 and $7 trillion economy by 2030, and positively a developed nation by 2047!”

Mr. Mandar Patil SVP, International Market & Customer Success, Cyble.
“As India approaches its upcoming Union Budget, it’s imperative to recognize the critical role of cybersecurity in our rapidly digitizing economy. Recent reports indicate that 93% of Indian executives plan to increase their cybersecurity budgets in 2025, with 17% expecting increments of 15% or more.

This underscores the pressing need for robust cyber defenses.

We anticipate that the government will introduce policies and incentives that not only bolster our digital infrastructure but also ensure a secure environment for technological innovation.

In particular, the implementation of advanced threat intelligence solutions and mandatory dark web monitoring, as recently emphasized by regulatory bodies like SEBI, will be crucial. Such measures are essential to safeguard our digital future and maintain the trust of businesses and citizens alike.”

Mr. Pranay Kumar, Executive Director, Rudrabhishek Enterprises Limited (REPL)
“The Union Budget 2025 must prioritize sustainable and inclusive housing to address India’s growing urban and rural needs. Increased allocations for PMAY and infrastructure projects, particularly in Tier II and III cities, are essential to support affordable and mid-income housing.

The industry wants the home loan interest tax rebate to increase from ₹2 lakhs to ₹5 lakhs, the house value cap for PMAY benefits to rise to ₹50 lakh in urban areas from ₹35 lakhs, and rental income tax exemptions to be enhanced to ₹3 lakhs for properties priced up to ₹50 lakhs. Extending the timeline for capital gains exemption from 3 years to 5 years is also considered critical for driving investments.

The budget should also focus on green-certified buildings and eco-friendly construction by allocating funds for green financing schemes and energy-efficient housing. These measures will strengthen the real estate sector, ensure affordable housing access, and support India’s goal of becoming a developed nation by 2047.”

Dr Alok Khullar Group CEO of RJ Corp Healthcare
“India’s healthcare system even though evolved is facing increasing costs, uneven access and increasing demands because of a significant ageing population as well a significant increase in lifestyle diseases. We suggest that the government take steps towards treating healthcare like an industry with benefits like those given to the IT sector through Special Economic Zones. In addition we suggest to reconsider the GST on medicines, room rent & medical devices to reduce cost for patients.

Access to preferential capital at lower interest rates, investments by the Govt in training & upskilling of medical & nursing professionals, encouraging manufacturing of medical devices and consumables through “Make in India” will give a much needed boost to the sector in enhancing levels of care and managing costs. Public Private Partnerships at a larger scale will help deliver better healthcare to tier 3 and tier 4 cities.

Anand Nevatia’s, Co-Founder of Affordplan
“Even though access to high-quality healthcare is a basic human right, millions of people still face major financial obstacles to manage healthcare expenses. With the help of innovative payment systems, inclusive legislation, and technology, we can now increase the affordability of healthcare. The Union Budget 2025 – 2026 has the potential to be a transformative step toward addressing the critical challenge of healthcare affordability in India. The government can guarantee fair access to high-quality care by concentrating on developing the healthcare system and raising insurance coverage. The financial strain on families can be reduced by innovations such as subscription-based healthcare models, prearranged payment plans, and reasonably priced financing solutions, which make medical treatment more predictable and manageable. Moreover, establishing a strong healthcare ecosystem can be aided by public-private collaborations. In addition to improving infrastructure, cooperation between the public and commercial sectors will guarantee that innovative technologies, like artificial intelligence and telemedicine, reach underprivileged communities. No one will have to choose between their savings and their health under a system that promotes financial inclusion and digital adoption. Fundamentally, healthcare should be about wellness and healing rather than worry and expense unpredictability. We can build an ecosystem where everyone, regardless of financial status, has access to timely and reasonably priced healthcare by working together, being innovative, and enacting progressive policies.”

Pramod Sharda, CEO of IceWarp India
“As we approach the Union Budget 2025, we anticipate strategic reforms that bolster India’s digital ecosystem and drive technological self-reliance. The past few years have highlighted the transformative power of digital adoption across industries, and it is imperative that this momentum is sustained through forward-thinking policies.

We hope the government continues to prioritize investments in digital infrastructure, particularly in Tier 2 and Tier 3 cities, to bridge the digital divide and unlock the untapped potential of these regions. A reduction in GST rates on enterprise technology solutions would encourage businesses to adopt advanced tools, boosting productivity and fostering innovation.

Additionally, it is crucial to address cybersecurity, as the rise in digital adoption brings with it the need for robust frameworks to safeguard data and digital assets. Incentivizing investments in R&D for indigenous technology development will also be a step towards achieving digital independence.

Startups in the technology domain are a driving force behind India’s economic growth. We look forward to budgetary provisions that support their scaling efforts through relaxed compliance, simplified taxation, and increased funding opportunities.

At IceWarp, we remain committed to empowering organizations with cutting-edge enterprise communication and collaboration solutions, and we are optimistic that Budget 2025 will create a conducive environment for businesses to thrive in the ever-evolving digital landscape.”

Anant Bhan, Founder and CEO, Cloud Dhobi.
The upcoming budget is expected to offer a key moment to support MSMEs and startups, which drive India’s economic growth. As a brand in the service industry, tax benefits, incentives for using biodegradable packaging, and simpler compliance processes would help us grow and contribute to India’s progress. Programs like the Skill 2.0 Initiative and Skill Credits will help close the skill gap by encouraging MSMEs to invest in upskilling their workforce in new technologies, boosting employability, and helping them compete on a global scale

Ashok Chandak, President of IESA
IESA Recommendations for India’s Union Budget 2025-26: Electronics and Semiconductor Sector

To support India’s ambition of becoming a global hub for electronics and semiconductor design and manufacturing, the following proposals are suggested:

1. Semiconductors manufacturing: Expansion of the PLI Scheme

• Enhanced Allocation: Extend the Production-Linked Incentive (PLI) scheme beyond the current allocation of ₹76,000 crore (~$10 billion) with an additional provision of $20 billion over the next five years.
• Rationale:
  • India’s semiconductor sector is at a pivotal growth stage, driven by government initiatives, strategic collaborations, and a robust domestic market.
  • Indian companies and IESA (India Electronics and Semiconductor Association) members, have committed to projects worth over $20 billion.
  • The Semicon India Program and ISM have delivered significant contributions to GDP growth, job creation, foreign investments, industrial self-reliance, and bolstering India’s position in the global semiconductor market.
• Proposal: Allocate $20 billion in the upcoming budget to propel the next phase of growth, innovations, and Atmanirbhar Bharat with Global Impact.

2. Enhancing Electronics Value Addition

• Current State:
  • India’s electronics manufacturing can reach $500 billion by 2030-32 from 150 Bn$ of this year.
  • Current local value addition stands at less than 18%. Increasing this to 40% will create extensive job opportunities and retain significant economic value domestically.
• Proposal:
  • Introduce additional PLI outlays linked to local value addition – strictly.  PLI to be paid for minimum 25% in 2025-26 and 30 % by 2027.
  • Focus particularly on the mobile phone segment, which represents the largest opportunity. Enforce stricter value addition norms as a prerequisite for availing PLI benefits.
  • Provide 5 Bn$ of Incentives for electronics components industry for Companies and JV’s having Majority holding/Stake of Indian corporates/ entrepreneurs.

3. Product Creation and R&D

• Long-Term Sustainability: For the electronics and semiconductor industry to thrive sustainably, fostering product creation and intellectual property (IPR) development through dedicated R&D is critical.
• Proposal:
  • Allocate ₹10,000 crore for targeted R&D initiatives in ESDM sector on PPP model, separate from generic funding and not just the funding to academic institutes but to boost Industry collaborated R&D.
  • Consolidate multiple schemes under a unified Product Creation Initiative to high priority products of India needs with global potential to maximize impact.

4. Export Incentives

• Boosting Global Competitiveness: To position India as a leading exporter of electronics and semiconductors, targeted export incentives are necessary.
• Proposal:
  • Introduce 2% Additional Incentives and tax benefits for exports of semiconductor and electronics products that meet value addition norms , particularly in high-demand categories.
  • Simplify export procedures and provide logistical support for global market access.
  • Establish dedicated trade agreements to secure markets for Indian electronics and semiconductor products, ensuring steady growth in export revenue.

These measures will accelerate India’s transformation into a leading electronics and semiconductor hub, fostering innovation, creating jobs, driving economic self-reliance, and expanding India’s presence in global markets.

Mr. Praneet Mungali, Trustee and Educationist Sanskriti Group of Schools, Pune
“The total budgeted expenditure on education as a % of the GDP is less than 4% and this needs increase to 6% especially because the centre bears only one fourth of the total government spending on education, whereas the rest three-fourth of the spending comes from the States.
This increase in budgetary outlay must be geared towards increased spending on R&D as well as incentivizing the private sector to increase the spending on R&D. India’s current spend on R&D is 0.65 % of the GDP; this is lower than our peers in the BRICS and also well below the global average of 1.5%. We are at the cusp of an epoch change where disruptive technologies like AI, quantum computing, CRISPR and similar radical disruptors will change the global economic order. The only way that India will retain its competitiveness is by an increased budgetary outlay in the education system.”

Sonica Aron, Founder and CEO Marching Sheep
“The middle class in India is grappling with high living costs, inflation, meagre increments, and job insecurity exacerbated by global uncertainties. This significant category in the working community requires immediate help, as they are battling financial tension. The tax brackets and exemptions especially for single-earning families managing the escalating school fees and medical bills require an urgent revision.

Entrepreneurs, SMEs, and MSMEs also struggle due to factors arising from GST as well as a bottleneck on cash flows caused by delayed payments. Even after a 45-day payment mandate for registered MSMEs, there are long delays, pushing companies to prioritise relationships over justice leading to financial losses. Addressing these systemic issues is important for economic stabilization and fostering growth across sectors.”

Ankush Sabharwal, Founder and CEO CoRover
“As an AI startup, CoRover looks forward to the upcoming budget’s focus on fostering innovation and accelerating growth in the technology sector, which is poised to contribute over $1 trillion to the global economy by 2030. We expect targeted funding and grants AI R&D, aligning with global trends that attract over $100 billion in annual investment. Investment in infrastructure could further empower startups. Strengthening AI talent through skill development is crucial, as India faces a shortage of 2 million professionals. A balanced approach will create a developing ecosystem and contribute to India’s goal of becoming a $5 trillion economy by 2027 and $7 trillion economy by 2030, and positively a developed nation by 2047!”

Mukesh Pandey, Director of Rupyaa Paisa
“The Union Budget 2025 aims to change the face of MSMEs with a high focus on digitalization and ensuring financial inclusion, providing various tools with ULI and TReDS for easy credit access. Tax reforms will make availing compliance simpler for emerging sectors like data centers and limit disputes. MSMEs find it challenging to secure funding, and call for greater transparency and higher credit guarantee funds. Factoring in proposed infrastructure, such as integrated townships, will enhance competitiveness through the establishment of crucial facilities such as R&D centers and export gateways. In addition, skill gap bridging and sustainability are key type initiatives that cater to global trends seeking a holistic approach to address both short-term issues such as inflation, while also enabling long-term industry growth.”

Dr. Sameer Bhati, Director of Star Imaging and Path Lab Pvt. Ltd.
“As we approach Union Budget 2025-2026, the diagnostics sector has high hopes for financing healthcare and improving accessibility. COVID-19 pandemic underscored the value of diagnostics in detecting and managing disease early. Yet, two-thirds of diagnostic facilities are geographically concentrated in the cities, which deprives rural communities.Transformative diagnostics are fundamental to driving the agenda of health care. With 0.7% of its GDP spent on R&D (as compared to the global average of 2.2%), investments in research can bring in transformative technologies like AI-driven diagnostics and gene-based testing for precision and efficiency.Tax breaks and subsidies on diagnostic services can also make preventive healthcare affordable, as 48% of healthcare spending in India is currently out-of-pocket spending. Digital health is also very much in the mix — just the likes of telepathology and AI are creating accuracy and access. This level of performance in AI-driven diagnostics has demonstrated up to 95% accuracy in identifying certain conditions, which would greatly improve outcomes.”

Mr. Mandar Patil SVP, International Market & Customer Success Mandar Patil, Cyble.
“As India approaches its upcoming Union Budget, it’s imperative to recognize the critical role of cybersecurity in our rapidly digitizing economy. Recent reports indicate that 93% of Indian executives plan to increase their cybersecurity budgets in 2025, with 17% expecting increments of 15% or more.

This underscores the pressing need for robust cyber defenses.

We anticipate that the government will introduce policies and incentives that not only bolster our digital infrastructure but also ensure a secure environment for technological innovation.

In particular, the implementation of advanced threat intelligence solutions and mandatory dark web monitoring, as recently emphasized by regulatory bodies like SEBI, will be crucial.

Such measures are essential to safeguard our digital future and maintain the trust of businesses and citizens alike.”

Dr. Sujit Paul, Group CEO Zota Healthcare Ltd.
“The Budget 2025 offers an ideal chance to enhance India’s healthcare by prioritizing generic medicines. With 63% of medical expenses coming from out-of-pocket—surpassing the WHO global average of 18.2%—the need for affordable healthcare is urgent. Setting up more generic medicine retail outlets in underprivileged areas could fill this gap as generics are 30% to 90% cheaper than branded drugs and could potentially save ₹8,000 to ₹10,000 crores annually. Furthermore, the production of generic drugs, as brought to the fore in the report of the Ministry of Chemicals and Fertilizers of April 2023, could possibly curtail imported ingredient dependence stabilize supply chains and save a projected amount of ₹15,000 crore yearly. Moreover, generic prescription policies being compulsorily enforced in public health systems would hugely promote the consumption and trust of generics. Such initiatives would eventually trim the costs related to healthcare and render India a frontline leader in affordable medical innovation.”

Mr. Anjan Pathak, CTO & Co-founder, Vantage Circle
“As we approach the Union Budget 2025, we hope to see measures that drive inclusive growth, particularly in regions like Northeast India, which hold immense potential for innovation and entrepreneurship. Strengthening digital infrastructure, expanding support for MSMEs, and enhancing access to emerging technologies like AI-driven automation and blockchain could significantly boost regional development and economic progress. Additionally, we look forward to incentives that encourage R&D and digital skill development, enabling businesses to stay competitive in a rapidly evolving global market. Prioritizing cybersecurity and long-term financial support for technology adoption will be pivotal in ensuring sustainable growth and innovation across the nation.”

• The upcoming Budget is expected to provide tax relief while balancing the government’s need to maintain revenue. Taxpayers are hoping for an enhanced rebate for lower-income individuals and an increase in the basic exemption limit under both tax regimes to help offset inflation. To help conserve taxpayers’ resources, the turnover limit for taxation on a presumptive basis under Sections 44AD (for businesses) and 44ADA (for professionals) should be increased.
• Homebuyers may also benefit from higher interest deduction limits on housing loans under Section 24(b). The deduction should be allowed for the full interest paid, at least for one house, or the current limit of Rs. 2 lakh should be increased to Rs. 3 lakh.
• Faceless assessments and appeals are highly appreciated. However, there is a significant backlog in the completion of faceless appeal disposals, which now needs to be expedited in a time-bound manner. The TDS process for non-resident property sellers, which is currently cumbersome, is also expected to be simplified.

Capital Gains Tax

• A key expectation is that the exemption limit for LTCG on equities, currently capped at ₹1.25 lakh, may be increased to ₹2 lakh or higher, allowing investors to retain more of their returns. The new grandfathering rule in capital gains, which allows indexation benefits to resident individuals/HUF on the sale of residential property, needs to be rationalized. It should also be extended to other categories of assessments, such as non-residents, corporates, and other types of assets.
• There is growing anticipation for a review of Sections 54 and 54F, which provide exemptions for reinvestment of capital gains in residential properties, potentially expanding eligibility and increasing the ceiling for investment. To address the significant housing shortage in the country, the restriction on investing the sale proceeds in acquiring two residential houses should be removed, and the scope should be broadened to exempt capital gains tax if the sale proceeds are invested in creating housing stock, without any limitation on the number of units for individuals and HUF. Additionally, for claiming deductions under Section 54, the minimum holding period of the new asset should be reduced from 3 years to 2 years, in line with the minimum period for an asset to be treated as a long-term capital asset under Section 2(42A).
• Currently, exemptions under Sections 54 and 54F are limited to residential properties. These should be extended to business properties, as selling and reinvesting in business assets aims to support business growth, not generate capital gains. Expanding these exemptions would boost economic activity.
• Additionally, the threshold limit of Rs. 50 lakh under Section 54EC should be substantially enhanced to Rs. 2 crore, considering the limit was fixed in 2007. These funds are used for infrastructure development and contribute to societal welfare. These changes, along with a possible reduction in Short-Term Capital Gains (STCG) tax, could create a more investor-friendly environment, encouraging both retail and foreign investments and making India’s tax regime more competitive on the global stage.

Rohit Mahajan, Co-Founder plutosONE
India has more than 600 million smartphone users, so there is a lot of opportunity to unleash the next growth wave. Encouraging fintech-bank partnerships can help close the gap between the creative solutions of fintechs and the wide-ranging reach of banks, guaranteeing that digital payment solutions are delivered to the final mile. MSMEs, which employ more than 120 million people and account for over 30% of India’s GDP, frequently struggle to obtain reasonably priced finance.

After the launch of Bharat Connect B2B, invoicing and financing will become easier. Trade Receivables Discounting Systems (TREDS) and similar platforms have been crucial in enhancing working capital finance. The government may empower MSMEs and promote financial inclusion by providing targeted incentives and loan guarantees for their use of TREDS.Furthermore, growing digital infrastructure and resolving cybersecurity issues are crucial, as India’s digital economy is expected to exceed $1 trillion by 2030. Inclusive growth will be ensured by tax breaks for digital transactions, streamlined compliance for MSMEs, and funding for digital literacy programs.

NPCI & Banks in partnership with Fitnech like plutos ONE are creating Banking Solutions for  customers and business.

At plutosONE, we think that Budget 2025 might set the stage for a robust, inclusive, and sustainable digital economy.

Manojkumar Sharma, founder of Ashnam Home.
To bolster India’s home decor manufacturing sector, it is essential to expand and simplify Production Linked Incentive (PLI) schemes, reduce GST rates on home decor items, and introduce special credit schemes for startups. These measures will not only encourage domestic production, enhance competitiveness, and support small and medium-sized businesses, but also pave the way for a potential surge in consumer demand. Additionally, implementing subsidies for advanced manufacturing technologies and increasing export incentives will facilitate technology adoption and encourage startups to explore global markets.
Infrastructure development is crucial, as it focuses on improved logistics and reliable utilities to reduce operational inefficiencies. Promoting made-in-India through incentives for eco-friendly and other manufacturing practices and launching skill development initiatives for artisans will address both the skill gap and global demand for sustainable products. Finally, supporting e-commerce growth by reducing compliance costs and simplifying regulatory requirements cannot only help startups thrive but also foster a culture of innovation in this dynamic sector.

Satyam Vyas, founder of Arthan and Climate Asia
These include a burdensome tax compliance system that requires over 1,200 annual filings, resulting in valuable resources being diverted from business growth. Additionally, many startups experience significant cash flow issues due to delays of over six months in receiving GST refunds. Furthermore, the taxation of Employee Stock Ownership Plans (ESOPs) at vesting can impose financial burdens on employees. The current three-year tax holiday, often failing to accommodate the longer growth cycles of many startups, is a significant issue that needs to be urgently addressed.
Vyas’s proposals are not just suggestions, but urgent calls for action. He advocates for the implementation of a centralized digital platform for streamlined tax compliance, aligning ESOP taxation with liquidity events, and extending the tax holiday for DPIIT-registered startups from three to five years. He also recommends establishing a 30-day deadline for GST refunds with penalties for delays, offering government tax advisory services to support startups, increasing R&D deductions to 200% for high-impact sectors, providing up to 10% tax rebates for sustainable startups, and lowering TDS rates to enhance cash flow for new ventures. These measures, if implemented promptly, could significantly alleviate the challenges faced by startups in India’s social impact sector.

Amit Srivastava, Founder and Chief Catalyst of Nutrify Today
For India to emerge as a global hub of nutraceuticals and achieve the $100 billion milestone by 2047, it is imperative to introduce PLI and RLI schemes to upgrade industry infrastructure and compete internationally. With the PLI scheme for the nutraceutical sector under evaluation by MoFPI, the upcoming budget presents a pivotal opportunity to allocate funds and catalyze this transformation.

Mr. Kishan Jain, Director at Goldmedal Electricals.
“As we approach the Union Budget 2025-26, there is increased interest in policies that would promote infrastructural growth, support technical advancements, and promote energy-saving solutions. This Budget has the potential to consolidate India’s status as a global manufacturing hub by implementing policies to encourage innovation and sustainability across industries. With infrastructure development serving as the foundation for economic growth, it is critical to prioritize investments in smart technologies like automation, and IoT. Policies that promote local production and streamline regulations can increase efficiency, reduce reliance on imports, and provide job opportunities. The Budget also provides an important chance to address sustainability issues by encouraging the use of environmentally friendly technologies and energy-efficient practices. These initiatives, which encourage innovation and correspond with global best practices, can ensure long-term growth while also constructing a robust and future-ready economy.”

Mr. Rajesh Jain, CFO at RR Kabel
“As we approach the Union Budget 2025-26, there is great anticipation for policies that can shape a forward-looking roadmap for India’s economic growth. This Budget has the potential to catalyze infrastructure development, support the transition to sustainable energy solutions, and enhance the competitiveness of domestic manufacturing under initiatives like ‘Make in India.’ The electrical and electronics sector plays a critical role in driving safety, efficiency, and sustainability across residential, commercial, and industrial applications. Measures that simplify tariff structures, expand the scope of Production Linked Incentive (PLI) schemes, and encourage investment in energy-efficient infrastructure will be instrumental in strengthening India’s position as a global manufacturing hub. We are optimistic that the Budget will prioritize these areas, creating a robust foundation for innovation, economic growth, and environmental sustainability. Such initiatives will pave the way for a more resilient and self-reliant India, benefiting industries and consumers alike.”

Praveen Kumar Bhandari, Chief Financial Officer, Hi-Tech Radiators Pvt Ltd.
”We urge the government to prioritize investments in infrastructure development in the upcoming Budget 2025 as it could play a pivotal role in creating world-class infrastructure and positioning India as a global manufacturing hub. The government should also look at rationalising the tax structure while reducing the compliance burden on the taxpayer. The government’s move to levy higher GST and additional cess on certain products to raise more funds may not be a good idea, and it may promote tax evasions while encouraging the unorganised sector to supply counterfeit products to take advantage of the situation. We would also like to draw the government’s attention towards the tax compliance burden; be it direct or indirect taxation, its burden has been increasing on the taxpayers. Additionally, the government also looks at providing some tax incentives to exporters by reintroducing Sec 80 HHC of the income tax, as it will also help the country in offsetting the impact of the ever-increasing trade deficit driven by rising crude oil import bills. The interest equalisation scheme should also be made more liberal with no limit on the subvention of the interest for available pre- and post-packing credit. Besides this, the government should also look at rationalising personal income tax rates, particularly ‘surcharges and cess,’ which are always temporary in nature and are levied for a very specific purpose. Faceless assessment and appeal schemes under income tax should be made optional, as they have slowed down the disposal rate with heaps of high-pitch assessment/appeal orders.”

Jaikaran Chandock, Director, Balu Forge Industries Ltd
‘‘Defence will be one of the key focus areas for the upcoming Union Budget 2025, as the government intensifies its efforts to achieve self-reliance in design, development and manufacturing of defence equipment. The budget should propose an increase in the capital outlay for the defence sector to bolster capacity and capability, driving progress towards achieving self-reliance and attaining the defence exports target of ₹50,000 crore by 2029. With a dynamic defence manufacturing sector, India can boost indigenisation as well as domestic procurement of defence products and can become a global hub for sourcing advanced defence equipment. Therefore, the budget needs to propose measures and schemes that encourage technology transfer, public-private partnerships, R&D and collaboration with global players and Original Equipment Manufacturers (OEMs). A strong defence manufacturing ecosystem will help the sector unlock emerging opportunities.”

Manav Subodh- Founder of 1M1B (One Million for One Billion)- An AI-focused skilling organization.
“The Union Budget 2025-26 is a pivotal moment for India to align its economic strategy with its net-zero ambitions. It’s also an opportunity to lessen the urban- rural gap through inclusive skilling on AI and Green skills. We urge the government to establish Green Skill Academies under the Skill India Mission, targeting the training of 2 crore young people by 2030 in areas like renewable energy, sustainable agriculture, and circular economy practices. Public-private partnerships in green skilling must be prioritized to ensure scale and impact.

Additionally, AI innovation must take center stage. Dedicated AI hubs and open-source centers of excellence can foster local solutions for sustainability challenges in sectors such as agriculture, energy, and climate-resilient infrastructure.

Equally important is creating pathways for youth to step out of classrooms and into the real world. Internship programs, workplace experiences, apprenticeships, and short-term community projects should be incentivized to equip students with hands-on experiences. These initiatives will bridge the skill gap and prepare our young population to become changemakers at the grassroots.”

Govind Sankaranarayanan, Co-founder & COO of Ecofy
“A persistent theme across recent budgets has been the need for job creation. Incentives for labour intensive sectors such as food, garments and automotive components are required. New areas of employment generation such as the maintenance of electric vehicles and support for burgeoning rooftop solar ecosystems need budgets for vocational training of the youth. As a green lender, we think that the larger banking system needs to be encouraged to channelize funds to SMEs’ looking to become resource efficient. The largest chunk of jobs gets created within the SME space and therefore the continuation of incentives to SMEs would be desirable through this year’s budget incentives.”

Avinash Rao, Founder of Alt DRX
“According to recent statistics, new house sales have decreased for the first time in 2024 owing to increase in house prices, high interest rates for borrowing and general conservative sentiment which has cropped up due to the 4 years of constant high growth. For the growth to continue and real estate to achieve the $1 Trillion dollar by 2030, there needs to be a government led push and this budget is the appropriate time for decisions to push this industry forward to grow.
Key expectations from Budget 2025-26:

– Developer Led: High cost of material and construction can not be reduced or moderated immediately, but adjustments to input tax credit will reduce the cost burden on developers and subsequently pass it on to the home buyers. Change of policies to attract domestic and international real estate funds will provide a big push for developers to raise capital and complete their projects on time.

– Home Buyer Led: Changes in current tax exemptions on house loans will help with reducing cost burden on home buyers and bring relief. Subsidies on affordable housing will bring demand to a category which has not grown and caters to the larger Indian population.

The real estate sector is at a turning point. Sustaining growth will require government intervention through tax reforms, affordable housing subsidies, and incentives for developers to access capital. By addressing challenges like high costs and affordability, this budget can ensure continued momentum and set the stage for the sector to achieve its $1 trillion target by 2030, driving both economic growth and homeownership for millions.”

Kalyan Konda, Executive Director and CEO, QualiZeal
“By 2025, AI investments are anticipated to become a significant driver of enterprise technology spending, with a projected CAGR of 25-35%, and global AI spending is expected to reach $1.5 to $2 trillion by 2030. As industries such as manufacturing, healthcare, financial services, and EdTech undergo AI-driven transformation, Union Budget 2025 presents a critical opportunity for India to strengthen its position as a global AI leader.

We hope the upcoming budget prioritizes AI-focused R&D investments, skill development programs, and tax incentives for AI adoption. These measures will not only drive innovation but also empower the Indian IT and tech ecosystem to tap into the immense potential of AI, creating a ripple effect across key sectors and contributing to India’s economic growth.“

Manav Subodh- Founder of 1M1B (One Million for One Billion)- An AI-focused skilling organization.
“The Union Budget 2025-26 is a pivotal moment for India to align its economic strategy with its net-zero ambitions. It’s also an opportunity to lessen the urban- rural gap through inclusive skilling on AI and Green skills. We urge the government to establish Green Skill Academies under the Skill India Mission, targeting the training of 2 crore young people by 2030 in areas like renewable energy, sustainable agriculture, and circular economy practices. Public-private partnerships in green skilling must be prioritized to ensure scale and impact.

Additionally, AI innovation must take center stage. Dedicated AI hubs and open-source centers of excellence can foster local solutions for sustainability challenges in sectors such as agriculture, energy, and climate-resilient infrastructure.

Equally important is creating pathways for youth to step out of classrooms and into the real world. Internship programs, workplace experiences, apprenticeships, and short-term community projects should be incentivized to equip students with hands-on experiences. These initiatives will bridge the skill gap and prepare our young population to become changemakers at the grassroots.”

Mr. Atul Jain, Managing Director & Chief Executive Officer, Aptech Limited.
“The government’s forward-looking initiatives in previous budgets aimed at enhancing accessibility within the Animation, Visual Effects, Gaming, and Comics (AVGC-XR) industry have been incredibly impactful. As home to two of India’s leading AVGC training brands (Arena Animation & MAAC), we have witnessed first-hand how such measures are inspiring a new generation of students and aspirants to explore creative careers, positioning the sector as a pillar of the country’s economic growth generating employment opportunities.

Education is a fundamental necessity and a cornerstone for India’s transformation into a Viksit Bharat and a trillion-dollar economy. Strategic policy measures, such as reducing GST on vocational education and skill-building courses, are essential to broadening access to quality education and equipping the workforce with future-ready skills. These initiatives not only address the evolving demands of the creative industries but also align seamlessly with the Honorable Prime Minister’s visionary roadmap for national progress and inclusive growth. Furthermore, supporting the AVGC-XR sector through such measures will drive innovation, create high-quality employment opportunities, and empower youth across the nation, thus catalyzing India’s emergence as a global hub for creative industries.

As we look ahead, we expect the Union Budget to build on these successes by further promoting industry-academia collaboration, increasing investment in AVGC-focused education and training, and providing more incentives to nurture homegrown talent and startups in the creative space. By doing so, the government will unlock tremendous potential for economic growth, job creation, and global recognition of India’s creative prowess.”

Piyush Peshwani, Co-founder and CEO at OnGrid
“As India accelerates its journey toward digital transformation, we anticipate that the upcoming Union Budget will focus on further strengthening digital public infrastructure (DPI), which can reduce the cost of regulatory compliance, trust and safety. DPI can be used to verify individuals as well as entities, and we hope that this verification is available to all relevant stakeholders, in line with data privacy and security regulations.

The access to DPI should become easier, as opposed to a complex “licence” based approach, which limits its usage, and can curb innovation. A small but genuine startup should also have similar access (with necessary checks and balances) as a large regulated enterprise.

Emphasis on digitized credentialing and AI-powered KYC / KYB and verification has the potential to boost efficiency, security, and credibility in various economic transactions.

We are optimistic that the budget will act as a catalyst for growth and reaffirm India’s commitment to building a digitally empowered economy”.

Mr. Gagan Arora, Founder and President of Vertex Global Services.
A recent analysis by McKinsey indicates that India must improve its employment figures to meet its ambitious GDP growth target of 7–8% annually. To achieve the nation’s goal of becoming the third-largest economy by 2030, the government should prioritize job creation and skill development. Enhancing access to vocational training and higher education through targeted investments in skill development is one of the major things to watch out for in the budget 2025. Moreover, allocating budget resources to support Small and Medium Enterprises (SMEs) is crucial. Implementing tax incentives and grants could stimulate job generation, as SMEs often form the backbone of the economy. Furthermore, fostering public-private partnerships can lead to the development of internship and apprenticeship programs, providing the youth with valuable work experience in their pursuit of employment. The government should focus on initiatives that bolster entrepreneurship through funding, mentorship, and streamlined regulatory processes to motivate the establishment of new businesses, resulting in increased job opportunities.

Proactive investment in infrastructure projects can generate immediate employment while strengthening the long-term economic landscape. Additionally, implementing initiatives that promote remote work will allow more individuals to access job opportunities without geographical limitations, further reducing unemployment and cultivating a resilient workforce. The government should also prioritize inclusivity by a focussed allotment of budget for the skilling of PWDs and marginalized in the coming year.

Amrit Kiran Singh, President, Skill Online Games Institute (SOGI).
The huge USD 300 bn Global Online Games Industry (4 times the size of the Movie + Music industry together) has the potential to contribute significantly, for several decades, to India’s GDP growth and jobs, like IT has done. Negatives like addiction can be mitigated through use of “smart tech”. The massive 1400% increase in GST in October 2023 ostensibly introduced from a moralistic perspective, has not met its objectives as it has only caused 83% of Indian player spends on Online Games to migrate from Indian platforms to “no tax” offshore (mainly Chinese) platforms. Over the past 15 months it has been impossible to block offshore platforms due to “domain farming” or get them to register and pay taxes in India. There is an urgent need to address the elephant in the room (abnormally high taxes) and correct the situation, through the “review” mechanism that the Finance Ministry had promised the industry.

Mr. Samuel Joy, Founder, and CEO, Huntr
“As we approach the 2025 Union Budget, policymakers must prioritize initiatives that will empower youth and make them employable. In that context, investments to enhance the global mobility of the Indian workforce, focusing on language upskilling and transitioning the unskilled into skilled labor, will be pivotal. Language skills, in particular, act as a bridge to global opportunities, enabling workers to integrate seamlessly into international markets. India holds immense potential to harness its human capital and position itself as a leading global talent pool over the next decade. To realize this vision, the Government must champion public-private partnership models to achieve scale in training and assessment, equipping the youth with the necessary skills to meet international workforce demands. By prioritizing these efforts, we can significantly increase the talent pool of skilled workers, thereby driving economic growth and fostering global competitiveness.”

Lachman Ludhani – Chairman and Managing Director – Evershine Group
“The real estate sector has always thrived by turning challenges into opportunities, meeting the aspirations of homebuyers year after year. As we gear up for the Union Budget 2025, I see a landscape filled with promise, if we make a few strategic shifts. Affordable housing continues to gain momentum, reflecting the evolving needs of our nation. While 2024 presented its challenges, I believe the upcoming budget can reignite home-buying interest by introducing crucial reforms in tax policies and enhancing subsidies for affordable housing. These steps will not only ease financial burdens but also open doors to growth and innovation. With a clear focus and collective effort, I am confident that we can propel the industry forward, paving the way to achieve the ambitious $1 trillion target by 2030 and fulfilling the housing dreams of millions of Indians.”

Chintan Vasani – Founder Partner, Wisebiz Developers
“The recent data from CREDAI-MCHI highlights a remarkable shift in the Indian real estate market, with an 18% increase in total sales value, underscoring the growing demand for luxury homes. This trend reflects a transformation in consumer preferences, where buyers are not just seeking premium properties but a curated lifestyle that aligns with their aspirations. The rise in average home prices to Rs 1.23 crore signifies a clear move towards quality and exclusivity. As cities like Mumbai, Delhi-NCR, and Bengaluru lead this luxury market, we are witnessing a new era in real estate that prioritizes elevated living experiences.”

Ms Prachi Kaushik, Founder and Director, Vyomini Social Enterprise.
“As India strides toward economic growth, the upcoming budget presents a vital opportunity to prioritize the inclusion of women in the workforce with a focus on sustainability. Bridging the gender gap can significantly boost GDP and catalyze long-term growth. This requires targeted measures such as skill development programs, incentives for women-led enterprises, and infrastructure to support working women, such as affordable childcare and safe workplaces.

We believe inclusivity must go hand in hand with sustainability. Policies encouraging women entrepreneurs in sustainable sectors, access to green finance, and support for eco-friendly businesses led by women will ensure economic progress that respects environmental boundaries. By empowering women, especially in underserved communities, and fostering equitable participation, we can create a self-reliant, inclusive India that is both socially and ecologically resilient”

Anshu Sarin, CEO, 91Springboard
“The future of India’s flex space industry lies in a synergistic partnership between the government and the private sector. The government can play a pivotal role by introducing policy frameworks that encourage innovation—such as tax incentives, streamlined regulatory approvals, and interest subvention schemes to ease capital access for operators. Integrating flex spaces into urban development projects, like smart cities, IT parks, and transport hubs, will further bolster growth and establish them as a vital component of India’s economic infrastructure. At the same time, the private sector must rise to the challenge by delivering world-class, technology-driven workspace solutions that cater to the evolving needs of businesses and professionals. Investments in sustainable practices, digital infrastructure like 5G, and enhanced customer experiences will ensure long-term viability and competitiveness. When the public and private sectors collaborate with a shared vision, we can create an ecosystem that not only supports India’s economic ambitions but also redefines how businesses operate in the modern era.”

Sanjay Sehgal, Founder, Chairman and CEO at MSys Technologies
“Among the key expectations of the tech sector from the upcoming Union Budget 2025 is a more favorable policy framework towards digital transformation and AI adoption. The industry is also vying for more investment in sustainable digitalization that will help foster innovation without harming the environment. Tax breaks and R&D grants are high on the agenda of the tech industry, which is likely to contribute $1 trillion to the economy by 2027. Further, a dedicated focus on creating a supportive policy environment through tax incentives, access to affordable finance, and streamlining the regulatory framework to encourage the technology solutions sector exports will be instrumental in solidifying India’s position as a global leader amidst rising competition from peer nations . The thrust for greener initiatives is expected to help tech space emerge more assertive on the sustainability front. The ongoing favorable policy regime towards fintech should also continue in the upcoming budget proposal.”

Mr. Tarun Singh Founder & MD, Highbrow Securities
‘As we approach the new budget, I’m excited to see how the government builds on the momentum of previous years to drive growth in India’s MSME sector. Sustaining this momentum is crucial, with a focus on bridging the swelling debt funding gap that persists for SMEs. Enhancing credit accessibility and simplifying IPO listing procedures will offer vital support. Furthermore, by introducing targeted interest subvention schemes, the government can significantly reduce operational costs. Together, these measures will strengthen the global competitiveness of our MSMEs, ensuring they continue to thrive and grow. To take it to the next level, I’d like to see the budget introduce innovative funding models and asset-light strategies that promote corporate governance and financial transparency. Policy incentives, including tax reliefs, sector-specific subsidies, and support for digital transformation, will be crucial in driving sustainable growth and long-term value creation. Considering the current economic landscape, I think the budget should also focus on infrastructure development, job creation, and ease of doing business. Consider the expectations of various industry sectors, such as the automotive industry, which is looking for funding and incentives for EV infrastructure, service centers, and tax credits for green technology. The real estate sector is hoping for progressive reforms that benefit homebuyers and the industry, including increased tax exemption limits on interest payments on home loans and reduced stamp duty charges As we look to the future, I’m confident that the Union Budget will empower MSMEs, bolster India’s economic framework, and present high-growth opportunities for investors. With the government’s focus on fiscal prudence and growth-driven policies, I’m optimistic that the budget will strike the right balance to drive India’s economic trajectory forward’

Ketan Munoth, co-founder of Plush
As the founder of a young startup, I see the Union Budget 2025 as an important opportunity to support MSMEs, which are key drivers of India’s economy. Beyond funding and financial incentives, what we truly need is a streamlined regulatory framework that simplifies clearances and processes, saving valuable time and resources for businesses like ours.

The current regulatory landscape, while improving, can still be challenging for startups navigating compliance, licenses, and approvals. Simplifying these processes, creating single-window clearance systems, and offering sector-specific guidelines would significantly reduce operational roadblocks and allow businesses to focus on innovation and growth.

Support for R&D in sectors like personal care and hygiene, where innovation is key, would provide a competitive edge for businesses catering to evolving consumer needs. While we seek to improve menstrual health for all menstruators, support, and resources in R&D to enhance and upgrade are key for startups like us.

The Union Budget has the potential to enable MSMEs to scale operations, contribute to economic growth, and generate employment. A clear focus on simplifying processes and improving ease of doing business will not only benefit MSMEs but also strengthen India’s position as a hub for entrepreneurial success.

Yousuf Rangoonwala, Founder Kakkoii Entertainment Pvt. Ltd
The advertising and creative industries in India are facing significant challenges due to high taxation, particularly the Goods and Services Tax (GST), which is among the highest in developing nations. This, along with poor economic performance, has led to reduced marketing budgets and a decline in consumer purchasing power. India’s GDP is at its lowest in 21 years, and the FMCG sector, a key indicator of consumer spending, is struggling. This reflects the financial pressures many people are facing, with purchasing power limited outside the wealthiest 200 million. The government needs to reassess its fiscal policies to stimulate economic growth. As we look ahead to the Union Budget 2025, there is a clear demand for lowering both direct and indirect taxes, creating more employment opportunities for lower-income groups, restoring investor confidence by addressing bureaucracy and high taxes, and easing compliance burdens for businesses. These steps are essential not just for the advertising sector but for the broader economy to recover and grow.

Tuhin Arya, co-founder & Chief Creative of Bandstand Media
The spending power that consumers have right now is directly linked to the advertising industry. The more a consumer consumes a good or service, the better the chances that a specific brand will increase its advertising budgets every year. This means the advertising industry gets its share. However, in recent developments, we’ve seen that many taxations have come into effect, which are, in one way or another, hampering the buying power that consumers have. This is definitely a threat, and I would like to see it addressed in this Union Budget. The taxation the public is facing right now should be looked into, especially considering that millennials, who are spending most of their money on goods and services, are also burdened with taxes, EMIs, and rising interest rates. This is an area I would want the Union Budget to focus on.
As for the overall perspective, while the government is doing enough for startups and funds, I believe more funds should be allocated to startups to encourage more people to embark on their entrepreneurial journey. This would also benefit the advertising industry. At the same time, there should be some relaxations or tax cuts for the advertising industry. The advertising sector is often neglected, and startups aren’t truly considered startups in this industry. Any special rebates or tax cuts the government can provide for this industry would be extremely beneficial.

Mr. Arijeet Talapatra, CEO, itel India
“The upcoming Union Budget holds immense potential to accelerate growth in the electronics and smartphone manufacturing industries. The growing aspirations of India’s youth, driven by their pursuit of innovation, entrepreneurship, and a digital-first future, underscore the urgent need for robust cybersecurity measures and cutting-edge 5G infrastructure. Prioritizing investments in 5G infrastructure and cybersecurity will further support Digital India’s growth by enabling innovation, safeguarding critical systems, and unlocking opportunities across sectors like healthcare and smart cities.

Expanding the PLI program further to increase the allocation for semiconductors, high-capacity batteries, and display technologies will strengthen India’s value chain, reduce imports, and enhance our global competitiveness. Focused R&D grants for emerging technologies such as AI and IoT will be a much-needed boost – a significant step towards making India a Vishwaguru in the electronics ecosystem.”