Industry Wishlist: Exploring Sectoral Expectations for Union Budget 2025-26

The upcoming Union Budget for FY25-26, set for February 1^st, is drawing keen attention from all corners of India’s economy. Industries spanning infrastructure, IT, telecom, agriculture, healthcare, human resources, and education are on high alert, anticipating how the government’s fiscal strategy will shape their futures. This piece examines the central hopes and forecasts of industry leaders across various sectors for Budget 2025-26, drawing insights from pre-budget discussions, industry reports, and expert evaluations.

Ravi Kunwar, Mr. Ravi Kunwar, Vice President- India & APAC, HMD
“As we approach the Union Budget 2025, we see immense potential for policies that could strengthen India’s position in the global mobile manufacturing landscape. The Production Linked Incentive (PLI) scheme has been a game-changer for domestic manufacturing and, we believe providing a boost to the PLI scheme with a focus on increasing local value addition to more than 18% is indispensable. Simultaneously, initiatives like these could support the localization of critical smartphone and feature phone components, as this aligns with both our business strategy and India’s vision of technological self-reliance is something we as a brand are anticipating.The upcoming budget has the potential to strengthen domestic component manufacturing, particularly in the mobile segment. We look forward to policies that will boost indigenous production and create a more robust supply chain. Our commitment to ‘Make in India’ remains firm, and we look forward to policy frameworks that could help us to deepen our manufacturing footprint in the country. We are optimistic that the budget will introduce measures to support technological innovation and sustainable growth in the mobile manufacturing sector.”

Mr. Bimal Khandelwal, CEO- STT GDC India
“The Union Budget 2024 was a significant step forward for India’s digital future, demonstrating the government’s commitment to infrastructure, including digital and AI development. The focus on infrastructure, energy security, manufacturing & services along with a special onus on AI, building on India’s world leading DPI and key initiatives around bolstering innovation highlights the government’s forward-thinking approach. Furthermore, the emphasis on skill development and fostering a talent pool for the tech sector sets a solid foundation for growth. Looking ahead to the 2025 Budget, we expect the budget to build on the strong structural fundamentals of the economy to unlock a higher growth trajectory. We anticipate continued support for building sustainable digital infrastructure at scale in India to support the digital ambitions of the industry , the government and an increasingly digitally penetrated population of 1.45 billion. We look forward to enhanced support for deployment of data centres that support and enable the technologies of the future in terms of strengthening of the incentives for green data centres, competitive power availability, enabling tax reliefs for infrastructure investments particularly digital and bolstering R&D in AI and cloud supporting technologies, increased avenues of Government’s economic collaboration with the industry and incentivisation of joint skill development efforts. We believe these will be pivotal for accelerating digital transformation. STT GDC India remains completely committed to supporting the nation’s long term sustainable and innovative growth in line with the government’s vision of Viksit Bharat.”

Rajeev Singh, Managing Director, BenQ India and South Asia
“As we approach the Union Budget 2025, targeted investments in emerging technologies such as artificial intelligence (AI) should remain a key area of focus. With India’s AI market projected to reach $17 billion by 2025, there is a strong call for enhanced government support in AI research and innovation. This includes the need for research grants, tax incentives, and public-private partnership frameworks to make long-term AI research commercially viable. We also strongly anticipate enhancements in digital infrastructure, particularly in rural areas, to improve financial inclusion and integrate underserved communities into the economy. The budget should also consider the necessity of high-performance computing resources, data centers, and specialized AI hardware to support innovation. Government support through shared infrastructure models could democratize access to these essential resources and facilitate the growth of AI capabilities across the nation.

In addition, the establishment of India’s first private semiconductor facility in Andhra Pradesh is expected to receive support in the upcoming budget. This initiative will bolster local manufacturing capabilities and reduce dependency on foreign imports, which is vital for the tech sector’s growth. With the manufacturing sector being a critical driver of economic growth, we also hope for expanded Production Linked Incentive (PLI) schemes that could create millions of jobs while enhancing India’s manufacturing exports.”

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.”

Joseph Sudheer Thumma, Global Chief Executive Officer & Managing Director, Magellanic Cloud
“In an era of rapid Gen AI, and cloud computing, we expect the government’s upcoming budget to prioritize policies that foster innovation and address the evolving needs of the tech sector. This includes continued support for R&D in cutting-edge technologies, initiatives to bridge the digital divide and enhance digital literacy, and a focus on developing a robust infrastructure to safeguard our digital assets. We believe these measures will be crucial for India to maintain its competitive edge in the global technology landscape.”

Venkatraman Narayanan, Managing Director & CFO, Happiest Minds
“As we approach the Union Budget 2025, we hope for policy measures that accelerate India’s journey towards becoming a global digital innovation hub. All action taken to strengthen our domestic economy, more money into Capex, reduction of taxes on the individual tax payer thus putting money into his hands and eventually driving consumption, simplification of tax procedures, both direct and indirect, and reduction in the compliance burden would really put us back on the path of continued growth.

Additionally, incentives and steps to strengthen our digital infrastructure, reskilling programs will not only prepare the workforce for the future but also ensure equitable growth. A budget that fosters an environment of mindful growth and global competitiveness will significantly contribute to India’s leadership in the digital economy.”

Puneet Gupta, VP and MD, NetApp India/SAARC
“As India moves closer to becoming a global technology hub, the upcoming Union Budget presents a unique opportunity to accelerate our digital transformation journey. To fully harness the potential of AI and emerging technologies, the government should prioritize investments in building intelligent data infrastructure. Robust and scalable data solutions will serve as the backbone for AI readiness. It will enable businesses to leverage data efficiently and securely while driving innovation. Incentives for cloud adoption, data localization frameworks, and public-private partnerships in technology can further bolster India’s digital economy. A future-ready data ecosystem is essential for fostering economic growth, job creation, and global competitiveness in the age of AI.”

Shrirang Deshpande, Strategic Program Head, Vertiv India
“The adoption of technologies like artificial intelligence (Al), cloud computing, and 5G, as well as exponential data consumption, are driving India’s booming digital economy. The industry is expected to grow at a compound annual growth rate (CAGR) of 15.07% to reach $10.09 billion by 2027.

India has established itself as a desirable worldwide hub for data center development thanks to its extensive linked power system, investments in renewable energy, and smart digital efforts. India’s skills perfectly complement the global emphasis on dependable and sustainable data solutions. We anticipate measures supporting the rise of data centers as the Union Budget draws near, such as incentives for integrating green energy, simplified regulations for expanding infrastructure as well as initiatives to improve connectivity in tier-2 and tier-3 cities, generating employment opportunities. Additionally, targeted policies could streamline processes for data centre vendors, enabling them to invest in advanced technologies and infrastructure. By this, India will be able to handle the growing needs for data both domestically and internationally and positioned to spearhead the global data revolution by meeting the vital demands of this industry, solidifying its standing as a digital powerhouse and potential location for investments in top-notch data infrastructure”.

Sunil Sapra, Co-Founder & Chief Growth Officer of Eventus Security
“With the upcoming Union Budget, we anticipate a continued focus on strengthening India’s cybersecurity framework. As cyber threats evolve, it’s imperative for the government to prioritize investments in cybersecurity infrastructure and initiatives that enhance national resilience against emerging cyberattacks. Public-private partnerships will be instrumental in driving innovation and ensuring that organizations, especially SMEs, gain equitable access to the advanced security technologies. Further, it is important to include provisions that support skill development in the cybersecurity sector nurturing a robust talent pool capable of safeguarding our digital ecosystem. The increased adoption of AI and machine learning for threat detection and response also presents an opportunity to scale up our defense mechanisms. A forward-looking, holistic cybersecurity strategy in this year’s budget will not only secure India’s digital future but also act as a catalyst for sustained economic growth and global competitiveness.”

Sagar Kaushik, Associate Director, Growth Propelld, Propelld
“The private education sector is crucial to India’s educational landscape, fostering innovation and skill development. However, government support for education fee-financing fintechs is urgently needed. Policy reforms, lower lending rates from public sector banks (PSBs), and co-lending models can reduce non-performing assets (NPAs) in higher education financing. Collaborations between PSBs and fintech platforms can streamline traditional lending processes, while fintech companies enhance accessibility and efficiency through technology-driven solutions.”

Hari Krishnan Nair, Co Founder, Great Learning
“As we approach Budget 2025, we are optimistic that the government will introduce policies to position India as a global hub for talent and innovation, beginning with making quality education truly accessible. The current 18% GST levied on edtech companies imposes a significant burden on learners. Eliminating or reducing this GST rate would offer much-needed relief. Additionally, to make upskilling mainstream behaviour among youth, investing in upskilling programs should become a way for professionals to save tax under Section 80C. We hope this year’s budget not only prioritises creating more employment opportunities but ensuring equity and access to more learning opportunities.”

Mr Tarun Gupta, Co-Founder at Lissun (Mental Health Platform)
*”At Lissun, we view the 2025-26 Union Budget as a crucial opportunity to reshape India’s mental health framework. We hope for increased funding to enhance awareness, accessibility, and affordability of mental health services, alongside efforts to integrate mental health care into primary healthcare. Investments in digital solutions, incentives for innovative startups, and targeted skill development to address the shortage of mental health professionals are essential. Key priorities for us include ensuring insurance coverage for mental health, increasing research funding, and creating a national mental health database. We also urge a focus on early intervention programs for children with autism and neurodevelopmental challenges, as well as expanding university courses to produce more qualified therapists. Furthermore, incorporating mental health education into schools and workplace wellness programs will be pivotal to ensuring a more resilient society.”

Jai Decosta, CEO at K12 Techno Services
“As we look towards Union Budget 2025 – 26, we are hopeful that the government prioritizes investments to elevate the education sector, in line with the vision of the National Education Policy (NEP) 2020. In the pursuit of Viksit Bharat, the previous allocation of ₹1.48 lakh crore for FY24-25 was a step in the right direction towards education, employment and skilling. However, this union budget we expect a significant increase which is essential for meeting the growing demands of the education sector. It is imperative that the budget focuses on accelerating the digital transformation of education by increasing funding for digital learning initiatives and the integration of IT infrastructure. This will further improve the digital literacy and integrate technology effectively into classrooms. Additionally, it is essential that we support new technologies such as AI and robotics, which can personalize learning experiences. Lastly, with the growing demand for employability-focused skills, a substantial push towards vocational training and application-based learning within K-12 education is vital. With these measures, the budget has the potential to significantly equip the next generation with the skills and knowledge required to excel in a rapidly changing world.”

Mr. Veerasundar V., Global CFO, Simplilearn
“Our expectations for the 2025-2026 budget are strengthening industry-academia collaborations to align courses with market needs and prioritizing hybrid learning to ensure accessibility, especially in rural areas. Investments in skilling programs for high-demand fields like AI and IoT are essential to prepare India’s workforce for the modern economy.

The government should also support mid-career upskilling and promote female entrepreneurship through targeted training and financial support. Additionally, it is crucial to address the gaps in upskilling for India’s Gen Z workforce. Incentivizing businesses to invest in Gen Z skilling, fostering global certifications, and promoting practical learning will ensure this generation is future-ready.

As per latest reports, with Gen Z’s spending influence expected to surpass $2 trillion by 2035, affordable education loans and experiential learning are vital to unlocking their potential in the global economy.”

Mr. Prateek Shukla, Co-founder & CEO, Masai School
“The Union Budget 2025-26 presents a transformative opportunity to align education and skilling initiatives with the vision of NEP 2020. By increasing the allocation to 6% of GDP for education, the government can enable large-scale skilling programs and strengthen public-private partnerships that are essential for achieving ambitious Gross Enrollment Ratio (GER) targets.

Moreover, a focus on digital and inclusive learning through investments in high-speed internet, affordable devices, and robust digital infrastructure will ensure quality education reaches even the remotest parts of the country. Encouraging outcome-based learning by offering tax incentives and funding for skill-based, job-oriented education models can help bridge the employability gap in India.

Finally, incentivizing industry-academia collaborations, apprenticeships, and work-integrated learning programs will foster stronger ties between education and employment, ensuring that the workforce is equipped with future-ready skills. We believe these measures will not only address critical gaps but also empower India’s youth to thrive in an evolving global job market.”

Dr. Dharminder Nagar, M.D, Paras Health
Healthcare accessibility and infrastructure in the upcoming budget should be prioritized. Strengthening tertiary healthcare systems and increasing investment to achieve equitable healthcare distribution, particularly in tier 2 and tier 3 cities, remains critical.
Establishing a dedicated Healthcare Capex Fund with flexible repayment terms and reducing customs duties on life-saving diagnostic equipment would significantly alleviate existing challenges.
We also see immense potential in digital health transformation and expect increased allocations for AI-driven diagnostics, telemedicine, and electronic health records, especially to bridge healthcare gaps in rural areas. Public-private collaborations will play a pivotal role in achieving this vision.
Finally, tax incentives to encourage private health insurance adoption among the middle class will ensure broader healthcare access and financial protection for families.

Gerald Jaideep, CEO, Medvarsity
“As we anticipate the 2025 Union Budget, there is a strong need for policies that support the growth of digital healthcare education and skilling in India. Initiatives such as tax incentives for organizations investing in healthcare upskilling, funding for digital learning infrastructure, and promoting public-private partnerships can play a transformative role. Additionally, prioritizing innovation and technology in healthcare education will help bridge skill gaps and ensure a future-ready workforce. We hope for a budget that empowers the healthcare ed-tech sector to drive meaningful and scalable impact across the nation.”

Srividya Kannan, Founder and CEO, Avaali Solutions
“The 2025 Union Budget should focus on creating a robust ecosystem that incentivizes the adoption and development of AI across industries while empowering the tech workforce through structured learning initiatives. It is vital for the government to support R&D and innovation in AI so that India solidifies its position as a global leader in technology innovation. I’m keen to see the government allocate subsidies, incentives, or grants specifically for developing AI-driven solutions. Policies supporting R&D in AI applications, particularly for enhancing automation, improving efficiencies, and enabling data-driven decision-making, will give Indian businesses a competitive edge in global markets. An emphasis on building cybersecurity infrastructure and policies that encourage the adoption of digital and AI workflows will play a pivotal role as well. Grants or tax breaks to promote AI-enhanced automation platforms will help organizations streamline their processes while staying globally competitive.

Moreover, for India to retain its status as the digital talent powerhouse of the world, upskilling and reskilling the workforce should be a priority. The budget should allocate increased funding toward government-sponsored training programs in AI, machine learning, and cybersecurity. Partnerships between academia and industry to create advanced certification programs could further prepare the workforce for the demands of enterprises undergoing digital transformation. Special focus on women’s participation in tech through scholarships or incentives would also ensure a more inclusive ecosystem.”

Somdutta Singh, Founder and CEO of Assiduus
As we approach the crucial Union Budget 2025-26, there’s a pressing need to harness the transformative potential of India’s burgeoning e-commerce sector. Raising the basic income tax exemption limit to INR 3.5 lakh, coupled with an enhanced standard deduction of INR 75,000, could be game-changing measures. These reforms would potentially boost disposable incomes by 7 percent, leading to an anticipated 6 percent surge in essential purchases and contributing an estimated 0.7 percent to GDP growth.

We’re particularly hopeful about the rationalization of GST rates from 18% to 12% on mass-market FMCG products. This crucial reform could significantly enhance product affordability, potentially driving an 8 percent increase in sales volumes and adding an estimated 0.5 percent to GDP growth, particularly benefiting our emerging digital-first brands and small manufacturers.

The sector eagerly awaits the expansion of the Production Linked Incentive (PLI) scheme and enhanced RoDTEP benefits, which could be instrumental in strengthening domestic manufacturing capabilities and improving global market access for Indian brands.

Looking ahead, we believe these anticipated reforms could collectively address import dependencies, generate substantial employment opportunities, and empower Indian businesses to compete effectively in global markets. With these supportive measures, we expect the e-commerce ecosystem to flourish sustainably, positioning India as a digital commerce leader, with projected market revenues of $69.98 billion by 2025.

Arun Awasthy, President & Managing Director, Johnson Controls India
“As India prepares for the Union Budget 2025, we find ourselves at a decisive moment in shaping the future of our cities and economy. With nearly half of the Indian population expected to live in urban areas by 2030, the need for infrastructure that is both expansive and sustainable is more urgent than ever.This need for climate conscious infrastructure is not only critical as a response to environmental challenges but also as a deemed driver of long-term economic stability for the country.

The last budget, presented just six months ago, gave significant attention to public infrastructure, while prioritizing sustainability as a key focus. This year, the momentum must continue, with sectors like railways, aviation, healthcare, hospitality, data centers and manufacturing taking center stage. These areas have immense potential to drive innovation, attract large-scale investments, create jobs, and transition India toward a greener model of development. As part of this transition, a wider promotion and integration of green building standards in both public and private sector construction can be an incremental yet impactful step toward embedding climate resilience into India’s urban landscape.

Public private partnerships too have been a central focus of the government. While the previous budget expanded the scope of large-scale PPP led projects, this year’s focus must include extending these opportunities to develop new urban centers, particularly in Tier 2 and Tier 3 cities. A collaborative model involving state governments, the central government, and private players could further support development that caters to region-specific needs, while also simplifying local regulations and streamlining project implementation. This approach will not only support the development of emerging cities but also ensure sustainability becomes the foundation of India’s growth story.

Moreover, as we focus on rapid infrastructure and sectoral development, we must prioritize skill development to build a robust human capital base capable of supporting the scale of growth we are striving for. A dedicated effort toward upskilling and reskilling, particularly in green-tech and building decarbonisation will ensure that India’s workforce is ready to meet the demands of evolving industries, fostering inclusive growth and enhancing employability in emerging sectors.

As a developing nation, India has a unique opportunity to embed climate resilience into our infrastructure and policies. This will allow us to balance economic growth with environmental responsibility, positioning India as a global leader in sustainable development. These efforts will not only address immediate goals but also move us closer to the vision of a Viksit Bharat by 2047.”

Leela Kaza, Founder and Co-CEO Bounteous x Accolite
“As India approaches the presentation of 2025 Union Budget, we stand at a crucial juncture to shape a Viksit Bharat by integrating technological advancements with foundational development. We hope to see a budget emphasizing digitalization and investing in transformative technologies such as artificial intelligence, quantum computing, biotechnology, and semiconductor manufacturing. Equally critical are investments in skill development, AI-focused R&D, and incentives to modernize industries/sectors like healthcare, manufacturing, retail, and agriculture— which should be the key to unlocking India’s $1 trillion digital economy vision.

This budget provides a unique opportunity to expand innovation hubs in tier-2 and tier-3 cities, foster public-private partnerships, and enhance access to advanced infrastructure. The nation can drive inclusive growth by empowering businesses across conventional and emerging sectors to innovate and scale.

We are optimistic that the budget will balance fostering cutting-edge technologies with addressing core developmental needs, solidifying India’s position as a global leader in technology and innovation.”

Dr. Himani Narula Khanna, Director & Co- Founder, Continua Kids
Despite the notable economic progress in India, the essential needs of individuals with disabilities remain largely unaddressed. Union Budget 2025 is a pivotal chance to address these shortcomings and address the mounting issues that people with ASD & their families face. As a healthcare professional with a high level of involvement with such questions, I strongly support policies developed based on the perception of practitioners familiar with all the nuances of autism treatment.
The budget needs to direct funding to several important areas: using mainstream education for assistive technology, creating specific healthcare services and rehabilitation services, providing social services for community integration and families, employment and training as well as incentives for employers, accessibility improvements in infrastructure through transportations as well as public spaces, R & D for universally designed technologies both in education and infrastructure, accommodation of legal protection against discrimination, and finally, social inclusion activities.
Although efforts like GST exemptions are appreciable, there is an immediate need to address issues related to reporting and add more rigidity in certification for Unique Disability Identification (UDID). Furthermore, performing routine, legal audits of CDCs and inclusive schools based on quality standards and medical supervision can help increase accountability and responsibility for the centers’ activities.
It is therefore incumbent on policymakers to take advantage of this great opportunity to create an environment that is easily accessible to every person with autism as well as economically inclusive, thereby building this great nation with every hand, not leaving behind those with spectrum disorders.

Kiran Raju, CEO & Co-Founder of Indrajaal
“As India looks ahead to Budget 2025, there’s a lot of focus on boosting the defence sector and stepping up infrastructure spending, while staying true to the idea of Atmanirbhar Bharat. The government is likely to prioritise modernising our armed forces, strengthening border and coastal security, and taking future-ready decisions to propel India to the next stage of progress.

One area that will help accelerate this shift is drone infrastructure. Many states have already started investing in drone usage and have established drone policies. This will foster innovation. However, the infrastructure to support a high volume of drones is still lacking. Along with strengthening our drone capabilities, the government should also look at strengthening home-grown drone infrastructure. With a stronger focus on Indigenous production, Budget 2025 could mark an important step toward making India more self-reliant and secure in the years to come”

Rishi Das, Executive Director & CEO, IndiQube
“As we approach Budget 2025, a strategic policy support could help unlock the full potential of coworking spaces and enable us to contribute even more significantly to India’s economic growth. We request for a formal recognition of coworking as a distinct industry. Currently, we often find ourselves categorized within broader real estate or commercial classifications, which fail to capture the unique dynamics of our business model. Formal industry status would be transformative, providing access to tailored policies and a more supportive regulatory framework designed specifically for our operational needs.

To further drive regional development, we urge the government to introduce targeted tax incentives and policies that specifically encourage investment in Tier-II and Tier-III cities. This will enable us to further expand beyond the major metropolitan areas and unlock the vast potential of these emerging markets. By establishing coworking spaces in smaller cities, we can create local hubs for innovation, generate employment opportunities, boost local economies, and foster thriving entrepreneurial ecosystems.

Moreover, offering incentives for green buildings and on the use of renewable energy would promote sustainable development. Incentivizing green practices would not only reduce the carbon footprint but also set new standards for sustainable business operations in real estate.”

Mr. 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. ”

Kami Viswanathan, President, FedEx, Middle East, India Subcontinent, and Africa (MEISA).
“As we approach the 2025 Union Budget, we are optimistic about continued government investment in infrastructure, multimodal logistics hubs, and digital platforms. The priorities of the Amrit Kaal plan are vital for creating an efficient logistics ecosystem that reduces costs, enhances supply chain efficiency, and drives India’s global competitiveness. We also hope to see greater focus on streamlining trade processes and promoting green logistics to accelerate sustainable growth.

At FedEx, our unique vantage point on global value chain shifts highlights growing interest from global customers in India as a manufacturing and export hub. Facilitating efficient logistics can accelerate this trend, and we remain committed to collaborating with the government to develop a ‘plug-and-play’ framework that promotes trade, attracts investment, and unlocks new opportunities for India’s economic aspirations.”

Pradeep Gupta, Executive Director and India Head of Investment at Lighthouse Canton
” The government will have its task cut out setting budgetary expectations amidst ongoing concerns towards lagging growth with full-year FY25 GDP growth expected to settle around 6.4%, a 4-year low.
The RBI revised its inflation forecast for FY25 to 4.8% from the earlier estimate of 4.5%. Add to it, a mixed domestic demand scenario with struggling urban pockets, global turmoil, INR depreciation, weak exports, etc. It will be interesting to see how policy balancing is approached given the current growth inflation dynamics.
To start with, we expect a continued emphasis on fiscal prudence with the government committed to maintaining a sub 4.5% fiscal deficit target for FY2026. We also expect continued momentum in areas of focus like public capex, infrastructure, and employment creation thus reflecting upon sustained improvement in quality of spending by the government.
Commentary around the nominal GDP numbers doesn’t appear to be encouraging enough for now. While one may still witness healthy growth in direct tax collections, indirect tax collections are likely to be impacted in case of an intensified tariff war globally. We may not witness a complete or significant overhaul of direct tax yet. Will reserve our view for now on any material relief around personal income tax. Likely, the overall thrust around boosting consumption could be a part of broader policy reform.
It is difficult to ascertain the extent of cushion one can expect from the RBI on account of its dividend payout in this fiscal. If it comes through, it will free up some part of fiscal space. As per the estimates, the government is likely to undershoot the capex outlay target for the ongoing fiscal by INR 1 trillion.
We expect 10%-12% growth over last year’s capex budget for this year. The continued anchoring of the PLI-linked incentive ambit is expected as a part of the government’s manufacturing push. Private capex has been a laggard despite India corporation in its best shape from a balance sheet deleveraging view. It’s the distorted demand outlook that continues to be a sore point & will have to be addressed in this budget. ”

Dhanashree Mandhani, Founder and CEO, Salam Kisan.
“As we approach the Union Budget, it is crucial to address immediate challenges while laying a sustainable foundation for Indian agriculture. Emerging technologies like drones and AI can reduce input costs by 20-30%, enhance efficiency, and boost productivity. To unlock these benefits, the government must introduce targeted incentives and subsidies to promote agri-tech adoption. Establishing drone hubs can drive rural employment, skill development, and a robust agri-tech ecosystem.
The vast agricultural data available with the government can be leveraged by providing structured access and incentivizing startups to develop AI-driven tools. These tools can deliver precision solutions tailored to farmers’ needs, maximizing crop yields, optimizing resources, and minimizing environmental impact.
Investments in rural infrastructure—storage facilities, cold chains, and logistics—are essential to reduce post-harvest losses and strengthen market linkages. Additionally, the Budget should focus on enhancing market access and promoting exports to establish India as a global agricultural leader.
Sustainability must remain a key priority, with allocations for water-saving technologies, climate-resilient seeds, and R&D in biofuels. Promoting drone operations, agri-tech training, and digital literacy initiatives will empower farmers to leverage these innovations effectively. Public-private partnerships and stable policies, such as low-interest loans, increased PM-KISAN installments, and GST exemptions on machinery and fertilizers, can provide the support farmers need.
With a balanced focus on technology, sustainability, and rural development, this Budget can be transformative for Indian agriculture, paving the way for an inclusive, prosperous ecosystem and contributing to India’s journey toward becoming a developed economy by 2047.”

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.”

By Mr. Achin Goel, Vice President at Bonanza
“As budget, set to be presented on February 1, 2025, is approaching, the stock market and investors are keenly anticipating measures that will bolster economic growth and enhance investment opportunities. AMFI has released a 15-point proposal for the Budget to be presented by Finance Minister Mrs. Nirmala Sitharaman. One of the primary expectations from the mutual fund industry is the restoration of tax benefits for debt funds. The removal of long-term indexation benefits in budget 2024 has significantly impacted debt fund investors, leading to a decline in participation. Industry leaders argue that reintroducing indexation would help neutralize inflation’s impact on capital gains, making debt investments more attractive again. Also, there is a demand for rollback of recent capital gains tax hikes, which deterred retail investors from engaging with mutual funds.

We are also expecting revisions in income tax slabs or increase in deduction. Any tax relief will increase disposable income, particularly for middle-income group and stimulate consumer spending and led to economic recovery. A potential increase in the tax deduction limit under Section 80D for health insurance premium is another area where we are expecting some relief. Expectation for raising tax deduction limits under 80D to Rs.50,000 (Rs.1,00,000 for Seniors) from Rs.25,000 (Rs.50,000 for Seniors) and include section 80D in the new tax regime to promote insurance penetration and will be positive for health insurance companies like Star Health. Expectation is also for increasing the limit under section 24(b) to Rs.2-3 lacs from Rs.1.5 lacs to promote home buying and boost real estate sector.

We are also expecting strong government capital expenditure in the upcoming budget, especially in roads, railways and urban projects, which is likely to drive economic growth and create investment opportunities across sectors. This focus aligns with the broader vision of achieving a ‘Viksit Bharat’ by 2047. Electric Vehicles industry is anticipating incentives aimed at boosting domestic manufacturing and infrastructure development, including charging stations.

Investors are also keenly aware of global economic trends and their potential impacts on domestic markets. With expectations of lower GDP growth, investors are looking for budgetary measures which will shape India’s economic landscape in 2025. Institutional investors normally prioritize a stable regulatory environment that fosters long-term investment strategies. They expect clear guidelines regarding taxation policies and compliance requirements in the budget, which can significantly influence their investment decisions. Institutional investors also monitor macroeconomic indicators and expect the budget to reflect a sustainable economic growth. They are likely looking for measures that enhance GDP growth forecasts, control inflation and stabilize currency rates”.

Ankit Jaipuria, Co-founder, ZYOD
“We firmly believe that an export-focused pre-budget framework must prioritize ease of access to working capital, trade benefits, and duty incentives that empower businesses to scale globally. Collateral-free loans and seamless credit access can be transformative for MSMEs, driving innovation and growth while strengthening India’s export economy.”

Ritesh Khandelwal – Co-founder ZYOD
“India’s potential to dominate global fashion markets lies in simplifying export procedures and fostering innovation. At Zyod, we see immense value in a budget that prioritizes R&D for smart and sustainable textiles, incentivizes the adoption of cutting-edge tech like AI and removes roadblocks in customs and logistics. These measures are critical for creating a globally competitive ecosystem where Indian manufacturers can thrive.”

Mr. Kuldip Raina, Director Sales and Marketing at Shalimar Paints
“As we approach Budget 2025, the paint industry is optimistic about government measures that will drive growth and sustainability. With India’s GDP poised for significant expansion and the development of smart cities, the growth in real estate is expected to further fuel demand in decorative and industrial paints. Despite this growth, India’s per capita paint consumption remains lower as compared to developed nations, reflecting immense potential for market expansion.
New renovating trends, including shorter repainting cycles, are driving demand in the decorative paints segment, reflecting evolving consumer preferences and driving sustained market growth. Additionally, government schemes such as PMAY (Grameen) and increased spending on infrastructure projects will boost industrial paint demand, driven by economic growth and growing disposable incomes.
Reducing import duties is crucial for sustained growth, given the industry’s reliance on imported resins and chemicals. Offering titanium discounts on key raw materials can ease cost pressures and improve production efficiency. Coupled with incentives for rural penetration, such measures will help bridge gaps in untapped markets, driving demand in rural areas.
We also advocate for policies that stabilize raw material supply, encourage R&D through tax benefits, and provide subsidies for technological upgrades. These steps will reduce production costs, lower energy expenses, and enable greater industry participation.
Incentivizing export growth will enhance industry’s global competitiveness and strengthen India’s position in the international market. Export promotional incentives can provide much-needed support for Indian paint manufacturers to expand their global footprint. At the same time, increased research funding for sustainable and eco-friendly solutions will align with the ‘Viksit Bharat’ vision while ensuring the industry adheres to global environmental standards.
Budget 2025 has the potential to be a turning point for the paint industry. With heightened investments in construction, including housing, cement, and steel, along with targeted fiscal policies, the industry looks for robust growth. These measures will not only support fiscal deficit reduction goals but also significantly contribute to India’s economic development.”

Rahul Jain – CFO, NTT DATA Payment Services India
The Union Budget 2025 should allocate more funds to incentivize the use of low value BHIM UPI-based payments and Rupay debit card. Bank and payment service provider, and NPCI typically incur a cost of nearly 0.25% of transaction value for processing a UPI P2M transaction. As UPI continues to rise exponentially, it is important for the payment ecosystem to invest in emerging technologies such as Artificial Intelligence (AI), face recognition payments, and blockchain. These technologies will make the digital infrastructure more robust, ensuring the safety of digital payments. To address the rising concerns of digital fraud, it is essential to create stringent mechanisms to mitigate these risks. Strong government support for the digital payment ecosystem, along with streamlined policies, can foster financial inclusion, innovation, and growth in the fintech sector. Additionally, targeted initiatives for employment generation and skill development will further bolster this growth. By focusing on these areas, the Union Budget 2025 can play a pivotal role in enhancing the digital payment landscape and ensuring a secure, inclusive, and innovative financial ecosystem.

Prabhat Maheshwari, Co-Founder and Director, Amocare.
“The Indian wellness industry currently holds a projected value of over $72 billion for 2025. It has witnessed remarkable growth in India, with CAGR of 28% by 2025. Our organizational focus aligns with the government’s emphasis on women’s health and preventive healthcare, as demonstrated by previous initiatives like the National Health Mission which allocated ₹36,000 crore for women-centric healthcare programmes.

Key expectations include rationalization of GST rates for natural wellness products from the current 18% to a proposed 12% which would enhance accessibility for middle-class consumers. Additionally, increased allocation for R&D in natural sciences and preventive healthcare could accelerate innovation in plant-based wellness solutions. With one third of Indian women reportedly experiencing lifestyle-related health concerns, we anticipate policy support for natural healthcare products, particularly those focused on women’s wellness, will help expand the market reach while maintaining quality and affordability.”

Mr. Pinkesh Kotecha, Chairman and Managing Director at Ishan Technologies
“As Budget 2025 approaches, we look forward to measures that will position India as a global digital leader. Cybersecurity must be a priority, with increased budget allocations to build secure digital ecosystems and encourage public-private partnerships. Additionally, bridging the digital divide through continued support for initiatives like BharatNet Phase 2 and Viability Gap Funding for regional ISPs will enhance access to education, healthcare, and employment.

India’s growing reputation as a trusted partner for global capability centers (GCCs) is another key area to build upon. The budget could promote this by offering incentives for GCC development, simplifying processes for businesses, and creating an environment conducive to innovation. These measures will position India as a hub for high-quality, cost-effective technology solutions. While AI-powered data centers are transforming operations with better efficiency and productivity, they also present environmental challenges. Rising energy consumption for computing and cooling systems has increased the carbon footprint of these facilities. Budget 2025 could play a pivotal role by supporting green energy adoption, energy-efficient technologies, and research into low-impact cooling solutions, ensuring sustainable growth in this sector.

Skilling and reskilling initiatives for emerging technologies like AI, IoT, and cloud computing are essential for a future-ready workforce. Moreover, a clear regulatory framework for AI is needed to balance innovation with ethical and safety standards. We are optimistic that Budget 2025 will focus on cybersecurity, inclusivity, sustainability, and workforce readiness to drive India’s digital transformation.”

Mahesh Ramanujam, CEO of Global Network for Zero
“With the upcoming Union Budget marking the end of a quarter-century of growth and laying the foundation for India’s next phase of development, infrastructure must be a central focus. As one of the world’s fastest urbanizing nations, India faces the urgent challenge of building infrastructure that can effectively accommodate this population shift. However, this development cannot be limited to concrete structures, but it must include a sustainable foundation that enables the adoption of greener public and private infrastructure.

Last year’s allocation of INR 11.11 trillion for infrastructure demonstrated the government’s commitment to progress, but this must now evolve to push sustainability a step further and include more initiatives that prioritise the net zero vision, and one such step in the direction should be to incentivize green certifications for building project owners. Simplifying the certification processes and educating all segments of developers across the small to large paradigm about the long-term benefits of sustainable infrastructure will accelerate adoption across the sector. Furthermore this growth must extend beyond metropolitan areas, and should be complemented across all tiers including the Tier 2 and Tier 3 cities, creating opportunities for balanced and environmentally conscious development. Finally, technology should remain core to all our priority areas of growth, the budget must incorporate allocations for widespread adoption of new age smart and green technologies which could further support India’s 2070 net zero vision and its transition toward its long-term vision of becoming Viksit Bharat.”

Mr. Ram Medury, Founder and CEO, Maxiom Wealth
“As Union Budget 2025 nears, India stands at a crossroads: will it cement its path to becoming a global economic powerhouse or once again succumb to missed opportunities? Amidst a tepid global growth projection of 3.3% by the IMF, India’s GDP is expected to stabilize at 6.7% over the next two years, per the World Bank. Yet, challenges loom large. Trump’s new presidency has ushered in a slew of changes. There must be a weight of expectations on India to do something interesting, especially because PM Modi did promise emphatic changes in the run up to the elections. After a not-so-emphatic win, that expectation has been largely left unmet.

India’s trade deficit, an alarming $21.94 billion in December 2024, highlights vulnerabilities in competitiveness. The upcoming budget could shift the tide, with anticipated direct tax cuts to fuel consumer spending and incentives to bolster local manufacturing. Renewable energy is likely to take center stage, building on the success of the PM Surya Ghar Muft Bijli Yojana, which has already seen 1.28 crore registrations.

India’s Budget is no longer about fiscal planning and excise duty announcements. It’s about defining a legacy. If executed with vision, it could propel India toward unparalleled growth. The question remains: will India rise to the occasion and set a course for long-term prosperity?”.

Chris George, Co-Founder & CEO, QubeHealth-Pay
“The upcoming Indian Union Budget holds the promise of transformative change, particularly for the healthcare sector, which remains at the heart of India’s development goals. I look forward to increased allocation for public health infrastructure, policies encouraging innovation in HealthTech, Healthcare Payments and Finance, and incentives to bridge gaps in rural healthcare delivery.

Streamlining medical device imports and promoting domestic manufacturing under the Make in India initiative could also significantly reduce costs and improve access. Furthermore, expanding tax benefits for health insurance and preventive care would encourage a culture of wellness among us citizens.

Furthermore, transparent frameworks for public-private partnerships, alongside enhanced funding for research and development in biotechnology and pharmaceuticals, could propel India toward global healthcare leadership.

This budget should aim to not only address current systemic challenges but also lay a robust foundation for sustainable, inclusive, and technology-driven healthcare growth across the nation.”

Manek Daruvala, Founder & Director, Triumphant Institute of Management Education (T.I.M.E.)
Budget 2025 presents a critical opportunity to bolster the implementation of NEP 2020, which envisions transformative reforms in the education sector. To achieve the policy’s long-standing goal of 6% GDP allocation for education, a significant increase in funding is essential, given the current expenditure is a fair bit lower. This allocation must prioritize foundational stage curricula, digital learning initiatives, and building of multilingual capabilities while accelerating progress on structural reforms such as the 5+3+3+4 framework and a single higher education regulator. Comprehensive implementation backed by robust monitoring and adequate resources is essential to unlock the full potential of India’s education system by the next decade.

Mr. Madhu Krishnamani, Founder & Managing Director, Botanic Healthcare
We are optimistic that the 2025 budget will provide the necessary framework to support the growth of the nutraceutical and botanical industries, especially in areas like sleep health, weight loss, and other wellness solutions. The government should prioritize funding for research into botanical herbs that have yet to reach their full potential. “Investing in innovation and promoting these plant-based solutions will not only meet consumer demand but also help build a more sustainable and health-conscious future.”

Mr. Gaurav Soni, Founder & Managing Director, Botanic Healthcare.
Botanic Healthcare also advocates for a reduction in export transportation subsidies and the introduction of tax benefits for bulk exports in the 2025 budget. Increased support for export promotion will enable manufacturers in the plant-based industry to be more competitive globally. By supporting companies focused on plant-based natural ingredients, the government can help position the industry for long-term success. With the right financial support, the industry can continue to grow, innovate, and meet the increasing global demand for sustainable health products. This budget is a pivotal moment to ensure that plant-based healthcare solutions have the resources and backing to thrive

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.”

Puneet Kumar – CFO , Insurancedekho.
“As we approach the Union Budget 2025, we at InsuranceDekho are optimistic about progressive measures that will enhance financial inclusion and make insurance more affordable and accessible for all. With rising healthcare costs, health insurance has become a necessity rather than a luxury. We urge the government to address affordability challenges by reducing the GST on health insurance premiums, ensuring that more individuals and families can benefit from financial protection.

Increasing the deduction limit under Section 80D to Rs 50,000 for individuals and Rs 1,00,000 for senior citizens, having separate tax concessions for life insurance premium payments and contributions to Health Savings Accounts (HSAs) will offer support in managing escalating medical expenses and at the same time enable individuals to access quality healthcare without financial strain.

Furthermore, we hope for reforms aimed at attracting investments and aligning India’s insurance framework with global standards, fostering innovation and growth. Such initiatives would significantly strengthen the insurance ecosystem and provide a robust safety net for citizens across the country.

Dhanashree Mandhani, Founder and CEO Salam Kisan
“As we approach the Union Budget, it is imperative to address immediate challenges and lay the groundwork for long-term sustainability in agriculture. Farmers today are navigating a dynamic landscape, with emerging technologies like drones and AI offering the potential to cut input costs by 20-30%, enhance efficiency, and boost productivity. To unlock these benefits, the government must introduce targeted incentives and subsidies that encourage the widespread adoption of agri-tech. Establishing drone hubs can further support this vision by driving rural employment, enhancing skill development, and building a strong agri-tech ecosystem.
The government holds an immense wealth of agricultural data. By providing structured access to this data and incentivizing startups to develop AI-driven tools, we can empower farmers with precision solutions tailored to their specific needs. This collaboration between public resources and private innovation will help build algorithms that maximize crop yields, optimize resource use, and minimize environmental impact.
Rural infrastructure also requires immediate attention. Strategic investments in storage facilities, cold chains, and logistics can significantly reduce post-harvest losses and strengthen market linkages. Meanwhile, the upcoming Budget should also suggest measures that improve market access and promote agricultural exports, thereby establishing India as a global leader in agriculture.
Another aspect that demands focus is the promotion of sustainable farming practices. Budget allocations should prioritize water-saving technologies, developing climate-resilient seeds, and R&D in biofuels to align with global sustainability goals. Initiatives like these not only secure farmer livelihoods but also help India transition toward a greener, more sustainable future. To truly empower rural communities, the focus must shift to capacity building through drone operations and agri-tech training programs. Digital literacy initiatives will ensure that farmers at the grassroots can effectively leverage these technologies. Fostering public-private partnerships will also play an important role in driving innovation and investment in agriculture. Finally, stable and transparent policies are essential for building long-term confidence among farmers and investors. Introducing measures such as low-interest loans, increased PM-KISAN installments, zero-premium crop insurance, and GST exemptions for agricultural machinery, seeds, and fertilizers can provide much-needed relief to farmers. With a balanced approach addressing technology, sustainability, and rural development, this year’s Budget could be a turning point for Indian agriculture. It’ll pave the way for an inclusive and prosperous ecosystem that supports the nation’s journey toward becoming a developed economy by 2047”

Vishal Puri, Co-Founder, Spalba
“The hospitality industry, a key driver of India’s economic growth, is poised to expand, but it needs substantial support to overcome operational challenges. The upcoming budget must prioritize simplifying GST compliance to streamline operations and foster business growth across the sector. Additionally, the introduction of mandatory sustainability practices, including energy-efficient construction and waste management, will not only help the industry become greener but also more competitive. Tax incentives for renewable energy adoption in hotels and resorts would further reduce costs while promoting eco-friendly operations.

However, the focus shouldn’t be solely on physical infrastructure. India must also prioritize the development of digital infrastructure to bridge existing gaps and drive growth. Digital twin technology, which creates virtual replicas of physical assets, offers a transformative opportunity for the hospitality and tourism industry. By incentivizing the adoption of digital twins for infrastructure management, hotel chains can optimize their operations, improve customer experiences, and enhance sustainability. The budget should prioritize these e-infrastructure technologies, with robust intellectual property protection and their mandated use in government events and projects. This would spark innovation within the hospitality sector and set the stage for sustainable urban development. A balanced approach that merges sustainability, digital transformation, and regional growth will ensure the hospitality sector thrives while contributing to a smarter, greener India.”

Mr. Hari Somalraju ( MD & CEO , SYSTRA INDIA )
Currently, India is in a transitional phase in the urban transportation segment, and the Union Budget 2025 would go a long way in defining its future. India currently has the third largest metro network in the world with over 1,000 kilometers of network across 23 cities and it aims to be second largest network with another 1,000 km in pipeline. It is crucial to implement transit-oriented development, which allows the reduction of traffic congestion by 30% and the increase in property values near transit stations by 20%. Delhi-Ghaziabad-Meerut Corridor as well as expansions like Delhi Metro Phase IV demonstrate the government’s commitment to effective urbanisation and mobility solutions.

In the railway infrastructure, there are expected plans and investments in high speed rails, new types of freight transport, renewable energy project plans and modernization of stations. Implementing the Kavach anti-collision system and using AI and IoT on expanding them will improve safety and functionality. Furthermore, capacity building initiatives for PPP and terminal redevelopment by private players will complement the ecosystem.

The next budget is set to be a historical one for the metro and railway sectors particularly focusing on safety, technology, and sustainability. At SYSTRA India, we stand ready to support these initiatives to enable the paradigm shift in India’s transport system for the better to meet the requirements of the future.

Ms.Vijeta Soni ( Co-Founder & CEO, Sciative Solutions)
“As a SaaS company driving dynamic pricing and revenue growth for the Indian travel and hospitality industry, I am optimistic about Budget 2025 and its potential to address critical challenges while fostering growth. Key expectations include enhanced connectivity through investments in air, rail, and road infrastructure, particularly to improve access to tier-2 and tier-3 cities via new airports, railway lines, and highways.

The hospitality sector is hopeful for a reduction in GST rates on hotel rooms priced above ₹7,500, which would stimulate domestic and international tourism. Whereas, for intercity passenger mobility, a standardized national regulatory framework is essential to replace the fragmented state-specific rules, promoting fair competition and creating a level playing field.

Additionally, I strongly believe that there should be emphasis on electric mobility, with subsidies, tax incentives, and infrastructure development for electric buses, would support a sustainable transition to greener fleets. These measures would not only address current challenges but also pave the way for long-term growth and sustainability in the travel and hospitality industry.”

Mr.Anuj Kumbhat, Founder & CEO, WRMS
As we anticipate the upcoming Union Budget in February, we remain optimistic about strategic initiatives aimed at strengthening Micro, Small, and Medium Enterprises (MSMEs) through innovative technological interventions and enhanced financial support mechanisms.Considering the crucial role they play in economic growth and employment generation, it is vital to streamline some key processes such as tender procurement, facilitate easier access to bank guarantees, and expand dedicated MSME loan frameworks to enable them to realize their full potential.

The promotion of digital-first solutions, coupled with targeted policy support, can empower MSMEs to scale operations sustainably and remain competitive in an evolving market landscape.We await forward-thinking policies that will not only enhance growth and innovation but also ensure seamless integration of MSMEs into India’s economy, driving a more resilient and inclusive future.

Mr. Harsh Pareek, Regional Sales Director, India and SAARC, Trimble Solutions.
“The infrastructure sector continues to be the bulwark of Viksit Bharat’s growth journey towards a $5 trillion economy and beyond. For the Union Budget 2025-26, we anticipate a progressive policy framework that accelerates ambitious and transformative initiatives like Gati Shakti, the National Infrastructure Pipeline And more.
We also expect a higher allocation for expanding urban connectivity through Metro network extensions, regional airport development, and next-generation rail projects. Investments in affordable housing and expanding civic infrastructure to help decongest our cities will be instrumental in addressing pressing urban challenges, while enhancing the quality of living for tens of crores of Indians.

We also foresee the budget placing greater emphasis on technology adoption across the sector. Advanced tools like Building Information Modeling (BIM), real-time collaboration platforms, and integrated project management solutions are critical to delivering faster, safer, and more cost-effective infrastructure. Trimble envisions a construction ecosystem where digital transformation accelerates not only cost efficiency, but also strengthens environmental stewardship.”

Prashanth Doreswamy, President and CEO,Continental India
The automotive sector in India is currently at the cusp of a massive transformation in terms of technology, self-reliance and sustainable future. Continental is both optimistic and hopeful that the Union Budget 2025 will lay the groundwork for a more effective, advanced, and environmentally accountable automotive ecosystem.
Key Expectations
A simplified classification and GST rate structure for automobiles and auto components.

One of the most significant issues in the auto sector is the complexity and inconsistency in the classification of auto parts, components and finished vehicles under the HSN codes. A simplified nomenclature will further facilitate the ease of doing business.

It would help in eliminating confusion and improve compliance, thereby reducing unnecessary litigation around classification.
Reduction of GST on hybrid vehicles
With the growing demand for greener, emission-friendly powertrains among the customers, a sustained focus on green mobility with cuts in GST for hybrid technologies is key. Hybrid vehicles in India are currently burdened with the highest rate of tax of 28%, making them less attractive than fully electric or conventional petrol/diesel vehicles. Hybrid Technology is always considered as a bridging tech, before we effectively move to EVs. This is additionally helpful while EV charging infrastructure develops.
Incentives to promote R&D, innovation in Automotive electronics and encouraging start-ups.
Incentives to promote R&D and innovation in capital-intensive Automotive electronics hardware sector. Government could consider additional income tax reduction for Indian corporates spending over 3 per cent of their turnover to advance R&D and filing patents/designs in India. Well-calibrated incentive system designed to empower industry players could motivate companies to invest in the R&D value chain in cutting-edge technology domains like AI, IoT, and embedded technologies in automotive electronics sector. We also need to support start-ups in this space. These steps will guarantee that India stays competitive in the global automotive landscape.
Overall policy landscape
A strong focus on aligning policies to improve the manufacturing capability while also taking care of the existing challenges to catalyze growth in this sector – like correcting the inverted duty structures in automotive, tax benefits for EV investments, more allocation in PLI schemes for automotive, more investments in charging infrastructure. In addition to promoting domestic manufacturing this will also aid FDI inflow.

To accelerate India’s journey towards becoming a global hub for automotive technology, we must have a conducive policy environment while addressing pressing sustainability challenges and elevating road safety standards.

We are eager to support the Indian government in this shared vision for mobility. Together, we can create a safer, more efficient, and environmentally responsible future of mobility.”

Mr.Ankur Mittal, Co founder, Inflection Point Ventures
Tax parity between both domestic and international funds is critical to building a strong alternative investment environment in India. Harmonizing the tax treatment of international and local investors in Indian Alternative Investment Funds (AIFs) will not only provide a fair playing field, but will also boost India’s appeal as a competitive global capital destination. By addressing the underlying disparity, the government can demonstrate its commitment to inclusion, economic change, and long-term growth in the investment environment.

Mr. Bruce Keith,CEO Cofounder, InvestorAI
2025 is expected to be dominated by global geopolitics and this will cause ongoing market volatility and short-term pain. With a currency already depreciating, I see the immediate impact of Trump Tariffs as being reduced and giving the Government space to re-energise their infrastructure investment.
I see India as a destination of choice for overseas investors. However, the Indian government should find more ways to encourage citizens to take part in equity markets – realising that your savings are being eaten by inflation in real terms usually happens too late and tends to disadvantage the lower income strata of society.
Budget being once in a year event may not please everyone Whatever happens, the Budget will not please everyone, however, we will all benefit in the long term from infrastructure especially as demographics defines destiny.

Mr. Pankit Desai,CEO Cofounder, Sequretek
“The finance minister must prioritize cybersecurity in the upcoming budget. Given India’s alarming rank among the top four global victims of deepfake and digital arrest attacks, raising awareness about these threats is more important than ever. As the Prime Minister highlighted with “Digital Arrests,” increasing public and industry consciousness is key.
Despite policies, local cybersecurity ecosystems face significant hurdles and need more governmental support, particularly in procurement processes that impede Indian-origin companies from effectively bidding for government contracts. These policies must be revised to foster a more inclusive environment for domestic cybersecurity firms.
The other one is that, while educational institutions have made strides in offering cybersecurity courses, practical skills remain underdeveloped. By supporting educational initiatives to provide hands-on experience, the government can ensure that students graduate with the practical skills required to bolster India’s cybersecurity defenses. More investment in cybersecurity infrastructure at educational institutions can enhance real-world readiness. With strategic investments, India can reinforce its cybersecurity defenses and talent.”

Riddhi Chhabria Asrani, the Founder & CEO of All Stars Digital and Rixero.
“As the founder of All Stars Digital and Rixero, I believe Budget 2025 is a phenomenal opportunity to bolster India’s digital maturation. From the vantage point of safety, cyber security should be a massive part of the digital ecosystem, creating trust among users and businesses. By relieving tax codes for digital enterprises, compliance becomes easy for startups and MSMEs, giving them room to flourish without governance inhibitions fueling innovation. Further, accelerating technology utilization in unserved markets can help democratize access to digital empowerment tools and opportunities thereby bringing about equal development across urban and rural functions. The incentives for developing technologies such as AI, blockchain, and Web3 will only set the ground for India to become a global innovation hub while paving the way for good solutions to real-world challenges.
Women entrepreneurship where targeted, would thus create an all-inclusive startup ecosystem that sees heterogeneous perspectives in holistic development. Investing in digital infrastructure, bridging the skill gap, and productive employment to build a workforce that can match-up with the talent of a future digital economy are all crucial. Finally, measures targeted at strengthening e-commerce, introducing policy support, and increasing infrastructure would immediately reveal new learning opportunities for organizations and individuals alike, thereby consolidating India’s leadership in the global digital market ecosystem. Budget 2025 can become a turning point in the digital journey for India if it resolves these key aspects holistically.”

Ms. Jaya Vaidhyanathan, CEO, BCT Digital
With uncertain global economic conditions there is a need in India to boost domestic drivers for economic productivity and that’s going to come from two areas.

One is to boost domestic consumption and the second is to look at the investment landscape. So, from an investment landscape there are a few things that we, practitioners in the banking sector, are aspiring for from the Union Budget 2025 .

GST data is going to have an immense potential for precise credit assessment and risk monitoring. Passing the Data Protection Bill will ensure data sharing among regulators, financial institutions and key stakeholders.
Over-reliance on credit guarantees and loan-waivers is bound to undermine our lending practices. The transition to cashflow-based lending will create a more robust credit ecosystem .

To meet global climate goals, sustainable finance is crucial. The government must first establish a comprehensive ‘climate taxonomy’ that defines what constitutes ‘sustainable investment.’ This would facilitate the allocation of incentives and benefits to projects that align with these criteria.

Finally, the PLI programmes have successfully revitalised select segments of the manufacturing industry. However, scaling these initiatives is vital. We must enable supply chain partnerships through corporate partnerships that will empower SMEs and accelerate sectoral growth.

Sujit Jagirdar Interim CEO of T-Hub
As India’s leading startup incubator, T-Hub recognizes the transformative role that the EdTech sector plays in shaping the nation’s future workforce. For Budget 2025, we hope to see measures that further enhance the accessibility and affordability of online education services, ensuring that quality education reaches learners across all economic strata, fostering inclusivity and growth. Moreover, with the increasing adoption of AI and digital learning platforms, it is crucial to provide incentives or subsidies to startups that are innovating in this space. Such measures would not only empower emerging EdTech players but also solidify India’s position as a global hub for digital education innovation.

Mr. Saurav Ghosh, Co-founder, Jiraaf
“This budget is critical, with weak urban consumption. Reviving private capex and restoring government spending would be key to supporting the economy. In terms of Government Capex, the continued focus on long-term infrastructure and development projects is expected to carve out an optimistic path for the long run.

We hope the budget would have taxation cuts to enable spending. Tax reduction on debt securities could enable capital markets to help lower finance cost for companies providing a trigger for private capex.”

Manish Goel, Founder and MD, Equentis Wealth Advisory Services
“As we anticipate the Union Budget 2025-26, it’s crucial for policymakers to continue fostering India’s dynamic startup ecosystem and help boost the capital markets.

Encouraging Innovation and Research: The previous year witnessed a remarkable surge in IPOs and QIPs, with Indian companies raising a record ₹1.57 trillion through initial public offerings and ₹1.37 trillion via qualified institutional placements. This surge was complimented by a revival in startup funding, effectively ending a two-year funding winter. Key policy measures, including the abolition of the Angel Tax in the last budget, played a pivotal role in revitalizing investment flows into the startup ecosystem. Notably, the IT/ITeS sector led the way, attracting $10.8 billion of the total $31.1 billion in funding during CY24.

To maintain this trajectory, establishing dedicated funds for innovation in sectors like AI, deep tech, space technology, and green energy is essential. Such initiatives would alleviate funding challenges for startups, spur job creation, and boost consumption, aligning with the government’s vision of a ‘Viksit Bharat.’

Expanding Incubation Infrastructure: With approximately 1,100 active incubators as of October 2024, India has about 0.8 incubators per million people, lagging behind countries like the U.S. and China, which have 8–10 per million. Government support for educational institutions can bridge academic expertise with entrepreneurial endeavours, promoting innovation in deep tech sectors like AI and ML, and positioning India as a global technology and entrepreneurial hub.

Relaxing Capital Gains Tax Norms: The increase in capital gains tax introduced in the last budget has contributed to narrowing the credit-to-deposit (CD) ratio. With the CD ratio under control and a growing case for interest rate cuts, we believe it is time for the government to reconsider capital gain tax thresholds. This strategy will encourage continued financialization of savings, fostering a more stable financial environment.

By addressing these areas, the upcoming budget can play a pivotal role in sustaining the growth trajectory of India’s startup landscape and overall economy.”

Sameer Bansal, MD & CEO, PNB MetLife
“While India is a fast-growing economy fueled by its rising middle-class population of [25-45] year olds, the proportion of people above the age of 60 is equally increasing at a rapid pace. Financial stability is a cornerstone of a secure future. One of our hopes for the upcoming budget is to see support for pension and annuity plans which are key financial instruments for the retirement planning needed to create that stability.

Tax support for pension plans offered by life insurers, on par with the National Pension Scheme, will provide both greater choice and allow diversification of assets into multiple pension plans. At the same time, while we recognize and applaud the ongoing deliberations on removing GST on term life and health policies, we urge the government to also consider removing GST on premiums for annuity plans to support pensioners and make annuities more affordable and accessible.

These actions would give people greater flexibility to create and protect financial stability, which in turn is an important building block for the continuing economic growth of our country.”

Varun Babbar, Managing Director – India & SAARC, Qlik
“As India advances toward its vision of ‘Viksit Bharat’ under Prime Minister Modi’s leadership, AI’s role in driving transformative change across industries is crucial. The upcoming Union Budget presents a unique opportunity to prioritize investments in AI research, skill development, and digital infrastructure. These initiatives will empower businesses to innovate and position India as a global leader in AI-driven economic growth.

Qlik’s recent AI survey highlights the significant potential of AI in transforming sectors such as healthcare, finance, manufacturing, and education, while also revealing challenges such as skill gaps, data governance issues, and trust deficits. To address these, targeted investment in AI skill development, R&D, and government-backed training programs is essential to bridge the talent gap and ensure responsible AI deployment.

Prioritizing robust data governance frameworks and designing AI systems with a human-centered approach – emphasizing fairness, transparency, and accountability will be vital to addressing ethical concerns and mitigating risks such as deepfake misuse and job displacement. These efforts will prepare the workforce for the future, enable data-driven insights for smarter decision-making, and position India as a leader in inclusive, technology-driven growth.”

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.”

Arun Poddar, Executive Director & CEO, Choice International
“In the upcoming Union Budget 2025, there is a strong opportunity to prioritize financial inclusion, which remains a cornerstone of sustainable economic growth. Allocations toward initiatives like PM Jan Dhan Yojana can help improve access to financial services, particularly in rural and underserved regions.

Bridging the financial inclusion gap requires an emphasis on strengthening digital infrastructure, which holds immense potential to connect marginalized communities with essential financial tools. We also urge the government to prioritize financial literacy programs, ensuring individuals not only have access to financial services but also the knowledge to utilize them effectively.

Additionally, targeted financial support for small businesses and startups, especially in Tier 2 to Tier 6 cities, can foster economic self-reliance and unlock growth in regions that form the backbone of India’s small finance consumer base. Encouraging fintech collaboration and introducing tax incentives for digital financial services can accelerate these efforts, enabling a more inclusive and resilient economy.”

Girish Aggarwal, Managing Director, APM Terminals Pipavav
“India’s maritime sector is on the threshold for transformative growth, strengthened by policies like the National Logistics Policy and the Maritime India Vision 2030. The sector has a remarkable foundation and can benefit further with focused policy interventions to fully unlock its potential.

The Union Budget 2025-26 can play a pivotal role by granting infrastructure status to the shipping industry, enabling access to affordable, long-term financing for port modernization. Additionally, incentivizing green initiatives—such as renewable energy adoption, carbon-neutral operations, and digital transformation—will empower port operators to support India’s net-zero commitments while enhancing competitiveness.

At APM Terminals Pipavav, we remain steadfast in our commitment to operational excellence, sustainability, and contributing to a trade ecosystem that drives economic growth and reinforces India’s leadership in the global maritime sector.”

Narain Karthikeyan, Founder, DriveX
“With the Union Budget on the horizon, we look forward to forward-thinking policies that promote affordability, business-friendly environment, and sustainable mobility. To begin with, we’re seeing rural demand pick up for auto, while urban demand is slowing. A friendlier tax regime to boost disposable income in urban areas would be a good start. To make affordable mobility a reality for middle- and lower-income groups, targeted initiatives like interest subsidies on refurbished vehicle loans, and lowering GST on refurbished vehicles would be highly beneficial while reinforcing the circular economy.

Additionally, easing compliance norms and offering financial support for automotive and tech startups will encourage innovation and growth.Creating favourable policies like PLI schemes for businesses operating in unorganised sectors is one direction. Providing incentives for startups expanding into Tier 2 and Tier 3 cities, along with subsidies for rural mobility solutions, can also drive economic inclusivity.

Furthermore, fostering job creation through skill development programs for refurbishment professionals and recognizing gig workers’ contributions will uplift the workforce. A budget that prioritizes green technology, digital advancements, and pro-business reforms will not only boost India’s automotive sector but also make mobility more inclusive and sustainable for all”.

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. Amit Goyal, Regional Managing Director, South Asia, PMI
“As the global economic focus shifts towards Asia, including India, there will be an increasing demand for professionals equipped with the skills to plan, manage, and execute large-scale projects across various industries. In India, this demand will be particularly pronounced given the country’s vast size and the scale of its developmental initiatives. A workforce proficient in project management will be vital for India as it seeks to accelerate growth and become the world’s third-largest economy.

Therefore, in the upcoming budget, it is imperative for the government to acknowledge the central role that project management professionals will play in India’s ascent, akin to their impact in other nations over recent decades.
Building a workforce adept in managing teams and ambitious, large-scale projects necessitates the implementation of policies that provide talented young individuals with access to project management programs. Currently, around 50% of Indians aged 15 to 35 require upskilling to achieve full employability, and many among them possess the potential to excel in project management. Facilitating easier access to training will cultivate a professional workforce well-versed in the intricacies of project management and leadership. Such a workforce will be crucial to the success of numerous forthcoming projects, including those in renewable energy, where India ambitiously targets sourcing 50% of its electricity from non-fossil fuel sources by 2030, and logistics, set to unfold over the coming decades.
A budget that prioritizes the training of young Indians in project management is not only essential for their professional advancement but also crucial for India to achieve its aspiration of becoming a leading global nation.”

Sudheer Perla Managing Director, Tabreed Asia
All of India’s energy transition efforts over the past 8 years to rapidly increase renewable energy capacity generation or energy storage is barely meeting the country’s growing demand for cooling either for buildings, data centres or industrial parks. We hope the budget adopts a holistic approach for the energy transition to instead become a cooling transition with more focus on efficient demand management instead of simply adding electricity supply. District Cooling has the potential to cut energy demand by upto 50% for buildings, data centres and manufacturing facilities that require process cooling. In addition, it accelerates circular energy systems to re-use waste, sewage and other forms of energy including city gas to more rapidly decarbonize India whilst powering our economic growth. With increasing heat stress likely to have the most significant climate impact in India in the near term we look forward to policies that can instead mandate and incentivize systemic changes in the way India keeps cool.

Ms. Shriti Malhotra, Group CEO, Quest Retail.
“As we look ahead to the Union Budget 2025-26, The Body Shop India remains hopeful for policies that will uplift the retail sector especially fostering Youth employment, sustainable practices and inclusivity in hiring. Private consumption is the cornerstone of retail growth and we look forward for government policies to open up the purse strings of consumers through higher tax exemptions slabs and reducing GST on essential personal care products could provide much-needed relief to the middle class. This would not only boost disposable incomes but also help consumers uplift their ability to purchase high-quality, ethical products that align with consumers’ growing preference for quality & sustainable choices.

We also urge the government to prioritize incentives for green initiatives, such as incentives to retailers for adopting sustainable packaging and energy-efficient retail operations. Furthermore, expediting the implementation of a National Retail Policy is critical. Simplifying compliance processes, improving logistics in Tier 2 and Tier 3 cities, driving ease of business & providing targeted incentives for small retailers can create a more level playing field.

Investments in Retail skill development programs, especially in adopting digital marketing and technology are also essential to building a future-ready retail sector, capable of meeting evolving consumer expectations.

A progressive budget that addresses these priorities can stimulate private consumption, strengthen retail, and create a resilient ecosystem that balances economic growth with environmental and social responsibility.”

Dr. Yajulu Medury, Vice Chancellor, Mahindra University:
“We anticipate increased funding for the education sector in the upcoming budget as we see the growing emphasis on skill development, experiential learning, and research and development. The government’s focus should include initiatives such as tax incentives, industry-aligned training programs and faster patent approvals. Our young entrepreneurs need a strong support system right now. Increased financial incentives, simplified regulatory frameworks, and enhanced incubation support, will further stimulate the technological advancements. The government can establish more centres of excellence. However, it’s important to note that the success of these initiatives will also depend on the active participation of the private sector through public-private partnerships. Support towards these partnerships can enhance learning opportunities among students and make education more accessible. This approach can facilitate interdisciplinary education initiatives and bridge the gap between academic knowledge and practical application, ensuring a more holistic and effective education system.”

Dr. Sanjay Gupta, Vice Chancellor, World University of Design
“As Vice Chancellor of the World University of Design, I see India poised at a critical juncture in the global creative economy. Our animation, AR/VR, and design sectors are demonstrating world-class capabilities, while our educational institutions are producing exceptional creative talent. With the global creative industry projected to reach unprecedented heights – the AR/VR market alone touching $165 billion by 2030 – India has a unique opportunity. By combining our cost-effective talent pool with strategic policy support, we can transform from a service provider into a global creative powerhouse. The time for concerted action is now.”

Sushanto Mitra, CEO, Lead Angels
“Startups are the driving force of modern economies, contributing significantly to employment and innovation. To further accelerate this growth, the government should consider allowing investors to write off startup investments over five years, as practiced in developed countries. This could also extend to employees exercising stock options and investments in SEBI-approved venture funds.

Additionally, easing compliance requirements for DIPP-registered startups during their initial years would enable founders to focus on building their businesses rather than navigating complex regulations. Incorporating entrepreneurship into school and undergraduate curriculums can nurture an entrepreneurial spirit in young minds, fostering a culture of innovation from an early age.

In sectors like defence and healthcare, where innovation is critical, targeted tax deferments can help startups build capabilities essential for national security and addressing societal challenges like an ageing population. These measures will create a robust startup ecosystem and position India as a global leader in entrepreneurship”.

Mr. Ravi Annavarapu, President, FMC India
“The Indian agriculture sector is undergoing major transformation on the back of technological innovations and the upcoming budget presents an integral opportunity to bolster the sector further and empower our farmers.

Increased access to affordable credit remains essential for our farmers. We urge the government to expand interest rate allocation programs and streamline loan processes. Strengthening the PM-Kisan scheme through increased payouts and broader coverage will provide essential income support. A more comprehensive and affordable crop insurance program is also critical to mitigate risks from unpredictable weather and market volatility.

Additionally, the budget must prioritise investments in agricultural research and development (R&D), with a focus on developing new, climate-resilient crop varieties. We also believe that the cost of farming must be reduced. To this end, we strongly recommend a drastic reduction in import duties and GST on pesticides, ensuring farmers have access to high-quality, innovative products. While increased customs duties on pesticides might be beneficial for many, we believe this would be detrimental to farmers. We recommend the budget to focus on two key areas i.e. making innovative technologies accessible and reducing the cost burden on farmers. This requires minimising levies on farm inputs. Specifically, we propose reducing customs duties on intermediates required for manufacturing pesticides from 7.5% to 2.5% and reducing customs duties on pesticides from 10% to 5%.

Furthermore, driving innovation in crop improvement, pest management, and sustainable farming practices is essential. Supporting and expanding Production Linked Incentive (PLI) schemes for the agrochemical and fertiliser sectors will encourage domestic production and reduce reliance on imports. We need to prioritize policies that encourage the adoption of new technologies, including precision agriculture and biotechnology which will help our farmers in the longer run. Sustainable agriculture practices and climate-resilient crops are paramount for the long-term benefit of our agricultural sector.

The 2025-26 budget can be a transformative one for Indian agriculture. In essence, it can lay the foundation for a more resilient, productive, and sustainable agricultural sector by being more inclusive, which will ultimately benefit both farmers and the nation’s economy holistically.”

Pratap Daruka, Chief Financial Officer at Tredence
“As we look ahead to the Union Budget 2025, we urge the government to prioritize measures that foster innovation and growth in the data science and AI sectors. Targeted investments in R&D and stronger public-private partnerships are crucial for building a robust digital transformation ecosystem. To position India as a global leader in AI, it is imperative to introduce tax reforms such as enhanced R&D tax credits and service-linked incentives for AI and data science services.

Moreover, increasing grants for STEM education, launching large-scale reskilling programs, and encouraging industry-academia collaborations will bridge the talent gap and nurture a future-ready workforce. These initiatives will accelerate the development of cutting-edge AI solutions and create millions of jobs, driving sustained economic growth. By embracing these strategies, India can establish itself as a global hub for AI and analytics, unlocking immense potential for economic transformation.”

Nikhil Sethi, Founder & MD, Zuvomo
“The Budget 2025 is a critical moment for India to reclaim its leadership in the global tech ecosystem. India ranks #1 in the number of crypto holders and #3 in tech unicorns globally. Yet, we seem to have missed the Web3 tsunami, which doubled its market cap in 2024 and saw DeFi TVL surge by 2000% year-on-year. Ambiguity in crypto compliance and a regressive tax regime have hindered innovation, pushing startups and talent overseas.
The RBI’s stance reflects a lack of understanding of decentralization’s intrinsic nature—it cannot be banned, only regulated. Meanwhile, nations like the U.S., Singapore, Russia, South Korea, and the UAE are embracing progressive policies to foster crypto innovation. The approval of Bitcoin and Ethereum ETFs in the U.S. in 2024 underlines the importance of forward-looking regulations.
In a country with thousands of tech startups, a thriving ecosystem, and globally leading talent, the crypto industry expects balanced taxation, clear compliance frameworks, and innovation-friendly policies. These are crucial to ensuring India remains in the forefront. The finance ministry and the RBI must mitigate risks without stifling growth. A progressive approach will unlock massive economic potential, create jobs, and solidify India’s position as a global leader in Web3 innovation.”

Sai Pattabiram, Founder & MD, Zuppa Geo Navigation Technologies Pvt Ltd.
“The demand for secure non Chinese drones is growing the world over and more so in India . India has the opportunity to leverage its own domestic consumption and global reputation as a trustworthy technology partner built by the IT sector to evolve into a global drone hub .
This can only be achieved by India moving deeper into the component level supply chain from the current assembly of imported components level that it is in today .
Drone cybersecurity is turning out to be an absolute must-have for India in particular and global users in general especially after the often quoted electronic warfare threats in Ukraine and the Hezbollah pager attack in Lebanon .
The Government should recognise this huge National as well as global opportunity and support companies involved in Component manufacturing , Cyber , Data Security and analysis for drones
A Design linked Incentive ( DLI ) coupled with a PLI that supports use of only Domestically produced components by OEMs will boost the sector in a big way.
As we await the Union Budget 2025, we anticipate strategic initiatives that will further bolster the industry’s growth. We are optimistic that advancements in this area will not only propel the drone sector forward but also have a positive ripple effect on businesses operating in India.”

Vasudha Madhavan, Founder & CEO, Ostara Advisors.
“India’s Union Budget 2025 is expected to be crucial as we balance economic growth, job creation and energy consumption, with our strategic focus on sustainability. NITI Aayog plans to release energy transition guidelines by early 2025, outlining a roadmap for India to meet its net-zero carbon emissions target by 2070.

I expect Budget 2025 to support continued growth on expanding Solar and Wind energy capacity to achieve our target of achieving 500 GW of non-fossil fuel capacity by 2030.

I expect the Budget to support the decarbonisation of “hard-to-abate” industries like steel, cement, and petrochemicals, with an emphasis on integrating circular economy principles.

Most importantly, I expect the Budget to take last year’s Budget announcement on the Climate Finance Taxonomy forward by outlining specific timelines for implementation and detailed strategies for mobilizing climate finance. I expect the Budget to support blended finance models, from diverse funding sources from global capital markets, including sovereign wealth funds and private equity”.

Mr. Pranit Arora, Founder of Univest.
“Union Budget 2025-26 comes amidst pivotal global and domestic market dynamics. We are hopeful that this budget will simplify regulatory frameworks, enhance access to capital, and streamline compliance. Additionally, potential income tax relief for individuals and businesses could boost disposable incomes and consumption, indirectly benefiting the broader market.

As a fintech focussed on empowering retail investors, we also hope for favourable tax incentives to encourage equity investments. We urge the government to prioritise schemes that support the expansion of financial services to underserved Micro, Small, and Medium Enterprises (MSMEs). Furthermore, we anticipate support in fostering collaborations and inventive solutions to accelerate digital financial inclusion across India. We are hoping to see increased capital expenditure (capex) to boost infrastructure, industrial growth, and regulatory modernization that could build overall sector confidence.”

Mr. Alekh Yadav, Head of Investment Products at Sanctum Wealth
We anticipate this budget will largely mirror previous ones, with few significant changes expected. The government is likely to maintain its focus on fiscal consolidation, as seen in prior budgets. While capital expenditure will remain a priority, we foresee limited potential for substantial growth in this area. The government has also emphasized tax rationalisation, with notable changes to capital gains tax last year. We expect only minor adjustments this time around, rather than any major shifts. Additionally, there may be measures aimed at boosting consumption.

Mohit Mittal, Global Head Sell Side Research, Acuity Knowledge Partners
Energy, Healthcare, and Manufacturing sectors eye growth and reforms
As India prepares for the Union Budget 2025-26, stakeholders across the energy, healthcare, utilities, and manufacturing sectors are voicing their expectations, focusing on growth, sustainability, and competitiveness.
Energy Sector: The energy sector anticipates increased financial incentives for renewable energy projects. Industry experts advocate for reducing GST rates on renewable components, such as solar panels, to 5%. Additionally, there are calls for viable gap funding for green hydrogen and offshore wind projects, alongside subsidies to boost domestic manufacturing. These measures are crucial for India to meet its renewable energy targets and reduce its carbon footprint.
Utilities: In the utilities sector, there is a strong demand for significant investments in grid modernization and clean energy infrastructure. Stakeholders hope the 2025-26 budget will allocate substantial funds to enhance transmission networks and facilitate renewable energy integration. This is essential to meet growing energy demand and ensure a reliable, sustainable power supply.
Healthcare: Healthcare industry leaders are calling for a funding increase from the current 1.9% of GDP to at least 2.5% to improve infrastructure and service delivery. Reforms are needed to enhance access to modern diagnostics, rare medicines, and digital healthcare solutions. The Medical Technology Association of India highlights the impact of high customs duties on non-substitutable medical devices, affecting patient affordability. Rationalizing these duties is seen as critical for making healthcare more accessible.
Manufacturing: The manufacturing sector remains a focal point under the “Make in India” initiative, aiming to encourage domestic manufacturing, create jobs, and reduce import dependency. In FY2024-25, the government allocated ₹1.97 lakh crore under the Production-Linked Incentive (PLI) schemes across 14 sectors. As the new budget approaches, there are high expectations for increased PLI scheme allocation in FY2026, particularly for labor-intensive sectors, to strengthen India’s manufacturing capabilities and drive economic growth.
Balancing act between growth and fiscal prudence
As the Indian economy faces a slowdown, with GDP growth dropping to 5.4% in Q2 2025 from 8.6% in Q3 2024, coupled with underwhelming corporate earnings, declining stock markets, and a weakening INR, the backdrop is indeed challenging. The government’s budgetary strategy will be crucial in reversing this trend in the upcoming Union Budget 2025.
To rejuvenate growth, the government is expected to announce a capital expenditure of INR11 trillion, focusing on infrastructure and the Make in India initiative. A new INR250 billion PLI scheme for electronic components is anticipated to boost domestic manufacturing. Indian Railways is set to receive a 15-20% increase in funding, reaching approximately INR3 trillion. This will support modernization, new Vande Bharat trains, and expanded cargo capacity, enhancing the nation’s transportation infrastructure.
Despite the need for economic stimulus, the government aims to tighten the fiscal deficit target to 4.5% of GDP from 4.9% in FY25. Buoyant tax collections will provide the flexibility needed to balance spending and deficit reduction. The Finance Ministry may also offer guidance on shifting to a target debt ratio, signaling a commitment to sustainable fiscal management.
While major changes in personal income tax are unlikely, an increase in the basic exemption limit from INR 3 lakh to INR 5 lakh could provide financial relief to the middle class and stimulate consumption-driven growth.

Sachin Jain, Country Head at ETS India & South Asia
“As India prepares for the Union Budget 2025-26, it is imperative to prioritize strategies that empower the youth and enable them to compete on a global stage. Strengthening workforce readiness through skill development and language proficiency initiatives will be essential for India to cement its position as a global talent hub. The focus should be on fostering equitable access to high-quality education and assessments that prepare students and professionals for international opportunities.

The government’s continued push towards internationalizing Indian higher education institutions (HEIs) under the National Education Policy has opened significant avenues for collaboration. The upcoming Budget presents an opportunity to further these efforts by creating streamlined pathways for global talent exchange, simplifying admissions for international students, and promoting India as a destination for high-quality education.

Additionally, fostering public-private partnerships to scale regional testing infrastructure and aligning skill-building programs with global benchmarks can create transformative outcomes. With strategic investments and forward-looking policies, this Budget can lay the groundwork for a more inclusive and globally competitive workforce, positioning India as a leader in the global knowledge economy.”

PK Agarwal, Dean, University of California Santa Cruz Professional Education
“As a leading voice in global academic excellence, the University of California, Santa Cruz Professional Education, rooted in Silicon Valley’s innovation ecosystem, commends the Government of India’s visionary initiatives, including NEP 2020 and its commitment to digital transformation. The Union Budget FY 2025-26 presents a pivotal opportunity to enhance education funding, foster dynamic industry-academia collaborations, and integrate transformative technologies like AI and IoT into mainstream learning. These efforts align with our shared mission to nurture inclusive, future-ready talent, drive sustainable growth, and reinforce India’s position as a global knowledge leader.”

Aritra Ghosal, Founder & Director, OneStep Global
“As we approach the Union Budget 2025-26, we anticipate measures that will further strengthen India’s education landscape and position the country as a global leader in talent mobility. Expanding financial support for students pursuing international education, such as reducing tax collection at source (TCS) rates and increasing subsidies, can empower students to access world-class learning opportunities abroad. At the same time, streamlining regulatory frameworks to attract foreign universities to establish campuses in India will create globally competitive, affordable education options domestically.

Additionally, fostering robust international collaborations and enhancing access to financial aid are crucial steps to bridge existing gaps and ensure that Indian students and institutions can thrive on a global stage. By prioritizing education funding and accessibility, the government has the potential to create a transformative ecosystem that aligns with India’s aspirations of becoming a knowledge economy and a preferred destination for international academic partnerships.”

Sripal Jain, CA, CPA, Co-Founder and Global Instructor at Simandhar Education
“The Union Budget 2025 is a pivotal opportunity for the government to further strengthen India’s position as a global leader in accounting and finance. With the rising international demand for accounting professionals, particularly in light of global workforce shortages, targeted measures can bridge the skills gap and enable our workforce to excel on the global stage.

The government’s focus on simplifying taxation and financial systems has been instrumental in driving growth. Extending this vision to accounting education by reducing GST on certifications like CPA, CMA, and EA and introducing subsidies for skill development programs can make globally recognized qualifications more accessible. Such measures will empower professionals to align with international standards and meet the evolving needs of the global market.

Additionally, incentivizing the adoption of technology-driven processes in accounting, including AI and data analytics, can enable India’s accounting workforce to take on more complex roles and cater to emerging trends in automation and compliance. This budget is a chance to foster an accounting ecosystem that supports growth, innovation, and global mobility. By prioritizing education and technology in the accounting domain, the government continues to demonstrate its vision and leadership in empowering India’s youth to drive global economic progress and position India as a global powerhouse in finance and accounting.”

Abhijit Zaveri, Founder and Director, Career Mosaic
“As we approach the upcoming budget announcement, we are optimistic about its potential to unlock new opportunities for international student mobility. India’s study abroad sector is witnessing significant growth, and we anticipate initiatives that foster greater collaboration between Indian and international universities. The development of GIFT City, for example, has already shown promise in creating new avenues for academic exchange and research. This initiative and a budget that prioritizes global education could significantly enhance cross-cultural learning and bolster India’s leadership in STEM fields. A forward-looking budget will empower India’s vibrant youth, positioning the country at the forefront of international academic collaboration.

Furthermore, we expect the government to implement measures that make international education more accessible and affordable. Targeted scholarships for students from Tier 2 and Tier 3 cities, tax benefits for families supporting overseas education, and streamlined visa processes are crucial steps in enabling more students to pursue their dreams of studying abroad. By addressing these needs, the budget will support individual aspirations and contribute to India’s long-term economic and intellectual growth on the global stage.”

Ganesh Kohli, Founder of IC3 Movement
“While previous Union Budgets have made significant strides in academic infrastructure and skilling initiatives, career guidance is yet to be fully integrated as a core function within secondary education. Recognizing the vital role of career counseling in supporting students’ academic outcomes, mental health, and well-being, this gap must be addressed. The National Education Policy (NEP) 2020 rightly emphasizes counseling as a key component of the educational framework, and the Ministry of Education’s UMMEED guidelines deserve recognition for their focus on student mental health and preventing self-harm, particularly in high-stress academic settings. UMMEED’s emphasis on training teachers, staff, students, and parents to recognize signs of distress is an important step in supporting students.

Looking ahead to the Union Budget 2025-26, I am hopeful that we will continue to see a concerted focus on embedding career guidance within the fabric of India’s education system to achieve our vision of Viksit Bharat 2047. This should include equipping educators with the tools to guide students in making informed career decisions, thus enhancing their academic performance and mental well-being. By integrating career guidance into the educational experience, we can ensure that students receive a stress-free environment that prioritizes their holistic development, preparing them to navigate their futures successfully, and contributing to the development of a skilled, confident, and future-ready workforce for the country.”

Mr. Krishan Mishra, CEO, FPSB India
“As we approach the Union Budget 2025-26, it is crucial to address the evolving financial needs of individuals across income groups and life stages. First, providing tax relief, especially for the middle-income segment, is essential. A tax-free slab up to ₹15 lakhs would be a significant step towards enhancing disposable income and easing financial stress. Additionally, the 30% tax bracket, which often burdens higher-income earners, should see reform to ensure fairness and inclusivity.

Insurance, too, must shift from being viewed merely as a tax-saving tool to a life-saving financial safety net, which aligns with its true purpose. Similarly, longevity finance should gain attention. With an aging population, we must develop innovative financial products curated for individuals post-retirement, ensuring they have security and stability in their later years.

To foster a financially empowered nation, I urge the Finance Minister to encourage citizens to create their own one-page financial budgets immediately after the Union Budget announcement. This exercise can help individuals align their goals with the new policies and promote better financial planning.

Lastly, achieving ‘Viksit Bharat 2047’ is only possible when financial literacy becomes a cornerstone of our national agenda. Without education in managing money, individuals risk letting their finances control them, hindering their progress. We hope the upcoming budget takes bold steps toward strengthening financial awareness and inclusion across the nation.”

Saurabh Arora, Founder & CEO, University Living
“In the Union Budget 2023, the government introduced significant changes to the Tax Collected at Source (TCS) system under the Liberalized Remittance Scheme (LRS), impacting Indian students aspiring for international education. The TCS rate for remittances exceeding Rs. 7 lakh per annum was increased from 5% to 20%, adding a considerable financial burden on families already navigating high education costs. With over 1.3 million Indian students studying abroad in 2023, contributing a staggering US$60 billion in outward remittances—a figure expected to surpass US$70 billion soon—it is evident that the student community plays a vital role in global remittance flows.

To support students and their families, the government should consider targeted measures in the upcoming Union Budget. First, increasing the provision of collateral-free loans by PSU banks for university education, along with expanding access to other collateral-based loans, can provide much-needed financial relief. Second, remittances sent back to India by students who eventually secure global employment will rise significantly, alleviating fears of trade imbalances in the long term.

Given the immense economic contribution of Indian students abroad, reducing TCS rates for educational remittances or offering tax rebates on education loans would not only ease their financial burden but also encourage more students to pursue quality education globally. Such reforms would align with India’s vision of becoming a global knowledge economy while reinforcing its position as a key player in the international talent ecosystem.”

Anish Srikrishna, CEO, TimesPro
“The forthcoming Union Budget presents a crucial opportunity to bolster private sector participation by integrating EdTech into the online and distance learning ecosystem within higher education, paving the way for transformative policies.

A forward-looking approach could allocate funding for emerging disciplines such as Artificial Intelligence (AI), Machine Learning (ML) and other cutting-edge fields. Subsidising course fees for both freshers and professionals would encourage greater participation in lifelong learning and upskilling. Such initiatives, when offered through premiere institutions like IITs and IIMs, would foster an inclusive and competitive workforce. Aligning these measures with national missions like ‘Make in India’ and ‘Skill India’ would reinforce India’s global leadership in innovation and manufacturing. Investments in upskilling across technological and non-technological domains are key to advancing the vision of Viksit Bharat.

Reducing GST on EdTech services to 5% or eliminating it would make education more affordable, broadening access to upskilling programmes and engaging diverse learners.

Recognising and accrediting short-term, stackable micro-credential programmes from EdTech providers for academic credits would bridge skill gaps and boost employability. Similarly, subsidising professional development courses for faculty would raise teaching standards, aligning institutions with global benchmarks. By implementing these measures, the Union Budget can cultivate a skilled, future-ready workforce, driving India’s sustained growth and global leadership.”

Mr. Rakesh Goyal, Director, Probus
The need for a dedicated healthcare regulator to streamline collaboration between healthcare providers and insurers cannot be denied. Such a regulatory body can ensure transparency, fairness, and accountability in healthcare practices. By standardising ethical pricing and curbing unjustified price hikes, this initiative would build consumer confidence and drive higher adoption of health insurance, thereby significantly boosting insurance penetration in India. Additionally, when the government actively subsidies health and other insurance products for lower-income groups to make them more accessible, it is worth considering extending similar benefits to the middle-class population–providing them with much-needed financial relief. While all such measures may not be directly addressed in the Union Budget 2025, they could be implemented through mechanisms overseen by bodies like the GST Council.

Rohith Reji, Co- founder and CEO at Neokred
“The upcoming Union Budget presents a critical juncture for India’s fast rising fintech and digital payments ecosystem. We anticipate measures that further incentivize digital transactions, potentially through tax breaks or subsidies for digital payment platforms and users. Additionally, a focus on enhancing financial inclusion through digital means, including expanding access to credit and insurance products through digital channels, would be a welcome step. We also expect the government to address the evolving regulatory landscape for fintech especially the DPDP Act, fostering innovation while ensuring consumer protection and financial stability.”

Mr. Mahesh Krishnamoorthy, Managing Director, Core Integra
“As we approach the Union Budget 2025, the business community expects simplification of regulations, lesser penal provisions, single window clearances and digitalization of compliances. This will not only enable ease of complying but bring higher transparency and better governance. One of the key expectations is the implementation of the new labour codes which will bring about a significant transformation in the manner in which labour law compliances are done today. Not only will it consolidate and simplify the regulations but ensure better adherence. It would also pave way for integrated platforms for digital submissions. It is anticipated that the budget will mention at least a phased roll out starting with the Code on Wages and Social Security. The new Wage code will also take care of benefits and better governance of the unstructured workforce thereby fostering collaborative and resilient business environment as we moved towards a GDP of USD 5 trillion.”

From the industry perspective, the expectations would be to initiate steps towards simplification of labour laws, digitalization of compliances and enhanced transparency in licensing and registration processes. From an individual’s perspective, the expectations would include lesser complexity in direct tax slab rates, eliminate surcharge & cess, increase in the sec. 80 C limits, higher housing loan interest benefit under sec. 24 and exclusion of housing loan principal, stamp duty and registration expenses from sec. 80C to an independent benefit section. It would also be a positive move if the Budget announces some additional benefits or concessions to tax payers.

Dr Malini Saba, Businesswoman, Philanthropist, Advocate for Women’s Empowerment, Environmentalist, Founder Saba Group & Anannke Foundation
As India prepares for the Union Budget 2025-26, the focus must be on driving inclusive growth and addressing socio-economic disparities. With a projected GDP growth rate of 6.5% for FY2025-26 (IMF, 2024), targeted interventions are crucial to sustain momentum and foster equity across sectors.

Affordable housing is vital for social equity and economic stability. Increasing funding for schemes like Pradhan Mantri Awas Yojana (PMAY), introducing tax incentives for first-time homebuyers, and reducing GST rates on affordable housing can stimulate the real estate sector and help bridge the housing gap.

Women’s participation in the labour force remains a concern, with the rate standing at 32.7% (World Bank, 2023). Establishing a ₹10,000 crore Women’s Business Growth Fund could empower women entrepreneurs. Additionally, continuing the ₹75,000 standard deduction for women under the new tax regime (FY2024-25) would alleviate financial pressures and encourage greater economic participation.

To further support women’s economic empowerment, personal finance education must be prioritised. Empowering women with financial literacy tools can enhance their ability to make informed investment choices, manage savings, and navigate the evolving financial landscape.

Healthcare, education, and climate resilience must also take precedence. Increasing healthcare expenditure to 3.5% of GDP and expanding education spending to 6% of GDP would bring transformative benefits. Moreover, incentives for green businesses and solar adoption can help India meet its renewable energy targets.

This budget must tackle the structural challenges faced by underrepresented communities, ensuring inclusive and sustainable growth.

Gregory Goba Ble, Head of UPS India and Director of MOVIN Express
“Investments in the logistics sector can support India’s trade goals, enhance economic efficiency and encourage MSMEs to scale-up.

To further strengthen India’s position in global markets, achieve the objective of National Logistics policy, and reach the export target of US$2 trillion by 2030, the thrust should be to simplify export compliance procedures and reduce regulatory cost for logistics players.

We hope to see measures to expedite e-commerce clearances and simplify cross-border online transactions. There needs to be increased budget allocation for the healthcare sector, which relies heavily on a robust and integrated logistics network. This will ensure efficient delivery of medical supplies and increase the sector’s overall effectiveness to cater to pharmaceutical and patient requirements.

In the earlier budgets, the Government has announced programs and initiatives to support MSMEs and we expect that to continue. We hope MSMEs, especially in the tier 2-3 cities, are further empowered with capital and technology adoption for them to compete in global markets.”

Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences
“India’s ambition of achieving a USD 7 trillion economy by 2030 is intrinsically linked to strategic, long-term infrastructure development. The Union Budget 2025’s emphasis on this sector is therefore crucial. Currently, as we have discussed at length in the Rubix Industry Insights—Logistics report, India’s logistics costs are estimated at 13%–14% of GDP, significantly higher than the global average of around 8%. Efficient logistics, improved connectivity (including digital infrastructure), and modernised infrastructure can significantly reduce these costs, creating a more competitive business environment. This is especially important if we want to break into the Top 25 of the World Bank’s Global Logistics Performance Index.

For MSMEs, which contribute approximately 30% to India’s GDP and account for roughly 40% of exports, this translates to reduced operational costs, improved supply chain efficiency, and access to wider markets, both domestic and international. For example, improved road and rail networks can reduce transportation time and costs for MSMEs involved in manufacturing and agriculture, while enhanced digital connectivity can facilitate their participation in e-commerce and global value chains. These improvements enable them to contribute more effectively to national economic growth and job creation.”

Mr. Amey Belorkar, Fund Manager – Defence and Aerospace Venture Fund, IDBI Capital Markets & Securities Ltd.
“We anticipate that Budget for FY 2025-26 will be pivotal in accelerating India’s journey towards self-reliance in the defence and aerospace sectors, both of which are on the brink of significant growth. The government’s emphasis on Atmanirbhar Bharat and Make in India is likely to be bolstered by strategic budgetary allocations that promote innovation, support MSMEs, and streamline defence procurement processes. A particular focus on emerging areas such as unmanned aerial systems (UAS), advanced materials, cyber defence, and space technology could unlock substantial opportunities for private capital engagement.

The burgeoning space tech industry, driven by advancements in satellite development, launch capabilities, and space exploration, offers significant potential for innovation and investment.

In line with the government’s indigenization drive, we foresee a projected growth of 15-20% in the defence sector, propelled by supportive budgetary measures, incentives for private sector involvement, and a robust push for indigenous manufacturing. The government’s planned introduction of a new scheme focused on R&D in deep-tech technologies, such as AI, robotics, and advanced weapon systems, is expected to further catalyze innovation and development within the sector. Initiatives targeting the modernization of India’s armed forces, along with anticipated attention on Defence Industrial Corridors and production-linked incentives (PLIs), are set to provide crucial momentum for the sector’s expansion.

At IDBI Capital Markets & Securities (ICMS), we remain dedicated to fostering this growth by enabling strategic investments that empower startups, MSMEs, and large enterprises within the defence and aerospace ecosystem. This commitment drives innovation and long-term value creation. A supportive Budget will likely attract greater private sector participation, with an emphasis on technological advancements, ultimately steering us towards strategic autonomy in defence capabilities. We look forward to significant budgetary support aimed at modernizing India’s armed forces.”

Mr. Girish Rowjee, Co-founder and CEO and Mr. Sayeed Anjum, Co-founder and CTO, greytHR.
As Union Budget 2025 approaches, we anticipate focused measures that address the critical needs of SMEs, employees, and the workforce at large.

Micro, Small, and Medium Enterprises (MSMEs), which contribute nearly 30% to India’s GDP, are the backbone of job creation and economic growth. Simplified compliance processes and easier access to financing are essential for their success. The eagerly awaited implementation of the Code on Wages could transform labor regulations by unifying and simplifying wage laws. This reform promises greater transparency, improved labor conditions, and fairer compensation, reducing burdens for both businesses and workers. Combined with rationalized taxation and incentives for workforce expansion, such measures can create a thriving, competitive ecosystem.

Easing financial pressures on employees is just as important. As the heart of India’s workforce, employees are seeking relief through income tax reforms. By enhancing disposable incomes, the government can provide much-needed financial respite, boost consumer confidence, and fuel domestic demand, driving broader economic progress.

Further, to sustain growth, investing in human capital is vital. Upskilling and reskilling initiatives can prepare the workforce for emerging technologies, ensuring India’s global competitiveness in a rapidly changing world. Supportive policies that encourage such investments will enhance productivity and innovation across industries.

At greytHR, we are committed to empowering businesses with innovative tools and technology to simplify compliance, enhance employee engagement, and build future-ready workforces. By addressing these shared aspirations, we can unlock India’s immense economic potential and create a brighter, more inclusive future for all.”addressing these shared aspirations, we can unlock India’s immense economic potential and create a brighter, more inclusive future for all.”

Mr. Sandeep Aggarwal, Founder & CEO of Droom
“As we move closer to the unveiling of Union Budget 2025, at Droom, we would appreciate policies that will give a push to drive India’s digital transformation, especially in the automotive sector. The previous budget announcements have been forward-looking in giving a boost to emerging technologies. And we expect this year’s budget to focus on boosting indigenous capabilities in AI and data science. These are going to be crucial frontiers in making vehicle buying and selling more transparent, affordable, and efficient. Furthermore, we’d look forward to measures that will bolster the used vehicle market in the country, such as tax rebates from eco-friendly vehicles, simplified GST structure for automatic services, etc. These measures will be critical in empowering platforms like Droom to offer more convenience and invoke more trust amongst our consumers, while contributing in meaningful ways to the nation’s economic growth and development.”

Mr. Kapal Suresh Pansari, Managing Director, RP Tech
“The upcoming Union Budget is an important moment for the technology sector, and we are eager to see measures that support India’s digital-first ambitions. Incentives for Make in India initiatives and investments in infrastructure could significantly enhance the ICT supply chain. Additionally, policies fostering innovation and skill development will be key to strengthening India’s position as a global technology leader. We are optimistic about the budget paving the way for sustainable growth and new opportunities in the sector.”

Avneet Singh Marwah, CEO of Super Plastronics Pvt Ltd.
With the success of last year’s initiatives in the semiconductor and manufacturing sectors, we expect the upcoming Union Budget to further accelerate growth and innovation. The Indian government allocated ₹6,903 crore to the semiconductor industry in the 2024–25 Union Budget, reflecting a 52% increase from the previous year. This significant rise demonstrates the government’s commitment to reducing India’s reliance on imported semiconductors, creating high-tech jobs, and enhancing global competitiveness.We anticipate a continued focus on strengthening the semiconductor and display manufacturing sectors. This includes expanding the establishment of semiconductor fabs, modernizing infrastructure, and bolstering India’s position in global supply chains. Additionally, tax reductions on electronic components and raw materials, along with exemptions on critical minerals such as lithium, copper, and rare earth elements, are expected to further boost India’s competitiveness in the global market.The government’s emphasis on advancing technology, creating high-tech jobs, and solidifying India’s role in global supply chains will be pivotal in establishing the country as a global hub for semiconductor manufacturing. These efforts are expected to provide sustained economic benefits and position India as a leader in the rapidly evolving tech industry.

Sachin Alug, CEO, NLB Services
“As the Finance Minister prepares to present India’s Union Budget 2025-26, it carries the hopes of the nation’s most powerful demographic – its youth, who make up over 65% of the population. Their economic aspirations and professional development will significantly influence India’s growth trajectory.

Job creation, workforce development, and technological advancement stand critical to India’s path toward a $5 trillion GDP by 2027-28. These elements form the base of sustainable economic growth. The IT sector, a key driver of India’s economic momentum, anticipates substantive policy reforms to strengthen digital infrastructure and address skill shortages. As technologies like Artificial Intelligence, Machine Learning, Data Analytics, Generative AI, and Cloud Computing become fundamental to business operations, government-backed skill development initiatives are essential. These programs will be crucial in bridging the current talent gap and meeting industry demands. Given intensifying cybersecurity threats, developing specialized talent in digital security has become a strategic imperative for protecting India’s digital infrastructure and assets. The advancement of AI innovation requires comprehensive fiscal support through research grants, strategic tax benefits, and structured public-private collaborations. These mechanisms will establish sustainable commercial pathways for long-term AI research initiatives.

Additionally, introducing focused export benefits for Global Capability Centers would strengthen India’s position in the global IT landscape. As these centers scale their operations, they will generate substantial foreign exchange earnings while fostering advanced technological capabilities within the country.

Beyond IT, sectors like semiconductors, tourism, and healthcare await strategic budget measures. The semiconductor industry requires specialized talent in chip fabrication, design, and ATMP (Assembly, Testing, Marking, and Packaging) operations. Similarly, tourism sector growth hinges on incentives that benefit local service providers and artisans, while healthcare demands both skilled medical professionals and technological modernization to meet growing patient needs.

The Union Budget 2025-26 presents a pivotal opportunity to accelerate India’s economic trajectory, by prioritizing skill development, technological innovation, and industrial growth, it can create the momentum needed for India’s transformation into a $5 trillion economy.”

Mr. Sebi Joseph, President, Otis India
The Indian real estate sector has witnessed an unprecedented boom in recent years. From the Pradhan Mantri Awas Yojana to Smart Cities Mission, government initiatives have catalysed a transformation, making India one of the most dynamic real estate markets globally.

As we look towards the Union Budget 2025-26, we anticipate that the government will continue to build on this momentum through more forward-thinking measures to further strengthen the real estate and infrastructure sectors, with a special focus on localisation and sustainability. A budget that introduces strategic steps such as targeted investments, substantial tax reliefs, enhanced funding mechanisms, robust infrastructure initiatives – and that pushes for sustainable developments – would provide the much-needed impetus to developers for building homes across all segments, including luxury housing and affordable housing, thus ensuring a balanced growth trajectory and contributing to achieving the vision of a ‘Viksit Bharat’ by 2047, transforming India into a global leader in infrastructure and responsible urbanisation.

For the elevator and escalator industry, such a focus would present great avenues for growth in 2025 and beyond. With a surge in infrastructure projects, including smart cities, metro systems, and high-rise buildings, the vertical transportation industry is poised to be the backbone of India’s growing urban landscape. Furthermore, we are also contributing to the localisation of production and creating a self-reliant supply chain within the country. By marrying the growth of India’s urbanisation with innovation in elevators and escalators, the Budget holds the potential to set the stage for urban spaces that not only meet today’s needs but are also poised to thrive in the decades to come.

Mr. Vivek Lohia, Managing Director, Jupiter Wagons Limited
“As we look ahead to the Union Budget 2025-26, it is imperative that the Ministry of Railways adopts a multi-pronged approach to strengthen freight operations. Accelerating the expansion of Dedicated Freight Corridors (DFCs), including the newly introduced ‘Central India to Coast via DFC,’ will ensure faster, cost-efficient, and reliable freight movement, significantly enhancing the global competitiveness of Indian industries. Increasing the average speed of freight trains to 50 KMPH, deploying advanced 12,000 HP electric locomotives, and increasing the length of freight trains will be pivotal in accelerating freight loading. A strategic focus on railway geography assessments for sectors such as mining, NTPC, petrochemicals, cement, steel, FCI, dry ports, fertilizers, and textiles will ensure that freight operations align with India’s industrial needs.

Simultaneously, capital expenditure must prioritize modernizing infrastructure, urban rail projects, and innovative strategies such as the real-time information system (RTIS) and the separation of parcel traffic from passenger operations to minimize delays and improve overall efficiency. Dedicated Kisan Rails for perishables will further support agricultural supply chains.

Equally vital are policies that incentivize domestic manufacturing under the ‘Make in India’ initiative. Expanding PLI schemes to include components such as rail wheels, axles, advanced bogies, and high-speed passenger coach components, alongside export incentives, will drive innovation and boost the railways’ global footprint. Additionally, the government should encourage public-private partnerships and provide financing for capacity expansion, fostering long-term growth. Bridging the talent gap in heavy engineering and R&D-focused companies through skill development and training programs will further strengthen the sector.

As Indian Railways progresses toward Net Zero Carbon status, this budget can be a transformative step in driving economic growth and sustainability.”

Chetan Jain, Founding Executive Director, and Managing Director, Inspira Enterprise

“Some early thoughts on the Union Budget, to help promote innovation and growth in the cybersecurity space. This year will be crucial to boosting the adoption of secure AI solutions. To achieve this, the government should introduce incentives in the Union Budget to encourage homegrown cybersecurity firms to invest in R&D and implementation of secure AI technologies.

Secondly, cyberbullying is presenting itself as a fast-growing threat to online safety and security, especially with cyber criminals targeting senior citizens and young adults. To address this issue there should be dedicated funds in the Union Budget for creating awareness among citizens in India besides investing in strengthening prevention mechanisms for the well-being of the people.

Such measures would strengthen the country’s cybersecurity framework and ensure protection against emerging threats.”

Khadim Batti, Co-founder and CEO, Whatfix
“India’s SaaS industry, powered by a solid and vibrant startup ecosystem, continues to drive the nation’s digital transformation and global technology leadership. With the Union Budget 2025 on the horizon, the sector anticipates forward-thinking measures that build upon the progressive policies introduced last year.

Regulatory and Taxation Policy Enhancements: The abolition of the angel tax in 2024 was a landmark reform, offering much-needed relief to startups during a funding winter. For 2025, further steps to simplify FDI and overseas investment rules can accelerate the flow of international capital. Enhanced frameworks that streamline transfer pricing and ease compliance for startups will foster a more business-friendly environment. Additionally, aligning Long-Term Capital Gains (LTCG) tax treatment for unlisted entities with public companies remains a critical step to incentivize investments.
Leveraging the Digital Infrastructure and Rupee Globalization: The 2024 focus on promoting the Indian rupee for global transactions was a welcome move. Continued investment in high-speed internet, state-of-the-art data centers, and initiatives supporting India’s digital currency push will be instrumental in ensuring seamless SaaS operations and reducing transaction costs. Strengthening India’s digital backbone is vital to unlocking new opportunities and driving innovation.
Scaling Emerging Technologies: To position India as a global SaaS hub, the 2025 budget should prioritize scaling investments in AI, IoT, and other frontier technologies. Incentives for businesses to adopt these tools will enhance productivity, competitiveness, and global market penetration. Allocating larger budgets for R&D and innovation in technology will further solidify India’s standing as a leader in the global digital economy. The government should also focus on fostering partnerships between public institutions and startups for the R&D of core technologies. Setting aside a dedicated budget for such collaborations will not only spur grassroots innovation but also ensure that India becomes a key driver of cutting-edge advancements in the global digital economy.
Expanding Talent Development Initiatives: The 2024 budget’s announcement to skill 20 lakh youth and upgrade 1,000 training institutes was a pivotal step. For 2025, the focus should shift to scaling these programs and ensuring they are aligned with emerging industry needs. Initiatives like Skill India Digital and deeper industry-academia collaborations will empower India’s workforce with future-ready skills, addressing the global tech talent gap.

India’s SaaS sector is well on its way to contributing $100 billion to the economy by 2030. By continuing to invest in regulatory simplifications, cutting-edge technologies, and talent development, the Union Budget 2025 can act as a catalyst for the next phase of growth. I firmly believe that India’s potential to lead the global digital economy is within reach. By building on the progress made in 2024, the government can accelerate the country’s journey toward becoming a $7 trillion economy by 2030. A robust digital ecosystem, streamlined regulations, and strategic investments will enable the SaaS industry to thrive, driving innovation, job creation, and economic growth.”

Mr. Dilip Modi, Founder & CEO, Spice Money
“As we look forward to the Union Budget 2025-26, it is imperative to prioritize measures that strengthen the digital financial ecosystem, particularly in rural India, where initiatives like Aadhaar Enabled Payment System (AePS) and Bharat Connect have become lifelines for millions. While AePS has revolutionized cash-in cash-out (CICO) operations, ensuring transaction safety and security remains a critical focus for the fintech ecosystem.

The framework put forth by Dvara Research highlights the need to integrate existing networks of Transactional Business Correspondents (TBCs) into the Digital Banking Unit (DBU) hierarchy. These TBCs are the true enablers of last-mile connectivity, providing uninterrupted banking access to underserved communities and reducing costs while fostering trust. Recognizing and supporting this network with technological upgrades and financial assistance would not only prevent duplication but also accelerate the pace of financial inclusion.

Additionally, a reduction or waiver of GST on financial services offered at Banking Agent outlets would significantly ease the financial burden on these grassroots operators, encouraging broader participation in rural banking. Beyond inclusion, the objective must evolve toward empowering rural communities with tools for savings, investments, and financial growth, fostering a self-reliant Bharat.

We hope this budget paves the way for robust, innovative, and inclusive financial policies that align with the aspirations of Digital India and truly reflect the transformative potential of integrating DBUs and TBCs into a unified framework.”

Mr. Makarand Kulkarni – CEO – revalyu Resources
We look forward to the upcoming Union Budget addressing key enablers for the manufacturing and recycling sectors. Policies that incentivize investment in advanced recycling technologies, offering tax incentives for sustainable manufacturing facilities, will significantly bolster industry growth. Government of India has mandated for 30% recycled content in rigid packaging from 1st April 2025. Strict implementation of this policy shall not only encourage recycling but place India as an important supplier for food grade recycled packaging.

We urge the government to introduce comprehensive guidelines for Extended Producer Responsibility (EPR) that prioritize high-quality recycling methods like chemical recycling. Support for infrastructure development, streamlined approval processes, and skill enhancement programs will play a vital role in scaling up operations and fostering innovation. A robust framework will not only reduce plastic waste but also create a competitive global market for recycled materials, contributing to India’s sustainable development goals.

Mr. Mohan Krishnamurthy Madwachar, Country Manager, Sattrix Information Security Limited

“Pre-Budget 2025 is a pivotal opportunity to strengthen India’s position as a digital powerhouse. As we continue to advance in areas like AI, cloud computing, and cybersecurity, there is an urgent need for policies that support robust IT infrastructure and prioritize data security. We hope this budget allocates significant investments in upgrading digital infrastructure, especially in Tier 2 and Tier 3 cities, fostering inclusivity and innovation across the nation. Additionally, incentives for businesses to adopt next-gen technologies like zero-trust architectures and AI-driven threat detection can bolster our cyber resilience.

Strengthening data protection laws and promoting public-private partnerships in cybersecurity are equally crucial to mitigate evolving threats. A focus on skill development programs tailored to emerging IT domains will help bridge the talent gap and sustain our growth trajectory. With visionary reforms and allocations, Budget 2025 can empower Indian enterprises to thrive in a secure, globally competitive digital ecosystem”.

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