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.”
Deepak Tuli, Co-founder and COO, Eka Care
“The government’s focus on digitizing healthcare through initiatives like the Ayushman Bharat Digital Mission (ABDM) has been commendable. In the upcoming budget, we hope to see increased allocation for digital health infrastructure to ensure seamless implementation of health records, interoperability, and access for rural populations. This will be a game-changer for India’s healthcare ecosystem.”
Anooshka Soham Bathwal Founder and CEO of Dhanvesttor
“We expect the government to continue to support the start-up ecosystem in the current Budget. That can be enhanced with extended tax reliefs and a further improvement in the regulatory environment. In addition, ground level support to start-ups and easing the compliance procedures can also be anticipated. Added to that, skill development programs specific to industries can be promoted to fulfil the manpower requirement based on the required skills in these organisations. While demands from startups may differ from industry to industry, these remain the common asks of the industry from the Budget.
In addition, the government may further extend its support to the participation of women in the workforce. Apart from the continuation of schemes such as women-specific skilling programs and the promotion of women entrepreneurship, new programs to incentivise the empowerment of women can be introduced. The Lakhpati Didi target can be further enhanced to support more women Self Help Groups (SHGs) to attain self-reliance. Furthermore, initiatives to prioritise women’s health can be introduced in the budget. An allocation for the safety of women, also in the budget may not be ruled out. We believe that the government’s focus, which stayed on women’s empowerment, safety and inclusion in the previous several budgets, will continue to represent a key part of the Finance Minister’s Budget Speech this year as well.”
Mr. Thomas John Muthoot – Chairman of Muthoot Pappachan Group
1. Infrastructure Development: Continue allocating significant funds for infrastructure projects while addressing the capex spending gap from the current year. Focus on faster execution and completion of key initiatives to drive economic growth and create jobs.
2. Support for Rural Economy: Strengthen rural incomes through targeted agricultural reforms and rural credit schemes, boosting consumption, productivity, and overall economic activity in rural and semi-urban areas.
3. Special Credit Lines for NBFCs: Approve dedicated credit lines for NBFCs from banks to facilitate seamless digital lending to micro-retailers, addressing credit gaps in underserved sectors and promoting financial inclusion.
4. Incentivizing Private Sector Capex: Introduce incentives to encourage private sector investment in capital expenditure, such as tax benefits, subsidies, or streamlined approval processes, to complement public capex and boost overall economic growth.
These measures will ensure balanced growth, address regional disparities, and stimulate private and public investments for sustainable development.
Mr. Amit Tandon, Founder and CEO, PolyCycl
As we approach Union Budget 2025, it is crucial to recognize the potential of plastic recycling in the circular economy, especially in terms of waste management and sustainability. The plastic consumption in India is about 20 million tons per annum and the country generates approximately 10.2 million tons of plastic waste annually. Only around 60% of plastic waste generated is managed formally. Of the plastics that are recycled, less than 5% are recycled in a closed loop to produce high-quality recyclates. Such closed-loop recycling needs to be bolstered to 34% in the near future to meet the stipulated EPR targets on incorporation of recycled content.
Chemical recycling technologies have a transformative potential to address the challenge of recycling waste plastics such as hard-to-recycle single-use plastics and reduce plastic pollution in India. Achieving this vision will require a collaborative effort between the government and industry to foster innovation and bolster the sector’s capabilities. We recommend the government to establish an INR 1000 crore fund for providing low-interest and collateral-free loans for implementing chemical recycling plants, including first-of-its-kind (FOAK) projects. We also anticipate a 0% GST on ISSC- certified pyrolysis oils produced through the chemical recycling of waste plastics, where these oils are used as circular feedstock for creating new plastics. Launching a Product Linked Incentive (PLI) Scheme, especially for scaling the implementation of chemical recycling plants that deal in single-use plastics to produce circular chemical feedstock, will further bolster these efforts.
Additionally, providing incentives and grants for R&D companies researching advanced recycling technologies and making plastics circular can drive innovation and enhance the industry’s capabilities. We are optimistic and look forward to a budget that promotes long-lasting and impactful growth in the plastic recycling industry.
Mr. Rajiv Gupta, Managing Director, Wave City Limited
Real estate is one of the most critical sectors for building the momentum needed for the overall economic growth rate at 7% plus orbit. To keep the sector in the high growth trajectory, the government should provide incentives such as increasing tax deduction limits, rationalising the GST rate on under-construction properties to 5%, and introducing tax benefits for first-time home buyers. In addition, government should reduce the interest rate for home loan to stimulate the demand in the real estate sector, making housing more affordable and accessible to all”.
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.
Mr. Sebi Joseph, President, Otis India
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. Partha Neog
“With the Union Budget on the horizon, there is a growing need to address the evolving dynamics of the HR sector and its critical role in shaping India’s development. We look forward to policies that drive digital transformation, and innovation in workforce management, and emphasize skill development. These measures will not only create employment opportunities but also help build a future-ready workforce. In terms of Saas businesses, investments in AI and automation can empower businesses to streamline operations while enhancing employee experiences. Moreover, a robust education policy will be instrumental in retaining talent within the country and preventing brain drain. We anticipate a budget that prioritizes economic development, job creation, and strategic investments, paving the way for a progressive and inclusive India.”
Mr. Anand Aiyer, CEO, Arrow
“As we approach the unveiling of the upcoming budget, we are optimistic about the government’s continued commitment to fostering economic resilience and growth. This is a pivotal moment to prioritize policies that drive innovation, enhance ease of doing business, and strengthen consumer confidence. At Arrow, we remain committed to honoring our legacy while evolving to meet the ever-changing needs of today’s consumers. We eagerly anticipate the opportunities this budget could create for our business and the industry.
We’re hopeful the upcoming budget will introduce initiatives that foster retail growth and simplify business operations. At Arrow, this is a chance to innovate, expand, and continue delivering exceptional fashion for the modern Indian man.”
Yashoraj Tyagi, CEO, CASHe
“The lending sector expects some major changes in the upcoming Union Budget. Increased credit fraud, limited access to customer protection tools and cyber scams have temporarily disrupted the digital lending ecosystem. This year’s budget presents opportunities to introduce policies that can strengthen digital infrastructure and enhance access to financial services.
There is an urgent need to make the lending process more efficient and accessible, which requires government support through targeted regulatory reforms. Establishment of a dedicated India Fintech Credit Fund (IFCF), could be a game-changer in enabling smaller fintech companies to access affordable financing; This initiative shall help establish robust regulation to curb illegal lending, consumer protection, and enhancement.
Besides, the gaps in underserved markets, especially in Tier II and Tier III cities, need to be addressed. The Finance Minister should prioritise financial inclusion to bring more people into the formal financial system and drive equitable growth.”
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.”
Deepak Chand Thakur, co-founder and CEO of NPST
“Favourable Macroeconomic Impact An increase in discretionary spending can have a beneficial impact on UPI transaction volumes. Any relief to stimulate personal spending capacity in the upcoming Union Budget FY 2025-26 will be welcomed by the fintech industry.
Introduction of MDR Regime for UPI Payments Today, one in three digital payments is a UPI transaction. With growing investment in payments infrastructure, fraud management, compliance, and security — and the associated cost of processing transactions — participating entities need to monetize UPI. A rethinking of MDR for UPI transactions above Rs 2,000 can create a sustainable revenue model, benefiting all stakeholders in the UPI ecosystem.
Democratizing Data through AI Policy: The data landscape offers potential for shared intelligence solutions. AI-driven collaboration could strengthen fraud prevention network-wide, particularly benefiting smaller players who need government support for intelligence sharing.”
