Archives February 2025

Mr. Amith Agarwal, CEO & Whole Time Director, Star Agriwarehousing and Collateral Management 

The recognition of agriculture as the first engine of growth and MSMEs as the second growth engine in the Union Budget 2025 reflects the government’s strategic vision for India’s economic development.

The comprehensive reforms announced, particularly the Prime Minister Dhan Dhanya Krishi Yojana, demonstrate a holistic approach to agricultural transformation through enhanced irrigation, credit access, and skill development across 100 agri districts, benefiting 1.7 crore farmers, while initiatives like the National Mission on High Yielding Seeds and Cotton Productivity Mission create a robust framework for sustainable agricultural growth.

As part of the StarAgri Group, we are well-positioned to support this proposed reform through our technology led integrated agricultural value-chain services such as procurement, trade facilitation, warehousing, collateral management, financing solutions, digital marketplace and technology based value added services, to farmers, traders, millers, processors and corporates. With our network of 2,189 warehouses which enables us to create and benefit from a networking effect and our technology driven integrated platform offering key services to the agricultural sector, we remain committed to redefining the agricultural landscape, providing transparency, efficiency, and security to all stakeholders involved.”

Vishwas Patel, JMD Infibeam Avenues and Chairman of Payment Council of India

“The Union Budget presents a positive trajectory for the Indian economy, with strategic measures aimed at enhancing consumption, fostering innovation, and accelerating digital transformation. One of the most impactful provisions is the tax relief up to Rs 12 lakh, which significantly increases disposable income for individuals. This is expected to stimulate household consumption, driving demand across various sectors. With higher consumer spending, the digital payments ecosystem is poised for exponential growth, further strengthening India’s financial technology landscape. Additionally, introducing a Rs 10,000 crore ‘Fund of Funds’ for startups marks a major step towards bolstering entrepreneurial growth. This initiative will unlock new funding avenues, providing crucial capital to early-stage ventures and reinforcing India’s startup ecosystem as a global innovation hub. Furthermore, establishing three Centres of Excellence in Artificial Intelligence (AI) aligns with India’s ambitions of becoming a leader in AI-driven economic transformation. These centers will play a crucial role in advancing research, innovation, and AI-driven solutions, contributing to long-term economic competitiveness.”

Rakshit Hargave, CEO – Birla Opus Paints

“The 2025 Budget announced by the Government of India is a bold and visionary step towards a more prosperous and inclusive Bharat. The focus on infrastructure development, domestic consumption, and production, as well as digital transformation, is commendable. Its emphasis on the manufacturing sector, through measures designed to further enhance ease of doing business, will benefit multiple stakeholders.

The enhanced National Manufacturing Mission will not only boost domestic production but also position India as a global manufacturing hub. This is also a significant step towards Atmanirbhar Bharat, helping us create numerous job opportunities and setting the stage for a vibrant and competitive manufacturing sector in India.

The budget also offers significant tax relief through rebates, which is anticipated to boost domestic consumption and invigorate the retail sector. This increased disposable income should allow consumers to spend more and improve their quality of life.

Another key decision by the Govt. is the increased focus on Public-Private Partnerships in infrastructure development as well as the Special Window for Affordable and Mid-Income Housing (SWAMIH) and the decision to develop the top 50 tourist destinations, aiming to bridge the gap between rural and urban, providing improved facilities and connectivity to all citizens. I am confident that this budget will pave the way for a brighter future for India.”

Himanshu Sinha, Partner and Head of Tax Practice, Trilegal

The Finance Bill 2025 proposals mark a directional shift towards a growth strategy based on consumption rather than government led capital expenditure. In the last few years the government has made significant investment in infrastructure to boost growth. This was necessitated by softness in private investment evidenced by slow capex and credit growth. While the growth figures have been encouraging, the government’s ambition of achieving growth rates close to double digits remains a far cry. This budget demonstrates a change of gear – a greater reliance on private sector and domestic consumption to boost higher levels of growth. The government has projected a revenue reduction of 13 billion US$ on account of reduction of personal income tax and corresponding reduction in government capital expenditure.

Reduction in personal income taxes is likely to jumpstart discretionary spending in sectors like automobiles, FMCG, travel and tourism, quick commerce and affordable housing. One can expect increased investments and M&A in these sectors by large MNCs and funds.

Lowering of individual taxes coupled with commitment to keep fiscal deficit in check through reduced debt displays prudence and is likely to boost sovereign ratings for India leading to increased foreign inflows of capital.

The amendments proposed for improving the tax certainty for MNCs by bringing in block transfer pricing assessments for three years in one go and expansion of safe harbour provisions is likely to improve the foreign investors sentiment. Similarly, reduction of customs tariff structure from 15 to 8 and proposals to improve the ease of mergers and acquisitions will likely enhance pace of investor activity.

On the whole, the budget proposals demonstrate clear strategic thinking, a commitment to prudence and improving the momentum for enhancement of country’s investment climate.

Madan Sabnavis, Chief Economist of Bank of Baroda

“The Union Budget has been quite pragmatic in terms of content; and balanced fiscal prudence with effective measures to push forth growth. This is why it needs to be commended. The fiscal deficit ratio has been lowered to 4.4% which also keeps in check the borrowing programme and hence should assuage the bond market and yields. Major relief for individual tax payers was a demand for long which has been met quite decisively this time which should aid consumption. In fact, depending on the choice of individuals, the money saved on taxes would be also deployed for savings which will be useful for banks in particular. Industries too will benefit on both the consumer and infra sides as people spend money on consumer goods and the government keeps spending on infra projects. One can hence sense a lot of continuity in the budget in terms of expenditure priorities with a very good balance being drawn between social welfare and project expenditure – both of which are needed for the country today.”

Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited

The Union Budget 2025-26, presented by the Finance Minister, reflects the government’s commitment to holistic economic growth, addressing key sectors such as agriculture, infrastructure, exports, entrepreneurship, and ease of doing business. It is a well-balanced budget that not only promotes macro-level economic stability but also delivers direct financial relief to individuals and industries.

For the real estate sector, the government has reinforced its support for stalled housing projects through the SWAMIH Fund, ensuring the timely completion of financially stressed projects. This initiative will provide relief to lakhs of homebuyers who have been waiting for possession, instilling renewed confidence in the sector and boosting overall housing demand.

A major highlight of the budget is the introduction of significant tax relief measures, marking one of the most notable savings opportunities for taxpayers in recent years. With enhanced disposable income, individuals will have greater purchasing power, improving affordability in the housing market. This is expected to drive higher demand in the affordable and mid-segment housing categories, as potential homebuyers will find it easier to service home loans and invest in real estate.

Fagun Saraswat – Co – Founder at Technocreo Private Limited

“As the government introduces the Union Budget 2025, it has garnered attention from tech-enthusiasts for certain takeaways which are set to impact the technology landscape in India. The government’s ₹20,000 crore allocation for research and innovation, along with a fourth AI Centre of Excellence focused on education, marks a strategic investment in India’s technological research and innovation.

What fascinates us more, is the announcement by the government to establish a Deeptech-focused Fund of Funds (FoF) to foster the next-generation startups in India. By doing so, the government will be empowering visionary entrepreneurs and startups working on research and innovation to revolutionize industries. For instance, in our own research efforts we are working on enhancing the learning and holistic development of students in the educational institutions by integrating emerging technologies like VR, AR and the Metaverse into their education and thereby having them avail an interactive virtual environment. It is exciting to see the government adopting a forward-looking approach to provide a vital foundation for such ideas by easing financial constraints and allowing such ideas to take off.

As promising as the budget looks on paper, it will be interesting to see how its provisions are implemented, and how both the government and the businesses drive the technological progress to ignite a new era of technological sovereignty for India and the Indians.”

Sandeep Jain, Managing Director, CDK Global India

“The expansion of national framework for Global Capability Centres to tier-2 cities is set to drive economic and social transformation by creating employment opportunities, enhancing local talent pool, and attracting corporate investments. Businesses benefit from lower operational costs, while local economies gain from increased demand in real estate, retail, and infrastructure.

On the social front, skill development initiatives will equip the workforce with industry-relevant expertise, improving employability and reducing migration pressure on metro cities. Improved infrastructure and business growth in these regions will also contribute to a better standard of living. As GCCs expand, they will play a key role in decentralizing economic growth and strengthening India’s global competitiveness.

The private-sector-driven R&D initiative focuses on fostering research, development, and innovation, with funding allocated to support these efforts. These measures outline a structured approach to strengthening India’s GCC ecosystem, emphasizing collaboration between industry and government to enhance capabilities, workforce readiness, and the overall business environment for service delivery and technological advancements.”

Manika Bhatnagar, Lead Client Servicing, PROSE Integrated Delhi

“The Union Budget 2025-26, with its emphasis on digital infrastructure, MSME growth, and innovation, presents a mixed bag for the PR and social media industry. Increased investments in digital connectivity and startup ecosystems will fuel demand for strategic communication, brand storytelling, and influencer-driven campaigns. However, with the revised taxation structure and evolving compliance norms, agencies will need to be more agile in financial planning. The government’s focus on ‘Viksit Bharat’ and ‘Make in India’ also opens up opportunities for PR firms to work closely with emerging businesses and global investors, shaping narratives that align with India’s growth story.”

Vipul Shah, Chairman, GJEPC

“No hike in Gold & Silver duties; reduction in Platinum duty will enable consumers to get a new product and increase affordable jewellery sales. Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.”

Surendran Jayasekar, Founder & CEO of Success Gyan

“The Union Budget 2025 focusses on investing in people more and that is commendable. A total of Rs 1,28,650 crore has been allocated to the education sector, which is more than 6.65% increase from the previous year and this will help in our nation’s growth.

The establishment of three Centres of Excellence in Artificial Intelligence focused on education with a total outlay of Rs 500 crore with the aim to promote AI-driven advancements in the education sector, is a welcome step.

With the Centre providing 10,000 PM Research Fellowship for students in IITs and IISc Bangalore, advanced research and innovation will be encouraged.

These measures will churn out more leaders from India and these leaders will go on to make a difference to the country’s development. However, the real test will be in its implementation and the impact it will hold in the future.”

Hitesh Garg, VP, and India Managing Director, NXP Semiconductors 

“The Union Budget 2025 continues to reinforce India’s ambition to be a global leader in technology, with initiatives focussed on driving self-reliant, advanced manufacturing as innovation . The launch of the National Manufacturing Mission is a key step accelerating the ‘Make for India, Make for the World’ vision. Its focus on clean technology and sustainability ensures long-term competitiveness in global markets.

The government’s ₹20,000 crore investment in private sector-led R&D, alongside the Deep Tech Fund, is a strategic move to strengthen India’s leadership in AI, semiconductors, and next-gen manufacturing. The ₹10,000 crore Fund of Funds for startups and enhanced SME/MSME credit facilities will continue to encourage entrepreneurship across the board, and in technology- led innovation, in particular. This, combined with existing policy-driven support for clean energy, will have a far-reaching impact on industries like semiconductors and automotive, accelerating EV adoption, enhancing chip design capabilities, and fostering broader technology advancements. The initiatives around lithium-ion batteries and other components that go into Electric Vehicles will drive up local innovation and manufacture not just of the finished product but also spur the development of a much-needed manufacturing ecosystem.

The plan to establish a national framework for Global Capability Centers in tier 2 cities will help India reap the benefits of its current and continued investments in skills and higher education beyond the metros, thereby creating job local opportunities and curbing urban migration. There is focus on continuing to retain the skills advantage both in the medium and long term, with the establishment of the five National Centres of Excellence and the focus on increasing the student pool at five IITs, and the Atal Tinkering Labs initiative in Government schools across the country.

At NXP Semiconductors, we see Budget 2025 catalysing deep tech innovation and sustainable growth, continuing to set the stage for India’s emergence as a global powerhouse. We are committed to collaborating with policymakers, startups, and industry leaders to drive India’s technological transformation.”

Manika Bhatnagar, Lead Client Servicing, PROSE Integrated Delhi

“The Union Budget 2025-26, with its emphasis on digital infrastructure, MSME growth, and innovation, presents a mixed bag for the PR and social media industry. Increased investments in digital connectivity and startup ecosystems will fuel demand for strategic communication, brand storytelling, and influencer-driven campaigns. However, with the revised taxation structure and evolving compliance norms, agencies will need to be more agile in financial planning. The government’s focus on ‘Viksit Bharat’ and ‘Make in India’ also opens up opportunities for PR firms to work closely with emerging businesses and global investors, shaping narratives that align with India’s growth story.”

Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare

The Union Budget 2025 strengthens India’s commitment to a more resilient and inclusive healthcare system, ensuring accessibility, affordability, and quality care for all.

The addition of 75,000 new medical seats over will address the long-standing healthcare workforce shortage. This effort will help close access gaps in underserved areas, ensuring both the availability and quality of care are improved.

The establishment of 200 cancer daycare centres in district hospitals represents a proactive move towards decentralising cancer treatment, making care more accessible. These centres will not only enhance accessibility but also improve outcomes by enabling timely interventions while customs duty exemptions on cancer drugs and 36 life-saving medicines will make critical treatments more affordable.

Further, the decision to exempt 36 life-saving medicines from basic customs duties, along with reduced duties on six additional medicines, is a decisive action aimed at removing financial barriers to essential treatments. This initiative is particularly beneficial for patients suffering from chronic and rare diseases, reinforcing the government’s commitment to making healthcare more affordable for the most vulnerable.

The e-Shram healthcare insurance for gig workers and increased investment in medical research and genetic studies demonstrate a forward-thinking approach to public health. Additionally, easing visa norms for medical tourism under the ‘Heal in India’ initiative strengthens India’s position as a global healthcare destination, benefiting both patients and the economy.

These initiatives mark a significant step toward building a future-ready healthcare system that prioritizes both immediate needs and long-term advancements.

Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.

“The Union Budget 25-26 lays a strong foundation for inclusive economic growth by prioritising rural development, MSME empowerment, and financial inclusion as well as reaffirms the government’s commitment to promoting financial resilience and economic prosperity at the grassroots level. The introduction of the ‘Grameen Credit Score’ framework is a progressive step that will enable better access to credit for rural entrepreneurs, self-help groups, and underserved communities. Additionally, the comprehensive ‘Rural Prosperity and Resilience’ program will generate employment opportunities, enhance skilling, and strengthen rural infrastructure, reducing the need for migration.

We at Muthoottu Mini see these reforms as a step in the right direction, aligning with our mission to support underserved communities with their financial needs. The expanded credit guarantee cover, new Credit Cards designed for Micro Enterprises, and incentives for first-time entrepreneurs will provide vital capital to fuel growth and employment. Raising the nil tax slab to ₹12 lakh is also a significant relief, giving the middle class more spending power and driving consumption. As India moves towards ‘Viksit Bharat,’ the budget’s focus on empowering youth, women, and farmers will help ensure sustainable and inclusive development. These measures, along with continued efforts to improve the ease of doing business, will be instrumental in supporting small businesses and rural entrepreneurs, pushing India’s economic momentum forward.”

Dr. Yajulu Medury, Vice Chancellor, Mahindra University

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

Smitha Shetty – Regional Director APAC – Achilles Information Ltd

“Achilles welcomes the Indian government’s forward-thinking FY25 budget, which demonstrates a strong commitment to strengthening India’s manufacturing capabilities, driving sustainable growth, and empowering the MSME sector. The focus on clean technology manufacturing—spanning solar cells, EV batteries, wind turbines, and grid-scale batteries—is particularly commendable, as it positions India as a global leader in green energy while fostering industrial innovation and investment. This transition creates significant opportunities for businesses like Achilles to contribute to a more resilient and sustainable supply chain ecosystem.

The increased credit limits and expanded classification criteria for MSMEs are essential steps toward unlocking the sector’s full potential, enabling greater access to capital, encouraging job creation, and further solidifying India’s role as a global manufacturing and export powerhouse. The enhanced credit guarantee cover will provide much-needed financial support, allowing MSMEs to scale operations and drive innovation. Additionally, the government’s continued support for cotton farming and textile sector development will strengthen supply chains, ensuring a robust and inclusive economic landscape.
The maritime development fund, shipbuilding financial assistance policy, and continued tax exemptions for the shipping sector reflect the government’s recognition of the critical role logistics and trade infrastructure play in India’s economic expansion. These measures will enhance supply chain efficiency, fortify India’s position in global trade, and support the nation’s vision of self-reliance.

However, as India progresses toward becoming a global manufacturing hub, businesses must adopt rigorous supply chain due diligence, transparency, and ESG compliance to mitigate risks and build long-term resilience in an increasingly complex global trade environment. While a sector-focused growth strategy will be crucial to realizing India’s full manufacturing potential, this budget lays a solid foundation for sustained and sustainable economic expansion.”

Samudragupta Talukdar, Founder and CEO, Relata 

Budget 2025 shows remarkable foresight in addressing both immediate housing concerns and future market dynamics. The expansion of SWAMIH with a ₹15,000 crore fund speaks directly to thousands of middle-class families who’ve been caught in the challenging cycle of paying EMIs while living on rent. But what’s truly encouraging is how this budget looks at the bigger picture – from boosting home loan affordability through tax exemptions to embracing digital transformation in real estate.
I see this as more than just policy – it’s about transforming lives. With increased infrastructure spending of ₹11.21 trillion and strong support for proptech innovation, we’re not just building homes; we’re building a more accessible, transparent, and efficient real estate ecosystem. The government’s commitment to both affordable housing and digital advancement aligns perfectly with our vision at Relata of making property discovery and purchases seamless for every Indian family.

Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company

“The Union Budget 2025-26 reaffirms the government’s commitment to infrastructure development, taking it to new heights. We welcome this focus, particularly on strengthening logistics through enhanced infrastructure, digital transformation, and supportive policies, which will be a game changer for India’s supply chain ecosystem.

The introduction of the Bharat Trade Net Platform for seamless trade documentation and financing, along with the ₹25,000 crore Maritime Development Fund, are strategic moves that will drive efficiency, and boost global competitiveness. Maritime Development Fund will not only enhance India’s logistics and trade capabilities but also provide employment opportunities across diverse skill levels—from blue-collar workers to high-tech professionals—ensuring inclusive growth in the maritime economy.

Additionally, the push for modernizing air cargo, investing in geospatial infrastructure, fostering AI-driven innovation, and promoting public-private partnerships will further enhance connectivity and operational agility.

These transformative initiatives position India on the path to becoming a global logistics powerhouse.”

Ashish Kukreja, Founder & CEO, Homesfy.in & mymagnet.io

The allocation of the Union Budget 2025 reveals an ambitious step to transform Indian real estate and empower homebuyers. The nation is on a positive growth trajectory due to the Union Government’s emphasis on MSMEs, infrastructure, and tax changes.

This ₹1.5 lakh crore interest-free 50-year loan to states for their capital expenditures and the creation of a Rs 1 lakh crore urban challenge fund are masterstrokes. Such infrastructure development activities will spur urbanization, enhance connectivity, and transform cities into growth hubs while improving the livability score.

To ensure the completion of delayed housing projects, an allocation of ₹15,000 crore under SWAMIH Fund-2 should suffice. The innovative blended financing approach is anticipated to complete 1 lakh housing units, which would, in turn, ease housing pressures on homebuyers who are still paying both their EMIs and rents. Completing the projects will allow the fund managers to improve their image while reinstating investor confidence.

Personal tax reforms will boost the purchasing power of the middle class. Consequently, demand in the real estate market will increase, making owning a home more feasible.

Of particular interest is a new line of credit cards being launched for Udyam-registered micro-enterprises. The Udayam cards, with a limit of ₹ 5 lakh, are expected to be widely issued, with a deployment goal of ten lakh units in the first year. Further, the new classification norms around MSMEs are self-explanatory, enabling a larger number of businesses and startups to grow in the sector.

With these pro-growth measures, the real estate and infrastructure sectors are likely to undergo massive growth. As the budget supports the government’s enduring belief in the economy’s resilience, the timing is ripe for real estate investments and stakeholders’ involvement to take advantage of new developments.

Viswanath PS, MD & CEO, Randstad India, a talent company

“The Union Budget 2025 reaffirms the government’s commitment to a ‘Budget for All’—driving economic growth, empowering the middle class, and accelerating job creation. The emphasis on catalytic investments in key sectors, particularly manufacturing, underscores India’s ambition to establish itself as a global production hub.

The targeted support for MSMEs, including higher threshold limits and enhanced credit guarantees, is a crucial step toward fostering grassroots development and job creation. At the same time, a strong focus on labour-intensive sectors will provide the much-needed push to address the unemployment challenge in the country.

Additionally, the establishment of a high-level committee to streamline non-financial sector regulations and the introduction of the Investment Friendliness Index for states mark significant progress in enhancing ease of doing business.

For the middle class, the introduction of revised tax slabs provides meaningful relief, reducing the tax burden and driving higher domestic consumption, savings, and investments. Moreover, the incentives announced for one crore gig workers mark a major step towards fostering inclusive employment, recognizing their growing role in the economy.

By prioritizing industrial expansion and household empowerment, this budget reinforces India’s socio-economic resilience. Randstad India believes this balanced approach will accelerate the country’s journey toward a Viksit Bharat—a developed India built on innovation, inclusivity, and a future-ready workforce.”

Dr. Pratim Sengupta, Senior Nephrologist and MD & CEO, Nephro Care India Limited

Finance Minister Nirmala Sitharaman presented the Budget 2025 on Saturday, unveiling key healthcare and economic measures. She announced the promotion of medical tourism under the ‘Heal in India’ initiative, streamlining visa processes and fostering private sector collaboration.

Additionally, 36 life-saving drugs for cancer and rare diseases, along with 37 more medicines, will be exempted from basic customs duty. To strengthen medical education, 10,000 seats will be added next year, with a total of 75,000 over the next five years. The government will also establish 200 cancer daycare centers in district hospitals within three years. Furthermore, gig workers will receive healthcare coverage under the PM Jan Arogya Yojana.

The healthcare sector will see a significant boost with an allocation of ₹95,957.87 crore for development and improvement, up from ₹86,582.48 crore in FY25. Additionally, ₹2,445 crore has been earmarked for the Production-Linked Incentive (PLI) scheme to support the pharmaceutical industry.

The revised tax exemptions bring much-needed relief to the middle class, with no income tax on earnings up to ₹12 lakh per annum and complete tax exemption for salaried individuals earning up to ₹12.75 lakh under the new regime. This will enhance savings, boost consumption, and drive economic growth.

With a strong focus on healthcare, financial relief, and economic stimulation, Budget 2025 lays the foundation for a healthier, wealthier, and more prosperous India.

Kunal Vasudeva, Co-founder & Managing Director, Indian School of Hospitality

 The Union Budget 2025-26 sets the right direction with AI-driven education, research fellowships, deep-tech funding, and global skilling partnerships. These are crucial steps toward positioning education as an economic powerhouse.
However, policy is always a work in progress—the real test is execution. If India is to leapfrog in education the way it did in digitization, we need a 10X mindset in implementation, institutional accountability, and adaptability.
The focus must now shift to outcome-driven reforms—aligning research with national priorities, empowering universities to lead innovation, and embedding competency-building over mere skilling.
This decade will define India’s global standing. Bold policy must now meet bold execution.

 Nipun Goenka, Managing Director, GD Goenka Group

The Union Budget’s focus on education, skill development, and research underscores a commitment to nurturing lifelong learners who can thrive in an evolving world. The establishment of National Centres of Excellence for Skilling, the expansion of IITs, and the Centre of Excellence for AI in Education reflect an investment in future-ready competencies that will shape India’s global standing as a knowledge hub. The addition of 50,000 Atal Tinkering Labs and broadband connectivity in government schools is a step toward democratizing access to innovation, ensuring every child—regardless of background—has the opportunity to contribute to the nation’s growth. The expansion of medical education and the National Institute of Food Technology in Bihar will not only drive economic growth but also reinforce a culture of social responsibility.
Beyond academics, initiatives like the Saksham Anganwadi and Poshan 2.0 reflect a much-needed focus on holistic development, ensuring that children, mothers, and adolescents receive the nutrition and support essential for learning and growth. The Bhasha Pustak Scheme, with its emphasis on digital access to Indian language books, strengthens inclusive learning, allowing students to engage deeply with knowledge in their native languages.

At GD Goenka, we remain committed to complementing these national efforts by empowering a generation that is not just prepared for the future but capable of shaping it.

Shishir Jaipuria, Chairman, Seth Anandram Jaipuria Group of Educational Institutions

The Union Budget 2025-26 by the Finance Minister Nirmala Sitharaman takes a very holistic approach towards education with a focus on innovation, research, technology, skill development, accessibility, and capacity building. The reforms are intended at the grassroots level with announcements of fifty thousand new Atal Tinkering Labs and better broadband connectivity for government schools. I commend the decision to set the Centre of Excellence in Artificial Intelligence. It shall help India catch up in the global AI race. Likewise, the fellowships for technological research in IITs and IISc will pave the way for innovations and build a culture of research. The budget takes a balanced approach to both school and higher education. It also aims to bring in global expertise for skilling the youth of India through the five National Centres of Excellence in skilling. With an outlay of Rs. 1,28,650 crores for education, this budget promises reforms and initiatives not just in line with NEP 2020 but also directed towards catalyzing education to drive India’s progress towards Viksit Bharat.

Anushika Jain; Founder and CEO of Global Shala and Globally Recruit

 The Union Budget 2025 marks the dawn of a new era in India’s education landscape by prioritizing skilling, digital education, and global learning opportunities. The establishment of the National Centres of Excellence for Skilling and the promotion of global skilling partnerships will empower the youth with skills pertinent to industry requirements, thereby enhancing their employability on an international scale.

Moreover, the creation of a Centre of Excellence for AI in Education represents a significant leap forward in integrating artificial intelligence into educational frameworks. These initiatives align with the growing demand for a globally competitive workforce and further solidify India’s position as a global talent hub.
These efforts resonate with the insights from the World Economic Forum’s Future of Jobs Report 2025, which emphasizes the importance of technological skills, including AI and big data, as well as the need for resilience, flexibility, and agility in the workforce. By focusing on these areas, India is not only addressing current educational needs but also preparing its youth for the evolving global job market.

Tr Chaitanya Dev Singh, National President, Round Table India (RTI)

The Union Budget 2025 lays significant emphasis on the education and well-being of students. The commitment to advancing science and technology through initiatives like 50,000 Atal Tinkering Laboratories (ATLs) and broadband connectivity for government schools is a welcome move. Furthermore, providing digital access to vernacular literature will significantly enhance educational quality.

The expansion of admission capacities in institutions such as IITs and medical colleges will alleviate the pressure on numerous students aiming to secure admissions in the top institutions of the country.

Additionally, the emphasis on skill development will particularly benefit marginalized communities, enabling them to secure livelihoods and break the cycle of poverty.

Kanak Gupta, Group Director, MR Jaipuria Group

The Budget 2025 takes a decisive step in ensuring that the future of India is knowledge-led and technology-enabled. With 50,000 Atal Tinkering Labs, broadband connectivity in government schools, and a ₹500 crore Centre of Excellence for AI in Education, it paves the way for India to emerge as the technological hub of the world.

Moreover, the focus on skilling and providing digital Indian language books for schools and higher education reflects a commitment to inclusivity, recognising the diverse linguistic landscape of our country. By making quality education accessible in various Indian languages, the government is ensuring that students from different backgrounds can have uniform learning experiences.

 Tannay Jit Singh, Founder Kladio

India’s commitment to educational and technological advancement takes centre stage with ambitious initiatives spanning multiple sectors. The establishment of 50,000 Atal Tinkering Laboratories in government schools signals a transformative push to nurture innovation at the grassroots level. The vision extends to higher education, with expanded infrastructure in newer IITs accommodating 6,500 additional students, while a ₹500 crore investment in an AI Education Centre of Excellence demonstrates our focus on future technologies.

Healthcare education receives significant attention through 10,000 new medical college seats and 200 cancer centres. The government’s dedication to research and innovation is further emphasized by the proposed DeepTech Fund of Funds and 10,000 PM Research Fellowships at premier institutions.

These comprehensive measures, combined with practical steps like TCS removal on education loans up to ₹10 lakh, form a robust framework for India’s educational and technological evolution.

Preethi Rajeev Nair, Principal – CBSE, Lancers Army School

 The Union Budget 2025 reflects a strong commitment to advancing education and skilling in India. Establishing 50,000 Atal Tinkering Labs and the enablement of broadband connectivity in government schools will be a game-changer in fostering innovation and digital learning.

Additionally, the expansion of IIT infrastructure and the Centre of Excellence for AI in Education will empower students for future technological advancements and thrive in the digital age. We welcome these initiatives, as they align with our mission to provide holistic and future-ready education to young minds.

 Prof. Indranil Manna Vice Chancellor, BIT Mesra, Ranchi

The much-awaited Union Budget 2025 delivers a promising roadmap for India’s education sector. The establishment of a Centre of Excellence for AI in Education with an outlay of ₹500 crore will drive innovation and cutting-edge research in artificial intelligence and emerging technologies.
In addition, the expansion of infrastructure in IITs, allowing for 6,500 additional seats will further strengthen India’s technical education ecosystem. We are also encouraged by the focus on skilling through five National Centres of Excellence and the Deeptech Fund of Funds, which will facilitate and empower our youth to lead in global technological advancements.

Currently, research and development labs in India are heavily dependent on funding from ANRF, a recent government’s initiative to create an ecosystem for the sector. However, additional focus on private educational institutions in the current Budget would have given a booster dose to the sector since a higher number of students enrol in private institutes, than government ones.
These measures, coupled with the emphasis on digital education and research fellowships, will certainly propel India toward becoming a global knowledge and innovation hub”.

CA Bikram Agarwal, Chief Financial Officer, Seth Anandram Jaipuria Group of Educational Institutions

The education sector remains a priority for the government. In the Union Budget 2025, the education sector has been allocated Rs 1,28,650.05 crore, marking a 6.65% increase from the previous year. I see an emphasis on harnessing the potential of the country’s demographic dividend by focusing on skill development and accessibility of education through initiatives such as the new National Centres of Excellence for Skilling, 50 thousand additional ATL labs, better broadband connectivity and digital books in Indian languages to reach the last child. At the same time, I see a thrust towards creating a robust AI ecosystem through the Centre of Excellence in AI. It is very much the need of the hour. The capacity building of IITs and enhanced seats in medical college display a positive intent towards strengthening the higher education. Having said that, the budget falls short of 6% of GDP allocation to the education sector, as recommended by the National Education Policy 2020. There is no relief to education institutes from GST, in the sense that they are required to pay the GST whenever procuring any goods or services from vendors. There is also no relief on reverse charge mechanism which is applicable on educational institutions under the GST laws and which creates numerous legal requirements on educational institutions.

Ms. Madhavi Arora, Chief Economist, Emkay Global Financial Services

Capex Budget details

• Centre’s FY26BE capex (Rs11.2tn) stays at 3.1% of GDP – same as FY25RE, vs the ambitious targets of 3.4%. FY24 saw capex/gdp at 3.2%.
• Centre’s FY26 capex growth budgeted higher at 10.1% (vs 7.3% for FY25RE but much lower than 17% in FY25BE).

Defence growth seen highest among core sectors amid tepid performance last yr.

Rail and Roads see 0% and -0.1% growth in FY26BE, after meeting their FY25BE targets.

• New schemes of Dept of Eco affairs again sees massive allocation of Rs417bn in FY26, after heavily undershooting FY25BE allocation of Rs636bn (FY25RE:Rs 91bn only)
• FY26BE PSU – IEBR capex (ex-FCI) at Rs4.3trn) is 1.1% of GDP – again, same as FY25RE, but higher than FY24 (1.0%). PSU capex growth is taken at 12.9% (vs 10.9% for FY25RE)
• As a result,Centre + PSU capex/GDP is marginally higher for FY26 (4.3% vs FY25RE: 4.2%) – with higher PSU capex in the Power and Housing sectors driving overall PSU capex growth.
•  Centre + PSU capex growth is taken mildly higher at 10.8% (vs 9.7% for FY25RE, albeit lower than 15% in FY25BE).
• We have been arguing combined C+PSU capex/GDP has plateaued at 4.2-4.3% since FY24, amidst revex skewness, limited revenue mobilisation and binding absorptive capacity.

Raoul Kapoor, Co-CEO, Andromeda Sales and Distribution Pvt Ltd

We welcome the Union Budget 2025-26, which presents a strategic roadmap for accelerated economic growth while offering much-needed relief to the middle class. The Finance Minister has introduced progressive tax reforms that are set to increase disposable income, fostering both financial stability and consumer spending.

With the revised income tax slabs and reduced tax rates, a rough estimate suggests that taxpayers could save up to ₹10,000 per month, depending on their income bracket. This significant boost in savings will enable individuals to better manage existing loans and enhance their loan eligibility, making homeownership and other large investments more accessible.

The ripple effect of increased disposable income will be felt across the retail loan industry, as more individuals will have the financial confidence to take on new loans, whether for housing, automobiles, or personal financing needs. This policy move is expected to strengthen the banking and NBFC sector, further driving economic momentum.

Vivek Jalan, Partner Tax Connect Advisory Services LLP

As expected income tax TDS/ TCS provisions have been revamped and rationalized. TDS/TCS are merely advance tax, but there are 71 Sections which cover TDS/TCS, multiple thresholds and multiple rates. Industry had pitched in for complete revamp of TDS/TCS provisions and this budget has moved in the direction. For eg. On same goods purchase, there was a TDS u/s 194Q as well as TCS u/s 206C(1H). This created hardship and in this budget TCS has been scrapped to provide much needed relief. Other TDS thresholds and various compliances has also been rationalized.

Customs duty on capital goods and raw material imports have been rationalized to promote manufacturing, especially on manufacturing of lithium Ion batteries. So the message of the Govt. is very clear – import duty-free but make in India and even export from India.

MSMEs have also been a special focus in this budget. Big reforms are there for leather, footwear, toys, food processing and other MSMEs. Start Ups Tax holiday is also extended.

The Biggest big bang change of course is the exemption of Income Tax for middle class with income upto Rs 12 Lakhs. Even upto income limit of Rs.24 Lakhs per annum, there is a saving of up to Rs.1.1 Lakh per annum. This would provide more disposable income in the hands of middle class.

Amit Sharma, Managing Director & CEO, Tata Consulting Engineers

The Union Budget 2025-26 delivers a transformative push across key sectors, reinforcing India’s commitment to sustainable growth and self-reliance. The National Manufacturing Mission’s focus on cleantech industries, including solar PV cells, EV batteries, electrolysers, and grid-scale batteries, will strengthen domestic value addition and position India as a key player in global clean energy supply chains. Investments in power transmission and distribution, along with electricity distribution reforms, will modernise the sector and ensure financial stability for DISCOMs.

Nuclear energy is a key pillar of India’s energy security and self-sufficiency, supporting a steady shift to cleaner power while keeping the grid stable. The goal of reaching 100 GW of nuclear capacity by 2047 is backed by important reforms, including changes to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, allowing private sector involvement in nuclear projects. The ₹20,000 crore investment in small modular reactors (SMRs) highlights India’s plan to use its rich thorium reserves for long-term energy independence. These advanced nuclear technologies will provide reliable, scalable, and low-carbon energy, strengthening the country’s energy supply. This approach broadens the energy mix and ensures long-term sustainability by reducing dependence on imported fossil fuels.

Infrastructure remains a key driver of economic growth, with ₹1.5 lakh crore in long-term interest-free loans to states and ₹25,000 crore for maritime expansion, strengthening India’s connectivity and trade competitiveness. The extension of the Jal Jeevan Mission, the ₹1 lakh crore Urban Challenge Fund, and affordable housing initiatives will enhance urban living standards. The Critical Minerals Development Policy, alongside customs duty exemptions on essential resources, ensures a secure supply chain for high-tech industries, supporting India’s ambitions in advanced manufacturing and clean energy. Green bonds and hydrogen R&D incentives further reinforce our commitment to a net-zero future. Tata Consulting Engineers stands ready to contribute through innovative engineering solutions, supporting India’s journey towards a resilient and globally competitive economy.

Manish Sharma, Chairman, Panasonic Life Solutions India & SA

“Overall, a progressive and structured budget focusing on India at 2047 to drive the inclusive GDP growth which we need to get there. There has been a clear focus to providing tax relief to provide more money in hands of people thereby driving consumption. Focusing on the ten broad areas aimed at GYAN (Garib, Yuva, Annadata, and Nari Shakti) Union Budget 2025 paves way for the well-being of end-users, leaving more cash at hand thus, helping drive consumption for the Indian economy. Amongst several benefits, one of the most awaited news for the common man, both for middle class and senior citizens, are the income tax reliefs – which will boost consumer spending and reduce the compliance burden for the businesses.

For the industry there have been several key announcements aimed at fostering manufacturing, growth and strengthening the Indian economy.

•Rationalisation of customs tariff structure is yet another welcome move. The approach of aligning inverted duty structure and increase in BCD on interactive flat panel displays from 10% to 20%, will be an enabler for enhancing manufacturing in India. Reduction of duty in components for manufacturing Open Cell is also in the direction towards making a robust manufacturing base for LCD/ LED television panels in India.

•The announcement on BCD exemption for critical minerals like cobalt is a welcome move and will help India overcome disabilities that exist for manufacturing of lithium-ion batteries as compared to other countries. Additionally, exemption of duty on scrap of lithium-ion batteries will fuel the efficiency and capacity utilization of recycling units that are already in abundance in our country and help enable energy security through energy consumption in our country. It will also catalyse journey towards energy security through energy transition.

•Establishment of Bharat Trade Net is a good move as it will bring commerce, MSME and revenue ministries together and build inter-ministerial dialogues – a unified platform to streamline trade documentation, policy interventions, supply chain efficiencies and financing needs for businesses. This is the need of the hour, further easing and enhancing the international trade and exports.

•The industry awaits the National Manufacturing Mission under the Make in India initiative with a focus on cleantech to help diversify manufacturing across states.

•Enhanced investment and turnover limits for MSMEs aimed at empowering MSMEs will help scale up, innovate, and generate more employment opportunities for the Indian talent further bolstering the manufacturing economy.

•Additionally, establishing five National Centres of Excellence for Skilling reflects a full-circle approach to equipping our youth for ‘Make for India, Make for the World’ manufacturing. The continued push for innovation through 50,000 Atal Tinkering Labs is a commendable step in nurturing scientific temper and creativity among young minds.

These initiatives collectively reinforce India’s path toward self-reliance, competitiveness, and long-term economic growth. This budget is a strong step towards an Atmanirbhar Bharat, ensuring sustainable growth, innovation, and long-term economic resilience.”

Vivek Jalan, Partner Tax Connect Advisory Services LLP on the budget

The Union Budget 2025-26 is for three Ms -Manufacturing, Middle Class and MSMEs. Customs duty on capital goods and raw material imports have been rationalised to promote manufacturing, especially on lithium Ion batteries. MSMEs have also been a special focus in this budget. The Biggest big bang change of course is the exemption of Income Tax for middle class with income upto Rs 12 Lakhs. Further, as expected income tax TDS/ TCS provisions have been revamped and rationalised. There are 71 Sections which cover TDS/TCS having multiple thresholds and multiple rates. Industry had pitched in for complete revamp of TDS/TCS provisions and this budget has moved in the direction. For example, on same goods purchase there was a TDS u/s 194Q as well as TCS u/s 206C(1H). This created hardship and in this budget TCS has been scrapped to provide much needed relief.

Manvendra Shukul, Founder and CEO of Lakshya Digital

“The Union Budget 2025’s emphasis on skilling and artificial intelligence (AI) through the establishment of National Centres of Excellence and AI Centres of Excellence is a great move to cultivate globally competitive talent pool. It will significantly benefit tech-based emerging sectors like gaming.

The allocation of ₹91,000 Cr to Alternative Investment Funds (AIFs) for startups is a substantial commitment to encourage innovation. This funding could fuel setting-up of new game development studios and strengthen India’s gaming ecosystem.

Apart from this, the gaming industry continues to advocate for more targeted support to fully harness its potential as a significant contributor to the economy beginning with rationalized taxation.”

Bangalore, 01 February 2025: Toyota Kirloskar Motor (TKM) has registered a double-digit growth of 19% with sales of 29,371 units in the month of January 2025, as compared to 24,609 units sold in January 2024. Riding on its exceptional sales performance from 2024, the continued momentum underscores TKM’s sharp focus on customer centricity, enhancing customer access across the country and increasing emphasis on innovative value-added solutions.

The company sold 26,178 units in the domestic market and exported 3,193 units.

Commenting on the strong performance, Varinder Wadhwa, Vice President, Sales-Service-Used Car Business & Profit Enhancement said, “The New Year has started on a positive note with trends from last year continuing to set the course for us in 2025. I’m grateful to see the positive response from our customers to the balanced and robust product lineup including the newly launched All New Camry Hybrid which continues to enthral the market.

In 2025, our efforts are to further strengthen the company’s foothold in India. We will continue to optimize customer centricity through value added services and seamless after-sales support, all aimed at creating delightful experiences. Our product strategy will be driven by the deep philosophy of multiple pathway approach that strives to offer something to everyone depending on their mobility needs. Additionally, we will continue to strictly follow efficiency measures throughout our company operations as well as processes all aimed at scaling operations and meeting market needs more seamlessly.

We are thrilled with the overwhelming response to our participation at the recently concluded Bharat Mobility Global Expo 2025. In pursuit of achieving carbon neutrality through a multi-pathway approach, the Toyota pavilion demonstrated a holistic outlook under the banner of “Happier Path Together” a vision that aligns with the company’s global commitment to sustainable growth and societal wellbeing. In addition to the good response on products, the high point was the enthusiastic response to the advanced technology, which highlights the willingness of the market to pivot to sustainable mobility.”

Finance Minister Nirmala Sitharaman’s Budget 2025 has sparked a blend of optimism and caution in various industries, as it brings forward several key initiatives aimed at boosting growth while also highlighting some challenges that need attention.

For the real estate sector, the introduction of the ₹1 lakh crore Urban Challenge Fund is seen as a positive step toward transforming cities into growth hubs, potentially unlocking new opportunities for development. Additionally, the ₹1.5 lakh crore interest-free loan for infrastructure projects is expected to fuel urban expansion, benefitting both housing and commercial projects. However, Keventer Realty’s COO, Mr. B.P. Singh Roy, noted, “While these measures aim to boost demand, rising construction costs and regulatory hurdles still pose concerns for developers.”

In the healthcare sector, the budget introduces several measures aimed at making medical treatments more accessible. The decision to exempt 36 life-saving drugs and 37 essential medicines from Basic Customs Duty is being hailed as a breakthrough. Mr. Kanad Maitra, Director at AM Medical Centre, expressed his approval, stating, “This step will make critical treatments more affordable for patients, and the establishment of cancer day care centres will enhance healthcare infrastructure.”

The hospitality and restaurant sectors also saw some relief with the middle-class tax exemption, which could boost consumer spending. Mr. Gautam Purakayasthya, Owner of Tamarind Restaurant, said, “While the tax relief is a welcome move, the hospitality sector still hopes for infrastructure status and GST relief to unlock its full potential.”

The budget also lays out a clear roadmap for long-term growth, with significant investments in MSMEs, agriculture, and innovation. Mr. Ravi Todi, Managing Director at BTL EPC Ltd, shared, “This budget is designed to fuel business growth, create jobs, and strengthen India’s economic foundation.”

However, challenges like rising raw material costs, particularly in industries such as confectionery and interiors, were highlighted by Mr. Ankit Aditya, Vice Chairman of Aditya Group. He noted that strategic financial planning would be necessary to navigate these cost pressures, while also expressing hope for increased support in infrastructure and MSME incentives.

As businesses look toward the future, the success of this budget will depend on its swift and effective implementation, addressing both the opportunities and challenges it presents.

Pinkesh Kotecha, MD & Chairman, Ishan Technologies

“The Union Budget 2025-26 lays a strong foundation for India’s digital-first economy, with a clear emphasis on AI, deep tech, and digital public infrastructure. The introduction of the Deep Tech Fund of Funds is a significant move to accelerate next-generation startups in AI, blockchain, and advanced computing, fostering innovation and global competitiveness. Expanding broadband access under BharatNet to rural schools and health centers is a critical step in bridging the digital divide and enhancing last-mile connectivity.

The establishment of a ₹500 crore Centre of Excellence in AI for Education reinforces India’s commitment to AI-driven learning, ensuring a future-ready workforce. The National Framework for Global Capability Centers (GCCs) will further strengthen IT and outsourcing hubs in Tier-2 cities, driving infrastructure development and talent expansion. Additionally, with increased PPP support for digital infrastructure under the India Infrastructure Project Development Fund (IIPDF), private sector investments in broadband and connectivity are expected to gain momentum. Together, these initiatives position India as a leading player in the global digital economy, accelerating the adoption of AI, deep tech, and emerging technologies. However, areas like data centers required more focused policy support to establish India as a regional digital hub. Clarity in AI regulation and security frameworks is also essential to ensure responsible AI adoption while fostering continued innovation.”

Dr. Sangeeta Chhabra: Co-Founder & Executive Director- AceCloud

“The Union Budget 2025 builds upon the foundation laid in previous years, introducing initiatives and reforms that reinforce India’s growth trajectory. Technology remains a central pillar, with its impact spanning multiple sectors. A key highlight is the launch of the National Manufacturing Mission, a decisive step in advancing the ‘Make in India’ initiative. With a strong emphasis on clean technology and sustainability, coupled with enhanced credit support for SMEs and MSMEs, this initiative is poised to drive investment and innovation.

The budget’s substantial focus on AI, including a ₹500 crore allocation for a Centre of Excellence in AI-driven education, is a transformative step toward positioning India as a global leader in industrial clusters, sustainable urbanization, and long-term economic resilience. The exploration of a Deep Tech Fund of Funds, along with 10,000 fellowships under the PM Research Fellowship Scheme, underscores a progressive vision for fostering research and development in frontier technologies. These initiatives have the potential to propel advancements in AI, machine learning, and other emerging domains.

The proposal to create a national framework for Global Capability Centers (GCCs) in tier 2 cities is another forward-looking move. This initiative builds on India’s success in the GCC space, creating new employment opportunities, reducing urban congestion, and ensuring more balanced regional development.

In essence, this budget continues to unlock India’s immense potential, particularly in the realm of technology, setting the stage for sustained innovation and growth.”

Pankaj Bajaj, Founder & Director, Bajaj Foundation 

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

Chandrashekhar Sripada, CEO, Clinical Professor, Indian School of Business 

“The announcement to establish five National Centers of Excellence for skilling is a major highlight of this Union Budget. This is a very welcome move and an important investment for the future of our youth. Execution will be critical. We have to do better than before. While we skill our youth for manufacturing, we must ensure that manufacturing creates enough jobs instead of relying entirely on robots and automation. This initiative sounds very comprehensive since it includes curriculum design, training of trainers, and certification. Appropriate forward linkages with jobs and employment will make this very effective.”

Bimal Khandelwal, CEO,  STT GDC India

Budget 2025-2026 is a great step towards a promising and bountiful future, which emphasizes on India’s commitment towards growth, innovation, and sustainability. The focus on manufacturing, clean tech, and skilling will strengthen our digital and infrastructure backbone, fueling private sector investments and job creation. Moreover, the establishment of Centers of Excellence for AI by the government and significant interest-free financing support for state infrastructure provide a strong basis for digital development.

As a digital infrastructure leader and a leading data center solutions, we welcome the emphasis on AI, deep tech, and climate-friendly development, which aligns with our vision of a smarter and a greener future. These reforms will empower enterprises and ease out business operations propelling India’s digital economy to new heights.”

Tarandeep Singh Sekhon, Chief Business Officer, KidZania India

“The Union Budget 2025 marks a transformative step forward for the education and edutainment sector, reinforcing the importance of experiential learning, skill development, and digital education. The government’s increased allocation for education, focus on vocational training, and push for interactive learning platforms align seamlessly with KidZania India’s mission to empower children through immersive role-playing experiences.
By fostering public-private partnerships, enhancing early childhood education, and promoting digital learning, this budget creates immense opportunities to make learning more engaging, inclusive, and future-ready.
We at KidZania are excited to expand our impact, integrate technology into our offerings, and continue to collaborate with schools to bring experiential learning into mainstream education. This forward-thinking approach validates the growing significance of edutainment in shaping the next generation and paves the way for a more dynamic and innovative learning ecosystem.”

Shekhar Singal, Managing Director, Eastman Auto & Power Ltd.

“The Union Budget 2025 significantly advances India’s renewable energy sector with the launch of the Clean Tech Mission, focusing on Solar PV, EVs, and Batteries, alongside the National Manufacturing Mission. The announcements underscore the government’s dedication to strengthening ‘Make in India’ and becoming Aatmanirbhar in generation as well as storage of clean energy. This approach aims to reduce import reliance and build a robust domestic industry.

From a Solar and Last Mile e-mobility category perspective, the budget with reduction in the BCD for cells and modules prioritizes scaling up of the domestic manufacturing capacities for key components for Solar. The addition of 35 capital goods related to Lithium batteries for EV reduces capital expenditure for setting up manufacturing plants thereby stimulating growth.

These strategic measures set India on a path to achieve its 500 GW renewable energy target by 2030, paving the way for energy independence and a cleaner more sustainable future.”

Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD – Shapoorji Pallonji Real Estate 

“The Union Budget 2025 introduces strategic measures to strengthen India’s housing and urban development sectors. The sustained support for Pradhan Mantri Awas Yojana, alongside the government maintaining its robust capital expenditure trajectory with an increased allocation of ₹11.21 lakh crore, demonstrates a comprehensive approach to infrastructure development. This consistent capex commitment, coupled with expanded infrastructure investments, creates a strong foundation for real estate growth. The Income Tax reforms, which include relief on incomes up to ₹12 lakhs for the middle class, put more disposable income in the hands of the middle class, enabling them to direct funds toward both housing investments and consumer spending. This increased liquidity naturally stimulates housing demand while generating broader economic activity. Furthermore, the budget’s focus on sustainable construction practices positions the sector for long-term growth by aligning with global environmental standards. These coordinated policy measures enhance market dynamics by expanding participation across income segments while fostering sustainable development practices.”

Masood Mallick, Managing Director & CEO, Re Sustainability Limited 

The removal of custom duty on waste and scrap from critical minerals, including Antimony, Beryllium, Cobalt, and Lithium-Ion batteries, aims to boost recycling and enhance use of circular minerals in manufacturing. A policy for recovery of critical minerals from tailings or by-products of mining can also emerge as a significant enabler for India’s transition to a more circular economy.

Funds have also been allocated to strengthen the domestic manufacturing of clean technologies like solar PV cells, EV batteries, and wind turbines, which will enhance the country’s renewable energy infrastructure.

The ₹1 lakh crore Urban Challenge Fund focuses on sustainable urban development, addressing water management, sanitation, and city redevelopment.

Finally, the commitment to developing 100 GW of nuclear energy by 2047 furthers India’s energy transition strategy, contributing to long-term sustainability.

These measures have the potential to significantly accelerate our sustainability and circular economy journey, towards our shared goal of a Viksit Bharat by 2047.

Dr. Azad Moopen, Founder & Chairman, Aster DM Healthcare

“The Union Budget 2025 strengthens India’s commitment to a more resilient and inclusive healthcare system, ensuring accessibility, affordability, and quality care for all.

The addition of 75,000 new medical seats will address the long-standing healthcare workforce shortage. This effort will help close access gaps in underserved areas, ensuring both the availability and quality of care are improved.
The establishment of 200 cancer daycare centres in district hospitals represents a proactive move towards decentralising cancer treatment, making care more accessible. These centres will not only enhance accessibility but also improve outcomes by enabling timely interventions while customs duty exemptions on cancer drugs and 36 life-saving medicines will make critical treatments more affordable.

Further, the decision to exempt 36 life-saving medicines from basic customs duties, along with reduced duties on six additional medicines, is a decisive action aimed at removing financial barriers to essential treatments. This initiative is particularly beneficial for patients suffering from chronic and rare diseases, reinforcing the government’s commitment to making healthcare more affordable for the most vulnerable.

The e-Shram healthcare insurance for gig workers and increased investment in medical research and genetic studies demonstrate a forward-thinking approach to public health. Additionally, easing visa norms for medical tourism under the ‘Heal in India’ initiative strengthens India’s position as a global healthcare destination, benefiting both patients and the economy.

These initiatives mark a significant step toward building a future-ready healthcare system that prioritizes both immediate needs and long-term advancements.”

Kapal Pansari, Managing Director, Rashi Peripherals Limited

‘’The Union Budget 2025 strengthens India’s commitment to domestic electronics manufacturing and aligns with the vision of ‘Make in India’ and ‘Digital India.’ The increase in the tax-free income threshold to ₹12 lakh under the new tax regime is a welcome step that will raise disposable incomes, driving higher demand for consumer electronics, IT peripherals, and gaming products—key focus areas for RP Tech. Additionally, the government’s support for the electronics industry and rationalization of customs duties on key components will enhance local manufacturing competitiveness, further strengthening India’s position as a global electronics hub.

The push to promote Global Capability Centers (GCCs) in Tier-2 cities will accelerate digital adoption and create new opportunities in emerging markets, supporting the broader goals of the ‘Digital India’ initiative. Policy measures encouraging domestic production of critical electronic components will contribute to a more self-reliant and resilient electronics supply chain. These initiatives collectively will drive the growth of the ICT sector, empower businesses, and ensure that cutting-edge technology reaches every household across the country. Overall this is a progressive budget targeted at inclusive growth.”

Vineet Nanda, Director Sales & Marketing, Krisumi Corporation

The Budget 2025-26 marks a pivotal moment for our economy—a decisive step towards revitalizing demand and strengthening the backbone of our nation, the middle class. The tax exemption on income up to Rs 12 lakh is a welcome relief that will not only stimulate spending but also bolster confidence across various sectors, with real estate poised to be a prime beneficiary.

The launch of SWAMIH Fund 2, with a dedicated corpus of Rs 15,000 crore to complete one lakh stalled housing projects, stands out as a landmark initiative. This measure will accelerate the completion of essential housing projects and restore buyer confidence, laying a strong foundation for a more robust residential market.

Furthermore, the provision allowing the ownership of two self-occupied properties without additional tax conditions is a forward-looking move that will encourage investment in second homes, enhancing the diversity and resilience of the housing sector.

The budget’s strong focus on urban development—evident in the establishment of a Rs 1 lakh crore fund for developing cities as Growth Hubs—signals a clear commitment to transforming our urban centers into engines of economic progress. This initiative is set to drive sustainable urban redevelopment, modernize infrastructure, and unlock new growth opportunities.

At Krisumi Corporation, we see the Budget 2025-26 as a powerful catalyst for change. It aligns with our vision of fostering a dynamic and resilient real estate market that supports sustainable growth. We are ready to embrace these transformative measures and contribute to building a more prosperous future for our nation.

Sahil Agarwal, CEO, Nimbus Group

The Union Budget 2025-26 presents a well-balanced approach, addressing critical sectors of the economy while ensuring sustainable growth. Infrastructure development remains a top priority, with the government introducing various schemes to strengthen both urban and rural infrastructure, enhance connectivity, and drive economic expansion.

A key highlight of the budget is the government’s continued commitment to reviving stalled real estate projects. The Special Window for Affordable and Mid-Income Housing (SWAMIH) scheme, which has already played a pivotal role in unlocking delayed housing projects, is set to receive a major boost. The government has proposed the creation of SWAMIH Fund 2, a blended finance facility with contributions from the government, banks, and private investors. With a ₹15,000 crore corpus, this initiative aims to accelerate the completion of an additional 1 lakh housing units, providing crucial relief to homebuyers and stimulating growth in the real estate sector.

Additionally, tax slab revisions leading to higher disposable income will likely boost housing demand, as increased savings will encourage more individuals to invest in homeownership. By prioritizing infrastructure growth, housing revival, and economic stimulus, the budget lays the groundwork for long-term financial stability and a stronger real estate market.

Pankaj Panjwani, CEO and Founder, KeenSemi

“The Union Budget 2025-26 marks a defining moment for India’s semiconductor ambitions. The expanded PLI scheme of ₹6,200 crores and dedicated R&D fund send a clear signal —India is not just assembling but aiming to lead in design and fabrication of complex systems and chips. However, success hinges on execution of these schemes and lowering barrier for industry to utilize these incentives and schemes.

At KeenSemi, we see this as an opportunity to bridge the gap between India’s Indigenous requirements and skills needed to achieve them. We are ready to contribute, collaborate and deepen our role in India’s semiconductor value chain.

Global competitiveness will require not just financial incentives but also infrastructure readiness, faster approvals, and a seamless supply chain. This budget sets the right intent—what follows next will determine India’s strong trajectory in the global semiconductor supremacy race.”

Debadatta Chand, Managing Director & CEO, Bank of Baroda

“The Budget has reiterated its commitment to fiscal prudence by moving along the FRBM path. From the point of banks, the focus on growth is positive, as this would mean steady growth in credit as the budget has provided the necessary push to MSMEs and industry. There is boost to the corporate bond market including municipal bonds which will have a big role to play in financing investment required in the coming years. The concessions on the income tax front will put more money in the hands of taxpayers and would boost consumption in the economy. The capital expenditure of Rs 11.2 lakh crore announced will encourage investment and also help backward linkages to sectors like steel, cement, machinery etc. Working on the PPP mode across ministries to implement various projects is very progressive and will boost infrastructure capacity in the country.

The budget has also taken a medium term view for the next five years to move faster to the goal of Viksit Bharat and focussed on four major sectors – Agriculture, MSMEs, Investment and Exports thus covering both the objectives of inclusive and accelerating growth to higher levels.”

Daljeet Sandhu, CEO of Daltin AI Portal

 “Setting up Centers of Excellence on AI for education has taken a big step toward preparation of students for skills needed in the future by industries such as agriculture, healthcare, and sustainable cities. With AI-integrated learning, students will gain hands-on experience with current industry needs, preparing them for international careers in these key areas and contributing to the creation of over 11 million jobs in India by 2035. Such projects would foster collaboration between academic institutions and industries to be implanting students with practical AI applications relevant to the industry. However, considering the increasing demand for AI professionals, expanding the number of centres beyond three could better support the growing need for expertise in these critical fields.”

Eswara Rao Nandam, CEO and Founder of Polymatech Electronics

“The Government of India’s commitment to empowering MSMEs and driving technological upgradation is a commendable step towards positioning India as a global manufacturing hub. The enhanced credit facilities and increased investment and turnover limits for MSMEs will provide significant support for businesses, helping them scale efficiently and foster innovation. These initiatives will undoubtedly boost India’s export potential and drive growth in sectors such as opto-semiconductors, 5G, and LED lighting solutions.”

Ravi Goel, CBO RapidShyp

The Union Budget 2025 is a significant step forward for India’s logistics sector, focusing on technology, infrastructure, and efficiency. The transformation of India Post into a next-generation logistics provider highlights the government’s commitment to modernizing last-mile delivery and strengthening the national supply chain. This initiative is going to enhance competition, foster innovation, and improve accessibility, particularly benefiting MSMEs and e-commerce businesses.

Besides, strategic investment in multimodal logistics parks, AI-driven supply chain management, and better infrastructure in terms of roads, warehousing, and connectivity will boost operational efficiency and reduce costs and sustain growth. At RapidShyp, we welcome these reforms and look forward to leveraging this evolving ecosystem to deliver faster, smarter, and more resilient logistics solutions.

Rohit Beri, CEO & CIO ArthAlpha

The Union Budget 2025/26 takes a measured approach to personal income tax, delivering a welcome boost to consumption and much-needed relief for individuals earning up to ₹2.5 million annually. While the tax cuts are meaningful—potentially exceeding 6.5%+ of total personal income tax collections—the expectation was for a more ambitious restructuring to drive broader economic impact.

On the fiscal front, the government has prioritized prudence over expansion, ensuring long-term stability but missing a near-term opportunity to accelerate growth through higher capital expenditure. A more aggressive capex push could have provided the momentum needed to stimulate investment and job creation.

In terms of compliance, marginal adjustments to TDS and TCS offer little more than a gesture. The real test will be in the upcoming tax code—whether it truly simplifies taxation or adds another layer of complexity remains to be seen.

Deepak Chand Thakur, CEO NPST

The Union Budget FY 2025-26 delivers a comprehensive framework to stimulate growth, enhance investment, and provide direct financial relief.

The key highlight—no tax obligation on income up to ₹12.75 lakh—marks a significant shift in personal taxation. By restructuring slabs and rates across the board, this measure is set to increase disposable income, fueling household consumption, savings, and investment.

A direct consequence of increased discretionary spending will be a rise in digital transactions, further accelerating UPI adoption. As UPI cements its role as the dominant digital payment rail, higher transaction volumes are expected to follow.

The revamped PM SVANidhi scheme introduces enhanced micro-loans from banks, UPI-linked credit cards with a ₹30,000 limit, and structured capacity-building initiatives. This policy shift positions UPI beyond a payment rail into a fully integrated digital credit ecosystem, bridging India’s credit gap. With an estimated 10 million street vendors gaining access to formal credit, the initiative strengthens financial inclusion while driving digital-first lending.

The introduction of the Grameen Credit Score Framework will significantly expand rural access to credit, while streamlined KYC processes and a revamped registry by 2025 will enhance financial participation.

The structural reforms establish a robust foundation for inclusive economic growth, ensuring that investment, digital finance, and consumer-driven expansion work in tandem.”

Vineet Nanda, Director Sales & Marketing, Krisumi Corporation

The Budget 2025-26 marks a pivotal moment for our economy—a decisive step towards revitalizing demand and strengthening the backbone of our nation, the middle class. The tax exemption on income up to Rs 12 lakh is a welcome relief that will not only stimulate spending but also bolster confidence across various sectors, with real estate poised to be a prime beneficiary.

The launch of SWAMIH Fund 2, with a dedicated corpus of Rs 15,000 crore to complete one lakh stalled housing projects, stands out as a landmark initiative. This measure will accelerate the completion of essential housing projects and restore buyer confidence, laying a strong foundation for a more robust residential market.

Furthermore, the provision allowing the ownership of two self-occupied properties without additional tax conditions is a forward-looking move that will encourage investment in second homes, enhancing the diversity and resilience of the housing sector.

The budget’s strong focus on urban development—evident in the establishment of a Rs 1 lakh crore fund for developing cities as Growth Hubs—signals a clear commitment to transforming our urban centers into engines of economic progress. This initiative is set to drive sustainable urban redevelopment, modernize infrastructure, and unlock new growth opportunities.

At Krisumi Corporation, we see the Budget 2025-26 as a powerful catalyst for change. It aligns with our vision of fostering a dynamic and resilient real estate market that supports sustainable growth. We are ready to embrace these transformative measures and contribute to building a more prosperous future for our nation.

Sahil Agarwal, CEO, Nimbus Group

The Union Budget 2025-26 presents a well-balanced approach, addressing critical sectors of the economy while ensuring sustainable growth. Infrastructure development remains a top priority, with the government introducing various schemes to strengthen both urban and rural infrastructure, enhance connectivity, and drive economic expansion.

A key highlight of the budget is the government’s continued commitment to reviving stalled real estate projects. The Special Window for Affordable and Mid-Income Housing (SWAMIH) scheme, which has already played a pivotal role in unlocking delayed housing projects, is set to receive a major boost. The government has proposed the creation of SWAMIH Fund 2, a blended finance facility with contributions from the government, banks, and private investors. With a ₹15,000 crore corpus, this initiative aims to accelerate the completion of an additional 1 lakh housing units, providing crucial relief to homebuyers and stimulating growth in the real estate sector.

Additionally, tax slab revisions leading to higher disposable income will likely boost housing demand, as increased savings will encourage more individuals to invest in homeownership. By prioritizing infrastructure growth, housing revival, and economic stimulus, the budget lays the groundwork for long-term financial stability and a stronger real estate market.

Raoul Kapoor, Co-CEO, Andromeda Sales and Distribution Pvt Ltd

We welcome the Union Budget 2025-26, which presents a strategic roadmap for accelerated economic growth while offering much-needed relief to the middle class. The Finance Minister has introduced progressive tax reforms that are set to increase disposable income, fostering both financial stability and consumer spending.

With the revised income tax slabs and reduced tax rates, a rough estimate suggests that taxpayers could save up to ₹10,000 per month, depending on their income bracket. This significant boost in savings will enable individuals to better manage existing loans and enhance their loan eligibility, making homeownership and other large investments more accessible.

The ripple effect of increased disposable income will be felt across the retail loan industry, as more individuals will have the financial confidence to take on new loans, whether for housing, automobiles, or personal financing needs. This policy move is expected to strengthen the banking and NBFC sector, further driving economic momentum.

Debopam Chaudhuri, Chief Economist, Piramal Group

“Debt markets should benefit from the budget’s fiscal management. Despite economic growth falling behind expectations in FY25, Fiscal Deficit of 4.8% was better than targeted 4.9%. Also, though Economic Survey expected growth to remain restricted at or under 6.8% in FY26, central government fiscal deficit has been forecasted to be 4.4%. Another 15-basis point reduction in the 10-year government security is expected after today’s announcements. No other major economy has been able to reduce fiscal deficit at this pace post COVID, bolstering India’s place as an upcoming economic power. The tax cut led additional income available to India’s vast middle class and aspiring population is expected to override the slow public capex in FY26 and provide the Indian economy with the necessary boost to come out of the current slowdown.”

Ankur Jalan, CEO, Golden Growth Fund (GGF)

As India aims to become $30 trillion economy by 2047, the country must embark upon a phase of rapid development in the next two decades.
To this end, the Union Budget by exempting income upto Rs 12 lakh, will boost consumption and enhance savings.
It will also increase investment across all asset classes, including AIFs and real estate, by having a multiplier effect on the economy by boosting incomes and encouraging further investment.
The induced savings will also help government create a larger fund for investment and other capital expenditure.

Garvit Tiwari, Director & Co-Founder, InfraMantra, Gurugram based property consulting firm

The exemption of tax on income up to Rs 12 lakh is not just a welcome move at this juncture considering falling consumption and rising inflation but a revolutionary move for India’s tax paying and consuming class.

The overall impact of this move will be seen in increased consumption, including discretionary and more importantly by increasing demand for homes which off late has been on a declining trend owing to rising prices.

In the last few years, real estate demand has been positively impacted by massive infrastructure development across Indian cities. The greater emphasis in this Budget on urban rejuvenation and infrastructure development will further give a boost to expanding housing supply and sales.