Nikhil Kurhe, Co-founder & CEO, Finarkein Analytics
“As we approach this year’s Union Budget, it’s crucial to recognize the transformative potential of India’s Digital Public Infrastructure (DPI) in fostering financial inclusion and economic growth. Initiatives like the Account Aggregator framework, Ayushman Bharat Digital Health Mission, and ONDC-FS are foundational to creating an interconnected and inclusive digital economy.
To drive widespread adoption and innovation around these digital public goods, the Budget can allocate targeted funding for capacity building, awareness campaigns, and incentives for early adopters. Establishing a dedicated innovation fund for DPI-focused startups can catalyze solutions tailored to underserved segments, including MSMEs and rural India. Additionally, simplifying regulatory frameworks and expanding support for secure data-sharing standards will encourage private sector collaboration while ensuring consumer trust.
The Budget is an opportunity to accelerate India’s leadership in digital innovation, not just for India but as a model for the world. A strategic focus on DPI can unlock unprecedented value across sectors, empowering citizens and businesses alike.”
Dilip Modi, Founder & CEO, Spice Money
“As we look forward to the Union Budget 2025-26, it is imperative to prioritize measures that strengthen the digital financial ecosystem, particularly in rural India, where initiatives like Aadhaar Enabled Payment System (AePS) and Bharat Connect have become lifelines for millions. While AePS has revolutionized cash-in cash-out (CICO) operations, ensuring transaction safety and security remains a critical focus for the fintech ecosystem.
The framework put forth by Dvara Research highlights the need to integrate existing networks of Transactional Business Correspondents (TBCs) into the Digital Banking Unit (DBU) hierarchy. These TBCs are the true enablers of last-mile connectivity, providing uninterrupted banking access to underserved communities and reducing costs while fostering trust. Recognizing and supporting this network with technological upgrades and financial assistance would not only prevent duplication but also accelerate the pace of financial inclusion.
Additionally, a reduction or waiver of GST on financial services offered at Banking Agent outlets would significantly ease the financial burden on these grassroots operators, encouraging broader participation in rural banking. Beyond inclusion, the objective must evolve toward empowering rural communities with tools for savings, investments, and financial growth, fostering a self-reliant Bharat.
We hope this budget paves the way for robust, innovative, and inclusive financial policies that align with the aspirations of Digital India and truly reflect the transformative potential of integrating DBUs and TBCs into a unified framework.”
Rohit Mahajan, Co-Founder plutosONE
“Union Budget 2025 presents a transformative opportunity to deepen digital payment adoption in tier-2 cities and beyond, unlocking the next wave of growth. By incentivizing partnerships between fintechs and banks, the government can harness fintechs’ product innovation and banks’ outreach to extend digital payment innovations to the last mile. MSMEs are the ‘lifeblood’ of India’s economy and their major requirement is credit accessibility. Platforms like Trade Receivables Discounting Systems (TREDS) by converting it to cash actually will be proven quite precedent in working capital financing. We request the government to make some incentives in favour of the fintechs so that they can encourage MSMEs (Micro, Small, and Medium Enterprises) to shift to TREDS fully ensuring certain back-up measures in everything they lack needed to move forward. This will not only empower several MSMEs but will also fast-forward the dream of financial inclusion throughout the country and catalyze sustainable growth in the whole economy.
Ajay Singh, Principal, The Scindia School, Gwalior
As we await the Union Budget for 2025, I believe the education sector is at a pivotal moment. To empower our children to succeed in an increasingly dynamic world, it is essential to prioritize investments in education. I urge the government to allocate a larger share of GDP to education, increase funding for STEM initiatives, enhance digital learning infrastructure and promote skill-based education. By simplifying regulatory processes and encouraging international collaborations, we can create a world-class education system that equips our students to excel on the global stage. Furthermore, fostering a culture of innovation and critical thinking in our schools will be crucial to developing the leaders of tomorrow. I also hope the budget will address the need for equitable access to quality education, ensuring no child is left behind. I look forward to a budget that lays the foundation for a brighter future for our children.
Ramadass Selvaraj, Chief Operating Officer at Pathfinder Global
‘We are looking forward to the Union Budget 2025, as it presents an excellent opportunity to further strengthen the growth of the quick commerce sector and empower small retailers, including Kirana stores. The retail landscape in India is evolving rapidly, and we anticipate the introduction of regulatory actions that will support the integration of advanced technology, particularly for small businesses. With the rise of digital-first platforms, it’s more critical than ever to ensure small businesses are equipped with the right tools to stay competitive. We expect the government to focus on policies that enhance the adoption of AI, streamline operations, and create more efficient supply chains for these retailers.
We believe the Union Budget will pave the way for small retailers to embrace these transformative technologies, enabling them to elevate customer experiences, optimize their operations, and remain relevant in this fast-evolving market. As the retail sector shifts towards a hybrid model that blends digital and physical experiences, the industry must empower retailers to leverage technology and adapt to this new era of retail. We are confident that these changes will level the playing field and foster sustainable growth across the sector.’
Strate School of Design- Mr. Thomas Dal, Dean
“As we await the forthcoming 2025 Budget, the design sector anticipates exciting developments to further fuel creativity and innovation. As the design industry has historically been a major contributor to economic growth, we expect governments to continue to support it, particularly in the area of digital infrastructure and technology-driven solutions.
As demand for innovative design solutions worldwide grows, we hope the budget focuses on investments that strengthen design education and create opportunities for international collaborations. Investment in a holistic and interdisciplinary approach through institutions that promote cross-disciplinary learning will be fundamental in creating future-ready designers who can meet the challenges of an ever-evolving market. Such policies not only would channel the best of design thinking into tech and business domains but also unlock the full potential of creative industries at large, enabling enhanced innovation and competitiveness in a wide range of industries.”
MBA ESG- Dr. Srinivasan K, Director
“As we look ahead to the 2025 budget, we are optimistic about the future of higher education and its role in preparing students for an evolving workforce. We hope the government will give more priority to policies that support industry-aligned curricula and infuse emerging technologies into the way students learn.
MBA ESG operates on the benefits of scholarship funding and global alliances and focuses on enhancing and making quality education accessible to all. India needs to double down on its private institutions, especially those that offer specialized MBA courses to enhance its standing as a global hub for business education. Overall, preparing graduates with skills that are in demand in the changing marketplace will definitely better align education services with the needs of the economy of the future, thus giving students a competitive edge in tomorrow’s job market.”
CTO and Co-founder of Vantage Circle, Mr. Anjan Pathak
“As we approach the Union Budget 2025, we hope to see measures that drive inclusive growth, particularly in regions like Northeast India, which hold immense potential for innovation and entrepreneurship. Strengthening digital infrastructure, expanding support for MSMEs, and enhancing access to emerging technologies like AI-driven automation and blockchain could significantly boost regional development and economic progress. Additionally, we look forward to incentives that encourage R&D and digital skill development, enabling businesses to stay competitive in a rapidly evolving global market. Prioritizing cybersecurity and long-term financial support for technology adoption will be pivotal in ensuring sustainable growth and innovation across the nation.”
Akash Khurana, President and CEO, Krisumi Corporation
As the Union Budget for 2025 approaches, the government, with its view to push growth, is anticipated to introduce a slew of reforms which may boost economic activity and bring efficiency to different sectors, including real estate.
The real estate sector, being one of the largest contributors to the GDP, could serve as a catalyst in augmenting growth. Since the tax deduction on housing loans has remained stagnant at ₹2 lakh per annum, it is imperative for the government to increase the threshold to ₹5 lakh. This will propel the demand for housing further.
We also anticipate the government to continue its thrust on infrastructure development, as it has a multiplier impact on the economy. With the government’s focus on sustainable development, some kind of incentive for green and eco-friendly housing could boost the supply of sustainable units.
Rajul Kothari, Partner, Capital League
“The recent tax changes for debt funds have severely impacted retirees seeking safe, non-volatile investments to beat inflation on a post-tax basis. With long-term capital gains tax on pure debt funds now equivalent to fixed deposits at a marginal rate of tax, retirees are forced to consider hybrid funds with a minimum 15-20% equity component to achieve tax-efficient returns. This exposes them to unnecessary risk. To address this, I urge the government to exempt long-term capital gains tax for investors above 60-65 years at the time of redemption. This would encourage the use of pure debt funds and products, providing retirees with a stable and low-risk investment option, uncorrelated with the volatility of equity markets.”
Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship
India has made notable strides in skill development and workforce participation in recent years. Over last 3 years there growth in apprenticeship is around 30% and the number of employers engaged with apprentices had doubled up to 40000. Also, the registered industries on apprenticeships is reaching 2 lac mark. This is a great feat achieved. However, with the transformation of work, workforce and workplace due to advent of AI and new sectors which required specialised workforce for skill based job roles, we need unprecedented growth is skilling initiatives. As we approach the 2025 budget, there is a pressing need to build upon these achievements and this year, we expect the budget to prioritize skill-based employment generation and inclusive growth, with a central focus on increasing women’s labor force participation. The government must prioritize promoting increased participation of women in the workforce through apprenticeship platform that gives opportunity to women and especially women to upskill and gain relevant hands on experience to be employable in formal sector. targeted financial incentives and policies to be implemented that encourage employers to engage with women apprentices. The employers could be incentives for building supportive infrastructure such as creches, safe working spaces, dedicated transportation facilities, and accommodation for migrants ensuring safety and welfare. Mobilization is a critical element for skill development. Furthermore, improving access to apprenticeships in underserved areas is crucial. We recommend the introduction of a one-time allowance for candidate mobilization, ensuring that apprenticeships reach individuals in socio-economically disadvantaged people, particularly in rural and underserved urban areas.
To further support migrant workers, the government must focus on creating hostels, affordable accommodation facilities, and other essential support systems to ensure their smooth integration into the workforce and society.Additionally, addressing the subsidy parity between the National Apprenticeship Promotion Scheme (NAPS) and the National Apprenticeship Training Scheme (NATS) is essential to ensure equal financial support for both employers and apprentices, making these programs.Streamlining and simplifying the regulatory framework and unifying apprenticeship guidelines will further reduce administrative burdens, increase efficiency, and allow these programs to scale effectively. Moreover, the introduction of industry-friendly UGC guidelines for work-integrated education programs will ensure that the skills developed align with industry demands and remain future-proof. This will encourage industry-academia collaboration, recognise establishment of industries as a new and effective classroom for learning which is much needed.Furthermore, expanding work-integrated learning programs and internships is vital to bridging the gap between education and employment. We suggest that the budget significantly enhance the PM Internship Scheme, providing youth—especially those from disadvantaged educational backgrounds—with the chance to gain industry-relevant experience. By equipping school dropouts, and undergraduates with targeted skill development opportunities, the government can help them re-enter the workforce, reduce dropout rates, and create clear pathways to long-term employment. For undergraduates, these opportunities can include work-integrated learning programs, degree apprenticeships, and industry-specific certifications that allow them to gain hands-on experience while completing their education. Also, linking PMIS with NEP, by recognise the internship component, which is taken up in industry, under UG programs offered by HEIs. Expand the internship opportunities beyond the Top 500 spenders in CSR, include Medium enterprises as well. Alongside, the budget must allocate funds to create robust digital infrastructure to enhance skilling platforms for seamless operations and scalability of execution of apprenticeships, and other skilling initiatives including launch of mobile application. To further strengthen these initiatives, streamlining regulatory processes and promoting public-private partnerships will be crucial in creating a more inclusive, accessible, and efficient skilling infrastructure.The growth of MSMEs, which are crucial to the Indian economy, can be further supported by expanding access to apprenticeships and work-integrated learning programs, allowing them to develop a skilled workforce while contributing to broader economic goals.
