Anup Rau, MD & CEO, Future Generali India Insurance Company Limited
“The government’s move to hike the FDI limit to 100 per cent from the current 74 per cent will be instrumental in attracting fresh capital from overseas insurers, thereby securing robust growth for the insurance sector over the next two decades.
According to government data, since 2015, when the government liberalised the foreign direct investment, or FDI, norms, and allowed at first 49% FDI in 2015 and increased it to 74% in 2021 the sector has received close to Rs 54000 crore as FDI. The hike in FDI limit to 100 per cent announced by the Union Finance Minister, Nirmala Sitharaman, in her Budget speech on Saturday, will help provide a huge fill up to the sector.
Both the Indian economy and the insurance market hold immense appeal for international insurers. However, we have too few players for a country and economy of our size. The number of players servicing the Indian market currently is comparable to much smaller emerging markets such as Malaysia and South Africa. Developed markets on the other hand have a much broader and deeper insurance market – the United States has over 5,000 insurers, the United Kingdom around 400, and Singapore over 200.
This scarcity is partly due to the challenge that global insurers face in finding suitable local partners. With just over 60 insurers operating in both life and general insurance sectors, and many of them functioning as joint ventures, the shortage of capable and willing local partners is evident. Permitting 100 per cent FDI would be a game-changer, given its potential to address this issue”.
Sagar Kaushik, Associate Director, Growth, Propelld“We would like to congratulate the Finance Minister for including transformative reforms to boost education accessibility for India’s youth. The increase in medical and other seats in medical institutes, targeted focus on Centre of Excellence for AI for education, the Atal Tinkering labs in government schools and skill development avenues are initiatives to help build India’s knowledge base – a crucial element of a robust economy. Personal tax reforms and removal of TCS for remittance on education purposes will help parents to save for their children’s education by investing prudently.”Dhaval Radia, Chief Financial Officer (India), ZEISS Group“It is encouraging to see the government take steps toward rationalizing income taxes, which will boost disposable income and drive consumption. The streamlining of TDS and TCS processes is another welcome move, reducing compliance burdens and improving ease of doing business. The continued focus on ‘Make in India,’ along with strong incentives for MSMEs, battery manufacturing, and electronics, will further accelerate India’s position as a global manufacturing hub. Additionally, the emphasis on fostering Global Capability Centers (GCCs) reinforces India’s role as a strategic hub for high-value innovation, R&D, and digital transformation. However, while these are positive steps, the budget leaves room for more robust healthcare reforms. Given the evolving healthcare needs of the country, greater investments and policy interventions are expected to ensure accessibility and innovation in medical technology.”Amarjeet Singh Tak, Head of Research Microscopy Solutions, India and Neighboring Markets, ZEISS Group“We commend the Union Budget 2025-26 for its strong focus on advancing education, research, and skill development. The establishment of National Centres of Excellence, expansion of medical college seats, and infrastructure upgrades at IITs are commendable steps that will significantly enhance academic and research capabilities. The emphasis on Artificial Intelligence through dedicated Centres of Excellence and global skilling partnerships will empower the youth with future-ready skills, positioning India as a global leader in innovation. These initiatives will not only drive scientific and technological advancements but also create a robust ecosystem for young talent to thrive. This forward-thinking approach will undoubtedly accelerate India’s journey towards becoming a knowledge powerhouse on the global stage.”Anooshka Soham Bathwal, CEO , Founder of DhanvesttorIn the Budget 2025-26, the government has outlined a clear focused path to Viksit Bharat. Four Engines – Agriculture, MSME, Investment, and Exports have been provided significance for this path, which it intends to fuel with the reforms and inclusive growth.In line with this, the government has maintained its stance to support growth, investments, and inclusive growth in the Budget 2025-26. With the inclusion of popular measures such as a notable increase in tax free income limit and favorable revision of tax slabs, the finance minister has urged to drive consumption. This might act as positive for sectors driven by discretionary spending. Furthermore, comprehensive imputes to Agriculture with Dhan-Dhanya Krishi Yojana, boost to urban housing, startups and women continued to gain a notable space in the government’s budget considerations. Focus on Healthcare, Education, renewable energy and its infrastructure, and reforms are likely to boost performance of these players and compliance. In addition, while spend on Infrastructure seems optically flat at 11.21 L Cr, on revised budget estimates of FY25, it represents a hike of around 10%. However, this is still lower than our expectations. Spending on Defense also got a similar consideration.
While the government has focused more on the middle class and consumption in Budget 2025-26, it has compromised a bit on infrastructure spending, in our view. However, with its focus on improving compliance, reforms, spending in attentive areas, and fiscal discipline, the government has provided a balanced budget, in our view.
Navneet Ravikar, Chairman, Managing Director
“We are extremely delighted to see that the government has introduced a host of initiatives for the agriculture sector. Be it the introduction of Bihar Prime Minister Dhan-Dhaanya Krishi Yojana, enhancing credit through Kisan Credit Cards (KCC), creating a National Mission on High Yielding Seeds, Mission for Cotton Productivity, setting up Makhana Board in Bihar, or driving Aatmanirbharta in pulses with the launch a 6-year mission with special focus on Tur, Urad and Masoor, the government has covered a wide area in this year’s budget. Low productivity has always been a challenge for Indian agriculture and hence the government has taken wholesome steps to tackle this while ensuring sustainable practices in farming. However, these initiatives need a lot of coordination at multiple levels to drive maximum benefits. In addition, the decision to allow 100% FDI in insurance will drive innovation in crop insurance, disaster management and climate risk”.
Girish Tanti, Vice Chairman, Suzlon
“The Government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.”
“The key word is Eco-System : the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers. It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms. And for national security, we need to build this expertise locally, requiring the build-out of all these industries at scale. We are happy that this budget recognises this need. Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”
Jeenendra Bhandari, Chairman of JITO Incubation, Innovation Foundation
With China aggressively expanding its AI capabilities and the U.S. maintaining its dominance, India cannot afford to lag behind. Deep tech is no longer an option; it is the need of the hour. The government’s commitment—allocating ₹20,000 crore for private-sector-driven R&D and proposing a Deep Tech Fund—signals a crucial shift toward fostering homegrown innovation. With alternative investment funds already receiving commitments of over ₹91,000 crore and an additional ₹10,000 crore Fund of Funds on the way, we have a unique opportunity to build world-class startups in AI, quantum computing, and advanced manufacturing.
Gerald Jaideep, CEO, Medvarsity“The recent budget underscores a transformative vision for India’s healthcare and education ecosystems. The establishment of Centers of Excellence in AI for education, coupled with the aggressive expansion of medical seats, reflects a dual commitment to innovation and capacity-building.For the healthcare edtech sector, this budget opens avenues to collaborate with institutions in curriculum design, AI-driven training modules, and competency-based certifications. The future lies in synergizing policy ambition with industry expertise to build a workforce that is not only larger but also future-ready, adaptive, and globally competitive.
India has been aggressively developing its healthcare facilities, with India’s doctor-patient ratio (1:834) surpassing the WHO’s 1:1,000 benchmark, but the story changes when we compare the ratio from urban to rural. This proposed addition of 75,000 medical seats over five years is a critical step toward bridging India’s doctor-patient ratio in rural regions, and its success hinges on ensuring faculty development, infrastructure readiness, and equitable distribution of opportunities.
Similarly. the government’s plan to set up 200 day-care cancer centres will boost healthcare accessibility and create a demand for specialized oncology training. Medvarsity will play a crucial role in equipping healthcare professionals with advanced oncology skills to ensure high-quality cancer care.
The Budget 2025’s emphasis on promoting medical tourism and the ‘Heal in India’ initiative presents immense opportunities for India’s healthcare sector. With a focus on enhancing healthcare infrastructure and simplifying visa norms, India is set to become a global hub for medical treatments. Medvarsity is well-positioned to support this growth by providing healthcare professionals with specialized training and certifications that meet international standards, ensuring high-quality care for medical tourists.”
Rajeev Singh, Managing Director, BenQ India and South Asia
“We are encouraged by the government’s announcement of the National Manufacturing Mission, which represents a significant step towards enhancing the ‘Make in India’ initiative. This mission’s focus on supporting small, medium, and large industries, along with its emphasis on clean technology manufacturing, aligns perfectly with our commitment to sustainability and innovation.
Further, the decision to increase the basic customs duty on interactive flat panel displays is a crucial step in addressing the inverted duty structure. This move will foster local manufacturing and support the growing demand for advanced educational technologies, ultimately enhancing innovation in learning environments.
Moreover, the announcement of five National Centers of Excellence for Skilling as well as the setup of 50,000 adult tinkering labs in government schools presents a significant opportunity to integrate advanced technologies, such as interactive flat panel displays (IFP), into the educational framework. These centers will not only equip our youth with essential skills required for manufacturing under the ‘Make in India’ initiative but also leverage global expertise to design curricula that meet industry needs.
The establishment of a Centre of Excellence for AI in education with a ₹500 crore investment is another vital step towards preparing our youth for future challenges. By fostering skills in AI and related technologies, we can enhance employability and drive innovation across various sectors.
Thus, we believe that with the right policy support and a robust ecosystem for electronic components, India can establish itself as a global hub for advanced technologies. We look forward to collaborating with the government and industry stakeholders to capitalize on these opportunities and contribute to India’s digital transformation.”
Ravi Kunwar, VP and CEO, HMD India and APAC
“The Union Budget 2025-26 presents encouraging prospects for the technology and digital infrastructure sector. We applaud the Indian Government for reinforcing India’s vision for self-reliance and innovation-driven growth in electronics manufacturing. Reducing BCD to 5% on open cell components and including 28 additional capital goods for mobile battery fabrication will strengthen local manufacturing and further generate employment in the sector. The formation of the National Manufacturing Mission and investment in skilling initiatives will contribute to India’s global competitiveness and facilitate the commitment to climate-friendly development. These measures, coupled with tax reforms and incentives, create a strong foundation for sustainable growth in India’s electronics ecosystem.”
Gerald Jaideep, CEO, Medvarsity
“The recent budget underscores a transformative vision for India’s healthcare and education ecosystems. The establishment of Centers of Excellence in AI for education, coupled with the aggressive expansion of medical seats, reflects a dual commitment to innovation and capacity-building.
For the healthcare edtech sector, this budget opens avenues to collaborate with institutions in curriculum design, AI-driven training modules, and competency-based certifications. The future lies in synergizing policy ambition with industry expertise to build a workforce that is not only larger but also future-ready, adaptive, and globally competitive.
India has been aggressively developing its healthcare facilities, with India’s doctor-patient ratio (1:834) surpassing the WHO’s 1:1,000 benchmark, but the story changes when we compare the ratio from urban to rural. This proposed addition of 75,000 medical seats over five years is a critical step toward bridging India’s doctor-patient ratio in rural regions, and its success hinges on ensuring faculty development, infrastructure readiness, and equitable distribution of opportunities.
Similarly. the government’s plan to set up 200 daycare cancer centers will boost healthcare accessibility and create a demand for specialized oncology training. Medvarsity will play a crucial role in equipping healthcare professionals with advanced oncology skills to ensure high-quality cancer care.
The Budget 2025’s emphasis on promoting medical tourism and the ‘Heal in India’ initiative presents immense opportunities for India’s healthcare sector. With a focus on enhancing healthcare infrastructure and simplifying visa norms, India is set to become a global hub for medical treatments. Medvarsity is well-positioned to support this growth by providing healthcare professionals with specialized training and certifications that meet international standards, ensuring high-quality care for medical tourists.”
Priyanka Sharma, Head of MONAKA Software R&D Unit
“Today’s Union Budget 2025, focused on a ‘Viksit Bharat,’ presents a powerful vision for India’s IT industry and its future workforce. I am particularly excited by the emphasis on skilling and upskilling initiatives. The establishment of five National Centers of Excellence, leveraging global partnerships, will directly address the growing demand for skilled professionals in areas crucial to building a tech-for-good India. The expansion of IITs and the new AI Center of Excellence for education will further strengthen this talent pipeline, ensuring India remains at the forefront of technological innovation. The budget’s commitment to a Deep Tech Fund of Funds and the PM Research Fellowship scheme is equally significant. These initiatives will provide critical support for next-generation startups and research institutions, fostering a vibrant ecosystem of innovation and attracting top talent. The focus on supporting first-time entrepreneurs, particularly women is commendable and will contribute to a more inclusive and equitable growth tory. These investments in education, research, and entrepreneurship will not only benefit the IT sector but will drive India’s overall economic transformation, creating a more prosperous and inclusive future for all. This budget signals a clear commitment to building a skilled and empowered workforce, ready to seize the opportunities of the future.”
CP Khandelwal, CEO, PR Innovation, Brand Custodian of Amazfit India
“The Budget 2025’s tech-forward policies signal India’s ambition to dominate the global electronics value chain. Eliminating BCD on open cell components for displays isn’t just a tariff tweak—it’s a strategic unlock. By making India a cost-competitive hub for advanced display manufacturing, we’re poised to cut reliance on imports for LCD/LED panels, which currently account for 80% of the $7 billion display market. This will catalyze local R&D in next-gen technologies like OLED and MicroLED, critical for smartphones, wearables, and smart TVs.
Equally transformative is the lithium-ion battery push. Adding 28 capital goods for mobile batteries will fast-track domestic cell manufacturing, addressing a critical gap where India imports 90% of its lithium-ion needs. For the wearables and smartphone ecosystem, this means shorter supply chains, faster innovation cycles, and sustainable cost efficiencies. India’s future will be driven by innovation, self-reliance, and a bold vision to lead the global tech revolution.”
Srividya Kannan, CEO and Founder, Avaali Solutions
“A key decision by the government to drive the digital economy is the formation of a national framework for promoting Global Capability Centers (GCCs) in emerging Tier-II cities. This move is set to boost employment growth and position India as a hub for high-value global services.
The government’s plan to establish 50,000 Atal Tinkering Labs is a visionary step toward fostering a culture of innovation and entrepreneurship across the country. By integrating interventions at schools, universities, research institutions, MSMEs, and industries, this initiative will create a robust ecosystem for technological advancement. It is encouraging to see the government’s strategic focus on the digital economy and its commitment to building a future-ready workforce.
Investment in AI Centers of Excellence (CoEs) in education is a positive step toward the adoption of emerging technologies in key industries. Additionally, the expansion of infrastructure in the five IITs established after 2014, including increasing capacity for 6,500 more students and enhancing hostel and other facilities at IIT Patna, is a significant move toward strengthening India’s tech workforce.
It is also promising to see the government extending support to the domestic equipment industry under the Make-in-India and National Manufacturing Mission. This initiative will empower local businesses and strengthen India’s position as a leader in next-generation manufacturing and technology. Moreover, it will create new opportunities for global electronic equipment companies to establish their captive centers in India.
Also it is extremely heartening to see increase in the limits for classification of MSME and additional credit offerings to them. This will immensely help boost the Indian entrepreneurial ecosystem.”
Ujjwal Sarin, Founder – Nu Republic
“The Union Budget’s National Manufacturing Mission is a pivotal step in strengthening ‘Make in India’ through policy support and clean tech innovation. With a strong focus on domestic manufacturing of solar PV cells, EV batteries, and high-voltage equipment, India is set to lead in sustainable technology.
Addressing the inverted duty structure, the increase in customs duty on interactive flat panel displays will boost local production and investment in advanced display technologies. Additionally, the establishment of five National Centers of Excellence for Skilling and a ₹500 crore AI Centre of Excellence in education will bridge the industry-academia gap, fostering a future-ready workforce.
These initiatives reinforce India’s path to becoming a global leader in advanced manufacturing and digital innovation. We welcome these efforts and look forward to collaborating with stakeholders to drive technological self-reliance and growth.”
Bruce Keith, Co founder CEO, InvestorAi
“While the Budget started with a big bang quite literally, the Honourable Finance Minister has announced a string of boosters for the Indian startup sector. The extensions to the loan programs make sense in the context of micro enterprises. However, the crucial fund of funds of Rs 10,000 crore will play a key role in boosting domestic capital in the startup sector. The announcement on deep tech fund, while details are awaited, it should be viewed through the DeepSeek lens of what can be done with relatively small amounts of capital when provided to agile and creative teams. We expect the VC ecosystem to bring velocity and momentum into funding these enterprises.
I was especially delighted to hear about the enhancing the “spirit of curiosity and innovation “ with IIT expansions of capacity and centres of excellence for AI education – talent availability is a necessary part of continuing our growth”.
Sridhar Parthasarathy, Co-Founder & General Partner at Bluehill.VC
The government’s announcement of a another Fund of Funds (FoF) worth ₹10,000 crore in the budget is strong commitment to cultivate an entrepreneurial ecosystem and an acknowledgement of Alternative Investment Funds (AIFs) in channeling these resources effectively.
While equity funding through AIFs is essential, there is an urgent need for debt financing for startups. The introduction of a credit guarantee will help startups achieve a balanced mix of equity and debt funding, making their growth more sustainable.
Additionally, the plan for a new Deep Tech Fund of Funds is a crucial step towards advancing deep tech innovation in India. This signals a clear intent from the govt to position India strongly in the global AI race, which is much needed boost for deep tech startups specially in AI and space tech”.
Ankur Mittal, CO-Founder, Inflection Point Ventures
Our ask was a better credit platform and framework for startups and to that extent this is a welcome step. This will allow them to grow and build sustainable businesses and not be dependent on just equity infusion to grow. Their capacity to attract follow-on growth capital will be further strengthened by the additional cash, which will also help them make important investments in operations, personnel, and technology. This action boosts job creation, accelerates startup growth, and creates long-term value in the ecosystem by resolving financial limitations”.Dinesh Arjun, CEO Cofounder, Raptee.HV“Innovation and technology are the cornerstones of every developed nation, and India’s vision for Viksit Bharat rightly prioritizes these pillars. The Finance Minister’s focus on nurturing and investing in innovation is a commendable step toward accelerating new technologies that will shape our future. The allocation of a Deep Tech Fund will further strengthen India’s industrial ecosystem, fostering a globally competitive, tech-driven economy.A crucial boost to the EV industry comes with the exemption of Li-Ion batteries and other capital goods, which will significantly reduce battery costs and encourage further investment in domestic battery manufacturing. Given that batteries make up 30-40% of an EV’s cost, this move will make EVs more affordable and accessible to consumers, driving mass adoption across two-wheelers, three-wheelers, and four-wheelers alike. By addressing a fundamental cost barrier, this initiative lays a strong foundation for the future of electric mobility in India. We are confident that these strategic measures will have a lasting positive impact on the EV ecosystem in the months to come.”Pankit Desai, Co-founder & CEO, Sequretek“With the unveiling of the Union Budget 2025, significant advancements in artificial intelligence come into focus, particularly with the creation of National Centers of Excellence (COEs) in AI. This shift signals a groundbreaking transition from AI being a mere boardroom discussion to becoming a central budgetary focus, complete with serious financial commitments. By earmarking funds specifically for deep tech, the government is actively fostering an environment ripe for innovation, acknowledging the high-risk nature of such investments, and putting resources right where they’re most needed. This policy shift could elevate India’s skilled tech workforce, facilitated by increased funding and programs such as “Train the Trainers,” ensuring capable instructors for burgeoning student populations. The expansion of broadband access further ensures that students even in remote areas can emerge technologically proficient, broadening the talent pool to Tier 3 and 4 cities and rural India.The FM also announced a 5-year extension of the startup incorporation period, allowing more startups, including those established before January 2013, to enjoy benefits like extended tax concessions—a vital move as startups often require longer timelines to become profitable. The decriminalization of TDS and TCS further underscores the government’s focus on supporting MSMEs. In addition, easing the tax deduction and collection structures simplifies financial management for startups, alleviating cash flow concerns and enabling companies to operate more smoothly.”