Jaepy Kurian, Senior Vice President & India Delivery Head, Orion InnovationThe Hon’ble Finance Minister Smt. Nirmala Sitharaman has presented a balanced budget with something positive for everyone. The establishment of five National Centers of Excellence for Skilling to equip the youth with the necessary skills for global opportunities is very much the need of the hour. Also the setting up of the AI Centre of Excellence for education at an outlay of INR 500-cr will surely drive innovation in the education / EdTech sector.
The Government’s thrust on agriculture, MSME, investments and exports as the four power engines of development shows a well-thought out and focused stance.
The proposal for a new Deep Tech Fund of Funds is quite a significant step towards growing deep tech innovation in India. It shows the Government’s serious intent to position India strongly in the global AI scenario. In a nutshell, it is a colossal step towards strengthening India’s startup ecosystem. And last but not the least, the tax reforms proposed will benefit the middle class by increasing disposable income, which in turn will fuel demand for essential and also aspirational categories of products and services.
Anindith Reddy, Managing Director & Co-founder, Enliva.
“With a focus on strengthening MSMEs and advancing Industry 4.0, Union Budget 2025 has paved the way for India’s global manufacturing leadership. The push for technological upgradation and better capital access will empower businesses to scale efficiently. Breaking trade barriers to help promote Make in India will surely lead us to a Viksit Bharat. We are excited for the progressive approach and economic expansion at an unprecedented pace.”
Murali Krishna V, PrinciPal, Spyre VC (Startup)
Budget 2025 marks a major development for the startup ecosystem in India, with Finance Minister Nirmala Sitharaman announcing additional support of ₹10,000 crore to the ₹10,000 crore fund already set up for startups. This strategic decision to energize innovation and entrepreneurship in the country offers the crucial financial support startups need to grow their businesses and spur economic growth. The ₹20,000 crore commitment reinforces the government’s incessant support for the startup community, realizing the critical role it plays in job development and technology advancement. By easing access to capital, the budget endeavors to ensure that entrepreneurs are enabled to chase their dreams and sustain a more dynamic economy. This intervention assumes utmost importance in a scenario where startups are increasingly looked upon as growth engines to tackle immediate challenges and deliver sustainable solutions. The funds are also expected to draw further investments, thus creating a lively ecosystem that fosters cooperation and innovation. Going forward, this monetary support from the budget will certainly provide the basis for the startup’s destiny in India being competitive at the global level and thriving in an ever-changing environment.
Sushanto Mitra, CEO, Lead Angels
“The Union Budget 2025-26 takes promising steps to strengthen India’s startup ecosystem with a dedicated Startup Fund of Funds and enhanced credit guarantees for SMEs, improving capital access and fostering innovation. The National Manufacturing Mission creates new opportunities for startups aligned with ‘Make in India.’ Simplified regulations and reduced income tax will ease compliance burdens, allowing founders to focus on scaling their businesses while managing salary costs more effectively. However, broader tax incentives for startup investors could have further boosted capital inflows. We look forward to policy refinements that drive sustained entrepreneurial growth.”
Hanuman Tripathi, Partner – Fintech, Lead Angels
“The Union Budget 2025-26 is a boost for startup founders, strengthening ease of doing business and improving access to capital. The dedicated Startup Fund of Funds and enhanced SME credit guarantees will help founders secure much-needed funding, while streamlined regulations reduce compliance burdens. The focus on manufacturing through the National Manufacturing Mission also creates new opportunities for startups aligned with ‘Make in India.’ With these measures, founders can spend less time navigating red tape and more time building and scaling their ventures. This is a step in the right direction for India’s entrepreneurial ecosystem.”
Dr. Apurba Ganguly, Founder, Chairman & Chief Scientist Officer – Nano Phyto Care & bioGAN
The 2025 Budget underscores the government’s commitment to strengthening healthcare infrastructure and accessibility. At VarcoLegCare, we welcome the increased allocation towards digital health initiatives, preventive care, and medical R&D. These measures will enhance patient outcomes and drive innovation in the sector. The emphasis on public-private partnerships aligns with our mission to deliver advanced, patient-centric solutions. We remain dedicated to leveraging these opportunities to expand quality healthcare access, particularly in underserved areas. This budget is a step forward in building a resilient, technology-driven healthcare ecosystem for a healthier future.
Abhi Sinha, Co-Founder, HealSpan
The 2025 Budget highlights a progressive approach to healthcare and insurance technology, reinforcing the need for digital transformation in the sector. At HealSpan, we applaud the government’s focus on expanding health coverage, AI-driven diagnostics, and interoperability of medical records. The push for insurtech innovation and greater accessibility to affordable policies will empower millions. Strengthening data security frameworks will also ensure patient trust in digital healthcare solutions. This budget paves the way for a more inclusive, tech-enabled ecosystem, and we remain committed to leveraging these advancements to enhance seamless, efficient, and personalized healthcare experiences for all.
Meghdut Roychowdhury, Founder of Make Calcutta Relevant Again , Chief Innovation Officer of Techno India Group.
The announcement of a new Rs 10,000 crore Fund for startups is a game-changer for India’s entrepreneurial ecosystem. Funding has always been one of the biggest challenges for startups, especially those outside metro cities. With Rs 91,000 crore already committed through Alternate Investment Funds (AIFs), this fresh infusion of capital is a much-needed boost that will help startups scale, innovate, and take bigger risks.More importantly, this initiative signals the government’s belief in young entrepreneurs and the power of homegrown innovation. It’s not just about financial support—it’s about creating an environment where startups, especially from Tier 2 and Tier 3 cities, can access the resources they need to thrive.
The key now is in the execution. If this fund is distributed transparently and inclusively, reaching a diverse pool of founders across industries, it could set the stage for India to truly become a global startup powerhouse. As someone passionate about nurturing talent and innovation, I am excited to see the impact this will have on the next generation of changemakers.
Prashant Thacker, Partner at Thacker & Associates
“This Budget strikes a balance between immediate tax relief and long-term structural reforms that will shape India’s economic path. The no income tax announcement up to ₹12 lakh is a transformative move, directly benefiting millions of salaried individuals and significantly boosting disposable income. This step is expected to stimulate private consumption, which is already a key pillar of India’s GDP, accounting for nearly 60% of economic activity.
On the corporate front, the rationalization of TDS and TCS addresses long-standing compliance challenges, making tax administration more efficient and reducing friction for businesses. The introduction of a three-year block approach for transfer pricing aligns India with global best practices, providing multinational companies with greater certainty and encouraging further investment in the country.By simplifying merger approvals, widening the fast-track merger framework, and expanding safe harbor provisions, the Budget takes meaningful steps toward reducing regulatory bottlenecks.
The government’s continued push for the International Financial Services Centre (IFSC) in Gujarat, with incentives now extending to shipbuilding, ship leasing, and global treasury operations, signals India’s intent to strengthen its presence in international finance. This will make India a competitive player in the global financial ecosystem, challenging established hubs like Singapore and Dubai.
Similarly,increasing the FDI cap in insurance from 74% to 100% is a strategic decision that encourages foreign investment while ensuring that premiums remain within the country—a balanced approach to attracting global capital without risking domestic outflows.
Beyond taxation, the ₹10 lakh crore asset monetization plan offers a structured financing model for infrastructure projects, particularly through the sale of road assets. This initiative is expected to unlock significant capital for infrastructure development, creating jobs and driving economic growth. Overall, this Budget does not merely introduce incremental changes—it lays the groundwork for a more streamlined and investment-driven economy.”
Gopal Jain, Managing Partner & CO-Founder, Gaja Capital & Co-Chair
“The amendment to the definition of ‘capital asset’ under Section 2(14) is a landmark reform that brings much-needed tax clarity for investment funds, including Alternative Investment Funds (AIFs). By ensuring that securities held by these funds are classified as capital assets, the government has eliminated ambiguity around their tax treatment, reinforcing investor confidence and reducing potential litigation.
Furthermore, the announcement of a 10,000 Cr FoF with expanded scope and provision for a Deeptech FoF is a significant step toward strengthening domestic pools of capital for cutting-edge innovation. This has been a long-standing industry demand, and we are encouraged to see the government’s commitment to catalyzing next-generation enterprises and startups in critical sectors.
This move aligns India’s regulatory framework with global best practices and provides a stable, predictable tax environment—critical for attracting long-term institutional capital. The uniform treatment of capital gains taxation will enhance the competitiveness of India’s alternate capital industry, encouraging more investments into high-growth sectors.We welcome these reforms, as they strengthen the ease of doing business for fund managers and investors alike, creating a more robust and efficient capital market ecosystem.”Rajat Tandon, President, (IVCA)
“At IVCA, we are grateful to our Finance Minister, respected Secretary, and policymakers for their continued efforts in strengthening India’s investment landscape. The Finance Minister’s decision to explicitly define securities held by investment funds as capital assets is a landmark step for the Indian alternate capital industry. This long-awaited reform brings much-needed tax certainty, minimizing disputes and aligning India’s regulatory framework with global best practices. The clarity in tax treatment will provide a strong boost to investor confidence, paving the way for increased domestic and international capital flows into high-growth sectors.
The government’s continued focus on fostering innovation—through an expanded Fund of Funds and the proposed Deep Tech Fund—is equally commendable. These initiatives will ensure that emerging businesses, particularly in frontier technologies, have access to critical growth capital, further cementing India’s position as a global startup hub.
Additionally, the announcement of the ₹25,000 crore Maritime Development Fund is a significant step in enhancing India’s logistics and trade infrastructure. With up to 49% government participation and the remainder mobilized from the ports and private sector, this fund will boost competition, improve efficiency, and unlock new investment opportunities in the maritime sector.
At IVCA, we remain committed to working alongside policymakers to create an enabling regulatory environment that attracts long-term capital, fuels entrepreneurship, and accelerates India’s economic growth.”
Ashley Menezes, Chairperson IVCA and Partner & COO, ChrysCapital
“The Union Budget 2025-26 reflects a strong commitment to strengthening India’s alternate capital ecosystem with much-needed clarity on taxation, continued support for startups, and expansion of fund structures that drive economic growth. The amendment to the definition of ‘capital asset’ under Section 2(14) is a significant win for the industry, providing much-needed tax certainty to investment funds and aligning them with global best practices.
The government’s decision to set up a new Fund of Funds with a ₹10,000 crore contribution, along with the proposal to explore a DeepTech Fund, is a timely boost for India’s thriving startup ecosystem. These steps, coupled with the extension of incorporation benefits for startups and targeted incentives for IFSC entities, will enhance capital flow, spur innovation, and attract long-term investments. The extension of tax benefits for sovereign and pension funds investing in infrastructure till March 2030 also ensures sustained funding for India’s long-term development. We commend the Finance Minister for these progressive measures that will catalyze capital formation, deepen private investment, and reinforce India’s position as a global investment hub.”Nikhil Kurhe , Co-founder & CEO“The introduction of the ₹5 lakh credit card for micro-enterprises and enhanced credit guarantee cover for MSMEs signals a strong push toward financial inclusion. With increased access to capital, fintech infrastructure providers have a unique opportunity to build smarter underwriting models and data-driven lending platforms that can drive responsible credit growth.”
“The expansion of credit guarantee schemes and collateral-free loans for MSMEs is a welcome step. However, to truly scale lending in this sector, we need greater interoperability across financial ecosystems. Open Finance infrastructure can bridge this gap by enabling real-time credit assessment using alternative data sources.”
“With the budget’s push for digital credit scoring models like ‘Grameen Credit Score,’ the financial services industry must now focus on building more inclusive, AI-driven underwriting mechanisms that can assess creditworthiness beyond traditional bureau data, especially for undeserved MSMEs.”
“While enhanced credit access is a step forward, the biggest challenge remains the effective distribution of these funds. Without seamless integrations between lenders, account aggregators, and digital platforms, MSMEs may still struggle to access timely credit. This is where the Account Aggregator framework can play a game-changing role.”
“Raising the FDI limit for insurance from 74% to 100% is a positive move, but the real question is: how do we leverage this capital efficiently? The insurance industry must accelerate its adoption of embedded finance and open insurance APIs to reach India’s underinsured segments more effectively. It is high time India builds a modern Insurance Bureau. “
“Despite the budget’s focus on MSME growth, we still see a gap in ecosystem-level integrations. Policies should actively encourage regulated financial entities to collaborate with fintech startups, enabling more seamless credit flows via open banking and API-driven lending frameworks.”
Pearl Agarwal, Founder and Managing Partner
“Indian PE-VC ecosystem is still evolving and in nascent years. We can only boast a history of two decades as opposed to developed nations nurturing the industry for over 50 years. Today, only 13% of Indian domestic family office capital is in alternative assets as opposed to 50% in the US. Hence, while foreign capital and family offices warm up to the opportunities that the country has to offer, it is important that the government takes required steps to boost the startup ecosystem with institutional capital. It’s gladdening to see the recent budget take a huge leap in that direction.“
Ashish Kukreja, Founder and CEO
“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 ₹1 lakh crore urban challenge fund are masterstrokes. Such infrastructure development activities will spur urbanisation, 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.”
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.
Vikalp Sahni, Founder & CEO at Eka Care
The recent budget’s focus on easing the tax burden for the middle class is a welcome move! More disposable income often translates to increased spending on discretionary items. With increased disposable income, we have a unique opportunity to shift the focus from reactive to preventative healthcare. People are more likely to invest in their long-term well-being when they have greater financial flexibility. Eka Care’s platform empowers individuals to proactively monitor their health, track vital signs, and access personalized health insights. We believe this budget can be a catalyst for a healthier India, and we’re here to support that transformation.