Arun Prakash M, Founder, CEO of GUVI Geek Networks
Believes the government’s emphasis on AI and upskilling will have a long-term favourable impact on Indian talents, “The growing emphasis on AI has been addressed well in the Union Government by inviting investments in AI for drug discovery. As India looks to advance its capabilities in AI, upskilling in relevant tech education will be imperative. The government’s decision to add broadband connections in government secondary schools to integrate digital learning, while also helping learners to understand the subjects better in their respective languages is commendable. Furthermore, the establishment of 5 national centres of excellence for upskilling to supplement Make for India and Make for the World will have long-term favourable implications on the future of millions of Indian talents, helping them to become critical contributors of the country’s bid to become a developed nation by 2047.”
Samir Jasuja, Founder and CEO of PropEquity
“The Budget’s focus on improving infrastructure through PPP projects and interest free loan to States for capital expenditure, setting up an Urban Challenge Fund of Rs 1 lakh crore for rejuvenation of Indian cities will improve the real estate activity in metro and tier 2 cities by encouraging developers to invest and partake in the development.
The announcement of zero tax for income up to 12 lakh under the new tax regime will give a big boost to consumption including spurring demand for homes.
SWAMIH 2.0 with an allocation of Rs 15,000 crore is a small yet welcome move considering that the government is targeting to complete 1 lakh units. The government must come up with simplified mechanism to allow bigger developers to take over these stalled units so as to expedite the completion of over 5 lakh units currently stalled.”
Peush Jain, MD-Commercial Leasing and Advisory
In a welcome move, the government in Budget 2025-26 announced the formulation of a national framework in areas like talent availability, infrastructure, building byelaws etc. as guidance to states for promoting Global Capability Centres in emerging tier 2 cities.
GCCs have been driving demand for office spaces and this move, alongside the government’s emphasis on improving liveability in Indian cities and Infrastructure development will go a long way in establishing India as a hub for Global Capacity Centre. This move will boost employment opportunities, creation of new office supplies and draw national level developers to these cities. The office sector growth is expected to stay buoyant with record leasing activity led by GCCs.
Vikrant Narang, Deputy CEO, Ambit Finvest
“The Union Budget introduced several transformative measures for MSMEs, signaling strong government commitment to support their growth. The revised MSME classification will encourage enterprises to scale, while enhanced credit access via increased credit guarantees, customized credit cards for micro-enterprises, and a new Fund of Funds will inject the much-needed growth capital into the MSME ecosystem. The focus on ease of doing business through regulatory reforms, targeted schemes for women entrepreneurs, and export incentives would further strengthen the sector. Direct Tax reforms boosting urban consumption and fiscal prudence also reaffirm the government’s commitment to sustainable and balanced economic growth.”
Dhiren Jatakia, Head Accounts , Finance Covestro
The budget paves the way for sustainable growth, innovation, and a stronger manufacturing ecosystem in India. With key reforms in the power sector, MSME support, and maritime development, the budget fosters a business-friendly environment that enhances competitiveness on a global scale. It has touch based some key areas like transfer pricing, R&D, Tax etc. Covestro (India) applauds the government’s commitment to boost to manufacturing and long term economic development and looks forward to contributing through our social growth.
Partha Chatterjee, Dean of Academics, Professor of Economics
“This budget comes at the time when the growth rate in India has slowed down a notch and the uncertainty in the world is rising. This is quite a common-sense budget. The reduced income tax burden due to the new tax slabs is likely to boost consumption, particularly in the urban area. The different initiatives and schemes announced in the agriculture sector is likely to reduce risk of agricultural production and raise income in the rural area. That will boost consumption in the rural areas. Similarly, a focus on labor-intensive sectors like tourism is likely to boost income and consumption. There are a couple of announcements that are likely to benefit investment by MSMEs and startups. Raising the bar for classification criteria for MSMEs is a welcome step. Announcing a fund of funds for startups will boost that sector. While no details are yet available, a fund of funds for deep tech is also a good idea and can augur technological innovation in the country. This complements the announcement of ten thousand fellowships for technological research. However, what is disappointing is that it is limited to only IITs and IISc. We need a deepening of research across several universities and institutes – limiting the fellowship to only a few institutes is contrary to that.
The government’s commitment to reforms is reassuring, though the budget was short of details in this and omitted mention of certain crucial reforms like the labor market reforms. Finally, keeping fiscal deficit Overall, a sensible budget, which focuses on multiple fronts to boost growth rather than one big idea. That also means, much will depend on the details and implementation.”
Karthik Kondepudi, Partner at Herbochem
“The Union Budget 2025 shows a forward-thinking plan for India’s healthcare and nutraceutical industries. The government wants to grow medical education by adding 10,000 more UG and PG seats and helping set up Day Care Cancer Centres in district hospitals. This is a big step to make the healthcare system stronger. Also, better nutrition support under the Saksham Anganwadi and Poshan 2.0 plan will help fight malnutrition and boost preventive healthcare.
For nutraceuticals, the focus on boosting local production, research, and new ideas is good news. This comes at a time when more people want functional foods and dietary supplements. The planned policy support for clean-tech manufacturing and value addition will also open doors for local nutraceutical and health-tech companies.
Overall, this budget sets the stage for a stronger and more independent healthcare system, aligning with India’s ambition of becoming a global leader in preventive and integrative healthcare.”
Smitha Shetty, Regional Director APAC, Achilles Information Ltd
“Achilles welcomes the Indian government’s FY25 budget, which reinforces India’s position as a global manufacturing and export hub. Increased MSME credit limits and expanded classification will drive industrial growth, job creation, and innovation. Investments in clean technology manufacturing—solar, EV batteries, and wind turbines—mirror global sustainability trends, strengthening supply chains. Maritime and shipping sector incentives will enhance trade competitiveness. However, robust supply chain due diligence and ESG compliance are vital to mitigate risks. While this budget lays a strong foundation, its execution will determine India’s success in becoming a self-reliant, globally competitive manufacturing powerhouse”.
Udit Jain, Director, One Group
The Union Budget 2025-26 presents a visionary roadmap for India’s growth, with a strong emphasis on infrastructure development, urban reforms, and housing support. The Finance Minister has outlined bold proposals aimed at accelerating economic progress through Public-Private Partnerships (PPP), interest-free loans to states for capital expenditure, and incentives for governance and urban planning reforms. These measures reaffirm the government’s commitment to strengthening municipal services, optimizing urban land use, and enhancing nationwide infrastructure.
Additionally, the government’s decision to revise tax slabs and reduce tax rates is a welcome move that will lead to significant savings for taxpayers, particularly the middle-income group. At a time when rising living costs, inflation, and increasing household expenses are putting financial pressure on individuals, this relief will offer much-needed financial breathing space.
Beyond individual benefits, this measure is expected to have a broader economic impact by boosting disposable income and enhancing purchasing power. With more money in hand, households will be in a stronger financial position to service home loans and invest in real estate, driving higher demand for home buying. A stronger housing market will not only benefit homebuyers but also stimulate growth across allied industries such as construction, home décor, and banking, further fueling economic momentum.
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.
Jairam Sridharan, MD, Piramal FinanceFor the past few years, the Government has been the main actor in driving GDP growth. This budget is an invitation from the government – for private consumption and MSME sector to step forward and take a lead. A prudent borrowing plan for next year, contained spending and adherence to fiscal discipline offers space to fast track a change in monetary policy stance. So overall – the budget lays the groundwork for a rate cut cycle to start, and offers mechanisms for consumption and private sector growth to pick up.Bimal Khandelwal, CEO at 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.”
GP Hinduja, Chairman, Hinduja Group
“Boost Consumption to Revive Demand, Yet Remain Fiscally Responsible en route to Viksit Bharat. The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand is the Brahmastra FM has fired. Kudos to her for doing so while remaining fiscally responsible by targeting a fiscal deficit of 4.4%. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100% in Insurance and special impetus to the Renewables, including energy storage systems, are clear positives. It would have helped if the EV charging infrastructure could have been given an industry status. Maintaining Capex levels while lowering taxation is huge but needs more details. With all these moves, the government remains laser-focused on Viksit Bharat by 2047″.
Sarvagya Mishra, Founder & Director at Superbot
“The Union Budget 2025 announcement has touched upon pivotal aspects to push the next wave of growth in India. We particularly commend the announcement of the Centre of Excellence for AI In Education, to be established with an outlay of INR 500 CR. Furthermore, the move to set up the Deeptech Fund of Funds and establish 5 new IITs after 2015, is another significant move, directed at boosting innovation in the space of AI and Tech. We commend the budget for its forward-looking measures and look forward to contributing towards India’s emergence as a global leader in the space of AI, Tech, and Innovation. ”
Simranjeet Singh, Director, CYK Hospitalities
“The Union Budget 2025 marks the beginning of substantial financial reforms that are going to reshape the F&B consultancy and hospitality sectors. The expansion of credit guarantee coverage will provide better financial support for startups and small enterprises, reducing risks while paving the way for innovation. The strengthening of the role played by financial institutions will provide much-needed support toward funding early ventures to scale up quickly in the hospitality and food businesses.
The establishment of a dedicated startup credit ecosystem is a game changer, particularly for first-time women entrepreneurs and businesses from SC and backward communities, creating a larger scope of participation in the industry. In addition, simplifying access to credit could be a boon in itself, particularly with schemes such as the ₹2 crore loan initiative for women entrepreneurs that would encourage newer ventures and diversify and promote inclusivity in the F&B space.
It is in this context that the sector expects accelerated growth, decked in furtherance of enhancement of supply chains, going into the promotion of regional cuisines, and the development of the agriculture sector, all of which pave the way. “
Priyadarshi Mohapatra, Founder & CEO – CureBay
“CureBay welcomes the Union Budget 2025’s emphasis on rural broadband and AI-driven healthcare innovation that will significantly enhance last-mile healthcare delivery. Strengthening PHCs with connectivity and expanding cancer care at district hospitals will bridge critical gaps in accessibility. The exemption on lifesaving drugs ensures affordability for patients battling severe illnesses. Investments in AI technologies will help drive smarter, more efficient healthcare solutions. These steps reinforce India’s commitment to equitable healthcare, aligning with CureBay’s mission to make quality care accessible to all.”
Sebi Joseph, President, Otis India
This Budget lays a strong foundation for India’s next phase of growth, with a sharp focus on agriculture, infrastructural expansion, digital transformation, and sustainable development. The reforms on personal income tax are going to drive consumption. The vision of Sabka Vikas over the next five years will be instrumental in driving balanced growth across industries and steering India towards its larger goal of becoming a developed nation 100 years after independence in 2047.
The thrust to further ‘Make in India’ through a National manufacturing mission, building national centres of skilling, and centre of excellence for AI, are progressive measures. Encouraging private-public partnerships in building the infrastructure is commendable. Continued attention to enhance connectivity across the country through operationalisation of new airports will boost the economy. The urban challenger fund would create new city growth hubs.
The budget sets a confident path for India’s transformation. The initiatives will not only strengthen India’s position as a global economic force but also enable a smarter, more connected, and more inclusive urban landscape. It offers a clear roadmap—one that ensures India is not just preparing for the future but actively shaping it.
Vipul Shah, Chairman, GJEPC
“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.
GJEPC welcomes the recognition of exports as the 4th engine of growth and the new Export Promotion Mission with sectoral and ministerial targets, driven jointly by Union Commerce, Finance & MSME Ministries. This will facilitate easy access to export credit cross border and factor support to MSMEs to tackle non-tariff barriers in exports. GJEPC welcomes the digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.
GJEPC further welcomes the proposal of creating of new tariff items in Chapter 71 so as to distinguish precious metals – containing 99.9% or more by weight of silver, containing 99.5% or more by weight of gold, containing 99% or more by weight of platinum under headings 7106, 7108 and 7110 respectively. This move aligns with the representation made by GJEPC for addressing the issue of classification of alloys of Platinum (pre-dominantly containing gold), which was invariably leading to claim of unwarranted customs duty exemptions for import of Platinum under India-UAE CEPA .
Gem & Jewellery sector comprises of 85%-90% of MSMEs. The revision in classification criteria of MSMEs especially with those with turnover from Rs. 250 crore to Rs. 500 crore will help them achieve higher efficiencies of scale, technological upgradation and better access to capital. The extension of credit guarantee cover to MSMEs leading to additional credit of Rs. 1.5 lakh crore in the next 5 years will benefit and provide boost to the MSMEs in the sector.
The Government’s stable approach on duties and levies across gem & jewellery products will enhance ease of doing business. The Basic Customs duty rate has been reduced from 25% to 5% on platinum findings classified under 7113 will enable consumers to get a new product and increase affordable jewellery sales.
GJEPC welcomes the Government’s labour intensive focus enhancing productivity, quality manufacturing and global competitiveness. G & J industry is labour intensive with 5 million people employed in Exports. The announcement of National Manufacturing Mission & the National Centres of Excellence Skilling furthering ‘Make for India ‘Make for the World’ is positive and is set to have direct benefit to the sector.
GJEPC welcomes income tax relief incentives to boost consumer demand. Overall, 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.
GJEPC remains committed to collaborating with the Government of India to ensure the sector continues to contribute significantly to the nation’s economy. Council requests the issuance of FAQs on Safe Harbour Taxation. We seek Hon. FM’s support for co-funding global diamond promotion campaigns, the inclusion of jewellery parks in the harmonised infrastructure list, and an Infrastructure Support Fund to develop a Gem Bourse in Jaipur.
GJEPC urges the Government to align regulations with global benchmarks, to set up a policy that promotes exports, innovation, use of technology, and incentivises sustainable practices.
Ravi Kunwar, VP & 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.”