Announcements are good, but execution is the key
The Union Budget 2025 takes a decisive step toward strengthening India’s economy with a strong focus on innovation, digital transformation, and manufacturing excellence. The significant tax cut, with exemptions up to ₹12 lakh under the new regime, will provide much-needed relief to the middle class, boosting disposable income and driving greater consumer spending, savings, and investments, said Alok Dubey, Chief Finance Officer, Acer India.
Additionally, the government’s continued push for technology and infrastructure development will create new opportunities for businesses while reinforcing India’s position as a global manufacturing and technology leader. At Acer, we welcome these forward-looking initiatives and remain committed to supporting India’s vision for self-reliance and sustainable economic growth, he said.
Here are some more reactions:
DHRITI PRASANNA MAHANTA: Vice-President,  TeamLease Degree Apprenticeship: The Union Budget 2025-26 is a bold step toward making India a global leader in AI-driven innovation and workforce development. The establishment of a Centre of Excellence for AI in Education, with an outlay of ₹500 crore, presents a unique opportunity to skill India’s youth in cutting-edge AI technologies and create a highly skilled talent pool across industries.
To maximize its impact, the Centre must integrate multidisciplinary education models, ensuring AI learning is not confined to technical domains but extends across business, healthcare, manufacturing, and other sectors. Modular AI courses should be developed, allowing trainees to learn through a blend of virtual classrooms and on-the-job training (OJT), making learning more accessible and industry-relevant.
N.P Ramesh, COO and Co-Founder of Orb Energy: With the 2025 budget announcement, Finance Minister Nirmala Sitharaman has set a clear path for India’s clean tech revolution. The National Manufacturing Mission aims to accelerate domestic production of solar cells/panels, and EV storage batteries ensuring that India not only strengthens its ‘Make in India’ vision but also becomes a key player in global supply chains. The reduction of BCD on Lithium batteries is a very welcome step, as Storage goes along with increased adoption of renewable energy.
Alongside this, the focus on Industry 4.0 opens up exciting opportunities for our youth to lead the charge in innovation, creating a sustainable and energy-efficient future for generations to come. This is more than just a step toward economic growth—it’s a bold move to make India a global hub for clean energy solutions, driving job creation, reducing dependence on imports, and ultimately contributing to India’s clean energy goals.
Deepal Shah, Group CFO, Allcargo Group: The budget has laid the framework for long-term economic growth while fuelling all the key drivers – consumption, manufacturing, infrastructure, innovation, employment, private investment etc. At the same time, the government has demonstrated fiscal prudence by staying on the fiscal glide path. The personal tax reform will offer strong impetus to urban consumption, thus driving demand. The continued emphasis on infrastructure development will further enhance efficiency in the logistics operations – be it storage, transport and distribution. The focus on ease of doing business and regulatory reforms will further improve the investment climate and strengthen private investment in various sectors. The proposal to transform India Post into a large public logistics organization will boost  the logistics capacity nationwide. The announcement to boost shipbuilding will help India enhance its share in global maritime trade. The budget also reflects the government’s vision to turbocharge the development with new-age technology interventions through AI and deep tech innovation. All in all, the budget will act as a force-multiplier and will further strengthen macroeconomic stability while building resilience.
Tarun Singh, Founder and Managing Director of Highbrow Securities: The Union Budget 2025-26 presents both opportunities and challenges that will shape India’s economic trajectory. As an equity investor in MSME companies, I welcome the government’s renewed focus on this sector. The revised MSME classification—raising investment limits by 2.5 times and doubling turnover thresholds—will significantly improve credit access and support mechanisms, enabling small businesses to drive economic growth.
However, the budget’s heavy reliance on disinvestment and privatisation raises concerns. While privatisation may boost government revenues, it risks job losses and could disrupt long-term growth. Employment stability is crucial, and economic expansion must not come at the cost of job security. Similarly, raising the income tax exemption limit to ₹12 lakh provides relief but lacks alignment with broader growth strategies.
Despite these concerns, the National Manufacturing Mission is a commendable step toward strengthening India’s “Make in India” vision. Prioritising ease of doing business, workforce development, MSME engagement, technological access, and quality production will foster a dynamic manufacturing ecosystem.
The proposed tax reforms promote inclusivity by reducing compliance burdens. Lowering TDS thresholds and extending tax return timelines benefit small businesses, startups, and those with variable incomes. Simplifying tax laws and encouraging voluntary compliance will create a more transparent and equitable system.
This budget underscores the MSME sector’s pivotal role in India’s growth story, but its success hinges on balanced economic policies that ensure both business expansion and job creation. While the road ahead holds promise, its execution will determine whether India achieves its economic aspirations. As an investor, I remain optimistic yet cautious about the journey forward.
Raman Bhatia,Managing Director Servotech Renewable Power System Ltd: I wholeheartedly welcome the forward-thinking Budget 2025 presented by Finance Minister Nirmala Sitharaman. The focus on incentivizing electricity distribution reforms and augmenting transmission capacity is a crucial step towards strengthening the power sector, which is fundamental for the growth of renewables and EVs. The practical approach of allowing additional borrowing for states contingent on these reforms is commendable. The inclusion of 35 additional capital goods for EV battery manufacturing is a significant boost to domestic lithium-ion battery production, a critical component for the EV sector. The proposed National Manufacturing Mission, with its focus on “Make in India” and clean tech manufacturing, including solar PV cells, EV batteries, and other key components, signals a strong commitment to sustainable industrial development. I particularly appreciate the emphasis on improving domestic value addition and building our ecosystem for these crucial technologies. The substantial allocation for private sector-driven R&D and innovation is another welcome move that will further accelerate progress. Overall, these budget announcements create a favorable environment for businesses like ours, operating in the renewable energy, EV, and manufacturing sectors, and will contribute significantly to India’s clean energy transition and economic growth. I thank Finance Minister Nirmala Sitharaman for her vision and commitment to these critical sectors.
Rajesh Gupta, Founder & Director, Recyclekaro: The Union Budget 2025 takes a decisive step towards strengthening India’s battery recycling and manufacturing ecosystem. The exemption of Basic Customs Duty (BCD) on critical minerals like cobalt, lithium-ion battery scrap, lead, and zinc will enhance domestic resource availability, reduce dependency on imports, and accelerate value addition within India. This move aligns with India’s vision for a circular economy, fostering investment in battery recycling and EV supply chains. The addition of new capital goods for EV and mobile battery manufacturing will further boost local production and job creation.
Shivam Narang, Managing Director, Khalsa E-Vehicle Pvt. Ltd: The Union Budget 2025 laid a strong foundation for India’s EV future. By fostering domestic manufacturing, easing battery costs, and promoting clean technology, the government has set the stage for long-term, sustainable growth. The focus on grid-scale batteries will help stabilise the renewable energy grid, ensuring that EVs can be powered by clean energy sources.
The exemption of basic customs duty on lithium-ion battery scrap is another commendable move. It promotes a circular economy by making battery recycling more viable, reducing reliance on fresh raw material imports, and decreasing production costs and environmental impact.
However, to ensure widespread EV adoption, further policy interventions around charging networks, financing models, and end-user incentives will be crucial. If these aspects are addressed in parallel, India has the potential to become a global leader in EV innovation and clean mobility solutions.
Praveen Kakulte – CEO, Powercon Group: The Budget 2025 marks a crucial turning point in advancing India’s clean energy goals. The strong focus on capacity building through National Centers of Excellence of Skilling across the country is a vital step to equip the nation with the specialized skills and deep domain expertise needed to build advanced power plants and optimize energy extraction. This commitment will play a key role in achieving India’s Clean Power target of 500 GW by 2030 while maintaining cost efficiency.
With a clear roadmap in place, this budget sets the stage for India to ‘generate more GWh of energy from every installed GW of power,’ driving not only energy efficiency but also contributing to a greener, more sustainable future for generations to come. It’s an investment in both the workforce and the future of India’s energy landscape.
Rashesh Shah, Chairman & CEO, Edelweiss Group:
Budget 2025 maintains fiscal discipline while laying a foundation for growth. The ₹12 lakh tax exemption is a welcome relief for the middle class, potentially driving consumption. Allowing 100% FDI in insurance is a strong reform. While the 10.1% nominal growth target is conservative, fiscal prudence is key. With capacity utilization at 70-75%, private capex may take time, making early government spending crucial. Balancing growth and demand will be essential to sustaining economic momentum and investor confidence.
Bipin Preet Singh, Co-founder & MD, MobiKwik: This budget is a game-changer for India’s entrepreneurs, especially MSME which drives our economy. By expanding credit guarantees and easing access to capital for startups, it empowers businesses to grow fearlessly. The introduction of a new Fund of Funds scheme (FFS) with an expanded scope and a fresh contribution of another Rs 10,000 crore is a welcome move and will provide a much-needed boost to the startup ecosystem. It is a bold step towards an Atmanirbhar Bharat. Moreover, the exemption of income tax for salaried individuals earning up to ₹12 lakh brings significant relief to the middle class.
Srinivasa Addepalli, Founder and CEO, GlobalGyan Leadership Academy: This year’s budget places a strong emphasis on skilling, digital transformation, and industry-led workforce development, creating a solid foundation for a more competitive and future-ready talent pool. With a focus on MSME growth, the budget aims to drive employment generation and foster innovation—key catalysts for economic expansion. The establishment of National Centers of Excellence in Skilling will be instrumental in upskilling professionals, ensuring they have the capabilities needed to navigate today’s fast-evolving job market. These initiatives not only enhance workforce agility but also play a crucial role in nurturing leadership and entrepreneurship, empowering individuals to drive meaningful business and economic impact.
Shreevalli V, COO – Kinder Women’s Hospital And Fertility Centre, Bangalore: One of the significant steps taken by the government in today’s budget has been the proposal to establish daycare cancer centers in India. It is also heartening to note that there is a plan to increase the number of seats in medical colleges and hospitals and strengthen health care infrastructure through public private partnerships.Building centers of excellence for AI is a great pointer towards how the govt wants to build the future of healthcare in the country.
However, we had expected some comforting measures towards creating a more affordable form of fertility treatment. We were hoping for greater insurance support in this regard as the cost of fertility treatments are not easily affordable for everyone. The absence of any such measure has been disappointing to say the least and hopefully some corrective measures can be taken in the short to medium term.
Mahavir Lunawat, Group Founder & Managing Director, Pantomath Financial Services Group: The Union Budget 2025-26 paves the way for a stronger, more self-reliant India, driving economic transformation across key sectors to propel India towards ‘Viksit Bharat’.
With 7.5 crore people employed under MSME, contributing 36% to manufacturing and 45% to exports, MSMEs are the backbone of India’s economy. Initiatives such as enhanced credit access through credit guarantee schemes and dedicated funds for early-stage investors will encourage innovation and competitiveness, evolving the sector further. The introduction of the National Manufacturing Mission, covering small, medium, and large industries, aims to drive the ‘Make in India’ initiative.
Budget 2025 also introduced the much-awaited tax relief for the Indian middle class by completely exempting individuals earning up to Rs 12 lakh from taxation under the new tax regime. The restructuring of tax slabs has resulted in a simpler and more progressive framework, ensuring that people have greater disposable income that will eventually lead to strong investment for better future. By streamlining the tax system and making it more accessible, these changes are expected to boost savings and increase participation in primary and secondary markets, leading to better capital formation overall.
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.
Ramana Prasad, Founder & Chairman of Meritus AI: Budget 2025 is a defining moment for India’s education sector. The integration of AI labs, robotics, and STEM education will empower the next generation of innovators and position India as a global leader in AI-driven learning. With strategic investments in AI education, India is on the path to becoming a global AI and technology hub. The combination of policy support, industry partnerships, and skill-based learning will not only strengthen India’s digital economy but also create an export-driven workforce ready to lead in international markets. AI-driven education will be the key to India’s economic growth and global competitiveness.”
With these forward-thinking policies, India is set to revolutionize education, foster digital inclusion, and nurture a new generation of AI-driven problem solvers. The emphasis on AI-powered learning will bridge the digital divide, enhance global competitiveness, and ensure that India emerges as a leader in the Fourth Industrial Revolution.
Anshuman S. Bharadwaj, Central Director, Phoenix Marketcity Pune: The Union Budget 2025-26 outlines a forward-looking approach to strengthening India’s retail sector by fostering urban development, encouraging consumer spending, and enhancing ease of doing business. The emphasis on infrastructure investment, digital transformation, and MSME support is set to contribute to a more resilient and dynamic retail ecosystem, benefiting both businesses and consumers.
With the introduction of the ₹1 lakh crore Urban Challenge Fund and continued investments in smart city initiatives, the government is laying the foundation for modern, experience-driven retail destinations. These measures are expected to positively influence footfalls and elevate customer engagement, reinforcing the retail industry’s long-term growth prospects.
We acknowledge the government’s focus on boosting domestic manufacturing, facilitating e-commerce, and expanding digital payment infrastructure. As a leading premium retail destination, Phoenix Marketcity Pune remains committed to delivering world-class shopping experiences while aligning with India’s evolving economic and consumer landscape.
 Sachhin Gajjaer, Managing Director of Sattrix India: Budget 2025 lays a strong foundation for economic growth, digital transformation, and innovation-driven development. The government’s focus on infrastructure investment, business-friendly policies, and deep-tech innovation positions India as a global technology leader. The introduction of a Deep Tech Fund is a significant step, encouraging AI-driven advancements and strengthening cybersecurity. The government’s push for deep-tech innovation, AI, and cybersecurity will be a game-changer. Investing in next-gen technologies and digital resilience will empower businesses and accelerate India’s position as a technology leader
The revised tax structure, ease of compliance, and 50-year interest-free loans to states for infrastructure projects will drive economic growth. Additionally, a strong emphasis on skill development in emerging IT domains ensures a future-ready workforce. With strategic reforms and a focus on technology, Budget 2025 paves the way for a digitally empowered and globally competitive India.
Suresh Kumar Singhal, President of FTCCI: The budget is industry-friendly, common people friendly, salaried friendly, patient-friendly and a progressive budget. It is a positive, progressive, development-oriented budget. The Union Budget focused on critical minerals. It announced the National Critical Minerals Mission. The mission aims to make India self-reliant in critical minerals such as Lithium, Cobalt and several others are essential for the country’s economic growth and transition to a net-zero emission. This move also boosts the manufacturing of lithium and EV batteries.
Yash Munot, President of the Association of Indian Forging Industry (AIFI): The Union Budget 2025-26 showcases the government’s continued focus on revitalizing the manufacturing sector, particularly the MSME and automotive industries, which are crucial to India’s forging sector. The announcement to double the credit guarantee cover for micro and small enterprises and the introduction of customized credit cards for micro enterprises will enhance financial access, fostering growth and innovation. Additionally, the enhanced investment and turnover limits for MSME classification are expected to boost operational scalability, helping forging companies remain competitive in global markets. Additionally, the Budget has also helped the salaried class and middle class with the NIL Income Tax limit raised to Rs 12 lacs.
The increased emphasis on clean technology manufacturing and the government’s commitment to sustainable development provide promising opportunities for the forging sector to invest in advanced and environmentally friendly technologies. With policies supporting research and development, skill development, and clean energy, the forging industry stands poised to play a pivotal role in driving the growth of India’s manufacturing sector while supporting the nation’s aspirations for Viksit Bharat by 2047.
Ajinkya Firodia, Vice Chairman and Managing Director, Kinetic Engineering Ltd. : The Union Budget 2025-26 introduces several transformative measures for the automotive and electric vehicle (EV) sectors. Tax exemptions for lithium battery production, the removal of Basic Customs Duty on critical minerals, and the duty-free import of key EV battery production equipment reflect the government’s strong commitment to bolstering domestic manufacturing and reducing import dependency. These steps will significantly enhance India’s position as a global hub for electric mobility and clean energy technologies. By fostering local innovation and ensuring cost efficiency, this budget lays the foundation for rapid industry growth and broader adoption of electric vehicles.
In addition, the focus on expanding charging infrastructure, incentivizing electric buses for public transport, and ramping up domestic battery production marks a decisive move in India’s EV revolution. The reduction in customs duties on key EV components and the continued subsidies under the FAME scheme will make EVs more affordable and accessible to consumers. Moreover, the emphasis on integrating renewable energy for charging infrastructure aligns perfectly with India’s net-zero goals, reinforcing its ambition to lead in clean mobility.
This strong policy push not only paves the way for rapid adoption of EVs but will also create jobs, reduce dependence on fossil fuels, and position India as a global leader in sustainable transportation. With these initiatives, India is set to become a dominant player in the global EV supply chain, ushering in a future of green, self-reliant mobility.
Nikhil Mansukhani, Managing Director, Man Industries Ltd. (steel pipes): The Union Budget 2025 prioritizes India’s infrastructure and manufacturing sectors with strategic initiatives like the National Manufacturing Mission and ‘Make in India,’ aimed at enhancing domestic production capabilities. The ₹1.5 lakh crore interest-free loan for infrastructure and PPP projects will improve logistics, reduce bottlenecks, and boost multimodal connectivity, which is crucial for industries such as steel, oil & gas, and heavy engineering.
The introduction of Bharat Trade Net and easier export credit access will streamline international trade, making Indian manufacturers more competitive in global supply chains. However, to fully capitalize on these opportunities, it is essential to ensure faster execution, sector-specific incentives, and continuous policy support. With India’s manufacturing sector set to contribute 25% of GDP by 2030, these initiatives are key to driving long-term growth and positioning India as a global manufacturing leader.
Sanjana Desai, Executive Director of Mother’s Recipe: The Union Budget 2025-26 outlines a progressive vision for the food processing industry, particularly in strengthening MSME support, export growth and agricultural innovation. The introduction of a National Institute of Food Technology and expanded credit facilities for micro and small enterprises will empower businesses like ours to enhance efficiency, foster innovation and scale globally.
With an increased focus on agri-processing and improved access to credit, this budget reinforces the government’s commitment to creating a robust ecosystem where brands rooted in authenticity like Mother’s Recipe can continue to deliver high-quality products while supporting Indian farmers and strengthening local supply chains. These efforts will further bolster India’s position as a global food supplier.
Amey Belorkar – Fund Manager – Maharashtra and Aerospace Venture Fund at IDBI Capital Markets & Securities Limited. The Budget has focused on strengthening India’s MSME and Startup ecosystem through enhanced credit access by way of expanded fund-of-funds (FOF) of ₹10,000 crores as well as a proposal for setting up a Deep Tech FOF. Further the investment limits for MSME classification have been increased by 2.5 times which means that businesses can now invest significantly more while still qualifying as MSMEs. Also startups are benefited with the increase in Incorporation period by 5 years. The allocation of ₹500 crore for MRO sector and the establishment of a ₹25,000 crore corpus for shipbuilding shows India’s commitment to promote India’s self-reliance.
Additionally, India is focused to accelerate clean energy to develop at least 100 GW of nuclear power by 2047 and encourage private sector involvement. A dedicated ₹20,000 crore R&D initiative for Small Modular Reactors (SMRs) will be launched, with the goal of having at least five indigenously developed SMRs operational by 2033. The Budget also aims to create self reliance in EV and mobile phone battery manufacturing.
Farrokh N. Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd: The Union Budget 2025-26 is a good and forward-looking that supports economic growth while ensuring fairness for honest taxpayers. By introducing measures that simplify tax compliance and broaden the tax base, the government has made it easier for more individuals and businesses to contribute, ultimately fostering a culture of voluntary compliance. These reforms not only encourage transparency but also increase revenue generation, which will be channelled into nation-building initiatives, creating a more robust economic ecosystem.
This budget provides a significant boost to the manufacturing and MSME sectors, which are the backbone of India’s industrial growth. By enhancing credit availability, supporting domestic production, and prioritizing sustainable development, the government has reaffirmed its commitment to ‘Make in India’ and self-reliance. These initiatives will stimulate investments, generate employment, and accelerate economic expansion, positioning India as a global manufacturing powerhouse.
 Dr. Miniya Chatterji, CEO, Sustain Labs Paris: The Union Budget 2025 marks a good step towards a greener and more self-reliant India. By prioritizing domestic production of solar PV cells, wind turbine generators, and other clean energy technologies under the National Manufacturing Mission to reduce imports, India is moving toward self-reliance and climate resilience. The push towards promoting sustainable farming practices with the aim of reaching around 1.7 crore farmers through Prime Minister Krishi Yojana has the potential to have a big catalytic effect on mitigating India’s environmental challenges.
Additionally, the identification of MSMEs as an engine for growth can be a boost to employment, especially in the manufacturing sector. Finally, the target of 100GW nuclear energy by 2047 under the Nuclear Energy Mission will further add up to the country’s transition to net-zero. The budget for this year lays the groundwork for a more resilient India by promoting sustainable economic growth and self-sufficiency.
Amit Nigam, Executive Director & COO, BANKIT: The revamp of the PM Swanidhi Scheme marks a significant step toward empowering urban workers and promoting financial inclusion. BANKIT is committed to being a key player in this transformation, providing accessible financial solutions to gig workers and small entrepreneurs. The government’s efforts to facilitate identity card issuance and e-Shram portal registration for gig workers, along with insurance coverage for nearly 1 crore workers, reflect a holistic approach to their well-being.
Additionally, the revised income tax rates introduced in Budget 2025 are expected to boost disposable income, fuelling consumption and driving economic activity. This, in turn, will create new opportunities for small businesses and digital financial services, strengthening urban economic resilience.
Ankit Agrawal, CEO and Founder, InsuranceDekho: The 2025 Budget’s focus on a ₹10,000 crore fund for Alternative Investment Funds (AIFs) and enhanced support for startups is a significant step toward empowering the entrepreneurial ecosystem. With better access to capital, expertise, and tailored financial solutions, startups will be better equipped to drive innovation, create jobs, and scale effectively. Additionally, increasing the FDI limit in the insurance sector to 100% will bring in vital capital, foster greater competition, and substantially expand insurance penetration, especially for emerging businesses and workers. Together, these initiatives align with the government’s vision of ‘Insurance for All’ by 2047, driving a more resilient, inclusive economy while also prioritizing skilling and employment for the youth.
Kami Viswanathan, President, FedEx, Middle East, India Subcontinent, and Africa (MEISA): The 2025 Union Budget clearly reflects the government’s vision to position India as a global leader in manufacturing and trade, while driving sustainable growth. The rationalization of the customs tariff structure and initiatives to simplify cargo screening and customs clearance processes will help integrate businesses into the global supply chain more effectively.
The government’s focus towards promoting manufacturing with significant investments in both digital and physical infrastructure through initiatives such as the Export Promotion Mission and Bharat Trade Net, will be critical in optimizing supply chain operations and enhancing India’s ease of doing business.
Dhanashree Mandhani Founder & CEO of Salam Kisan: This budget firmly positions agriculture as the primary engine of economic growth, reinforcing its role in driving structural change. The PM Dhan Dhaanya Yojana, with its block-level approach across 100 districts, is a much-needed intervention. Effective execution will rely on a strong digital backbone, making agritech critical for last-mile delivery and real impact on the ground.
The focus on pulses- tur, urad, and masoor, addresses a long standing challenge.
Despite being the world’s largest producer and consumer, India’s import dependency ranged between 23-52% in FY24-25.
A six-year structured program can stabilize demand-supply imbalances while also building climate resilience in pulse farming—two crucial aspects for long-term agricultural sustainability.
MSMEs continue to be the second major pillar of growth, with manufacturing and ease-of-doing-business reforms driving competitiveness.
The focus on electronic manufacturing is particularly relevant to agritech—BCD exemptions on drones and robotic products will significantly bring down costs and accelerate India’s ‘Make in India’ mission
On the financial front, the expansion of the Kisan Credit Card limit to ₹5 lakh for 7.7 crore farmers is a significant change. Timely access to credit directly impacts smallholder farmers’ ability to invest in quality inputs and mechanization.
Additionally, the Grameen Credit Score is a step in the right direction to bridge the rural credit gap, integrating more farmers into the formal financial ecosystem and further strengthening the agritech driven digital economy.
With agriculture taking center stage, this budget incentivizes agritech, strengthens rural financing, and lays the groundwork for greater efficiency and productivity at the grassroots level.
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.
Venkatraman Venkateswaran – Group President & Chief Financial Officer at Federal Bank: It is a growth-oriented budget, focusing on our journey towards Viksit Bharat. Labour-intensive sectors like agriculture, footwear, leather, toys, and food processing, which are largely MSME sectors, have received a boost. This budget complements our focus on the MSME sector and presents an opportunity to further strengthen our relationship with customers and finance their growth. The personal income tax rate reduction also provides a boost from the consumption side. The fiscal consolidation roadmap outlined last year stays the course, and government capex spending will provide impetus for infrastructure and job creation. In summary, it is a balanced budget with a boost to consumption.
Sunil Chemmankotil, country Manager, Adecco india: Budget 2025 emphasizes significant investments in artificial intelligence (AI), focusing on job creation and upskilling initiatives. By allocating resources to AI education and training programs, the government is equipping the workforce with essential skills to navigate an increasingly digital economy. This forward-looking approach will not only prepare talent for evolving job demands but also drive innovation and global competitiveness.
The budget also takes a crucial step in recognizing and supporting gig workers, a key pillar of India’s economy. Providing identity cards and healthcare benefits under the Jan Arogya scheme will enhance their financial and social security. However, the swift and effective implementation of these initiatives will be essential to ensuring tangible benefits for workers and sustained economic growth.
