If effectively carried out, the budget stands out as an established path for a more dynamic, sustainable, and inclusive economy, setting up sectors for long-term success.
MUMBAI, Feb 2 (The CONNECT) – Business and industry captains have hailed Finance Minister Nirmala Sitharaman’s focus on self-reliance, push to agriculture and MSME, boost to EVs. Here are some comments:
Ajinkya Firodia, Vice-chairman and Managing Director of Kinetic Engineering Ltd: The Union Budget 2025-26 brings several encouraging measures for the automotive and electric vehicle (EV) sectors. The tax exemptions for lithium battery production, removal of Basic Customs Duty on critical minerals, and the duty-free import of key EV battery production equipment demonstrate the government’s strong commitment to strengthening domestic manufacturing and reducing import dependency.
These measures are aimed at enhancing India’s position as a global hub for electric mobility and clean energy technologies. By fostering local innovation and ensuring cost efficiency, this budget paves the way for rapid industry growth and greater adoption of electric vehicles.
With a strong policy push and a focus on self-reliance, India is poised to become a leader in the global mobility revolution. These initiatives will not only drive domestic growth but also position Indian manufacturers as key players in the global EV supply chain, making India a powerhouse in the future of sustainable transportation.
Vineet Mittal, Chairman, Avaada Group: As we embrace the Union Budget 2025, I am pleased by the bold vision it sets for our nation’s future. More than a financial plan, it is a transformative blueprint for infrastructure, manufacturing, and power—key drivers of India’s growth.
The ₹1.5 lakh crore in long-term PPP-based infrastructure investment, coupled with the ₹1 lakh crore Urban Challenge Fund, signals a new era of urban modernization and economic resilience.
Strategic initiatives like global manufacturing clusters and clean tech advancements under the National Manufacturing Mission will position India as a global industrial powerhouse. By promoting domestic production of critical components like wind turbines ,solar components ,electrolyzers and batteries, we’re fostering innovation and sustainable growth.
In the power sector, reforms promoting inter-state efficiencies and the Nuclear Energy Mission targeting 100 GW through indigenous small modular reactors are setting the foundation for a resilient, low-carbon energy future.
Additionally, the ₹20,000 crore allocation to promote innovation in partnership with the private sector marks a pivotal step in positioning India as the next global innovation hub. This investment will drive advancements in renewables, green hydrogen, and advanced manufacturing, reinforcing India’s leadership in technology and sustainability.
At Avaada, we stand committed to supporting these visionary reforms, driving forward sustainable development and inclusive prosperity. Together, let’s illuminate a path of transformation, innovation, and enduring growth for India.”
Jaikaran Chandock, Director, Balu Forge Industries Ltd: The budget has proposed some effective measures to build self-reliance in defence manufacturing. Earmarking a sizable part of the modernisation outlay for procurement through domestic sources and domestic private industries is a move in the right direction to boost bolster capacity and capability. It will also pave the way for a stronger private sector’s participation in the country’s defence ecosystem. The focus on AI and deep tech innovation also augurs well for the defence and precision engineering domain as it will lead to the development of a future-ready talent pipeline. In a way, new-age tech interventions will also bolster defence manufacturing capabilities. From a holistic perspective, the budget has set the progress path to drive defence exports to attain the defence exports target of ₹50,000 crore by 2029.
Ravin Saluja, director with Sterling Agro Industries Limited( Nova Dairy Products ): The increase in the Kisan Credit Card (KCC) loan limit from ₹3 lakh to ₹5 lakh is a commendable step towards strengthening financial support for India’s 7.7 crore farmers, including those in the dairy sector. Access to higher credit at subsidised interest rates will enable dairy farmers to invest in better livestock, improve farm infrastructure, and enhance productivity. This initiative will not only support rural livelihoods but also contribute to the growth of the dairy industry, ensuring a stable and self-reliant supply chain. The enhanced loan cap within the revised interest subvention scheme further reduces financial strain, empowering farmers to meet rising operational costs. We appreciate the government’s commitment to uplifting the agricultural and dairy sectors, reinforcing India’s position as a global dairy leader.
Sonali Chowdhry, CEO- Officenet: The Union Budget 2025 highlights the government’s commitment to strengthening India’s workforce, a crucial factor in making the country a global manufacturing powerhouse. The introduction of the National Centres of Excellence in Skilling will equip workers with specialized skills, enhancing employability and productivity across industries. Additionally, the budget provides good support for gig employees, ensuring better protections and opportunities for this growing workforce segment fostering a more inclusive labour market.
With strong backing for MSMEs, agriculture, and overall economic growth, the budget creates opportunities for businesses to scale efficiently while ensuring workforce readiness. As India aims to be a global manufacturing leader, HRMS providers will play a key role in streamlining workforce management, optimizing productivity, and bridging skill gaps through digital solutions.
Ankit Verma, Indian Subcontinent Head, Air8: The 2025 Union Budget is a turning point for SMEs, as the government takes decisive action to empower this critical sector. With a robust focus on facilitating easier access to credit, particularly through the new credit scheme, and offering export credit and cross-border factoring support, the budget provides SMEs with the financial tools to overcome non-tariff barriers in global markets. This marks a significant step in addressing the challenges faced by MSMEs and creating an enabling environment for growth. The increased emphasis on domestic manufacturing strengthens the backbone of India’s economy and positions SMEs to ramp up production, drive exports, and compete on the global stage.
Nidhi Singh, Co-Founder, Samosa Singh: A Prospect for Inclusivity and Sustainable Growth The budget takes a progressive stance in promoting sustainability and growth in a number of industries, including the food and beverage sector. Making significant investments in education, digital literacy, and skill development will help create a workforce that is more resilient and equipped to meet the changing needs of companies, particularly those in the food and beverage industry. Supply chains will be strengthened by improved regulations, streamlined infrastructure, and more assistance for rural and agricultural development, which will help businesses that depend on locally produced, fresh ingredients. A big step toward financial inclusion and gender equality has been taken with the provision of tax exemptions and incentives for new firms, especially female entrepreneurs. These actions will promote resilience and growth over the long run. If effectively carried out, the budget stands out as an established path for a more dynamic, sustainable, and inclusive economy, setting up sectors for long-term success.
Shivam Narang, Managing Director, Khalsa E-Vehicles 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.
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.
Ashish Singhal, Co-founder CoinSwitch and Lemonn: Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 introduces significant measures aimed at boosting economic growth and providing relief to taxpayers — especially the middle class.
Zero income tax for up to Rs 12 lakh of earnings, and further rebate in taxes, is a major relief for the middle class, and we welcome it. It could improve disposable income, stimulating consumer demand and contributing to overall economic momentum.
The rationalization of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) thresholds is a commendable step towards simplifying the tax regime, reducing compliance burden for individuals and businesses alike.
These initiatives reflect a balanced approach to fiscal policy, addressing both the need for revenue generation and the importance of taxpayer welfare.
We were hopeful that the government would take steps to rationalize the tax structure on VDAs, but unfortunately, that has not materialized. However, the inclusion of VDA governance in the Finance Bill is a positive step, bringing in more regulatory clarity, reflecting the growing adoption of digital assets and acknowledging the impact they are making on the economy.
We are still reading the fine print to understand the broader implications.
Preeti Bhandary, Co-Founder and Director Curriculum, Little Elly Preschool, Playschool and Kindergarten: The Union Budget 2025 presents exciting opportunities for the education and preschool sector, with a focus on expanding digital infrastructure and ensuring financial inclusion. The ₹10.18 lakh crore capital expenditure allocation will help improve access to education, allowing platforms like Little Elly to extend our reach. The emphasis on digital learning tools and e-learning platforms will enhance early childhood education, making it more accessible across urban and rural areas.
The budget’s focus on mental and emotional well-being, inclusive education, and 50,000 new Atal Tinkering Labs aligns with Little Elly’s approach to nurturing both academic and emotional development in young children. With 80-100 new centres planned in cities like Bangalore, Chennai, and Pune, these initiatives will support our mission to foster holistic development. The government’s commitment to nutrition through Poshan 2.0 and expanded broadband connectivity will further strengthen our ability to deliver quality education to a wider audience.
Additionally, the focus on sustainability, eco-friendly practices, and green technologies aligns with our Earth Lab’ initiative, which is aimed at fostering environmental responsibility. These measures will empower us to create responsible, mindful learners, preparing them for a future of success and sustainability.
Sandeep Bagla, CEO – TRUST Mutual Funds: The Budget announcements are sending a clear message that Government will focus on governance, creating capacities, creating conditions conducive for compliance, execution and implementation of policies. The onus of demand creation has shifted to the private sector, middle class and the wider populace. The next logical conclusion to the theme would be easier credit and monetary conditions which would enable greater risk taking by the masses.
Tax slabs have been rationalised in personal income tax, increasing the purchasing power of the consumers. Demand will get a boost specially in consumer discretionary items like FMCG, auto etc. Government has not been able to spend in capital expenditure of 11 lakh crores this year, probably because of lack of credible projects and the increase in the outlay for next year to only 11.21 lakh crs is slightly disappointing. The private sector is unlikely to undertake large capex due to uncertainty over tariff wars and fears of dumping form China. It puts growth outlook under a cloud in the short run. The Government has undertaken measures to increase credit to important sectors like MSMEs and agriculture though. There has been emphasis on capciaty creation in areas like education, health which will have long term benefits.
It is a bold budget, as it takes a chance of putting the Indian consumer at centrestage. The demographic dividend in Indian democracy should create demand, which is a step in the right direction. Markets could be disappointed as a higher Government capex would have spurred demand faster in a shorter run. Government has lowered the fiscal deficit, which is good for the private sector. The stage is set, the baton has been passed on to the consumer. Now it depends upon the resilience of the Indian middle class and the spirit of the private sector which will dictate the pace of Indian economic growth.
Devam Sardana, Business Head, Lemonn: The government has brilliantly treaded the fine line between tax breaks, with exemption up to inr 12L and managing fiscal deficit ( est. 4.4% of GDP) vs growth expectations. There has been tremendous focus on critical industries like exports ( setting up of Bharat Trade Network ), exemption of duty for battery manufacturers, FDI limit increase in insurance, completion of stalled housing projects.
Although, there were expectations on a few announcements related to the defense sector, the overall budget is deep rooted in building the foundation for the next S curve in growth.
C S Vigneshwar, Federation of Automobile Dealers Association (FADA): The Union Budget 2025-26 is a well-balanced and growth-oriented budget that prioritizes middle-class spending, rural prosperity, and MSME empowerment. The increase in the income tax exemption limit to ₹12 lakh will directly boost demand for two-wheelers, passenger vehicles, and EVs, as consumers have more disposable income to upgrade their vehicles.
For the rural economy, the Dhan Dhanya Krishi Yojana, benefiting 1.7 crore farmers, along with the Kisan Credit Card loan limit expansion, will drive demand for tractors, small commercial vehicles, and two-wheelers. MSMEs, which form the backbone of the economy, are set to thrive with higher credit limits, enhanced fund-of-funds for startups, and new financing options—a move that will also encourage the expansion of auto dealerships and fleet businesses.
The National Manufacturing Mission and incentives for solar, EV batteries, and clean mobility infrastructure will accelerate the growth of the EV sector while making India a global hub for sustainable mobility. Additionally, the increase in FDI for insurance to 100% will bring more competition and innovative financing options for auto buyers, further stimulating demand.
FADA welcomes this progressive budget, which will fuel India’s auto retail sector across rural, urban, and electric vehicle segments, supporting the vision of ‘Viksit Bharat’ and sustainable mobility.
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.
Divyesh Savaliya, Chairman & MD, Onix Renewable Limited: The Union Budget 2025 has set the stage for the self-reliance-led growth in the country’s renewable energy sector in line with the goal to achieve 500 GW of non-fossil fuel energy by 2030. With a strong emphasis on domestic value addition, the government’s focus on solar PV cells, EV batteries, motors, and controllers will significantly reduce reliance on imports and foster self-sufficiency in critical clean technologies. The introduction of the National Manufacturing Mission to support domestic production of EV batteries and solar panels is a strategic move that will not only enhance India’s manufacturing capabilities but also drive cost efficiencies, supply chain resilience, and global competitiveness.
By encouraging backward integration and technology-driven advancements, these measures will catalyze innovation, attract investments, and create a robust ecosystem for clean tech manufacturing. As India moves towards its net-zero goals, such initiatives will play a crucial role in accelerating renewable energy adoption, ensuring energy security and diversifying the renewable energy portfolio.
Navneet Ravikar, Chairman & Managing Director, Leads Connect Services: 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.
Jeenendra Bhandari, Chairman of JITO Incubation and Innovation Foundation (JIIF).: 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.
Akshay Tiwari, Research Analyst – BFSI, Asit C Mehta Investment Interrmediates Ltd.The budget aims to make a fine attempt to boost rural and agri income, and boost consumption of all strata of society. Also, making sure that MSMEs continue to remain an important wheel of the economy by increasing investment in the sector and increasing credit guarantee. Agri sector which was under stress, has been given certain reliefs by increasing KCC loan limit from Rs 3 lakhs to Rs 5 lakhs and credit support for 17mn farmers.
Although no announcement has been made in the speech with regard to the affordable housing segment, the speech indicated that the sector continues to remain a key focus area for the central government.
Perhaps, the biggest announcement in the financial sector would be the much-anticipated increase in the FDI limit of insurance companies from the existing 74% to 100%. This will help the sector in terms of regulation and better execution of policies.
Mrunmayee Jogalekar, Auto and FMGC Research Analyst – Asit C Mehta Investment Interrmediates Ltd.: The focus on improving the spending power of the middle class in the form of changes in tax slabs is a much-needed boost for the consumption space. No tax burden till an annual salary of Rs 12 lakh (vs Rs 7 lakh earlier) is a relief. Even at the higher end, the maximum tax rate of 30% will be applicable for incomes exceeding Rs 24 lakhs vs Rs 15 lakhs earlier.
This will be a boost for FMCG and automotive players, which are seeing the impact of an urban demand slowdown.
Additionally, for FMCG players, focus on enhancing farm productivity and improving domestic value addition in food processing augur well in the medium term.
For the auto sector, a focus on building a domestic ecosystem for EV batteries and a reduction in basic customs duty for critical minerals will help in improving the supply chain and long-term profitability of the sector.
K V Srinivasan, Executive Director and CEO, Profectus Capital Private Limited: The budget has provided a significant boost to the MSME sector by significantly raising the thresholds for capital investment and turnover criteria for classification as Micro, Small, or Medium enterprises. Combined with the enhanced credit guarantee scheme, this move is expected to drive increased capital investment. This would help MSMEs to modernise and expand their operations. Improved credit flow for startups is also a very welcome move. With the personal tax burden also coming down sharply, the increased consumption power should also help increase the overall demand for goods and services from MSMEs.
Eswara Rao Nandam, CEO and Founder of Polymatech Electronics: The Government of India’s commitment to empowering MSMEs and driving technological upgradation is a commendable step towards positioning India as a global manufacturing hub. The enhanced credit facilities and increased investment and turnover limits for MSMEs will provide significant support for businesses, helping them scale efficiently and foster innovation. These initiatives will undoubtedly boost India’s export potential and drive growth in sectors such as opto-semiconductors, 5G, and LED lighting solutions.
Aneesh Jain, Founder, Gram Unnati: The steps taken by the government in the latest budget will provide the much-needed boost to Indian agriculture. Crop diversification and sustainable farming practices are the way ahead for us and the government’s decision to introduce the PM Dhan Dhanya Krishi Yojana is a great move in that direction. This will not only increase agricultural productivity but also enhance rural prosperity. The government has drawn inspiration from its Aspirational District Programme that has seen quick sustainable agriculture transformation of 112 most underdeveloped districts. And now the decision to target 100 more districts under the newly launched PM Dhan Dhanya Krishi Yojana will surely increase productivity through a sustainable crop diversification programme. This will benefit 1.7 crore farmers. Under this new programme synchronisation of crop diversification, sustainable farming practices, and enhancing post-harvest storage at the Panchayat and block levels will be important. This will require coordination at multiple levels and agencies and that would be the key in defining the success of this programme.
Anand Sri Ganesh, CEO, NSRCEL: The government’s commitment to inclusive growth through entrepreneurship is truly commendable. While the ₹10,000 crore allocated for a fund of funds for AIFs is a welcome boost for risk capital, and particularly beneficial for VC-investable startups, a more holistic approach to ecosystem development might be considered to further support the creation and commercialization of innovation, especially for those higher-risk, non-VC-friendly models. This ₹10,000 crore catalytic fund, with its focus on deep tech, is an interesting development and should encourage greater VC participation, incentivizing them to raise and invest additional capital from their own sources.
Pratik Kamdar, CEO & Co-Founder, Neuron Energy: The Union Budget 2025’s announcements for the EV and auto sectors center on raising the sector’s value and demand, which is a positive move. India’s effort to produce clean tech energy will be accelerated as a result. A significant boost to the EV battery industry; the National Manufacturing Mission’s coverage of MSME represents a step forward in bolstering domestic EV battery production. The FM’s plan to exclude lithium-ion batteries from basic customs duty will even increase the cost-effectiveness and flexibility of the supply chain. More EV adoption will also be supported by stronger energy infrastructure, particularly for EV charging stations, which will be fueled by power sector reforms and state incentives. Viksit Bharat’s focus on nuclear energy and the exemption of 35 capital goods for the production of EV batteries show a strategic vision for a sustainable future. It will boost the industry further and grow the battery and EV auto industries. Together, these programs create an atmosphere that is conducive to clean-tech innovation, job growth, and a more robust EV ecosystem.
Kushal Patel, M D, Axita Cotton for your kind consideration in your esteemed media. A photograph of him is also attached herewith for your kind consideration.
Kushal Patel, MD, Axita Cotton: The introduction of a new scheme to facilitate term loans for MSMEs to purchase machinery and equipment without collateral is a game-changer. With guarantees of up to ₹100 crore through a dedicated fund, this will empower small businesses, enhance competitiveness, and drive growth across the cotton value chain.
Saurabh Kumar, Vice President – India, GEAPP : This year’s budget builds on India’s aim to become a global leader in renewable energy. The National Manufacturing Mission will provide impetus to domestic production of clean technologies such as solar PV cells and grid-scale batteries. It will scale up the deployment of renewable energy and make India a crucial link in the global supply chains. The focus on implementing private sector driven research, development and innovation will augment our capabilities to nurture innovative solutions for a people-positive energy transition.
Aman Choudhary, Executive Director—Marketing at Anmol Industries Limited: The government’s continued focus on infrastructure, job creation, and MSME support will drive consumption and economic growth. Additionally, logistics and supply chain efficiency investments will enhance distribution networks, benefiting both manufacturers and consumers. This Budget sets the stage for sustained growth, empowering businesses like ours to innovate and expand in a dynamic market.
Pratik Kamdar, CEO & Co-Founder, Neuron Energy: The Union Budget 2025’s announcements for the EV and auto sectors center on raising the sector’s value and demand, which is a positive move. India’s effort to produce clean tech energy will be accelerated as a result. A significant boost to the EV battery industry; the National Manufacturing Mission’s coverage of MSME represents a step forward in bolstering domestic EV battery production. The FM’s plan to exclude lithium-ion batteries from basic customs duty will even increase the cost-effectiveness and flexibility of the supply chain. More EV adoption will also be supported by stronger energy infrastructure, particularly for EV charging stations, which will be fuelled by power sector reforms and state incentives. Viksit Bharat’s focus on nuclear energy and the exemption of 35 capital goods for the production of EV batteries show a strategic vision for a sustainable future. It will boost the industry further and grow the battery and EV auto industries. Together, these programs create an atmosphere that is conducive to clean-tech innovation, job growth, and a more robust EV ecosystem.
Dr. Silpi Sahoo, Chairperson, SAI International Education Group: The Union Budget 2025-26 is a transformative leap in the education sector with headway on AI-driven learning, skill development, and digital inclusion. The new policy also announces the establishment of the Centre of Excellence for Artificial Intelligence in Education, with an allocation of ₹500 crore, to make India lead the world in AI-enabled education and innovation. This announcement marks the transformative step for integrating leading edge technology into learning, encouraging innovation and access to education.
Government commitment in making broadbands available to each government secondary school, establishment of 50,000 Atal Tinkering Labs to instill scientific temper, and Bharatiya Bhasha Pushtak scheme for the digitization of Indian languages’ books would bring education closer to common citizens.
In addition, the setting up of five National Centres for Excellence in Skilling and the National Institute of Food Technology and Management in Bihar will lead to greater employability and industry readiness. Expansion of five IITs, including IIT Patna, signals renewed efforts at innovation and research. Overall, these moves collectively strengthen the vision of the future-ready education system of India, one which blends technology, inclusivity, and skill building.
The initiative by the government on offering 10000 PM Research fellowship in the next 5 years at IITs and IISc, will empower more students from the lower economic strata to get higher education and pursue their careers in academics within the science and technology departments. It will give talent a scope to flourish beyond the trammel of economic constraints.
Nishith Maheshwari, Head – Digital Business Loans, InCred Finance: The significant reform in personal taxation is set to boost consumption, providing a major advantage for D2C brands, quick commerce, and FMCG sectors. Additionally, the increase in loan limits up to ₹20 crore is a substantial boost for new-age companies. Overall, this budget presents a highly positive outlook, with a clear focus on simplifying tax regulations and enhancing the ease of doing business.
Shiv Sehgal, President & Head, Nuvama Capital Markets: The Union Budget has played a balancing act amid the competing objectives of maintaining fiscal prudence and supporting demand in the economy. Accordingly, while fiscal deficit would shrink further, the FM has provided a consumption boost by lowering tax rates for the middle class. This is quite welcome. Beyond the fiscal math, the FM has emphasized the need to boost MSMEs and employment through further deregulation and enhancing ease of doing businesses. From market standpoint, tax cuts for middle class augurs well for consumption oriented sectors, although capex support has been a bit moderate this time.
J S Gujral, Managing Director, Syrma SGS Technology: “The Union Budget 2025-26 presents a balanced approach to strengthening India’s manufacturing and electronics sector. The National Manufacturing Mission announced, along with policy support for clean technology manufacturing, will further solidify India’s position as a global manufacturing hub. The government’s focus on domestic value addition, with a focus on manufacturing of EV batteries, solar PV cells, and electronics, is a step towards enhancing self-reliance and sustainability.
The emphasis on skill development through initiatives such as establishing National Centers of Excellence aligns with the need for a highly skilled workforce in Industry 4.0. This, along with targeted policies for MSME growth and global supply chain integration, will create new opportunities for businesses like ours.
Additionally, the push for R&D and innovation with dedicated financial support will help drive advancements in emerging technologies. The government’s continued commitment to improving ease of doing business through a modern, trust-based regulatory framework is a welcome move. Streamlining approvals, updating outdated regulations, and reducing compliance burdens will enable faster innovation and greater competitiveness for industries like electronics manufacturing.
While certain duty revisions will require careful industry evaluation, the overall budget signals a strong commitment to long-term industrial growth. We look forward to leveraging these opportunities to expand our capabilities and contribute to India’s growing role in global electronics manufacturing.
Sachin Panicker, Chief AI Officer, Fulcrum Digital: The 2025 budget reaffirms India’s commitment to fostering an innovation-driven economy. By prioritizing ease of doing business, the government is ensuring agile policies that foster a thriving business ecosystem and scalable technology.
This emphasis on modernization extends to India’s talent ecosystem, where initiatives like the Atal Innovation Mission and the PM Research Fellowship for technological research in IITs and IISc, are designed to foster meaningful industry tie-ups. This creates an ecosystem where companies and young researchers work together to develop relevant, future-ready technologies.
Additionally, the establishment of a Center of Excellence in AI for Education with an outlay of ₹500 crores will enable young minds to gain deeper insights into AI applications. By integrating AI learning at an early stage, India is equipping its workforce with the skills necessary to drive the next wave of digital transformation.
At Fulcrum Digital, we believe these initiatives will unlock new possibilities for India’s tech landscape. With a robust regulatory framework, industry-driven research, and AI-led skilling, India is positioning itself as a global leader in innovation, and we are committed to being part of this journey.
Rahul Chandalia, Co-Founder, WOL3D: The Union Budget 2025 marks a significant step towards strengthening India’s MSME sector as a lever of growth engine for the next five years. The government’s commitment to initiatives like the Atal Innovation Mission (AIM) and the National Manufacturing Mission places the country to further strengthen its manufacturing capacities and capabilities including on new and emerging domains such as 3D printing .
With over 50,000 Atal Tinkering Labs planned across government schools, we see this as a revolutionary chance to provide young minds with hands-on experience in innovative technology such as 3D printing, developing an innovative culture from a young age. Additionally, focusing on MSMEs as important drivers of economic growth will reinforce India’s status as a global manufacturing hub, enabling ease of doing business and allowing for broader adoption of digital fabrication and additive manufacturing .
We also foresee new opportunities for micro-entrepreneurship enabled by 3D printing value chain, with the availability of funds upto five lakhs for first-time women entrepreneurs from the SC/ST communities.
Arjun Naik, Founder & CEO, Scandron: With agriculture set to play a key role as part of the Dhan Dhanya Krishi Yogana and government laying special emphasis on the role of technology in achieving the objectives, new-age and emerging farming value chain elements such as drones have opportunity for a higher order of contribution to enhance agri-productivity as well as storage. Additionally, though not explicitly laid out in the Union Budget, however the farming community also have new livelihood avenues in form of farm technicians that can own the use of drones in the productivity value chain.
Overall, the Union Budget 2025 reinforces India’s commitment to “Make in India” and “Viksit Bharat,” with a strong push for manufacturing and MSME growth. With over 1 crore MSMEs driving 36% of manufacturing and 45% of exports, enhanced investment and turnover limits will empower them with scale, technology, and capital access. The National Manufacturing Mission will provide policy support and execution roadmaps, fostering an ecosystem where companies like Scandron can thrive.
Sunil Sharma, Vice President – Sales, Sophos India and SAARC: We believe the emphasis placed by the Union Budget 2025-26 on research fellowships and skilling will be a game-changer for India’s cybersecurity landscape. Through the 10,000 PM Research Fellowships in IITs and IIScs, the Government is fostering an ecosystem where cybersecurity skilling will be accessible to a wider talent pool.
The establishment of National Centres of Excellence for Skilling, combined with education in regional languages, will ensure that enterprises of all sizes—especially MSMEs—can build robust cyber defenses without being held back by a talent shortage.
We are particularly hopeful seeing the commitment to ease of doing business through regulatory reforms allowing enterprises to scale faster, innovate freely, all the while bolstering their operations with cutting-edge security solutions. This year’s Union Budget lays the foundation for a cyber-resilient India where businesses can thrive securely in an increasingly digital world, powdered by workforce readiness and regulatory agility.”
Joseph Sudheer Thumma, Global Chief Executive Officer & Managing Director, Magellanic Cloud: The Union Budget paves the way for holistic and fast-paced rise of the country as an economic super house. Pertaining to technology industry, the provisions and initiatives announced to setting up of Centre of Excellence for AI as well as special fund focused on deep tech, will further place India at the global centre stage of revolution. With reference to focus on employment and skilling for the youth, the Union Budget provides the right impetus to gain industry-relevant skillsets and opportunities. Furthermore, the ecosystem also stands to benefit out of the opportunities arising for Industry 4.0 inclination for domestic manufacturing push with IoT and smart tech capabilities expected to gain prominence. Overall, the five engines of growth are well thought-off and the onus is on the industry to play its part.
Venkatraman Narayanan, MD & CFO, Happiest Minds Technologies: The Union Budget presents a forward-looking vision that aligns with India’s goal of becoming a global economic leader. The focus on strengthening digital infrastructure, particularly through continued investments in technology, sets the stage for accelerated growth in sectors such as AI, innovation, and deep tech. The emphasis on skilling initiatives, including the enhancement of Industrial Training Institutes, will ensure a future-ready workforce capable of meeting the demands of Industry 4.0.
The 2025 budget strengthens India’s global tech leadership by allocating resources to research, including 10,000 new fellowships, which will advance AI, ML, and renewable energy. Additionally, the establishment of Centres of Excellence in AI and the launch of a new Fund of Funds for startups further bolster India’s position as a hub for innovation and entrepreneurship. To ease of doing business, the government’s efforts to ensure that regulations keep up with technological innovations and global policy developments is commendable. The creation of 50,000 Atal Tinkering Labs over the next five years will provide young minds with hands-on experience and the tools to turn their innovative ideas into reality, contributing to the country’s growing tech ecosystem and fostering a culture of self-driven innovation. Last but not the least, simplification of tax procedures, reducing the compliance burden and finally reduction of taxes for the middle class and working population is a huge morale boaster while putting money in the hands of those who continue to spur consumption and growth.
Kalpana Ajayan Regional head South Asia, WWB (Women’s World Banking): The Union Budget 25-26 will boost economic growth especially for women. Announcement of the new scheme that offers Rs 2 crore for first-time women entrepreneurs is a huge support by the government that will further promote rural entrepreneurship & gender equality in business.
Revamping PM Svanidhi with enhanced loans and UPI linkage will benefit scores of women to scale their micro-businesses. The Budget rightly identified MSMEs as a key engine for India’s development. Through revised investment and turnover limits, MSMEs will be able to scale, particularly women’s micro and small enterprises. Expansion of Mudra loans too is a step in the right direction, providing women with equitable access to empowering interventions. The work ahead should be on effective implementation and continuous evaluation of these initiatives to ensure they truly empower women, driving us closer to a prosperous, self-reliant, and inclusive India by 2047. (WMB is a global organization dedicated to empowering underprivileged women through financial inclusion).
“The 2025 budget reaffirms India’s commitment to fostering an innovation-driven economy. By prioritizing ease of doing business, the government is ensuring agile policies that foster a thriving business ecosystem and scalable technology. This emphasis on modernization extends to India’s talent ecosystem, where initiatives like the Atal Innovation Mission and the PM Research Fellowship for technological research in IITs and IISc, are designed to foster meaningful industry tie-ups. This creates an ecosystem where companies and young researchers work together to develop relevant, future-ready technologies.
Additionally, the establishment of a Center of Excellence in AI for Education with an outlay of ₹500 crores will enable young minds to gain deeper insights into AI applications. By integrating AI learning at an early stage, India is equipping its workforce with the skills necessary to drive the next wave of digital transformation.
At Fulcrum Digital, we believe these initiatives will unlock new possibilities for India’s tech landscape. With a robust regulatory framework, industry-driven research, and AI-led skilling, India is positioning itself as a global leader in innovation, and we are committed to being part of this journey.” –
