Budget is in the right direction with investments in innovation, digital first, healthcare, education and push to MSMEs, say business leaders.
MUMBAI, Feb 1 (The CONNECT) – Business leaders have welcomed Union Finance Minister Nirmala Sitharaman’s budget focus on investments in technology, healthcare and education. Here are some comments:
Pinkesh Kotecha, MD & Chairman, Ishan Technologies: The Union Budget 2025-26 lays a strong foundation for India’s digital-first economy, with a clear emphasis on AI, deep tech, and digital public infrastructure. The introduction of the Deep Tech Fund of Funds is a significant move to accelerate next-generation startups in AI, blockchain, and advanced computing, fostering innovation and global competitiveness. Expanding broadband access under BharatNet to rural schools and health centers is a critical step in bridging the digital divide and enhancing last-mile connectivity.
The establishment of a ₹500 crore Centre of Excellence in AI for Education reinforces India’s commitment to AI-driven learning, ensuring a future-ready workforce. The National Framework for Global Capability Centers (GCCs) will further strengthen IT and outsourcing hubs in Tier-2 cities, driving infrastructure development and talent expansion. Additionally, with increased PPP support for digital infrastructure under the India Infrastructure Project Development Fund (IIPDF), private sector investments in broadband and connectivity are expected to gain momentum. Together, these initiatives position India as a leading player in the global digital economy, accelerating the adoption of AI, deep tech, and emerging technologies. However, areas like data centers required more focused policy support to establish India as a regional digital hub. Clarity in AI regulation and security frameworks is also essential to ensure responsible AI adoption while fostering continued innovation.
Rajeev Tiwari, Co Founder of STEMROBO Technologies: The announcements made in the Union Budget 2025 highlight a forward-thinking vision for India’s growth, with a strong emphasis on digital infrastructure, skill development, and innovation. The decision to expand broadband connectivity to all government secondary schools is a game-changer. It will not only bridge the digital divide but also ensure that students across the country have access to the same learning opportunities, regardless of their location.
The establishment of 50,000 Atal Tinkering Labs over the next five years is a great move for encouraging creativity and innovation among our youth. These labs will provide hands-on learning and inspire the next generation of engineers, scientists, and innovators. Such initiatives will also increase awareness and understanding of the importance of 21st-century skills, helping schools and students recognize their critical role in future-ready education.
The launch of the Bharatiya Bhasha Pustak Scheme, which will bring digital books in Indian languages, is another crucial step towards making education more accessible to people in rural and remote areas, while also preserving our rich linguistic diversity. This will further encourage students to embrace modern learning tools while staying connected to their cultural roots.
The ₹500 crore investment in AI research and development for setting up five Centers of Excellence for Skilling with global expertise will ensure that our workforce is prepared for the future, ready to meet the demands of the global market. This will underscores India’s commitment to becoming a global leader in technology, These measures will strengthen the adoption of 21st-century skills in schools and encourage students to develop competencies such as critical thinking, problem-solving, and digital literacy.
Another crucial step is the enhanced credit coverage support for MSMEs and startups. This initiative will go a long way in fostering innovative startups and entrepreneurs, enabling them to become an integral part of the education ecosystem. With increased financial support, startups focusing on educational technology, AI tools for learning, and skill development programs will have greater opportunities to create impactful solutions that enhance education quality and accessibility.
Overall, these initiatives will not only drive growth but also position India as a key player in the global economy, equipping its younger generations with the tools needed to thrive in an increasingly technology-driven world while fostering innovation within the education sector.
Harpreet Oberoi, Partner at Jotwani Associates: Multiple tax reform measures within the Union Budget 2025-26 seek to both increase economic growth and ease business operations throughout India. Under the new tax system, all people earning less than ₹12 lakh per year will not need to pay income tax. The tax exemption policy for middle-class citizens will generate increased financial reserves to boost economic activity in all sectors.
Welcoming the new TDS and TCS relaxation policies will help businesses, together with individuals, reduce their tax compliance responsibilities. Simplification of tax compliance takes place when TDS rates get rationalized and thresholds are adjusted together with interest deduction limits for senior citizens and rental income TDS exemption limits are increased. This creates an efficient, business-friendly tax structure.
Taxpayers will experience simpler financial operations because the government has eliminated TCS on education loan remittances and optimized international transactions tax rules.The government should formally eliminate specific tax provisions from criminal penalties while simultaneously making tax legislation more straightforward. The reforms eliminate unnecessary penalties and legal hurdles that develop and improve relationships between taxpayers and the government based on transparency and trust. Startups alongside MSMEs will reduce their regulatory exposure through minimized litigation risks, thus they can pursue expansion opportunities without anxiety about uneconomical monitoring.
The Indian budget aims to achieve long-term economic targets through its main objectives, which combine investment promotion and financial system enhancement for sustainable development. The government, through these tax reforms, demonstrates its dedication to simplifying business processes and increasing consumption while developing a growth-oriented economic infrastructure.Jotwani Associates considers these developments to be modern enhancements that yield benefits to people and enterprises and investors while accelerating India’s economic progress.
Dr. Sujit Paul, Group CEO Zota Healthcare Ltd: Healthcare is marked as a priority in Union Budget 2025-26, with some major reforms coming in cancer-care, generics, and medical education. Exemption from Basic Customs Duty for Patient Assistance Programmes will bring down the cost of medicines significantly for thousands of patients. To this end, 37 new medicines and 13 new patient assistance programs have been included in the exemption list. The establishment of Daycare cancer centres across all district hospitals will ease the way towards accessible treatment. Strengthening medical education by adding 10,000 new medical seats this year adds up to a 75,000-seat increase in five years. This is a sure reflection of the present budget, showcasing the strong commitment to inclusive and affordable healthcare.
Nitin Aggarwal, Managing Director of Prayag Polymers: The Indian Union Budget 2025 presents a forward-looking vision for the manufacturing sector, with a strong emphasis on infrastructure and GST reforms. The increased investment in urban development and housing sector will stimulate demand for high-quality products, including bathware and sanitary ware. Simplified GST structures and greater incentives for manufacturing will enable businesses like Prayag to scale production, enhance efficiency, and contribute significantly to the nation’s infrastructure growth, creating new opportunities in urban markets.
Rahul Jain, President & Head, Nuvama Wealth: The Budget 2025 has tried to strike a commendable balance between economic growth and fiscal consolidation by putting more money in the hands of middle-income group by raising the income tax rebate to Rs 12 lakh, maintaining the capex for FY26 at Rs 11.21 lakh crore, and adhering to a fiscal deficit of 4.4%of GDP. It continues the path of income tax reforms by streamlining the TDS and TCS regulations. Overall, the budget is characterised by its inclusiveness, emphasising sectors such as agriculture, urban development, physical and digital infrastructure, and the enhancement of manufacturing capabilities through the National Manufacturing Mission.
Pratik Kakadia – Founder & Managing Director at Sahana System: The Union Budget 2025 reinforces the government’s commitment to empowering MSMEs and startups by enhancing capital access, technological advancements, and ease of doing business. The increase in investment and turnover limits for MSMEs—2.5x and 2x, respectively—will instil confidence and enable them to scale operations and create more jobs for the youth. The expansion of credit guarantee coverage, with the limit rising from ₹5 crore to ₹10 crore for micro and small enterprises and from ₹10 crore to ₹20 crore for startups, will unlock an additional ₹1.5 trillion in credit over the next five years. Moreover, the proposal to explore a Deeptech Fund of Funds and offer 10,000 fellowships for tech research at IITs and IISc under the PM Research Fellowship Scheme will accelerate deep-tech innovation and R&D, fostering a strong technology-driven ecosystem,
Additionally, initiatives like the ₹500 crore Centre of Excellence in AI for education will strengthen India’s leadership in artificial intelligence and skill development. At Sahana System, we fully support these forward-looking measures and look forward to contributing to India’s journey toward innovation, digital transformation, and economic growth.
Amarendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers: We welcome and commend the government’s efforts to reduce income tax for the middle-class households which would facilitate more savings and also increase their purchasing power. This step will make a positive impact on several industries. The reduction of the Basic Customs Duty on Platinum findings from 25 per cent to 6.4 per cent is a welcome step for the jewellery industry resulting in a drop in the overall cost of platinum while attracting more customers. This inclusive budget with special focus on investing in people by setting up National Centres of Excellence for skilling with global expertise and partnership will strengthen many industries including gems and jewellery industry. This initiative of the government is anticipated to strengthen the industry by fostering a skilled workforce equipped with global competencies.
Shubham Jhuria, CFO & Partner at Aeravti Ventures: The latest Budget brings an immediate positive impact to four key sectors—Infrastructure, Energy, Healthcare, and Consumption. The Government’s emphasis on developing both rural and urban infrastructure will not only fuel the broader consumption story but also strengthen the supply chain and agricultural sectors.
Rather than focusing on direct tax rebates for startups, this Budget prioritizes long-term, business-building policies. The strategic push toward clean energy, the Nuclear Mission, and healthcare expansion creates a strong foundation for innovation. These positive policy movements are likely to attract more investors, providing a significant boost to founders operating in these spaces.
Overall, India’s growth trajectory remains intact, with strong tailwinds supporting the startup ecosystem.
Manoj Tulsian, CEO and Joint Managing Director, Greenply Industries Ltd.: The Union Budget 2025 takes a decisive step towards strengthening India’s economic fabric by putting more disposable income in the hands of middle-class taxpayers. The revision of the ‘Nil tax’ slab to ₹12 lakh under the new regime will encourage homeownership, indirectly driving demand in the interior infrastructure industry, including wood panels, veneers, and MDF. The expansion of the SWAMIH Fund to expedite the completion of 1 lakh housing units will further support this trend, easing financial burdens on homebuyers.
Additionally, the Government of India’s focus on manufacturing through the National Manufacturing Mission will be key driver of economic stability. The manufacturing industry not only boosts the country’s economic growth but also sustains the livelihoods of skilled labourers who form the backbone of industries across the board.
Greenply Industries supports the emphasis on Clean Tech manufacturing, which aligns with our commitment to sustainable production. We hope that, like our manufacturing units that operate on clean energy, more industries will integrate green energy solutions into their operations, strengthening India’s journey towards a climate-friendly economy.
Murty LVLN, CEO, Dvara KGFS: The Union Budget 2025 has recognized the contribution made by MSMEs to position India as a global manufacturing hub. We welcome the government’s initiative to revise the limits for investment and turnover for MSMEs as that will boost growth and employment across the sector. The continuous focus of the budget on MSMEs, categorizing them as 2nd engine, will bolster the overall economy while continuing to provide better access to credit enabling faster business growth. Additionally, the increase in loan limit to INR 5 lakh for farmers possessing Kisan Credit Cards will ensure increase in savings through the year as it will facilitate ease of agricultural transactions. With the government focusing more on National Centres of Excellence for skilling, MSMEs will be able to achieve higher efficiencies of scale and results.
We, Dvara KGFS, welcome the announcement of setting up a new Makhana Board and National Institute of Food Technology, Entrepreneurship and Management. Bihar is an important geography for us and this will bolster our value chain based MSME lending program in the region. Setting up of “Grameen Credit Score” framework will enhance credit fulfilment of SHGs and promote better credit discipline. The newly launch credit cards for micro enterprises with a credit limit of INR 5 lakh will result in benefits for most MSMEs enabling development.
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.
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 up to 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.
Dhanashree Mandhani, Founder and CEO 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.
Dr. Kapil Garg, Managing Director, Asian Energy Services Limited. We applaud the Government and Hon’ble Finance Minister, Smt. Nirmala Sitharaman on presenting a favourable budget for the manufacturing and infrastructure segment. The announcement to invest in urea production capacity in Namrup, Assam is an excellent move since Assam’s abundant natural gas resources will not only benefit Oilmax in the long term but also open up significant natural gas demand in the region. This strategic initiative aligns with the government’s broader vision to drive industrial growth in eastern India while bolstering self-reliance in fertilizer production. The budget’s robust focus on expanding waterway and canal infrastructure is set to transform industrial logistics, particularly for sectors like oil, gas, and petrochemicals. The creation of a substantial Maritime Development Fund and the expansion of regional connectivity through enhanced schemes will further streamline transport and trade, integrating remote areas into the national economy.
Key duty exemptions on critical minerals such as cobalt, lithium-ion battery scrap, lead, and zinc are poised to strengthen domestic manufacturing. The allocation for research, development, and innovation will accelerate advancements in energy efficiency aims to secure long-term energy stability.
The policies should attract private sector participation and foreign direct investment in energy projects, will enhance India’s energy security and reduce import dependency.
Furthermore, the reduction in income taxes and the rationalization of TCS and tax exemptions are expected to boost household spending power, fueling broader economic demand. Power sector reforms that incentivize improved electricity distribution and intrastate transmission capacity will further ensure a stable and efficient energy supply. The substantial provision of interest-free loans to states for capital expenditure underscores a strong commitment to long-term infrastructure development.
For MSMEs, increased investment and turnover limits will empower small and medium enterprises to scale up, innovate, and expand their global competitiveness, especially as they contribute significantly to India’s exports. Mining sector reforms, along with policies for recovering critical minerals from tailings, will further reinforce resource independence.
By promoting energy storage, grid modernization, and expanding strategic oil reserves, the government is laying the groundwork for a resilient, diversified energy mix. Export incentives and policy measures to integrate India into global energy markets will further enhance the country’s positioning as a key player in the sector.
Overall, this budget lays a strong foundation for sustained economic expansion, energy security, and industrial development. It creates a growth-oriented policy framework that will generate long-term value for industries such as oil, gas, and energy, while driving India’s journey toward a more self-reliant and sustainable future.
Harsh Vardhan Bhagchandka, President IPL BIOLOGICALS: The Union Budget’s focus on agriculture, particularly the Dhan Dhanya Krishi Yojana and the 6-year mission for self-reliance in pulses, marks a significant step toward sustainable and resilient farming. The emphasis on crop diversification, irrigation, and post-harvest storage will directly benefit 1.7 crore farmers, improving productivity and income security. At IPL Biologicals, we welcome these initiatives as they align with our commitment to promoting biological solutions for soil health, crop protection, and sustainable agriculture. Strengthening procurement mechanisms and supporting low-productivity districts will drive long-term growth, ensuring food security and economic stability for farmers across the country. These transformative reforms will pave the way for a more self-reliant and prosperous agricultural sector.
K A Shabir, CEO, Funskool India: The budget 2025 was focused on increasing the spending power for India’s growing middle class and that is great for all manufacturers, irrespective of sectors.
The announcement to implement a scheme to make India a global hub for toys is appreciable. The development of clusters, skills and a manufacturing ecosystem to create high-quality, unique, innovative and sustainable toys will change the dynamics of the Indian toy industry and drive the ‘Make In India’ initiative, further on. As India’s leading toy Manufacturer, Funskool has been proudly contributing to the ‘Make in India’ initiative and will continue to do so and work towards strengthening the Indian toy industry.
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.
Gaurav Agarwal, Founder & Chief Managing Director, Stonex India: Stonex India welcomes the Union Budget 2025, which reflects a strong commitment to infrastructure development and the growth of the Indian economy. The proposed investments in infrastructure, particularly in logistics, are set to significantly boost our manufacturing and export capabilities, fostering an environment conducive to growth for high-income groups. As a leader in luxury marble, we see immense potential in the government’s focus on creating a more sustainable and resilient economic ecosystem. This budget promises to propel India toward becoming a global hub for trade and luxury exports.
Sowjanya Kanuri, Director – ACT For Education: In the context of today’s rapidly evolving employment landscape, it is encouraging to see the Union Budget’s emphasis on initiatives that focus on equipping youth to be future-ready at all levels. Investments in building foundational skills through the Atal Tinkering Labs in schools as well as the Centres of Excellence in both AI for education and skilling will also help identify best practices that we need to incorporate into our education systems.
Vaishali Nigam Sinha, Co-founder and Chairperson, Sustainability at ReNew: The Union Budget 2025-26 is a well-rounded and forward-looking financial plan that lays a robust foundation for India’s journey towards a Viksit Bharat. The government’s strong emphasis on manufacturing development will accelerate India’s rise as a global production hub through initiatives like the National Manufacturing Mission and enhanced credit availability for MSMEs. Additionally, the focus on women’s empowerment—whether through expanded credit schemes for women entrepreneurs or enhanced participation in economic activities—demonstrates a commitment to inclusive growth. Finally, tax relief for the middle class ensures greater financial security for millions of Indians, boosting consumption and investment. This budget fuels economic momentum and propels India towards its vision of a Viksit Bharat by 2047.
Mahendra Kumar Jajoo, CIO Fixed Income at Mirae Asset Investment Managers (India): The budget is expected to provide a major boost to consumption with the massive reliefs on income tax front for the lower and middle class. At a time when the economic moment was slowing down and incremental capex was beginning to generate a declining multiplier factor on the margin, as was desired by most analysts, budget has delivered this mega booster for renewed consumption boost. Along with sustained capex, economy is expected to regain the lost momentum in quick time. Continuing to adhere to the guided fiscal consolidation path even while providing tax relief is another positive feature which should help improve India’s rating upgrade prospect. RBI is also likely to take note of the same and a progressively more accommodative monetary policy is to be expected in the near term.
Ravi Goel, CBO RapidShyp: The Union Budget 2025 is a significant step forward for India’s logistics sector, focusing on technology, infrastructure, and efficiency. The transformation of India Post into a next-generation logistics provider highlights the government’s commitment to modernizing last-mile delivery and strengthening the national supply chain. This initiative is going to enhance competition, foster innovation, and improve accessibility, particularly benefiting MSMEs and e-commerce businesses.
Besides, strategic investment in multimodal logistics parks, AI-driven supply chain management, and better infrastructure in terms of roads, warehousing, and connectivity will boost operational efficiency and reduce costs and sustain growth. At RapidShyp, we welcome these reforms and look forward to leveraging this evolving ecosystem to deliver faster, smarter, and more resilient logistics solutions.
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 prioritizing skilling and employment for the youth.
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, fueling consumption and driving economic activity. This, in turn, will create new opportunities for small businesses and digital financial services, strengthening urban economic resilience.
At BANKIT, we are aligned with these initiatives and proud to play a role in supporting self-help groups through the Grameen credit score. By expanding financial access and inclusion, we aim to empower underserved communities and contribute to a more financially resilient and growth-oriented urban landscape.
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.
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.
Praveen Jaipuriar, CEO, CCL Products (India) Ltd.: The Union Budget FY2025-2026 introduces a strong demand stimulus, particularly with personal income tax relief up to ₹12 lakh. This move will significantly boost disposable incomes, especially among young consumers, who are key drivers of India’s growing FMCG culture. The increased spending power is expected to benefit premium FMCG segments, including specialty coffee, and strengthen the out-of-home experiences in quick-service restaurants and cafés.
The government’s focus on agriculture through initiatives like the Agri Programme to support 1.7 crore farmers and the plan to cover 100 districts with low productivity is a welcome move. These measures have the potential to improve coffee cultivation in key regions, enhancing both yield and farmer incomes and boosting local coffee production.
However, while domestic consumption is set to rise, the budget misses an opportunity to enhance coffee exports. For coffee exporters like us, measures to support global competitiveness, such as incentives for value-added coffee exports and easing trade barriers would have provided a dual advantage of strengthening domestic production and positioning Indian coffee more aggressively in international markets. Overall, the budget’s focus on demand generation and agriculture is encouraging, but a more holistic approach, including export-oriented reforms, would have further fuelled the growth of India’s coffee industry.
Shriti Malhotra, Executive Chairman, Quest Retail – The Body Shop: The increase in the income tax exemption limit to ₹12 lakh is a decisive step toward boosting urban consumption, allowing middle-class households greater financial flexibility and spending power. Additionally Atal Tinkering Labs and the expansion of skilling programs will empower the workforce of tomorrow, while the inclusion of gig workers in social security schemes provides much-needed recognition and stability for this crucial segment of the new-age economy. However, to truly unlock the full potential of India’s dynamic retail sector, we look forward to a structured National Retail Policy that streamlines compliance, supports omnichannel growth, and fosters sustainable employment opportunities.
Suvendu Sahu, Group CFO & CTO, Quest Retail – The Body Shop: The Union Budget 2025-26 takes notable steps toward strengthening consumer spending and ease of doing business, but it is little short on Government spending which is critical for urban/rural consumption and GDP growth. The rationalizing of tax structures, especially in Custom Tariff and limitations on cess and surcharge not only simplify trade but also reinforce India’s position as a global manufacturing hub under “Make in India”. At the same time simplification of TDS and TCS provision will significantly reduce compliance burdens for companies while fostering transparency and trust in the tax framework. This is particularly relevant for industries like beauty and personal care, where a stable, consistent and moderate tax environment can accelerate domestic production, investment, and job creation. By ensuring regulatory efficiency and a conducive environment for businesses, these reforms will strengthen India’s competitiveness in the global market.
Trideep Bhattacharya, President & CIO-Equities, Edelweiss MF: A prudent and well-calibrated budget that maintains fiscal discipline while ensuring the deficit remains in check, all the while pivoting towards a consumption-driven economy. At the same time, it steadfastly upholds the momentum of manufacturing-led growth, fostering robust industrial expansion and job creation.
Vinit Sambre, Head – Equities, DSP Mutual Fund: The budget has shifted the focus from relying primarily on government investment as the key driver of growth to a more balanced approach that promotes consumption and private sector investment. While the government’s planned capital expenditure is moderate, which may seem concerning at first glance, maintaining focus on execution should yield positive outcomes.
Various measures aimed at improving the ease of doing business—such as simplifying regulations and promoting the “Make in India” initiative—should eventually stimulate private investment. Additionally, putting more money into the hands of individuals through tax savings is expected to benefit consumer-oriented businesses.
Achieving these objectives while maintaining fiscal prudence is commendable. The government has adhered to its fiscal consolidation path, which should help keep interest rates stable and conducive to economic growth.
Siddharth Bhamre Head of Research- Asit C Mehta Investment Interrmediates Ltd: The highlight and headlines for this budget definitely will be the tax benefits to the middle class. This will certainly boost by consumption which augurs well for sectors like FMCG, Paints, Auto, etc. However, one should look beyond these measures to see the big picture.
This budget gives a glimpse of nation-building. The way FM has structured and presented this budget is out of the economics textbooks. The focus is not just on giving immediate reliefs but also on providing skill set, platform and capital for sustainable growth. It’s like “Give a man a fish, and you will feed him for a day; teach a man how to fish and you feed him for a lifetime”. In short, Aatmanirbhar
Focus on sectors like agriculture, power, labor-intensive industries, and capital availability for MSMEs was much needed. Also, attention towards urban development has come at a time when urban growth has been slowing down.
This budget is providing immediate relief to tax payers to boost consumption and at the same time taking steps to achieve long term goals by host of reforms which may not appear big-ticket but will create a momentum that may thrive on its own over a period of time.
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.
Kishan Jain, Director at Goldmedal Electricals: We strongly support the government’s renewed focus on manufacturing through the National Manufacturing Mission. Strengthening domestic capacities, integrating with global supply chains, and fostering Industry 4.0 will advance the ‘Make in India’ vision. Support for the domestic electronics industry and proposed tax changes will enhance ease of doing business. Higher tax exemptions will put more money in consumers’ hands, driving demand and growth. The budget’s transformative reforms, especially in power and regulatory frameworks, will boost competitiveness. This is a win for domestic production and a greener, self-reliant India, setting the foundation for a stronger future.
Summit Salunke, Vice Chairman, at Sumeet Group Enterprises: We are encouraged by the Union Budget’s strong focus on healthcare, particularly the initiative to establish day-care cancer centres in all district hospitals. We also applaud the commitment to medical tourism, which can position India as a global healthcare destination. The budget’s emphasis on strengthening manufacturing, especially support for MSMEs through increased investment and turnover limits, is vital. The focus on skilling, particularly in AI, is crucial for empowering youth and driving the ‘Make in India, Make for the World’ vision. Continued focus on innovation and infrastructure development through public-private partnerships is essential for a sustainable future. This budget lays a solid foundation for a ‘Viksit Bharat’ with zero poverty, quality education, and comprehensive healthcare. The government’s decade-long commitment to ‘Ease of Doing Business’ and a modern, flexible regulatory framework are also crucial for continued progress.
Karthik Kondepudi – Partner – 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.
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.
Ritesh Goenka, Managing Director of Damson Technologies: Finance Minister Nirmala Sitharaman’s announcement of the National Manufacturing Mission in the 2025 Union Budget is a commendable step towards strengthening India’s manufacturing sector. By providing policy support and a structured framework, this mission is poised to enhance domestic production and self-reliance, aligning seamlessly with our objectives at Damson Technologies.
The emphasis on Micro, Small, and Medium Enterprises (MSMEs) as pivotal growth engines, responsible for 45% of India’s exports, is particularly encouraging. The introduction of customized credit cards for micro-enterprises and the enhancement of classification limits for MSMEs will undoubtedly facilitate greater financial inclusion and operational expansion.
Damson Technologies is a leading OEM and manufacturer of computer peripherals, accessories, and lifestyle products. Our flagship brand, JUST CORSECA, embodies innovation and quality. With a ₹200 crore investment, our state-of-the-art Ahmedabad facility produces high-quality audio systems and smart accessories, reducing import dependence and meeting domestic demand.
The government’s focus on clean technology manufacturing and attracting investments across various sectors resonates with our vision of integrating advanced innovations, including AI-powered products and app-based controls, into our offerings.
We are optimistic that these budgetary measures will nurture a more robust manufacturing ecosystem, enabling companies like ours to thrive and contribute significantly to India’s economic growth and global competitiveness.
Ravi Goel, CBO RapidShyp: The Union Budget 2025 is a significant step forward for India’s logistics sector, focusing on technology, infrastructure, and efficiency. The transformation of India Post into a next-generation logistics provider highlights the government’s commitment to modernizing last-mile delivery and strengthening the national supply chain. This initiative is going to enhance competition, foster innovation, and improve accessibility, particularly benefiting MSMEs and e-commerce businesses.
Besides, strategic investment in multimodal logistics parks, AI-driven supply chain management, and better infrastructure in terms of roads, warehousing, and connectivity will boost operational efficiency and reduce costs and sustain growth. At Rapidshyp, we welcome these reforms and look forward to leveraging this evolving ecosystem to deliver faster, smarter, and more resilient logistics solutions.
Sonica Aron, Founder and CEO Marching Sheep: The Union Budget 2025-26 portrays a people forward approach, especially with zero income tax up to ₹12 lakh whereby financial stress is reduced significantly, and disposable income is increased. This overdue tax reform is a big sigh of relief for salaried professionals. Also, the five national skilling centres with global expertise blend well with the future world of work, enabling the Indian workforce to cater for AI, ML, and renewable energy sectors. This would strengthen Make for India, Make for the World, in turn strengthening global competitiveness. The budget seems forward-looking, increasing financial independence of individuals and businesses is definitely key to sustaining economic growth.
Praneet Mungali – Educationist and Trustee, Sanskriti Group of Schools: It is a welcome move to see the focus on innovation via more Atal Tinkering labs and additional infrastructure for STEM learning especially for AI. We are at the dawn of the AI epoch and the only way for our country to become a developed nation is to stay in lockstep with the new technologies whether it is AI or quantum computing. This budget has made some important contributions towards that goal by encouraging innovation and increasing the outlay for capacity building in these vital areas”
Dr. Sujit Paul, Group CEO Zota Healthcare Ltd: Healthcare is marked as a priority in Union Budget 2025-26, with some major reforms coming in cancer-care, generics, and medical education. Exemption from Basic Customs Duty for Patient Assistance Programs will bring down the cost of medicines significantly for thousands of patients. To this end, 37 new medicines and 13 new patient assistance programs have been included in the exemption list. The establishment of Daycare cancer centres across all district hospitals will ease the way towards accessible treatment. Strengthening medical education by adding 10,000 new medical seats this year adds up to a 75,000-seat increase in five years. This is a sure reflection of the present budget, showcasing the strong commitment to inclusive and affordable healthcare.”
Dr. Sameer Bhati, Director of Star Imaging and Path Lab Pvt. Ltd.: The Union Budget 2025-26 represents a significant milestone in the direction of accessible and affordable healthcare. The establishment of daycare cancer treatment centres in each district hospital, with 200 for FY 2025-26, will facilitate early diagnosis and treatment. Thirty-six life-saving drugs included in the exemption list for full customs duty and concessional rate of duty on bulk drugs will guarantee price affordability for the treatment of cancer and rare and chronic diseases. The strengthening of medical tourism under the ‘Heal in India’ initiative, in collaboration with private healthcare, will help make India a global healthcare destination. Thus, the budget takes a forward-looking view on public health, with accessibility, affordability, and innovation as the pillars.
Shruti Swaroop – Founder of Embrace Consulting.: The 2025 Budget of India will be a watershed in financial empowerment, announcing no income tax up to Rs. 12 lakh, giving overwhelming relief to millennials and reducing financial stress for millions. This progressive shift in tax slabs is a long-overdue alleviation that will enrich and relieve taxpayers from all walks of life across the country. Equally, the government’s articulation of ‘Make for India, Make for the World’, through the establishment of five national skilling centres with global expertise, is a game-changer in enhancing India’s global competitiveness and workforce potential. This budget marks a long-overdue forward-looking approach to skill development, economic growth, and fiscal relief.
Rohit Mahajan, Managing Partner & Founder plutosONE: The 2025 Budget is transformative for India’s startup ecosystem. A new Fund of Funds for the startups will be established with an added ₹10,000 crore, making for an awfully flattering financial commitment on the part of the Reserve Bank and mighty amounts of official means that have already been made. An inflow of finance enabled by this stage will further discharge the majority of innovation and scaling across the nation. The best part about all this is that it will facilitate up to 5 lakh first-time women, Scheduled Castes and Scheduled Tribes entrepreneurs, and it will be sowing the seeds of inclusivity and diversity into India’s startup world. The dreams of Indian entrepreneurship were now coupled with possibility.”
Mukesh Pandey, Director of Rupyaa Paisa: MSMEs are strengthened by the Union Budget 2025-26 through major tax and credit reforms, which also induce growth and employment creation. The increased MSME credit guarantee from ₹5 crore to ₹10 crore is expected to generate another ₹1.5 lakh crore in credit over five years. Investment and turnover limits for MSME classification have also doubled, thus enlarging the benefits. With MSMEs providing 45% of exports with 75 million workers, the introduction of customized credit cards and the extension of the Fund of Funds would enhance capital accessibility and solidify India’s stance as a global manufacturing powerhouse.
Saily Lad- CEO & Founder of Volksara Techno Solutions, on the Union Budget 2025-26: The Union Budget 2025, introduces pivotal reforms that promise to accelerate growth in sectors critical to India’s development. The enhanced investment and turnover thresholds for MSMEs and startups will empower businesses to scale operations and drive innovation. Notably, the substantial allocation for smart city initiatives underscores the government’s commitment to urban transformation. This focus aligns seamlessly with our mission at Volksara Techno Solutions, where we specialize in integrating advanced technologies into urban infrastructure to create safer, more efficient, and sustainable cities. Additionally, increased funding for healthcare and education technology will enable us to further our efforts in delivering cutting-edge solutions that enhance public services and quality of life. These strategic investments not only bolster the technology sector but also pave the way for a more connected and prosperous India.”
Sanjay Dighe, CEO & Whole-time Director of Krystal Integrated Services Ltd, on the Union Budget 2025-26: The Union Budget 2025-26 promotes infrastructure growth, urban development, and skill enhancement. These have been the growth drivers for the facility management sector. The push on PPP projects and tier-2 city growth offers new avenues for public-private collaboration and economic growth.
The ₹1.5 trillion interest-free loans and ₹1 trillion Urban Challenge Fund will accelerate infrastructure development, boosting demand for facility management services. The establishment of five national skilling centers will strengthen the talent pool, essential for high-quality services.
We’re excited to contribute to India’s evolving infrastructure and help shape a future-ready urban ecosystem.
Sumit Bhatia, co-founder, Aksum Trademark Pvt. Ltd.: The Government’s decision to increase investment and turnover limits for MSMEs by 2.5x and 2x, respectively, is a welcome move that will enable businesses to scale, innovate, and attract investments. Additionally, the enhanced credit guarantee cover under CGTMSE will provide easier access to formal credit, helping MSMEs grow and modernize.
At Aksum , we believe these reforms will strengthen India’s MSME sector, boost job creation, and drive economic growth. We look forward to leveraging these benefits to expand and innovate.
Sachidanand Upadhyay, MD, Lord’s Mark Industries Limited: The National Manufacturing Mission announced in the Union Budget 2025 is a significant step towards bolstering India’s clean tech manufacturing ecosystem. By enhancing domestic production of EV batteries, solar PV modules, wind turbines, and grid-scale batteries, this initiative will reduce dependency on imports and strengthen India’s position in the global renewable energy supply chain. The move complements the existing PLI schemes and will encourage backward integration, enabling Indian manufacturers to scale up operations efficiently. At the Renewable Energy arm of Lord’s Mark Industries, we are committed to leveraging these policy-driven opportunities to accelerate innovation, localize clean energy solutions, and contribute to India’s transition towards a sustainable and self-reliant future. Aligning with India’s commitment to achieving net-zero emissions by 2070, Lord’s Mark Industries is contributing significantly to this vision, recently securing a project to set up 300 MW of grid-connected rooftop solar projects in Uttar Pradesh.
Anjali Bansal, Founding Partner, Avaana Capital: We welcome the support for sustainable agriculture. This will help in securing India’s food supply, agri supply chains, and agri-linked livelihood as we continue to progress towards an inclusive and sustainable Viksit Bharat.
Praneet Mungali – Educationist and Trustee, Sanskriti Group of Schools: It is a welcome move to see the focus on innovation via more Atal Tinkering labs and additional infrastructure for STEM learning especially for AI. We are at the dawn of the AI epoch and the only way for our country to become a developed nation is to stay in lockstep with the new technologies whether it is AI or quantum computing. This budget has made some important contributions towards that goal by encouraging innovation and increasing the outlay for capacity building in these vital areas.
Anjali Bansal, Founding Partner of Avaana Capital: The Union Budget 2025 marks a groundbreaking and very positive moment for India’s startup ecosystem and core technology innovation. The measures announced to enhance financing across sectors, including agriculture, deep tech, and manufacturing, will play a crucial role in shaping a sustainable and future-ready India.
The dedicated focus on sustainable agriculture will secure India’s food supply, strengthen agri-linked livelihood, and enhance supply chains.
The strong push for the manufacturing sector, particularly in clean-tech manufacturing, will not only fuel the ‘Make in India’ initiative but will also position India as a global leader in future ready manufacturing.
The focus on new energy PV, EV infrastructure, grid scale battery solutions and nuclear positions India very well on long term energy security.
The launch of a Deep Tech Fund of Funds is a strategic move to bolster innovation and attract investments in cutting-edge technology. We also welcome the extension and additional investment of ₹10,000 crore into the Fund of Funds for Startups.
These substantial measures, coupled with the extension of the startup period by an additional 5 years, provide much-needed momentum to Indian startups, aligning with the nation’s priorities for the golden period of Viksit Bharat. This is a budget that supports the vision for a dynamic, innovation-driven India.
Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank: The Union Budget has struck the right chord balancing the fiscal prudence with supporting the slowdown in private demand. The re-emphasis on fiscal consolidation roadmap over the next few years too remains comforting for the markets.
