Anish Bafna, CEO & MD, Healthium Medtech
As India Inc. gears up for the Union Budget 2025-26, the medical device sector anticipates inclusive reforms to spur growth and address the roadmap for India’s evolving healthcare needs. With India progressing towards Viksit Bharat 2047, it is critical for the government to catalyse and improve our healthcare spends as a direct percentage of the nation’s GDP. This would increase the demand and per capita consumption of medical devices, allowing the ecosystem to develop further. Providing preferential treatment in public procurement to domestic players and also the beneficiaries of PLI and PRIP schemes, will go a long way towards strengthening the domestic R&D ecosystem & boost manufacturing, thus, moving up the value-chain.
The industry echoes a shared sentiment for the imminent need to streamline the existing regulatory framework through a one regulator approach, move away from the multiplicity of the processes and improve operational efficiency. Domestic manufacturers will continue to seek an increase in duty incentives up to 5% under the current RoDTEP (Remission of Duties and Taxes on Exported Products) scheme. The sector seeks a promising financial outlay to encourage manufacturing, continue upskilling of HCPs and improve patient outcomes.
"In the last Union Budget, the government allocated Rs 11.1 lakh crore towards infrastructure development, significantly driving growth in the sector. To build on this momentum, we expect a further 30% increase in infrastructure spending to Rs 18 lakh crore in the upcoming budget. This boost would be pivotal in moving closer to the World Bank's projection of requiring $840 billion—approximately $55 billion annually—over the next 15 years to meet the demands of India's rapidly expanding urban population.
The previous budget placed a commendable emphasis on sustainable urban development, with significant initiatives such as sewage waste management and treatment projects in over 100 cities. We urge the government to continue focusing on the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), which plays a critical role in improving the quality of life for the underprivileged by providing essential civic amenities like water supply, sewerage, and urban transport. The Rs 8,000 crore outlay in the last budget was a step in the right direction, and we hope to see enhanced allocations this year.
Additionally, partnerships that drive sustainable infrastructure projects must be explored, along with incentives for the use of eco-friendly construction materials such as steel slag and recycled plastic waste for road development. Building on previous initiatives like the Rs 1.5 lakh crore interest-free loans to states for infrastructure expansion and the Phase IV launch of PMGSY to provide all-weather connectivity to 25,000 rural habitations.
We also propose the introduction of a sustainability rating framework to assess infrastructure projects on their long-term environmental impact and viability. Such a rating system would not only ensure sustainable development but also highlight areas of improvement for project optimization. A continued focus on holistic urban development schemes and the Smart Cities Mission will be crucial in shaping India's infrastructural landscape for a sustainable and inclusive future."
- Mr. Y. R. Nagaraja, Managing Director of Ramky Infrastructure Ltd.
“The future of India's flex space industry lies in a synergistic partnership between the government and the private sector. The government can play a pivotal role by introducing policy frameworks that encourage innovation -such as tax incentives, streamlined regulatory approvals, and interest subvention schemes to ease capital access for operators. Integrating flex spaces into urban development projects, like smart cities, IT parks and transport hubs, will further bolster growth and establish them as a vital component of India's economic infrastructure. At the same time, the private sector must rise to the challenge by delivering world-class, technology driven workspace solutions that cater to the evolving needs of businesses and professionals. Investments in sustainable practices, digital infrastructure like 5G and enhanced customer experiences will ensure long term viability and competitiveness. When the public and private sectors collaborate with a shared vision, we can create an ecosystem that not only supports India's economic ambitions but also redefines how businesses operate in the modern era.” By Anshu Sarin, CEO, 91Springboard.
Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange said, "As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025, we at BuyUcoin hope to see big steps forward for India's Web3 industry. The cryptocurrency sector has faced numerous challenges, particularly due to the high taxation imposed since 2022. We think the government will recognize the need for a more favorable regulatory environment, which includes lowering the current 1% TDS and 30% capital gains tax on virtual digital assets (VDAs) to levels that help the industry grow and come up with new ideas.
For 2025, we'd like to see policies that not only get people to invest but also bring talented folks back to India, helping Web3 startups thrive. The government can make the most of blockchain technology and decentralized finance by setting clear guidelines and changing tax rules. We believe that if the upcoming budget includes helpful measures, India can become a world leader in Web 3. This is an opportunity for the government to solidify its commitment to building a strong digital economy that benefits all stakeholders involved.
Anish Jain, Founder, W Chain said, The upcoming Union Budget presents a critical opportunity to foster innovation and growth within India's burgeoning Web3 sector. We expect the government to consider several key measures, including:
Clearer regulatory framework: A well-defined regulatory framework that encourages responsible innovation and fosters a conducive environment for Web3 businesses to thrive.
Tax incentives for R&D: Incentives for research and development in blockchain technology can drive innovation and attract talent to the sector.
Focus on skill development: Initiatives to upskill the workforce in blockchain and Web3 technologies are crucial for India to become a global leader in this space.
Support for Web3 infrastructure: Supporting the development of robust and scalable blockchain infrastructure, including high-speed internet connectivity and access to affordable cloud computing resources.
We believe that a supportive regulatory environment and targeted policy measures can unlock the immense potential of Web3 technologies and position India as a global hub for blockchain innovation.
Specifically for W Chain, we expect the government to recognize the potential of blockchain-powered payment solutions in driving financial inclusion and boosting economic growth. We look forward to contributing to India's journey towards becoming a global leader in the Web3 revolution.
Gracy Chen, CEO at Bitget said, India's stance on crypto regulation is being followed by nations worldwide. It is vital for the global crypto ecosystem's growth and for the country's dominance into becoming a financial and business hub. A balanced approach in the 2025 budget could provide immense potential for innovation and financial inclusion for crypto. Reducing the currently implied heavy taxations on digital assets can increase mass adoption and transparency for crypto. At Bitget, we see India as a key market for crypto growth, and regulatory clarity can help build an environment for secure and inclusive financial solutions around crypto. Collaboration between policymakers and industry leaders will be essential to ensure this sector thrives responsibly.
Mr. Jyoti Malhotra, Managing Director, Volvo Car India said, "The Union Budget 2025-26 arrives at a critical juncture for the Indian economy, grappling with global uncertainties and a slowdown in consumer demand. While the automobile sector witnessed a moderate 5% growth last year, building upon a strong base, the industry anticipates further growth momentum. Looking ahead, we hope the Budget will prioritize measures to boost consumer spending, accelerate EV adoption through incentives and infrastructure development and invest in skill development programs to address the evolving needs of the sector. Furthermore, continued policy stability and a focus on sustainable growth will be crucial for the Indian automobile sector to navigate the current economic landscape and contribute significantly to the nation's economic progress.”
Industry Leaders Share Expectations for Union Budget 2025-26
As the Union Budget 2025-26 approaches, leaders from various sectors express their hopes for key policy changes and financial allocations that can drive growth and innovation.
Praveen Singh, CEO, Aasoka (MBD Group)
Aasoka is an integrated blended learning solution that delivers a research-based customized curriculum for K-12 students.
“With the upcoming Union Budget, we hope for a significant increase in the budgetary allocation for education and skill development—ideally reaching 6% of GDP in alignment with the ambitions of NEP 2020. This investment is crucial for enhancing public-private partnerships, expanding skilling initiatives, and creating sustainable employment opportunities, contributing to both individual empowerment and national economic growth.
Achieving ambitious Gross Enrollment Ratio (GER) targets in higher education requires leveraging technology and online learning to ensure millions of students have access to quality education. However, this can only be realized if policies prioritize accessibility and consistent improvements in learning outcomes.
Many educational institutions continue to struggle with outdated infrastructure and limited technological resources, such as inadequate computer labs and unreliable internet access. Addressing these gaps—while equipping students and faculty with the right tools and training—is vital in preparing future generations for a tech-driven job market. A clear policy roadmap is needed to ensure that critical learning skills are effectively delivered from primary to higher education, empowering students to thrive in a rapidly evolving world.”
Aarul Malaviya, Founder, Zamit
Zamit is an AI-driven ed-tech platform for school students and teachers.
“As we look forward to Budget 2025, we hope to see policies that prioritize digital infrastructure, skill development, and inclusive learning. Increased budget allocations for technology integration in schools, tax incentives for EdTech platforms, and support for teacher training initiatives can drive innovation and accessibility.
With a growing emphasis on future-ready skills, we anticipate measures that strengthen collaboration between industry and academia. Such initiatives will enable India to nurture a workforce that is well-equipped for the challenges of tomorrow.”
Amit Shukla, General Manager - Head of Indian Operations, Alma Medical Private Limited
“The aesthetics industry in India is growing rapidly, thanks to various government initiatives. With the right policy support, this sector can expand even further.
For the 2025 Union Budget, we hope to see measures that boost the aesthetics industry while making advanced treatments more accessible. Supporting research and development should be a key priority—establishing research hubs or providing funding for innovation can lead to safer and more affordable treatments tailored to Indian consumers.
While the Make in India initiative has encouraged local production, reducing import duties on raw materials unavailable domestically could lower manufacturing costs and improve quality. Additionally, simplifying regulations for adopting new technologies—such as faster approvals and clearer guidelines—would allow clinics to integrate advanced solutions more efficiently, benefiting patients with the latest developments.
Tax benefits for businesses in this sector, particularly those expanding into smaller cities, could help bridge the accessibility gap for advanced procedures beyond metropolitan areas. Similarly, lowering GST on equipment used in aesthetic treatments would reduce costs, making these procedures more affordable for both providers and consumers.
Another critical area is training. Aesthetic procedures require skilled professionals who can operate modern equipment and deliver safe, reliable results. Government programs to train and certify professionals in this field would help meet the growing demand.
By taking these steps, the government can strengthen the aesthetics industry, improve accessibility, and position India as a global leader in advanced treatments.”
PRE BUDGET QUOTE: Vinesh Menon, Director General & CEO, ARISE
Education is the cornerstone of progress, and it is imperative that our financial policies align with the aspirations of students and families seeking quality education. The current provisions under Section 80E, while beneficial in the past, must evolve to address the challenges of rising education costs and high-interest loans.
The government should explore measures to bring down interest rates on education loans to single digits, ideally below 6%, ensuring affordability for families from lower-income groups. Education loans should also receive parity with home loans, allowing deductions on interest payments for the entire loan tenure, rather than capping the benefit at eight years.
Additionally, it is critical to introduce targeted programs, such as scholarship initiatives linked to school performance or a Direct Benefit Transfer (DBT) model, to support students from economically weaker sections. Such initiatives will empower talented individuals to pursue higher education without financial constraints.
Lastly, investing in the development of world-class institutions within India will reduce the dependency on foreign universities, stemming the outflow of talent and capital, while fostering a robust education ecosystem domestically. These steps can ensure that education remains accessible, equitable, and a tool for societal upliftment.
Aditya Dadia, Founder, Alwrite said, The insurance industry in India has experienced significant growth in recent years and I am hopeful that the upcoming budget will include measures to further promote financial inclusion and security. I want to see a progressive budget and introduction of policies in the Union budget 2025-26 to promote insurance penetration across the corporate and social sectors.
In particular, I expect the government to reduce GST on insurance premiums especially health, accident and life insurance. Increasing the deduction will encourage individuals to invest in the insurance policies, thereby strengthening the industry and alleviating financial pressures on policyholders.
Overall, the Union Budget 2025 is anticipated to introduce reforms designed to foster the growth and accessibility of India's insurance sector.
Ms. Preeti Bajaj, MD & CEO, Luminous Power Technologies said,“The Union Budget 2025 presents a pivotal opportunity to accelerate India's transition to solar energy. As the demand for clean energy rises, we expect the government to introduce enhanced financing schemes, such as subsidies, low-interest loans, and tax incentives, to make solar installations more affordable for households and businesses. Expanding initiatives like the Pradhan Mantri Suryoday Yojana will further drive solar adoption and create new employment opportunities. Additionally, supporting MSMEs with tax breaks, grants, and funding for R&D will foster innovation and reduce costs in the solar sector. Finally, investing in skill development programs for women and youth will help bridge the gender gap and create a skilled workforce to meet the demands of India’s growing solar market. Together, these measures can propel India toward a sustainable, solar-powered future, driving both economic growth and environmental stewardship.”
Mr. Alekh Yadav, Head of Investment Products at Sanctum Wealth:-
We anticipate this budget will largely mirror previous ones, with few significant changes expected. The government is likely to maintain its focus on fiscal consolidation, as seen in prior budgets. While capital expenditure will remain a priority, we foresee limited potential for substantial growth in this area. The government has also emphasized tax rationalisation, with notable changes to capital gains tax last year. We expect only minor adjustments this time around, rather than any major shifts. Additionally, there may be measures aimed at boosting consumption.
Rati Misra, Executive Director, Milaan Foundation said, "In the last budget, only 2.28% of last year of the total allocation of the Union Budget 2024-25, highlighting a persistent trend that is both disappointing and discouraging. This allocation falls short of addressing the critical needs of India's younger population. With 253 million adolescents in the country, including 120 million girls, it is imperative to prioritize and strengthen their foundation to ensure a brighter future.
This requires substantial and targeted financial investments across key areas such as health, education, skill development, workforce participation, infrastructure and safety. Such investments are not just expenditures but crucial enablers for unlocking the full potential of this demographic. Without these focused efforts, India risks missing the opportunity to fully harness its demographic dividend, which is expected to peak by 2041.
The window of opportunity is narrow and fleeting. Time is critical, and failing to act decisively and with the right kind of investments would mean losing out on a chance that may not reappear for generations."
Captain Nikunj Parashar, founder of Sagar Defence Engineering said, "As the Hon'ble Union Finance Minister Shri Nirmala Sitharaman Ji has highlighted that 2025 will be a pivotal year for significant policy measures aimed at driving India's economic growth, the year is being observed as the 'Year of Reforms,' reflecting the government's commitment to implementing reforms that can strengthen the economy and create sustainable growth. We anticipate a key focus on enhancing military modernization and boosting Aatmanirbharta (self-reliance) in defence, a critical area for national security. As the nation continues to invest in its defence sector, there is anticipation for increased allocations for innovation and research to support advanced technologies, fostering a robust defense manufacturing ecosystem and new initiatives contributing to the sector. We look forward to the 2025 Budget aligning with the nation's goals of strengthening its defence capabilities while fostering economic growth and innovation."
Sushant Roy, Co-founder COO, and CBO at Alyve Health said, As the Union Budget 2025 approaches, it is essential to spotlight the transformative role of comprehensive health plans in promoting proactive healthcare. These plans are reshaping health behavior by encouraging regular check-ups, personalized assessments, and sustainable habit-building activities.
To accelerate this shift, we recommend the government focus on:
Strengthening Digital Health Infrastructure: Ensuring access to personalized health plans and data-driven insights for better adherence and outcomes.
Standardizing Annual Health Assessments: Promoting early detection and preventive care as a national priority.
Expanding Access to Underserved Regions: Leveraging technology to bridge healthcare disparities.
Improving Access to Immediate Expert Consultation and Health Education: Empowering individuals with timely advice and the knowledge needed to make informed health decisions.
By prioritizing these areas, the Union Budget 2025 has the potential to foster a proactive healthcare ecosystem, reduce long-term healthcare costs, and create a healthier, more productive workforce. This approach aligns with building a resilient healthcare framework that ensures better outcomes for all Indian citizens.