Veefin Group - Raja Debnath, Chairman & Co-Founder
"The upcoming Union Budget presents a pivotal opportunity to address structural inefficiencies in working capital cycles for MSMEs. Today, over 80% of small businesses face cash flow challenges due to delayed receivables and limited access to formal credit. While initiatives like TReDS and GST reforms have improved transparency, we need sharper incentives for digital adoption among lenders and corporates. Policies that encourage deep-tier financing and integration of alternative credit data into underwriting frameworks can significantly bridge the $530 billion MSME credit gap. A targeted push towards tech-led digital lending for FIs here would not just unlock liquidity but also catalyze India's vision of a $5 trillion economy."
Playbook Partners - Dushyant Singh, Managing Director
"The budget has little direct impact on most tech and tech-enabled businesses; having said that, a growth-oriented budget that puts money in the hands of consumers and stimulates manufacturing and exports is what entrepreneurs and investors alike are looking for."
"Domestic institutions, such as insurers and pensions, manage over $1 trillion in assets, but unlike their global peers, have almost no exposure to private equity or venture investing. Any steps by the government to encourage greater flow of domestic institutional capital into this asset class would be a game changer for the investment and entrepreneurship ecosystem."
Celcius Logistics - Swarup Bose, Founder & CEO
"We are optimistic that the Union Budget will prioritize the development of cold chain infrastructure and the integration of advanced technologies within the logistics sector. India's cold chain industry, valued at approximately USD 35 billion, is vital for ensuring the quality of perishable goods. The sector is set to experience transformative growth, with projections indicating it will reach USD 50 billion by 2027. To sustain and accelerate this growth, we recommend the following measures:
- Capital support for tech adoption: The substantial investment required for digital adoption in the cold supply chain sector remains a significant challenge. Provisions for foreign direct investment (FDI) and capital support would facilitate the integration of advanced technologies, empowering stakeholders to embrace smart solutions.
- Tax incentives and subsidies for critical cold storage: Temperature-controlled warehousing is both capital-intensive and crucial. Subsidies tailored to the unique needs of sectors such as fresh foods, dairy, meat, processed foods, and pharmaceuticals would enhance access to efficient cold storage solutions.
- Public-Private Partnerships (PPPs) for Agricultural Cold Supply Chains: With India's food loss amounting to about Rs. 1.53 trillion ($18.5 billion) annually, fostering PPPs can provide farmers with access to effective cold chain infrastructure, improving food distribution and reducing wastage.
By addressing these areas, the government can significantly enhance the efficiency of the cold supply chain, reduce post-harvest losses, and improve food security, contributing to a more robust and sustainable logistics ecosystem in India."
Dr Lakshmi Mohan is Pro Vice Chancellor of ITM Skills University and Director of ITM Business School, Navi Mumbai
Speaking On Expectations of Education Sector Dr Lakshmi Mohan is Pro Vice Chancellor of ITM Skills University and Director of ITM Business School, Navi Mumbai says As we look ahead to the upcoming budget, we are hopeful for increased support in areas that will help strengthen our education system, such as research, innovation, and skill development. By focusing on building stronger connections between industry and academics, our students will have more chances to gain practical experience and improve their job prospects. We also expect investments in better infrastructure and sustainability, helping us create a modern, eco-friendly campus. These efforts will enhance the quality of education at ITM and prepare our students to succeed in emerging fields, contributing to India's growth in the global economy.
Er. Koneru Satyanrayana, Chancellor, KL Deemed to Be University
Speaking On Expectations of Education Sector Er. Koneru Satyanrayana, Chancellor, KL Deemed to Be University says"The expectations from Budget 2025 for higher education focus on major improvements. There is a strong push to strengthen the National Education Policy (NEP) 2020, with more funding for curriculum updates, faculty training, and promoting the Indian Knowledge System. Increasing partnerships between colleges and industries is a priority, helping students gain skills needed in the job market. The budget should also increase financial aid and use technology to ensure fair access to education for all, especially in rural areas. More investments in infrastructure, including more seats and better facilities, will help achieve the target of increasing the Gross Enrolment Ratio (GER). The budget is expected to focus on hiring more teachers, supporting global partnerships, and improving India's position in international education."
Bhavesh Kothari, Founder and CEO, Property First
With the Union Budget 2025 drawing closer, India's realty sector looks for a more inclusive and growth-focused stance from the government. The emphasis on infrastructure by the government in previous budgets has been a commendable step; however, this year, we expect a more targeted approach toward easing the financial burden on homeowners and developers alike.
One key area of concern is the absence of tax relief and reforms to address the needs of home loan borrowers. We believe that offering greater tax benefits under the old tax regime would significantly ease the burden on homebuyers.
Another critical aspect that needs to be addressed is the long-standing call for the sector to be recognised as an industry. If approved, this would significantly improve access to funding, besides helping developers manage project costs more effectively and deliver projects on time. This will ultimately reduce housing prices for buyers. Additionally, rationalising GST rates and reinstatement of input tax credits (ITC) would simplify taxation and make housing more affordable for buyers.
For the realty sector to thrive, policies that enhance liquidity and encourage private and foreign investments are crucial. A focused and balanced approach to these areas will help strengthen the housing market besides making it accessible, sustainable, and a catalyst for national growth.
Mr Sunil Pareek, Executive Director, Assetz Property Group
India's real estate sector has played a vital role in laying the foundation for the country's economic development. The long-term demands of this sector must be addressed to unlock its next phase of growth. Some of these demands include granting industry status to the sector, implementing a single-window approval system, and providing input tax credits to developers. The real estate sector is also playing a crucial role in supporting India's commitment to Net Zero by 2070 by promoting sustainability. Policymakers should incentivize developers who are creating environmentally conscious projects, which will also increase the adoption of emerging technologies and innovative construction techniques. The real estate sector is poised to reach $1 trillion in market value by 2030, and with the right support, it can achieve this ambitious target.
Jasmeet Singh Chhabra, Co- Founder, Crimson Schools
The school education sector is witnessing a growing need for modern infrastructure, which can be addressed through supportive policies and regulatory measures. With over 4 billion sq. ft. of additional educational space required by 2034-35, Budget 2025 must urgently address these issues through targeted reforms and investments. One key expectation is a shift to lease-based models for school infrastructure. Such models can reduce the capital-intensive nature of setting up new schools and free up resources to enhance teaching quality and student engagement. Policies encouraging this approach will enable schools to expand faster and more efficiently. Another pressing issue is the 18% GST on affiliation and accreditation services, which significantly strains institutions. Reducing this tax rate would provide relief and allow schools to allocate more funds toward improving physical and digital infrastructure. Sustainability, too, must take center stage. Educational institutions are increasingly adopting green and eco-friendly practices, aligning with global standards. Incentivizing these efforts through tax breaks and subsidies will encourage schools to embrace sustainability and contribute to long-term cost savings and environmental resilience.
Health and Pharma Quotes:
Mr Vishal Goel, Managing Director, RX Propellant
"Budget 2025 offers a critical opportunity to position India as a global leader in life sciences, especially given geopolitical shifts and the need to compete with established players like China. To achieve this, the budget must prioritize strategic investments and targeted support. This includes significantly increasing government funding for research and development through measures like extending tax benefits to CROs and R&D firms through modification of 115BAB, reintroducing weighted R&D deductions under 35(2AB), and implementing a 200% deduction on R&D expenditures, alongside streamlined tax appeal processes. Furthermore, investing in shared, high-quality infrastructure within established research ecosystems, elevating NIPERs to IIT standards, and providing direct funding for promising drug candidates are crucial for fostering innovation. Increasing healthcare spending to align with global averages and rationalizing customs duties on essential therapies and equipment will further enhance access and affordability.
While Promotion of Research and Innovation in the Pharmaceutical and Medical Technology Sector (PRIP) scheme which encourages established pharma companies to engage in collaborative research with the NIPERs and avail their research infrastructure is a good start, mere financial support and institutional collaboration through NIPERS may not be enough. Other incentives such as creating an ecosystem for protecting and monetizing Intellectual Property rights (IPR), partnerships with internationally recognized facilities for clinical trials, are also essential to attract large pharmaceuticals and medical technology companies. These measures, coupled with regulatory streamlining and robust implementation of the National Pharmaceuticals Policy, 2023, are essential for strengthening India's innovation ecosystem, solidifying its role as the 'pharmacy of the world,' and achieving the goal of a $130 billion pharma market by 2030."
Education Quotes:
Spokesperson: Mr. Vishal Goel, Co- Founder, Crimson schools
This time, the stakeholders in the school education sector are expecting increased allocations and policy measures to address critical gaps and strengthen foundational learning. While education spending nearly doubled to ₹1.21 lakh crore between 2014-15 and 2024-25, its share as a percentage of GDP remains at 3.5%, far below the 6% goal set by the Kothari Commission.School education spending has grown at a slower pace compared to higher education. Post-COVID, school education spending saw a modest acceleration to 8.4% CAGR. We are anticipating that this trend must be sustained and expanded, with targeted allocations for improving access to digital learning tools, teacher training, and resources.
Financial aid schemes like PM Vidyalaxmi are decisive in enhancing Gross Enrolment Ratios (GER) and reducing dropout rates. Increased funding for these initiatives and simplified compliance processes for schools to access grants and donations could significantly improve educational outcomes.
A major concern for schools is the 18% GST on affiliation and accreditation services, which adds financial strain and limits resources for core functions. A review of this policy will help alleviate costs for schools. Besides, dedicated funds for skill-based learning and micro-credential courses are needed to materialize Education 4.0 by leveraging technologies like AI and robotics. Strengthening public-private partnerships (PPP) to create robust digital infrastructure and bridge the skills gap in school education should also be considered. The Centre's focus on higher education, which now accounts for 40% of the education budget, must be complemented with increased investments in school education. Spending on research and innovation has surged, with IITs receiving 21.7% of higher education allocations in FY25. Similar attention to schools is necessary to ensure equitable progress across all educational levels.
Vineet Dhawan, CEO, Digital Convergence Technologies (DCT)
"The technology sector is optimistic about policies that will catalyze innovation, support growth, and strengthen India's position as a global tech hub. The rapid adoption of cloud migration, cybersecurity, and OTT video management solutions like our own dcafe' underscores the need for a robust digital infrastructure backed by forward-looking reforms.
We hope for enhanced incentives to accelerate digital transformation for businesses, support for Global Capability Centers (GCCs) to drive employment and innovation, and clear guidelines to strengthen data security frameworks. Simplified taxation structures for IT exports and R&D investments will further encourage companies to innovate and expand.
Additionally, a focus on skilling programs aligned with emerging technologies is critical to ensuring India remains future-ready. A collaborative approach between the government and industry will not only drive economic growth but also empower businesses to deliver secure, scalable, and innovative solutions on a global scale.
At DCT, we are committed to harnessing the potential of these advancements and look forward to a budget that aligns with India's aspirations for a digitally empowered future."
Quote By: Gaurav Burman, Managing Director, APAC Operations, 75F
Energy-efficient solutions along with the latest in IoT technologies can play a transformative role in urban environments, especially as the infrastructure industry drives progress in urban development and smart city initiatives.
As we await the Union Budget 2025, we seek increased government attention and support on green incentives and smart infrastructure projects, along with enhanced financial and policy support around energy-efficient technologies. Subsidies or tax breaks will be effective for adopting IoT-driven smart building solutions, such as those offered by 75F, which will not only reduce carbon footprints but will also make energy efficiency a more accessible option for both businesses and homes alike.
Additionally, programs aimed at upgrading existing infrastructure with modern, sustainable technologies could accelerate India's energy transition. Investments in skilling and innovation will further empower the industry to create unique solutions to address India's specific needs effectively.
At 75F, we focus on providing innovative smart IoT solutions that enable energy efficiency and align with India's vision for sustainable urban development. We are optimistic that the upcoming budget prioritizes these sectors, to build a resilient and energy-conscious India.
Mr. Anshul Jain, Chief Executive, India & SE Asia & APAC Tenant Representation, Cushman & Wakefield said, "The real estate industry had a great year and a policy nudge from the government can significantly boost this momentum. Some suggestions for consideration would be incentives for homebuyers such as higher deduction on home loan interest as this will help maintain strong demand trajectory. Adequate fiscal incentives to developers for construction of affordable housing projects and for green buildings. GST rationalization for SMEs operating in the construction sector, we again believe will help drive real estate growth. Also, having a national single window approval mechanism for the real estate sector would facilitate sustainable growth through timely clearances and permissions."
Naresh Tyagi, Chairman of the ICC National Expert Committee on Sustainability and Chief Sustainability Officer, Aditya Birla Fashion and Retail Limited.
" It goes without saying that builders and developers have a substantial role to play in the construction of green housing projects. Budget 2025 is likely to introduce incentives specifically tailored to encourage their involvement in such projects. Possible measures could include tax credits for appropriate use of renewable energy sources, rebates for integrating sustainable building practices, as well as fast-track approval of green building projects.The availability of green financing is crucial for driving sustainable development. While the government's initiative to develop a "taxonomy for climate finance" is commendable, its success hinges on the introduction of accessible financial products in the upcoming Budget. Measures such as lower interest rates for green projects, tax incentives, and subsidies for adopting sustainable building materials and energy-efficient systems can significantly encourage developers to invest in green technologies. "
Real Estate Sector
- Mr. Bhavesh Shah, Joint Managing Director, Today Global Developers
"The Union Budget 2025-26 is the annual opportunity to address key industry needs. For the real estate sector, this is about meeting expectations. We anticipate the government will take steps to push growth through improved budgetary allocations towards PMAY for rural and urban housing. To achieve the Housing for All target by 2030, a 10-15% increase in allocation would surpass last year's Rs 79,000 crore, providing a significant boost to the initiative. A thrust on urban regeneration initiatives is expected through policies dealing with improving the aging infrastructure of Tier 1 cities. Incentives for planned initiatives promoting vertical urbanisation could transform India's urban landscape, paving the way for sustained growth and development. These moves, coupled with the streamlining of single-window clearance systems should significantly reduce project costs and timelines. We also hope that, if raised, the interest deduction cap on home loans would provide instant relief to homebuyers besides spurring demand. Further digitisation of land records, too, can usher in transparency and investor confidence, something that this budget can touch upon."
- Mr. Parthh K Mehta, CMD- Paradigm Realty
We are hopeful of the upcoming budget including provisions that will benefit the domestic luxury real estate sector. Primary among these is increasing the tax benefit on home loan interest, which will encourage more buyers to invest in residential real estate. Reducing the input costs for essential construction materials, such as steel, cement and fuel, is essential – lowering the GST for these items will be a much-needed shot in the arm for the real estate sector. A single-window clearance system will eliminate the hassle of securing multiple permissions and approvals, facilitate timely achievement of important project milestones, and encourage new investments in the industry by promoting ease of doing business.
Recent reports indicate that the Mumbai Metropolitan Region is poised for a transformation in its skyline, with a staggering 34 per cent increase in high-rise towers that exceed 40 floors by 2030. This translates into 207 new skyscrapers, which will make the city India's skyscraper capital. The state government's decision to reduce FSI premiums for residential and commercial projects was instrumental in making such high-rise developments commercially viable for developers; further reductions in these premiums will enable Mumbai to achieve this milestone more effectively.
- Mr. Chintan Sheth, Chairman & Managing Director - Sheth Realty
The real estate sector looks forward to drawing maximum benefit from the government's commitment to creating seamless connectivity and a growth-oriented environment. This year, we look forward to renewed measures and initiatives that will help homebuyers and accelerate real estate growth. As part of our pre-budget expectations, we hope the government will consider additional benefits for first-time homebuyers, such as increased tax deductions on home loan interest and enhanced financial assistance under existing schemes. This will ease homeownership while also fuelling demand in the sector. Rationalising property tax provisions, especially for affordable housing and under-construction projects, can reduce the financial burden on both developers and buyers, making housing more accessible. The introduction of a robust and streamlined framework for REIT regulations can significantly boost investments in real estate and enhance liquidity for developers while ensuring the availability of attractive options for retail investors. Affordable housing initiatives will remain central to addressing the urban housing gap, and we anticipate expanded incentives under schemes like the PMAY and a potential revision of income criteria to ensure inclusivity. As a step towards nation-building, we need infrastructure development and a thrust on technology that help better utilise real estate's potential. Specific steps like making Indian cities preferred destinations for quality living will also bring in investments that the Budget 2025 can touch upon. Among the various policy expectations, we are also hopeful that this budget will address urban housing needs through strategic adjustments, such as well-defined input tax credit frameworks, that will help control rising costs and ensure project viability."
- Mr. Aditya Shah, Director, Mayfair Housing
“The Union budget 2025-26 can be the opportunity that government needs to address some of the pressing challenges in the housing sector. To boost affordable housing, the budget could consider increasing the price cap for such projects to Rs 75 lakh and extending the benefits under Section 80-IBA. Offering complete tax exemption on home loan interest and phasing out stamp duty as part of a 'One Nation, One Tax' vision would further enhance homebuyer confidence and ease the financial burden. We hope for GST reforms, especially the inclusion of real estate under Input Tax Credit (ITC), which could significantly benefit the affordable and luxury housing segments. Tax-free infrastructure bonds can also play a vital role in strengthening urban infrastructure and driving demand in the real estate sector. A push to green housing and utilising labour cess to improve the quality of life for construction workers, taking care of their housing, education, and welfare, can create a more sustainable and inclusive real estate ecosystem. These measures, coupled with a reduction in income tax rates, will go a long way in stimulating developer confidence while ensuring holistic growth for the sector.”
- Mr. Hiren Chheda, Managing Director of Ekatva Group
The real estate sector has flourished in 2024, across both commercial and residential segments. To further sustain and amplify this momentum, we are looking to the upcoming budget to include a few key considerations. The first of these is increasing the interest deduction limit on housing loans for first-time homebuyers: this strategic move will encourage homeownership, especially in urban centres. Further, reductions in indirect taxes—such as rebates on property taxes paid on homes—will help boost the overall growth of the industry. We are hopeful that the existing tax structure for REITs will be revised with simpler tax implications on dividend income from REITs—these measures will attract increased retail participation. Revising the definition of affordable housing by increasing the price and carpet area limits in keeping with current market conditions will rejuvenate the affordable housing segment. To complement this, we anticipate that additional funds will be allocated towards urban infrastructure to support affordable housing projects and make them more viable for developers and homebuyers alike. Conversations about Mumbai's real estate ecosystem are incomplete without discussions on greening the sector; accordingly, the introduction of special provisions for green-certified buildings can encourage sustainable construction practices, which, in turn, can further boost interest from foreign investors and result in crucial environmental gains.
Logistics Sector
- Mr. Darshan Ghodawat, CEO & Managing Director, AVA Global Logistics PVT LTD
"Some important steps toward addressing long-standing challenges such as infrastructure bottlenecks, regulatory complexities, and the pressing need for digitisation are among the expectations that the logistics sector hopes to see. When we compare India and the global average of logistics costs, we stand significantly higher. Targeted investments in infrastructure development and multi-modal logistics parks can have a transformative impact on enhancing the competitiveness of Indian goods globally. The government's plans on modernising the transportation network aligns well for the sector as seen in National Logistics Policy. We are looking for measures that incentivise green logistics and the usage of technology to improve operations. Another important point is skill development among professionals to navigate the evolving digital landscape. A holistic approach to bridging infrastructure gaps and encouraging innovation will keep logistics costs in check while also positioning India as a key player in the global supply chain."
Health and Wellness Sector
- Gautam Kapadi, CEO of Luke Coutinho Holistic Healing Systems (LCHHS)
"Ahead of the Union Budget 2025, I believe we have a significant opportunity to shape the future of healthcare in India by focusing on preventive care and improving accessibility. I strongly recommend that we consider a roadmap to gradually increase healthcare spending aligning with global standards. This increase in funding will be essential in addressing the growing healthcare needs of our population and improving overall health outcomes.
It's also important to look at how we can better allocate resources to preventive healthcare. By prioritizing preventive measures, we can reduce the burden of chronic diseases and ensure a healthier population, which will ultimately lower healthcare costs in the long run.
Additionally, I recommend reducing taxes on health packages offered by the wellness industry. This will make wellness packages more accessible to a wider population, promoting better health at an earlier stage. Another important step would be to reduce tax rates on health insurance premiums and include wellness packages within the coverage. This would not only encourage individuals to invest in their health but also ensure that health insurance becomes more comprehensive, focusing on prevention as much as treatment.
By adopting these recommendations, we can create a roadmap that supports a healthier and more sustainable healthcare system in India."
