Mr.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."
Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange:
The Union Budget 2025, presented today, has left the Web3 sector with mixed feelings. While there were no specific announcements addressing the unique challenges faced by this innovative space, the Finance Minister's commitment to rationalizing tax deduction at source (TDS) is a step in the right direction. Reducing the number of rates and thresholds for TDS can enhance clarity and compliance for businesses operating within the Web3 ecosystem.
Furthermore, the establishment of a committee to review reforms aimed at improving the ease of doing business is promising. This initiative could lead to streamlined regulations that are crucial for attracting investments in startups, including those in the Web3 domain. The proposed 'Fund of Funds for Startups' and extending the incorporation period for startups to five years signal a supportive environment for entrepreneurship.
However, we urge for more decisive action regarding taxation and regulatory frameworks to foster growth in Web3. We at BuyUcoin believe that clear guidelines are essential to reduce uncertainties and encourage both domestic and international investments. Together, we can pave the way for India to become a global leader in digital assets.
Budget Expectation Quote by Jayesh Rajpurohit, Co-Founder and CEO of Brick & Bolt:
"The Union Budget 2025-26 offers a strong push to this ongoing momentum, with a balanced focus on developing infrastructure, encouraging tech adoption and urban planning and development across rural and tier 2 towns.
The Indian Real Estate sector has been booming in the past two years, after a slump during the COVID pandemic. According to a report by Mordor Intelligence, the Indian real estate sector is estimated to reach a value of USD 332.85 billion in 2025, driven by growth across residential, commercial, and premium real estate. According to the recently concluded Economic Survey, this growth in Indian Real Estate is fueled by economic stability, positive market sentiment, and the expansion of physical infrastructure such as metro networks, roads, and improved connectivity in Tier 1 and Tier 2 cities nationwide.
In line with this, the SWAMIH Fund 2, with a ₹15,000 crore allocation for faster completion of 1 lakh stressed housing units, is a significant step for homebuyers, as it not only renews customer trust but also helps catalyse economic activity in the real estate sector.
The government's commitment to urban sector reforms through Initiatives like 'Cities as Growth Hubs' and the ₹1 lakh crore Urban Challenge Fund is also a huge step in building future-ready cities. The focus on creative redevelopment projects further paves the way for smart urban planning and tech-driven infrastructure development.
Modernising the land records and leveraging tech-enabled solutions in Urban Planning under the National Geospatial Mission, is a welcome initiative and will accelerate the industry's shift towards data-driven decision-making. Further, access to geospatial data will help streamline approvals, optimize infrastructure design, bring transparency to the process, and ensure sustainable development.
Additionally, the announcement for ₹1.5 lakh crore allocation for states to boost capital expenditure is a significant step in boosting the state-driven infrastructure projects, thereby driving the growth of housing and commercial real estate and improving connectivity.
The expansion of the UDAN scheme to 120 new destinations will be a big boost to regional real estate markets and can help drive the demand for housing and commercial spaces in emerging hubs.
The Finance Minister's focus on developing the Public Private Partnership models for infrastructure and real estate development will also help open new opportunities for private-sector collaboration in shaping India's next phase of urban growth.
Further, the new income tax reforms will positively impact plot owners, particularly middle-income families, by increasing their disposable income. With a higher exemption limit and lower tax rates, more individuals will have additional financial flexibility to invest in home construction. This can accelerate demand for affordable and mid-segment housing, aligning with Brick & Bolt's vision of making high-quality construction accessible and making construction predictable.
By leveraging technology, sustainable practices, and a strong policy framework, the union budget 2025-26, strengthens the real estate sector while laying the foundation for sustainable and smartly planned cities and commercial hubs, evolving into engines of economic growth and prosperity."
Union Budget Reaction Quote by Suresh Ramamoorthy, Country Head of Lingaro India:
"The Union Budget 2025-26 is a compressive budget focussed on holistic growth, to not only make the nation self-reliant and but to also prepare to take on global leadership across sectors, including technology, manufacturing and skilled labour. It reinforces India's ambition to continue its leadership position in research and outsourcing in AI, Data and Innovation driven industries. The announcement of setting up a National Framework for GCC's is a particularly welcoming initiative as it will provide a structured roadmap for one of the fastest-growing sectors in India. With over 1,700 GCCs employing nearly 1.9 million professionals, the National Framework for GCC's will help strengthen India's position as a hub for advanced technology solutions while also help drive deeper collaboration between industry and academia.
The setting up pf the dedicated Centre of Excellence in AI for Education, in addition to the other AI-driven initiatives, represents the government's focus and commitment to continued investment in fostering homegrown innovation. It also highlights the need for leveraging AI for national progress. These investments are definitely in line with the national vision to accelerate India's transformation into an AI powerhouse while also equipping the workforce with future-ready skills.
Additionally, the plan for developing five National Centres of Excellence for skilling, with global expertise and partnerships, will further enhance the employability of India's youth. As we enter the era of Industry 4.0, the focus on deep tech, advanced manufacturing, and digital skilling is imperative. The allocation of ₹20,000 crore for private sector-driven R&D, along with the proposed Deep Tech Fund of Funds, will be a game-changer in fostering the next generation of Indian startups and breakthrough innovations.
With a clear vision to integrate digital infrastructure, innovation, and human capital development, this budget not only propels India's Make in India and Make for the World vision but also ensures that India remains at the forefront of AI and data-driven transformation in the years to come."
Bipin Preet Singh, Co-founder & MD, MobiKwik said, "This budget is a game-changer for India's entrepreneurs, especially MSME which drives our economy. By expanding credit guarantees and easing access to capital for startups, it empowers businesses to grow fearlessly. The introduction of a new Fund of Funds scheme (FFS) with an expanded scope and a fresh contribution of another Rs 10,000 crore is a welcome move and will provide a much-needed boost to the startup ecosystem. It is a bold step towards an Atmanirbhar Bharat. Moreover, the exemption of income tax for salaried individuals earning up to ₹12 lakh brings significant relief to the middle class."
Mr. Anshul Garg, Director & CEO of Aroma AAT Basmati Rice, believes the Union Budget 2025 offers a forward-looking outlook on the Indian agriculture space, "The PM Dhan Dhanya Krishi Yojana in partnership with states will be a significant boost in Basmati production domestically. This is a meaningful and era-appropriate announcement to increase India's agri productivity and will benefit increasing Indian Basmati rice's increased penetration in global key markets. As productivity increases, the emphasis on helping up to 1.7 Crore Indian farmers with both short and long term credit lines will also help to advance the rural economy and the creation of employment opportunities in the space will help position India as the global food basket."
Mr. Dheeraj Arora, Managing Director & CEO, Hygienic Research Institute, Pvt. Ltd says, "The Union Budget 2025 presents a clear roadmap for revival and growth in the FMCG sector. With income tax relief aimed at enhancing disposable income, we anticipate a surge in consumption, which will directly accelerate demand. The government's strategic initiatives, including reduced tariffs and easier credit access, are designed to streamline supply chains and lower input costs. Additionally, customs simplifications and the National Manufacturing Mission will boost domestic production, fostering innovation and competitiveness. These measures lay a strong foundation for innovation and competitiveness, paving the way for sustained growth."
Mr. Satyen Momaya, CEO, Celio India says, "Prima facie the Union Budget 2025-2026 sets the stage for a stronger resilient economy , the current biggest challenge is the slowdown of the pvt consumption, the tax change for the salaried class could positively benefit the middle class to some extent also the budget outlines various initiatives to make tax compliance easier for businesses. The thrust on infrastructure & green growth and sustainability thrust outlined in the budget could be very positive specially for the long-term growth of the country."
The Union Budget 2025-2026 demonstrates a strong commitment to nurturing India's startup ecosystem. The additional ₹10,000 crore Fund of Funds is a crucial step in addressing the funding challenges that many startups face, helping them scale and sustain growth. What stands out even more is the dedicated support for first-time women, and under represented entrepreneurs. Building a business requires not just capital but also confidence, and this initiative will encourage more diverse voices to enter the entrepreneurial space. At GoodLives, we believe in holistic growth both personal and professional and this move will empower many to take the leap into entrepreneurship with greater assurance. It's heartening to see such inclusive steps being taken to fuel innovation and progress in India."
-Sakshi Shah, Founder of GoodLives.
"The Union Budget 2025 shows an improved focus on strengthening India's healthcare system. The push towards better infrastructure, medical research, and public health programs will always be a step in the right direction for improving overall well-being. The 'Heal in India' initiative, backed by a ₹20,000 crore boost for tourism, is a smart move as it will not only attract medical tourists but also showcase India as a hub for affordable, high-quality healthcare, which has been the foundational vision of Leeford Healthcare in making healthcare accessible and affordable in every corner of the country."
— Amit Gupta, MD & Founder, Leeford Healthcare.
"The Union Budget 2025-26 is a significant boost for India's startup ecosystem, with the ₹10,000 crore Fund of Funds and a dedicated scheme for 5 lakh women, SC, and ST first-time entrepreneurs. These initiatives will unlock new opportunities, providing much-needed financial support and mentorship to aspiring business owners. As a PR firm and a startup, we understand the challenges of building a business from the ground up. This move not only fosters innovation but also ensures inclusivity, allowing diverse entrepreneurs to thrive in India's growing economy. With increased accessibility to capital, startups can scale faster, contribute to job creation, and enhance India's position as a global leader in entrepreneurship. A'raf PR is excited about the future this budget envisions and looks forward to supporting brands that drive meaningful change in the business landscape"
- Adeeb Jamal, Founder of A'raf.
"The Union Budget 2025-26 brings a strong push for entrepreneurship with the ₹10,000 crore Fund of Funds, doubling the government's commitment to supporting startups. Access to capital remains one of the biggest challenges for early-stage ventures, and this move will provide a much-needed financial cushion to help startups scale, innovate, and contribute to economic growth. The introduction of a dedicated scheme for 5 lakh first-time women, SC, and ST entrepreneurs is a game-changer, fostering inclusivity and ensuring that diverse talents and ideas get the platform they deserve. This budget reinforces the government's vision of making India a global leader in innovation, self-reliance, and entrepreneurship"
- Aman Chourasia, Founder of Own it Pure.
Budget 2025 invokes mixed reactions. It delivers a big win for the middle class with tax relief along with driving growth through infrastructure, manufacturing, and inclusive development. Key sectors like agriculture, fisheries, healthcare, and renewable energy get a strong push.
However, the insufficient allocation for capital expenditure could strain industrial, infrastructure, capital goods, and engineering sectors, while the absence of any corporate tax reforms raises concerns about future business competitiveness.
The key pillars of Budget 2025 are:
1. Empowering the Middle Class
2. Infrastructure Development
3. Boosting Domestic Manufacturing
4. Inclusive Growth
From a corporate India perspective, below are some key observations made:
- Tax Rate: The significant jump for NIL tax to Rs.12,00,000 (under New Regime) is a bold and welcome move.
- Silence on corporate taxes: Budget 2025-26 offers significant relief in personal income taxes and investment incentives, aiming to boost disposable income and economic growth. However, the absence of any corporate tax changes could signal stability but may miss an opportunity to stimulate corporate investment and strengthen India's global competitiveness in the long run.
- Cess and Surcharge: It is time the various cess and surcharges must be discontinued else the benefit of 30% (as the maximum tax rate) in a real sense is lost since the actual tax can go up to 35% to 40%.
- Parity in rates of long-term capital gain on transfer of securities by non-resident: The government has proposed raising the tax rate on long-term capital gains for non-residents from 10% to 12.5%. This amendment aims to standardize the taxation on all securities, excluding those covered under Section 112A, ensuring consistency across the board. As a result, FIIs and other foreign investors may face a slight increase in their tax liabilities.
- Amendment of definition of 'capital asset': In order to bring clarity on the chargeability of income arising out of the transfer of capital assets being securities held by an investment fund as referred to in section 115UB of the Act, the definition of capital asset is proposed to be amended.
- Litigation: The expansion of safe harbor rules will provide greater certainty in international transactions and reduce tax litigation. Based on a deeper review of the fine print of the rules, businesses can expect relief through the possibility of minimizing disputes, particularly with MNCs. This would be especially important for businesses within sectors like IT, ITeS, KPO, software development, R&D services, financial transactions (corporate guarantees, loans), and manufacturing. These measures can will play a pivotal role in expanding India's footprint globally.
- Ease of doing business through Financial Reforms: Budget 2025 tackles corporate hurdles with streamlined regulations, faster merger approvals, and a revamped KYC registry. Key reforms include an Investment Friendliness Index of states, a Financial Stability and Development Council (FSDC) review of financial rules, and the Jan Vishwas Bill 2.0 to ease compliance. These measures boost transparency, reduce red tape, and enhance business competitiveness.
- Start-ups: Budget 2025 provides a significant boost to the Indian startup ecosystem with an INR 10,000 crore fund of funds, an INR 1,000 crore space VC fund, and an INR 20,000 crore deep-tech fund of funds to accelerate innovation and job creation. These initiatives can help tackle funding gaps, fuel innovation, and strengthen India's startup ecosystem. We can expect growth in space, deep tech, renewable energy, aerospace, women-led, and export-focused startups.
- MSMEs: MSMEs face challenges such as limited credit access, technological gaps, and scaling issues. The government has addressed these by increasing credit cover, offering term loans for women and SC/ST entrepreneurs, launching a Make in India Manufacturing Mission, and supporting deep-tech startups with a Fund of Funds. These initiatives will enhance credit access, foster tech upgrades, improve competitiveness, and ensure sustainable growth, driving job creation and long-term MSME development.
- Manufacturing: Duty exemptions on critical minerals, lithium-ion battery components, and electronic goods can see a strengthening of domestic production. The Manufacturing Mission can help in ease of business, skilling, MSME expansion, and technology adoption, while a presumptive tax regime for foreign investors will ensure stability in electronics manufacturing. Cleantech initiatives for EV batteries, solar PV cells, and wind turbines will accelerate sustainable manufacturing. These policies can support in positioning India as a global manufacturing hub, fostering industrial growth, job creation, and technological innovation.
Conclusion:
With a strong focus on prosperity and progress, Budget 2025 aims to lay the foundation for a vibrant, self-reliant India. Its long-term impact will depend on how effectively the government implements these measures and addresses the concerns raised by various stakeholders. It would be prudent to delve deeper into the budget's fine print for a more nuanced understanding of its potential implications.
- Prem Rajani, Managing Partner, Rajani Associates.
"One of the significant steps taken by the government in today's budget has been the proposal to establish daycare cancer centers in India. It is also heartening to note that there is a plan to increase the number of seats in medical colleges and hospitals and strengthen health care infrastructure through public private partnerships.Building centers of excellence for AI is a great pointer towards how the govt wants to build the future of healthcare in the country.
However, we had expected some comforting measures towards creating a more affordable form of fertility treatment. We were hoping for greater insurance support in this regard as the cost of fertility treatments are not easily affordable for everyone. The absence of any such measure has been disappointing to say the least and hopefully some corrective measures can be taken in the short to medium term." Shreevalli V, COO - Kinder Women's Hospital And Fertility Centre, Bangalore.
Mr. Suman Chowdhury, Executive Director & Chief Economist, Acuité Ratings & Research:
"The dominant theme in the Union Budget 2025-25 is a significant boost to consumption in the Indian economy through personal income tax cuts and higher disposable incomes of the middle class. However, Acuité Research also believes that the budget has mooted a slew of measures to expedite private sector investments, a critical element towards Viksit Bharat 2027.
While maintaining the thrust on infrastructure development, it also continued to provide increasing support to the MSME and the agricultural sector. Last but not least, the commitment to fiscal consolidation has been maintained with the fiscal deficit pegged at 4.8% (RE) and 4.4% (BE) for FY25 and FY26, respectively."
Dr. Gyanendra Shukla, MD and CEO of Rallis India Limited:
"Firstly, I would like to extend my heartfelt congratulations to Finance Minister Nirmala Sitharaman on presenting her eighth consecutive budget. The Union Budget 2025 adopts a forward-looking approach to strengthen Indian agriculture with a focus on self-reliance, sustainability, and rural empowerment. Prioritizing agriculture, MSMEs, and exports lays a strong foundation for long-term resilience.
The PM Dhan Dhanya Krishi Yojana will transform 100 agri districts by enhancing productivity, irrigation, storage, and credit access for 1.7 crore farmers. The National Mission on High-Yielding Seeds, targeting 100+ climate-resilient varieties, will boost yields and incomes. A renewed push for Atmanirbharta in edible oilseeds and the Mission for Cotton Productivity will further support farmers and reduce import dependence.
By advancing rural prosperity, crop diversification, and scientific innovation, this budget reinforces the government’s commitment to self-sufficient agriculture. At Rallis India, we remain dedicated to empowering farmers with sustainable crop protection and sustainable farming solutions, aligning with the government’s vision for a more resilient and prosperous agricultural sector."
