Mr. Deepak Ravindran, Co-founder & CEO of KiranaPro "As we approach the Union Budget 2025, we at KiranaPro are anticipating policy measures that will further bolster the quick commerce sector, particularly benefiting kirana stores and small retailers. The rapid expansion of quick commerce, projected to grow by over 75% year-on-year in 2025, underscores the need for supportive regulations that ensure a level playing field for all market participants.
The integration of advanced technologies, such as AI and machine learning, is revolutionizing inventory management, personalized customer experiences, and efficient delivery models. By adopting these technologies, kirana stores can enhance their competitiveness in an evolving retail landscape. We hope the upcoming budget will introduce incentives and support mechanisms to facilitate the digital transformation of these traditional retailers.
Furthermore, as quick commerce extends its reach beyond tier-1 cities into tier-2 and tier-3 regions, it is crucial to address the unique challenges faced by small retailers in these areas. Tailored policy interventions can empower these businesses to effectively integrate into the digital economy, thereby promoting inclusive growth across the nation.
KiranaPro remains committed to collaborating with policymakers, industry stakeholders, and the retail community to drive sustainable growth and innovation in the sector. We believe that with the right policy framework, India's retail ecosystem can achieve new heights, benefiting consumers and businesses alike."
Mr. Junaid Shaikh, Managing Director of RoshanSpace Brandcom said "India's rapid urbanization and digital transformation are driving the Out-of-Home (OOH) sector to its full potential. The Union Budget 2025-26 should prioritize investments in smart city initiatives, urban transit projects, and infrastructure renewal programs. Expanding highways, metro networks, and high-traffic urban corridors will foster economic growth and create new opportunities for OOH advertising.
Targeted measures include subsidies for digital billboard conversions, reduced taxes on DOOH technology imports, and support for dedicated power infrastructure. Increased investments in 5G rollout and affordable internet access are expected to improve real-time content delivery and programmatic advertising in DOOH campaigns. Simplified policies to attract FDI in advertising and media technology, GST reductions on advertising services, and special electricity tariffs can further encourage advertisers to invest in DOOH.
These initiatives will benefit stakeholders, drive inclusive growth, enable OOH players to innovate, and offer investors a scalable and future-ready market opportunity."
Budget Expectation quote on behalf of Rohan Dewan, Co-Founder & CEO, LeafyBus:
"As we look forward to the upcoming budget, we should expect several measures that could drive the adoption of electric vehicles (EVs) in the commercial transport sector. Direct subsidies for EV heavy vehicles could help reduce the upfront costs for operators, encouraging more widespread adoption. Tax incentives, such as road tax exemptions, would also support this transition by reducing operational costs for EV operators.
We hope the budget includes subsidies and grants for commercial EV buses, similar to the FAME II program, to promote growth in this sector. Additionally, low-interest loans for EV buses would make it easier for bus operators to expand their fleets.
Investing in infrastructure is essential, and the budget should allocate funds to develop dedicated charging stations for commercial EV buses along major routes. This would alleviate the current charging infrastructure challenges and help improve EV buses' viability in daily operations.
A dedicated fund for EV buses, along with a credit guarantee scheme offering low-interest loans to bus operators, would provide further financial support to the sector. A long-term EV policy that offers stability will be crucial to maintaining momentum for EV adoption.
Lastly, as EV heavy vehicles are currently more expensive than their ICE counterparts, reducing taxes on the import of EV components, such as battery cells, would help lower procurement costs and make EV adoption more affordable for operators."
Comment on Budget Expectations from Kamlesh Kaushik Co-Founder and CEO of Mufin Green Infra:
"With the upcoming Budget, we expect measures that will help accelerate India's transition to electric mobility. A focus on expanding charging infrastructure in underserved areas through viability gap funding, grants, and rebates for homeowners would be beneficial.
To address the high upfront costs of charging stations, we hope for increased subsidies and tax incentives, such as accelerated depreciation and electricity tariff exemptions. Additionally, reducing import duties on EV components and offering incentives for local manufacturing will support growth.
Investments in modernizing the grid to meet rising EV demand and support for battery swapping infrastructure, particularly for logistics, are important areas of focus.
To support the success of the EV policy, the Budget should include incentives for fleet operators, funding for local manufacturing, and support for R&D in EV technologies. Creating a seamless EV charging network with interoperable systems and digital platforms will also be critical for the overall growth of the EV ecosystem."
Budget Expectation Comment by Ankush Julka, CEO, MufinPay:
"The Union Budget for 2025 is eagerly anticipated by the fintech and digital payments sector, with several key reforms expected to shape the industry's future. Among the most awaited reforms is the introduction of a Merchant Discount Rate (MDR) for UPI transactions, which has become the backbone of digital payments in India. With fintechs and regulated entities handling over 90% of UPI acquiring, the absence of MDR has created challenges in covering operational costs, such as infrastructure, security, and transaction verification. Introducing a tiered MDR structure could provide a sustainable solution, balancing cost-effectiveness for consumers and small merchants while ensuring the viability of payment service providers.
Another critical area of focus should be the regulation and expansion of digital lending and alternative credit products. As non-traditional credit scoring models continue to gain traction, clearer guidelines around responsible lending, data privacy, and consumer protection are essential for fostering a balanced environment for innovation. Regulations that promote transparency in lending terms, ensure responsible borrowing, and secure data handling would build greater consumer trust and accelerate the adoption of digital financial products.
As India becomes an increasingly prominent player in the global economy, simplifying cross-border payments is essential for both individuals and businesses. The government could use the budget to propose international collaborations and innovations in cross-border payment systems, potentially through UPI and digital wallets. This would lower transaction fees, expedite payments, and make it easier for Indian businesses to operate globally. Strengthening financial corridors with countries in South Asia and the Middle East could also improve the ease of international payments.
Expanding the scope of India's fintech regulatory sandbox is another critical measure. A regulatory sandbox allows fintech companies to test new products and services in a controlled environment, enabling them to refine their offerings without facing regulatory risks. Expanding this initiative through budget allocations could foster innovation while ensuring consumer safety. Additionally, providing financial support to fintech startups working on emerging technologies—such as quantum computing, biometrics, and cryptocurrency-based solutions—could further drive sector growth.
Lastly, the government can promote financial inclusion by incentivizing the adoption of digital payment systems among MSMEs and underserved regions. Providing targeted incentives for small businesses to integrate digital payment methods, coupled with initiatives to improve financial literacy, would ensure that the transition to a digital economy benefits all sections of society. Through these measures, India can continue to lead the way in creating a more inclusive, sustainable, and secure digital payments ecosystem.
By addressing these key areas, the Union Budget for 2025 has the potential to catalyze growth, innovation, and inclusivity within India's fintech landscape, setting the stage for a globally competitive, digitally empowered economy."
Mr. Sanjaya Mariwala, Executive Chairman and Managing Director of OmniActive Health Technologies and President of the Association of Herbal and Nutraceutical Manufacturers of India:
"As we dream of Viksit Bharat in 2047, it cannot happen without Swasth Bharat. Health is a very significant area of development in India. Despite the progress achieved so far, health expenditure has been a mere 3.37% of GDP trailing the targeted 5% of GDP for universal coverage of health services. The major challenges lie in addressing infrastructural gaps, shortages of medical professionals, and ensuring services are offered at more affordable rates.
Beyond curative solutions, preventive healthcare needs to be at the fore if it is to be sustainable in the long run. The nutraceutical sector is capable of playing an extremely important role in not only bringing down healthcare costs but also impacting overall health outcomes.
However, the common man cannot reap the benefits of nutraceuticals when GST is at 18%. Reducing it to 5-10% will align it with pharmaceuticals and make such preventive solutions more accessible and affordable for consumers.
Additionally, incentivising corporate investment in clinical trials and research will not only encourage innovation but also ensure that products are safe and effective for consumers. Strengthening the credibility and safety of these products is crucial for building public trust.
If the upcoming Union Budget addresses these priorities, it will reinforce India's healthcare system, improve consumer safety, and position the country as a global leader in preventive health."
Mr. Junaid Shaikh, Managing Director of RoshanSpace Brandcom said "India's rapid urbanization and digital transformation are driving the Out-of-Home (OOH) sector to its full potential. The Union Budget 2025-26 should prioritize investments in smart city initiatives, urban transit projects, and infrastructure renewal programs. Expanding highways, metro networks, and high-traffic urban corridors will foster economic growth and create new opportunities for OOH advertising.
Targeted measures include subsidies for digital billboard conversions, reduced taxes on DOOH technology imports, and support for dedicated power infrastructure. Increased investments in 5G rollout and affordable internet access are expected to improve real-time content delivery and programmatic advertising in DOOH campaigns. Simplified policies to attract FDI in advertising and media technology, GST reductions on advertising services, and special electricity tariffs can further encourage advertisers to invest in DOOH.
These initiatives will benefit stakeholders, drive inclusive growth, enable OOH players to innovate, and offer investors a scalable and future-ready market opportunity."
Mr. R. P. Gupta, Industrialist and Author of Book: Turn Around India
As per national sample-survey in 2015-16, total MSME were 6.33 Crores, mostly Small and Micro units. Among MSME, the share of Manufacturing, Trade and other Service was about 31%, 36% & 33%. After introducing GST in 2017, the growth of MSME has been sluggish rather negligible. In developing phase of any Nation, the role of MSME is crucial for generating jobs. However, their production cost is higher and they face problems in marketing due to poor brand image. Hence, they need policy and fiscal support for healthy growth.
Credit-guarantee scheme (CGS) by center is excellent support for availing liberal bank-credit. But, due to tax-hazards, majority of SME-units are not registered and could not avail bank-credit. Hence, both Central and State governments must extend GST exemption somewhat similar to Excise exemption to SME units prior to GST regime and also simplify GST compliances.
Since 2003, manufacturing SME-units (excluding medium scale) were availing Excise exemption on the initial turnover of Rs.1.5 Crores. That amounts to Rs.22.5 lakhs per annum considering average excise-rate as 15%. By this, SME units were able to compete with large-units and survive.
Considering inflation in last two decades, such benefit should be increased to Rs.45-50 lakhs per annum by reimbursing net CGST payable after availing input-tax credit. For non-manufacturing SME units the benefits may be limited to Rs.8-10 lakhs/annum. Existing scheme of GST- exemption on the sale of Rs.40 lakhs may continue for micro-units with an option to switch over to new scheme. States may also be pursued similar scheme for SGST, may be with reduced limit depending upon their fiscal affordability.
However, for fiscal prudence, its net impact on the budget may be estimated and some tweaking of scheme may be done. For example, instead reimbursing 100% net GST payable, it may be reduced to 75% without changing overall limit as suggested.
Currently, about 85-90% SME-units are not within the tax-net by not registering. By simplification of GST-laws and with aforesaid benefits, SME-units will gradually come under tax-net and pay some tax after crossing exemption limits. Many of them might graduate to medium-scale and contribute to GDP and tax revenue besides providing more jobs.
I firmly believe, this will be right antidote to many problems to which our Nation is facing now. More so, gradually, participation in economic activities shall increase and universal cash subsidy shall reduce. Developing self-dependency is obviously better option by generating job- opportunities.
Mr. Anurag Gupta, Co-Founder of STEMROBO Technologies: We believe that the Union Budget 2025-26 can play a key role in addressing gaps in the education sector. While the FY 2024-25 allocation of ₹73,498 crore for School Education was a positive move, there are still significant gaps, especially in rural and semi-urban areas, where access to high-speed internet, digital devices, and smart classrooms is still limited. We urge the government to dedicate funds to improve infrastructure, like high-speed internet and digital tools, in schools. It is very important to invest in teacher training programs that focus on new technologies like AI, coding, and robotics. This will help educators adapt to the future needs of students. Investments in AI, STEM, and robotics labs in schools will support hands-on learning and innovation. Investing in STEM education will equip students with the skills they need for future jobs, encouraging problem-solving and creativity. This is a key step in achieving the goals of the National Education Policy (NEP) 2020, especially the inclusion of AI, coding, and robotics in the curriculum.
The drop in student enrolment by 37 lakh shows the need for more support for underprivileged students. We suggest offering more scholarships to help students from disadvantaged backgrounds access education. Providing financial support will help ensure that students from all communities have equal access to opportunities., can help increase enrolment and participation. We urge the government to support Ed-Tech companies that offer affordable, AI-based, and adaptive learning tools for underserved areas. More funding for research in AI, robotics, and IoT can help drive new ideas and innovation.
Pratik Mandvia, Solar Business Head at Mufin Green Finance:
"As the Union Budget 2025 approaches, the solar financing sector is anticipating critical policy measures that will support the growth of rooftop solar installations. With the government's goal to achieve 50,000 MW of rooftop solar capacity by 2030, there is a need for financing solutions that cater to the residential, commercial, and industrial segments. The budget could play a pivotal role in creating a framework that simplifies access to capital for solar projects and encourages financial institutions to increase their participation in solar financing.
Incentives for banks and financial institutions to provide low-interest loans, as well as risk-mitigation mechanisms, would be crucial to scale up rooftop solar adoption. Further, tax exemptions, subsidies, and rebates on solar installations will help reduce upfront costs for consumers and businesses, driving demand in both urban and semi-urban areas.
The anticipated focus on enhancing the solar financing ecosystem will support India's renewable energy goals, particularly the target of 500 GW of non-fossil fuel-based energy by 2030. By creating an enabling environment for solar financing, the government can foster greater adoption of solar energy, contributing to India's energy security and environmental sustainability."
Kapil Garg, MD of Mufin Green Finance:
"As we look toward the Union Budget 2025, it is crucial to recognize the role NBFCs play in driving electric vehicle adoption in India. One of the significant challenges in the EV sector is the high upfront cost, which often acts as a barrier for consumers. NBFCs can address this by offering innovative financing solutions, but supportive policy measures from the government are essential to scale these efforts effectively.
We urge the government to prioritize the inclusion of EV financing under the Reserve Bank of India's Priority Sector Lending guidelines, which would incentivize financial institutions and lower borrowing costs for consumers. Tax exemptions on TDS for NBFCs, similar to banks, could also help improve cash flow and enable competitive lending rates.
To further boost the sector, introducing government-backed refinance options through institutions like SIDBI would strengthen NBFCs' capacity to extend credit. Simultaneously, allocating funds to build robust and widespread charging infrastructure is essential to address range anxiety and foster consumer confidence in electric mobility.
With these measures, the budget can help transform the EV financing ecosystem, enabling NBFCs to play a pivotal role in accelerating the transition to sustainable mobility and supporting India's environmental and economic goals."
Shetal Mehta, Co-Founder of Suchi Semicon:
"As the Budget 2025 approaches, the semiconductor industry anticipates policies to address critical gaps in India's semiconductor ecosystem. While the allocation of ₹10,000 crore under the Production Linked Incentive (PLI) scheme has provided significant momentum, the focus now must shift towards strengthening domestic semiconductor manufacturing capabilities and driving innovation in Outsourced Semiconductor Assembly and Testing (OSAT).
With global semiconductor revenue projected to reach $676 billion by 2025, India has an opportunity to strengthen its position in this sector. However, challenges remain in ensuring a reliable supply chain and achieving self-reliance in chip manufacturing. Budget 2025 can boost semiconductor manufacturing in India by offering incentives to attract global producers, reducing import dependency, and strengthening the domestic tech ecosystem. This would also drive job creation and economic growth.
Investments in creating semiconductor education programs and design labs in collaboration with academic institutions are critical to building a skilled workforce. Tax benefits for R&D expenditure and subsidies for accessing advanced tools can further support innovation in the sector.
With the implementation of these measures, India can strengthen its role in the global semiconductor market, emerging as a prominent manufacturing hub and a key player in semiconductor innovation and growth."
Mukul Goyal, Co-Founder of Stratefix Consulting
"The upcoming budget offers a critical opportunity to empower MSMEs and startups, which are central to India's economic growth. While the recently introduced credit guarantee scheme is a welcome step, there is an urgent need for a Working Capital Support Guarantee to address liquidity challenges, especially for MSMEs managing day-to-day operations. Export-oriented MSMEs, contributing nearly 49% of India's exports, could particularly benefit from tailored credit access and interest subsidies. Simplified compliance structures and faster grievance redressal systems would further reduce operational burdens and improve efficiency.
To enable MSMEs to thrive in the digital economy, the government should launch a Digital Acceleration Fund, providing interest-free loans or grants for AI, IoT, and cloud adoption. Additionally, initiatives like the Skill 2.0 Initiative and Skill Credits could bridge the growing skill gap by encouraging MSMEs to invest in upskilling their workforce in emerging technologies. These measures would enhance employability and help MSMEs compete globally.
Fostering innovation is equally crucial. Offering R&D tax credits and establishing sector-specific innovation hubs, particularly in manufacturing and agri-tech, can promote entrepreneurship and sustainable growth. These hubs could provide resources, mentorship, and funding for startups, especially in Tier-2 and Tier-3 cities, boosting local economies.
Addressing GST compliance challenges is also essential. Easing norms, raising the mandatory e-invoicing threshold, and harmonizing input tax credits would help MSMEs manage cash flows better. Revising GST slabs for essential raw materials would further reduce input costs and improve margins.
By addressing these critical areas, the budget can create a robust ecosystem for MSMEs and startups, driving innovation, digital transformation, and sustainable growth. This comprehensive approach will enable these sectors to contribute significantly to India's $5 trillion economy vision."
Khalsa E- vehicles, MD, Shivam Narang:-
There’s been rapid growth in India's electric vehicle sector. Increasing consumer adoption, particularly three-wheelers and vehicles used for last-mile deliveries, has achieved a 5.59% market adoption. However, this momentum needs to be sustained. This year’s Union Budget can play a pivotal role in that so we expect support from it.
A reduction in GST to 5% and incentives for domestic battery production would be welcome steps. Addressing challenges like the inverted duty structure would support manufacturers, particularly startups, and strengthen India's EV ecosystem. Finally, expanding charging infrastructure will undoubtedly accelerate the adoption of electric mobility across the nation.
