Mr. Nirav Choksi, CEO & Co-founder of CredAble on the budget's potential impact on the Fintech sector:
"Ahead of India's Union Budget 2025, the nation is at a critical juncture with growth unexpectedly pegged at 5.4% in the second quarter. This is a result of weak export performance owing to the impact of geopolitical events on global supply chains.
Over the last few years, the government has undertaken several commendable initiatives to enhance the ease of doing business and ensure regulatory clarity.
In line with this, simplifying tax structures and ensuring more clarity in compliance requirements for startups and MSMEs will instil greater confidence in India's legal and economic systems.
India's capital markets have emerged as one of the best-performing markets in 2024. To ensure FinTechs and other players in the financial services sector achieve momentous growth in the coming years, we hope the budget will introduce policies for enhancing financial inclusion and creating a more robust risk management framework.
On the broader economic front, we look forward to more financial incentives such as subsidies and tax reliefs to reduce entry barriers for MSMEs and enable broader participation. Additionally, performance-linked benchmarks and targeted benefits, including easing the delivery of credit, will be crucial to propelling the MSME sector to new heights."
Mr. Rajat Goel, Co-founder and CEO of Eye-Q Superspeciality Hospitals
"As we look forward to the 2025-26 Union Budget, Eye-Q Super-Speciality Eye Hospitals is hopeful for continued reforms in healthcare that prioritize accessibility and affordability. With the growing burden of eye diseases in both rural and urban India, there is an urgent need for increased budgetary allocations towards expanding eye care infrastructure, promoting public awareness, and ensuring cost-effective treatment options. A reduction in GST and import duties on critical medical equipment and supplies would notably lower treatment costs, making advanced eye care services more accessible to the wider population. We also encourage policies that support healthcare financing, enabling more people, particularly in underserved areas, to access the care they need. Furthermore, incentivizing skill development in ophthalmology will be vital in addressing the rising demand for specialized eye care professionals. As a leading eye care hospital chain, we are committed to working towards an inclusive eye care ecosystem and are optimistic that the upcoming budget will reflect policies that enable healthcare providers to offer high-quality, affordable treatments to all."Mr. Rajat Goel, Co-founder and CEO of Eye-Q Superspeciality Hospitals.
"As we move closer to the unveiling of Union Budget 2025, at Droom, we would appreciate policies that will give a push to drive India's digital transformation, especially in the automotive sector. The previous budget announcements have been forward-looking in giving a boost to emerging technologies. And we expect this year's budget to focus on boosting indigenous capabilities in AI and data science. These are going to be crucial frontiers in making vehicle buying and selling more transparent, affordable, and efficient. Furthermore, we'd look forward to measures that will bolster the used vehicle market in the country, such as tax rebates from eco-friendly vehicles, simplified GST structure for automatic services, etc. These measures will be critical in empowering platforms like Droom to offer more convenience and invoke more trust amongst our consumers, while contributing in meaningful ways to the nation's economic growth and development."-- said Mr. Sandeep Aggarwal, Founder & CEO of Droom
Budget Expectations Quote from Oben Electric said, "The Union Budget 2025 is a critical opportunity to address key challenges in India's EV transition. To achieve the ambitious target of 30% EV penetration by 2030, it's crucial to tackle both manufacturing and consumer-centric challenges.
Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing. Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India's Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap."- Mr. Dinkar Agrawal, Founder, CTO & COO, Oben Electric.
"The Indian retail and D2C sectors are at a pivotal moment, driven by rapid digital transformation and evolving consumer preferences. As we approach Union Budget 2025, the apparel and retail sectors call for essential measures to drive growth and innovation within the system. As a growing brand, we believe that policies aimed at enhancing ease of doing business, including a simplified and uniform GST rate structure to enhance affordability and reduce compliance burdens along with encouraging innovation through tax benefits or grants can have a significant impact. Enhanced support for digital infrastructure and low-cost financing options for evolving businesses are also crucial at this juncture. Expanding the Production-Linked Incentives (PLI) scheme will bolster domestic manufacturing in line with the 'Make in India' initiative, while rationalizing customs duties is necessary to create a level playing field for local products against imports. Additionally, improvements in cash flow through a proposed cash pool structure within group companies are sought. This budget represents a unique opportunity to prioritize quality and innovation in products, significantly impacting both businesses and consumers, and positioning India's retail landscape for a prosperous future." , Mr. Saurabh Agrawal, Co-founder and CEO, Harfun.
Mr. Jeevaraj Pillai, Director - Sustainability, President - Flexible Packaging and New Product Development, UFlex Limited said, "The Indian government has undertaken several initiatives to encourage organizations to adopt sustainable business practices. We are hopeful for progressive measures in the Union Budget 2025-26 to bolster sustainability in the packaging industry. Tax incentives on eco-friendly materials and support for a circular economy, such as subsidies for advanced recycling units, and incentives for meeting Extended Producer Responsibility (EPR) targets, could significantly accelerate the transition to greener practices.
Promoting investment in recycling infrastructure is crucial, and this can be achieved through measures like allowing investments in recycling under Corporate Social Responsibility (CSR) provisions and providing interest subvention for loans availed to set up recycling facilities. Fund allocation for the sensitization of solid waste management rules can infuse segregation practices, reducing littering and landfilling. Additionally, increasing the allocation to Urban Local Bodies (ULBs) for investments in Municipal Solid Waste (MSW) automatic segregation and sorting plants will create essential feedstock for recycling infrastructure.
The government’s focus on renewable energy and energy-efficient manufacturing should also extend to the packaging sector, enabling the industry to reduce its carbon footprint while maintaining global competitiveness. Additionally, production-linked incentives (PLI) for the packaging industry, as an extension to the food processing segment already under PLI, will further enhance sustainable practices in the industry. Funding for R&D in sustainable packaging and incentives for biodegradable and plant-based alternatives would also position India as a leader in eco-friendly manufacturing.
We also urge the inclusion of infrastructure support for recycling clusters and export incentives for sustainable packaging solutions, which would help drive economic growth while addressing environmental concerns. A dedicated focus on these areas in the upcoming budget can align the industry with India’s broader sustainability goals and ESG commitments."
Dr. Sanjeev Kumar, President- ADSEI - "The Direct Selling industry plays a pivotal role in fostering sustainable self-employment, particularly for women and youth, and continues to make a significant contribution to India’s economic empowerment. As we approach Budget 2025, we urge the government to prioritize strategic reforms that will unlock the sector’s full growth potential, in line with the nation’s vision for inclusive and sustainable development. We advocate for tax rationalization measures and a more streamlined compliance framework to improve the ease of doing business for Direct Selling entities and further accelerate the sector's contribution to India’s economic progress."