Budget 2025: Industry Quotes

Pradeep Bakshi, MD&CEO, Voltas Ltd.
“India’s consumer durables market is on the verge of becoming a global powerhouse, with projections indicating it will become the fourth largest in the world by 2027. This growth, driven by rising affluence and government initiatives, presents a tremendous opportunity to bolster India’s economy and create substantial employment. As consumption patterns shift towards premium, energy-efficient products, the sector is poised to expand, offering a clear path for innovation, localized production, and global market leadership. However, to fully realize this potential, the industry would require greater intervention from both industry players and governing bodies.
While government's “Make in India” initiative has already made significant strides in reducing import dependency and generation of employment, there is scope for further support in form of subsidies and grants, particularly for MSMEs and smaller manufacturers, to foster local innovation and mass production. This would reduce the increasing costs of imports and local production while inducing global competitiveness for OEMs and large component manufacturers. Further, the industry’s growth trajectory can be sustained by policies that encourage investment in new skill development workshops that enable seamless integration of digital and physical operations crucial in reaching the tech-savvy, Gen Z consumers and investor base. As the industry moves towards smart, IoT-powered appliances, incentives to drive innovation in energy-efficient technologies and green manufacturing are essential. Energy efficient star rated products should be given more impetus with the expansion of replacement AC market along with the growing primary demand in the wake of the climatic shift to warmer temperatures throughout the year. The growing strain on the energy sector creates a pressing need for support through subsidies to promote energy saving solutions which not only protect the environment but are also well aligned with the growing consumer demand for eco-friendly products.
With the consumer durables sector (not including mobile handsets) expected to cross ₹3 lakh crores by 2029 and becoming the fourth-largest global market by FY27, Voltas is well-positioned to leverage emerging trends, advance energy-efficient product offerings, and strengthen its supply chain in alignment with India’s vision to become a global leader. The upcoming Union Budget presents a critical opportunity to accelerate growth, foster innovation, and ensure long-term sustainability for India’s consumer durables sector, all while supporting the government’s goal of creating a competitive, self-reliant economy.”

Sarvjeet Singh Virk, Co-founder & MD, Jumpp
“For Budget 2025, I look forward to development on the digital banking initiatives launched last year, especially the success of 75 Digital Banking Units in tier-2 and tier-3 cities.
Introducing specialised regulatory sandboxes for AI-powered financial products, vernacular fintech solutions, and localised innovations for regional financial institutions would be a transformative step forward. Additionally, further development of AI infrastructure through dedicated funds for AI Centers of Excellence in tier-2 cities and multilingual financial literacy platforms will be pivotal.
Inclusivity in financial services needs to become a stronger focus. I see the value in incentivising vernacular financial interfaces, voice-based banking, and regional language chatbots, which could help replicate the success of UPI in areas like insurance and investments.
I also believe that increased allocation for UPI infrastructure in rural areas, specialised fintech training programs, and targeted incentives for rural fintech adoption must remain priorities. Additionally, expanding Smart City projects to include digital payment corridors and fintech hubs in smaller cities will go a long way in strengthening regional ecosystems."*
Addressing liquidity challenges for NBFCs, expanding the co-lending framework, and providing tax incentives for fintech startups in smaller cities are essential steps to catalyse innovation hubs. At the same time, I stress the importance of ensuring robust cybersecurity measures for regional banks and financial institutions so they can keep pace with the rising digital adoption.”

Jaya Vaidhyanathan, CEO, BCT Digital
“With uncertain global economic conditions there is a need in India to boost domestic drivers for economic productivity and that’s going to come from two areas.
One is to boost domestic consumption and the second is to look at the investment landscape. So, from an investment landscape there are a few things that we, practitioners in the banking sector, are aspiring for from the Union Budget 2025.
GST data is going to have an immense potential for precise credit assessment and risk monitoring. Passing the Data Protection Bill will ensure data sharing among regulators, financial institutions and key stakeholders.
Over-reliance on credit guarantees and loan-waivers is bound to undermine our lending practices. The transition to cashflow-based lending will create a more robust credit ecosystem.

To meet global climate goals, sustainable finance is crucial. The government must first establish a comprehensive 'climate taxonomy' that defines what constitutes 'sustainable investment.' This would facilitate the allocation of incentives and benefits to projects that align with these criteria.
 
Finally, the PLI programmes have successfully revitalised select segments of the manufacturing industry. However, scaling these initiatives is vital. We must enable supply chain partnerships through corporate partnerships that will empower SMEs and accelerate sectoral growth."