Reactions on Union Budget (2025-26)

“The new tax slabs put more money in the hands of the middle class, boosting both disposable income and consumption, further strengthening the economy. Add to that the government’s push for higher agricultural productivity and stronger MSMEs, and we have the perfect recipe for accelerated economic growth.”
Sudarshan Venu, MD, TVS Motor Company

“The Budget has hit the perfect note, providing great relief to the middle-class by making incomes up to Rs 12 lakh per annum completely tax-free. This is the biggest section of the middle-class. It has also significantly reduced the tax burden for incomes up to Rs 24 lakh.
We have made a decisive move to a world-class tax system which will be simple, transparent and friendly to taxpayers.
The spirit of tax reform is going to be seen in other parts of the economy with trust and self-certification at the core. This will provide a very big boost to manufacturing and mining.
I am delighted that mining is one of the 6 domains identified for transformational reforms over the next 5 years.
Along with mining, agriculture is also a priority, particularly with the goal of achieving self-sufficiency in areas like edible oils.
Mining, agriculture, manufacturing (including electronics, which is a thrust area for the government) can all help increase domestic production, reduce imports and create millions of good jobs in India.
I congratulate the PM and FM for a visionary Budget which has stimulated the perfect jugalbandi of robust consumption growth and accelerated investment - the keys to a #ViksitBharat.”
Anil Agarwal, Chairman, Vedanta Limited 

“The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand is the Brahmastra FM has fired. Kudos to her for doing so while remaining fiscally responsible by targeting a fiscal deficit of 4.4%. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100% in Insurance and special impetus to the Renewables, including energy storage systems, are clear positives. It would have helped if the EV charging infrastructure could have been given an industry status. Maintaining Capex levels while lowering taxation is huge but needs more details. With all these moves, the government remains laser-focused on Viksit Bharat by 2047.”
GP Hinduja, Chairman, Hinduja Group

“The decision to exempt income tax up to ₹12 lakh is a game-changing reform that boosts India's middle class by increasing disposable income. This is expected to drive household spending—an essential growth engine for sectors like retail and real estate. Higher discretionary spending signals economic vitality, fueling consumption-led growth and strengthening market dynamics. The Union Budget 2025-26 builds on this reform with targeted measures to fortify manufacturing, MSMEs, and domestic consumption. Enhanced credit access, sector-specific incentives for textiles and apparel, and streamlined compliance are set to boost industrial output. With the middle class now driving nearly 60% of domestic consumption, rising purchasing power is likely to accelerate demand for aspirational and premium products. This holistic strategy positions the economy for sustained expansion by creating a strong synergy between consumer spending, industrial growth, and workforce empowerment.”
Gautam Singhania, Chairman & Managing Director, Raymond Group

“The budget continues on its roadmap of fiscal consolidation. The Government walked the path of fiscal prudence and lowered next year's fiscal deficit target to 4.4 % vs current year's 4.8% without loosing focus on growth.
Along with that focus on consumption to promote growth and tax simplifications are the biggest highlights of this budget. Much wanted consumption boost for the middle class has been provided to support growth.
Overall, a highly constructive budget with a new tax code will take care of the tax payer’s concerns.”
Sagar Shah, Head - Domestic Markets, RBL Bank

“The Union Budget 2025-26, presented by Finance Minister Smt. Nirmala Sitharaman has a laser sharp focus on boosting economic growth. With definitive steps in infrastructure investment and key support for agriculture, manufacturing and urban development, there is a deep commitment to continue on the growth momentum. As brands continue their growth in the real Bharat, the Centres of Excellence for Skilling, coupled with global skilling partnerships, will add to the available talent pool. The tax reforms proposed in the Budget will ensure that the consuming class will have enhanced discretionary income in their hands leading to a significant demand stimulus. This Union Budget will definitely energise the market sentiment and is another key step to realising our combined vision of a Viksit Bharat!”
TS Kalyanaraman, Managing Director, Kalyan Jewellers

“The Union Budget 2025 reflects the government’s steadfast commitment to strengthening the Indian economy through fiscal prudence and growth-oriented policies. The housing sector continues to be a key pillar of economic development, and we are encouraged by the progressive measures aimed at enhancing housing affordability and accessibility for millions of Indians.
The increase in the income tax exemption limit to ₹12 lakh will significantly boost disposable income, enhancing purchasing power and potentially increasing housing demand. Additionally, the completion of 50,000 dwelling units under stressed housing projects, with another 40,000 units set to be delivered in 2025, offers much-needed relief to middle-class families burdened by EMIs and rent. The establishment of SWAMIH Fund II, a ₹15,000 crore blended finance facility, will further accelerate the completion of another one lakh housing units, reinforcing the government's focus on resolving housing stress.
We are optimistic that the sustained economic momentum, coupled with the government’s visionary policies, will drive long-term growth in the housing and real estate sectors, contributing to India’s vision of inclusive and sustainable development.”
Girish Kousgi, MD & CEO, PNB Housing Finance

“The Government budget seems to be a significant step towards achieving India's ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission's targeted support for all renewable energy sources is a welcome move, as it reinforces India's commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India's economy and population.
The key word is Eco-System : the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers.  It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms.  And for national security, we need to build this expertise locally, requiring the build-out of all these industries at scale.  We are happy that this budget recognises this need.  Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”
Girish Tanti, Vice Chairman of Suzlon

"The Union Budget 2025 takes a balanced approach by strengthening rural infrastructure, manufacturing, and consumer spending—three critical pillars for the FMCG sector. Investments in rural development and job creation will boost economic activity and drive higher consumption, opening new opportunities for market expansion. The National Manufacturing Mission is a strong step toward enhancing domestic production, reducing import dependencies, and improving cost efficiencies. Additionally, tax reforms benefiting the middle class will increase disposable income, further fueling demand across essential and aspirational FMCG categories.
Overall, the Budget lays a strong foundation for a more consumption-driven economy, creating significant growth opportunities for the FMCG industry." 
Aasif Malbari, Chief Financial Officer - Godrej Consumer Products Ltd.

“The Budget 2025 provides a positive outlook for India’s Health Science sector, with measures aimed at improving healthcare access and infrastructure. A key provision is the basic customs duty exemption on 36 life-saving drugs for rare diseases, cancer, and chronic conditions, as well as bulk drugs used for manufacturing them. Additionally, 37 more specified drugs and 13 new Patient Assistance Programs (PAPs) have been added, enabling pharma companies to expand coverage for more patients across India. The overall healthcare allocation has increased by 11%, showing the government’s commitment to the sector.
The government plans to establish Day Care Cancer Centres in district hospitals, with a goal of setting up 200 centres in the current year. There will also be an addition of 10,000 new medical seats, with plans to increase this to 75,000 over the next five years. The PM Research Fellowship scheme will provide 10,000 fellowships to drive technological research at IITs and IISc.
The promotion of Medical Tourism and the ‘Heal in India’ campaign, along with a INR 20,000 crore initiative for private-sector-led R&D, will further boost the sector. Overall, the Budget 2025 continues the positive path for healthcare innovation and infrastructure growth in India.”
Hitesh Sharma, Partner and Life Sciences Leader – Tax at EY India

"The Union Budget 2025-26 presents both opportunities and challenges that will shape India's economic trajectory. As an equity investor in MSME companies, I welcome the government's renewed focus on this sector. The revised MSME classification—raising investment limits by 2.5 times and doubling turnover thresholds—will significantly improve credit access and support mechanisms, enabling small businesses to drive economic growth.
However, the budget’s heavy reliance on disinvestment and privatisation raises concerns. While privatisation may boost government revenues, it risks job losses and could disrupt long-term growth. Employment stability is crucial, and economic expansion must not come at the cost of job security. Similarly, raising the income tax exemption limit to ₹12 lakh provides relief but lacks alignment with broader growth strategies.
Despite these concerns, the National Manufacturing Mission is a commendable step toward strengthening India's "Make in India" vision. Prioritising ease of doing business, workforce development, MSME engagement, technological access, and quality production will foster a dynamic manufacturing ecosystem.
The proposed tax reforms promote inclusivity by reducing compliance burdens. Lowering TDS thresholds and extending tax return timelines benefit small businesses, startups, and those with variable incomes. Simplifying tax laws and encouraging voluntary compliance will create a more transparent and equitable system.
This budget underscores the MSME sector's pivotal role in India’s growth story, but its success hinges on balanced economic policies that ensure both business expansion and job creation. While the road ahead holds promise, its execution will determine whether India achieves its economic aspirations. As an investor, I remain optimistic yet cautious about the journey forward." 
Tarun Singh, Founder and Managing Director of Highbrow Securities

“The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, brings exciting opportunities for the education sector in India, focusing on making education more accessible and improving its quality. The government is committed to better infrastructure, expanding digital learning, and promoting skill development, as seen with initiatives like PM SHRI. With the goal of achieving 100% Gross Enrolment Ratio (GER) by 2030, the education sector is set for major growth. However, challenges such as teacher training and ensuring equal access to quality education, especially in underserved areas, need to be addressed. The focus on strengthening school education and improving digital connectivity is a step in the right direction towards a more inclusive and future-ready education system. Notably, the 2025 Union Budget's transformative approach to education includes the Bharatiya Bhasha Pushtak Scheme, providing digital Indian language books to preserve linguistic heritage and enhance accessibility. This initiative aligns with the vision of nurturing globally informed, heritage-rooted students, recognizing language as a bridge to culture and identity.”
Ajay Singh, Principal, The Scindia School, Gwalior

"The Union Budget 2025 takes a decisive step toward strengthening India’s economy with a strong focus on innovation, digital transformation, and manufacturing excellence. The significant tax cut, with exemptions up to ₹12 lakh under the new regime, will provide much-needed relief to the middle class, boosting disposable income and driving greater consumer spending, savings, and investments. Additionally, the government’s continued push for technology and infrastructure development will create new opportunities for businesses while reinforcing India’s position as a global manufacturing and technology leader. At Acer, we welcome these forward-looking initiatives and remain committed to supporting India’s vision for self-reliance and sustainable economic growth." 
Alok Dubey, Chief Finance Officer, Acer India.

"The 2025 Budget presents a pragmatic approach to startup growth. The new ₹10,000 crore Fund of Funds, combined with streamlined business registration processes, shows that we're moving beyond mere funding to creating an enabling environment for innovation. The emphasis on credit access, particularly the 1% guarantee fee for loans up to ₹20 crore in 27 key sectors, could be transformative for startups working on capital-intensive solutions in manufacturing, deep tech, and other strategic sectors. This is crucial as we see a shift from pure digital plays to more complex, innovation-driven ventures.  However, the real test lies in implementation. While compliance reduction is a step in the right direction, startups need a more fundamental ease of doing business - faster fund deployment, clearer regulatory frameworks, and simpler tax structures. These are critical for early-stage ventures where time and resources are always at a premium. As we look ahead, these measures could help India move beyond being just a large startup hub to becoming a global innovation powerhouse." 
Ganesh Raju, Founder, Turbostart Global.

“The focus on healthcare infrastructure delivery is certainly becoming more prevalent in the Union Budget.  While broadband connectivity in primary health centres in rural areas will pave the way for the expansion of telemedicine, it will also create more opportunities for online training of healthcare workers, as well as, transfer of real-time data and analytics.
By increasing the number of medical seats, the government is also looking to address the need for building the human workforce, i.e., more doctors in the country to reduce the rural vs. urban disparity. To strengthen the primary and preventive care system, rather than further crowding the speciality clinical services, it is important to create policies that will encourage new doctors to become general practitioners, family practitioners, etc. Additionally, to combat this shortage, the healthcare industry must also learn about the best practices from other emerging economies that rely far more on ancillary health workers/paramedics, etc. 
The setting up of Day Care Cancer Centres in all district hospitals is much needed due to the rising cancer burden in the country. These physical centres should be linked with strong referral systems supported by technology to ensure high-quality care to patients. A bigger need is to scale up cancer screening and diagnosis, the lack of which is resulting in patients being diagnosed at late stages with poor predicted outcome.
Professor Sarang Deo, Deputy Dean, Faculty & Research and Executive Director, Max Institute of Healthcare Management, ISB

“The budget presents a strong focus on the inherent strengths of Indian economy and key economic drivers of Viksit Bharat 2047.
The 3M's that bring me cheer are - Middle Class, MSMEs and Make in India!
·         Big boost to salaried middle-class will accelerate economic growth
·         Revised Classification and Exports push to help Indian MSMEs go global!
·         Focussed attention to 'Make in India' in HiTech and labour intensive industries will attract investments.
I also welcome the launch of the Manufacturing Mission, the Exports Promotion Mission and the Nuclear Energy Mission.
Initiatives such as Cancer Care Centers in every district across the country will further modernize the Healthcare and Medical Infrastructure across the country.
Special development measures to boost agriculture productivity, self-reliance in pulses and leveraging 'India Post' to deliver financial services are expected to drive Rural Growth.
What is noteworthy is a special mention of revamping Bilateral Investment Treaty Model - a sign of following an India First model amidst heightened global volatility.
Hallmark of successive governments under the leadership of Hon'ble Prime Minister has been continued thrust on ease of doing business, fiscal prudence and investment led growth.
Today's Budget continues to deliver on these three levers, and I am confident that these initiatives collectively signal a robust blueprint for India's progressive and inclusive development.”
Baba Kalyani, Chairman & MD, Bharat Forge Ltd.

“The Union Budget 2025 lays a strong foundation for sustainable growth across real estate, infrastructure, and wellness-driven developments. With increased investments in urban infrastructure, affordable housing, and transit-oriented growth, the budget fosters a future-ready real estate ecosystem that aligns with evolving investor expectations. The emphasis on connectivity, green energy, and digital transformation in property transactions is set to enhance ease of doing business and attract long-term capital.
Beyond real estate and infrastructure, the budget’s focus on healthcare and wellness initiatives complements the rising demand for holistic living spaces. The push for sustainable urbanization, green buildings, and wellness-centric developments will reshape residential and commercial spaces, ensuring a healthier and more balanced way of life. These measures not only strengthen the investment outlook but also position India as a leader in integrating wellness with real estate and infrastructure, driving long-term value creation.”
Ritesh Mastipuram, Founder & MD, Ridhira Group.

"We commend the government’s strong focus on the holistic development of rural India in the Union Budget 2025-26. The initiative to transform India Post into a public logistics organisation is a significant step toward strengthening rural commerce and boosting entrepreneurship opportunities. With 1.5 lakh rural post offices and 2.4 lakh Dak Sevaks, this initiative will serve the needs of women entrepreneurs, self-help groups, MSMEs, and even large businesses. The presence of Dak Sevaks at the last mile will play a crucial role in driving employment-led growth and ensuring seamless access to financial and logistical services for underserved communities. 
The launch of customized credit cards with a INR 5 lakh limit for micro-enterprises and a new scheme providing term loans of up to INR 2 crore for first-time women entrepreneurs from underrepresented communities will be game changers in promoting financial inclusion and inclusive development. These initiatives, along with support for MSMEs and investment in innovation, will drive grassroots entrepreneurship and economic resilience.
At Spice Money, our focus has always been on empowering rural India on the back of our extensive network of 14 lakh digital nanopreneurs (Spice Money Adhikaris), bringing essential banking services closer to the underserved. We believe that public-private partnerships are key to solving the challenges of rural India and accelerating job creation. By collaborating with the government and harnessing technology, we can build a truly inclusive and self-reliant Bharat.”
Dilip Modi, Founder & CEO of Spice Money

“The expansion of national framework for Global Capability Centres to tier-2 cities is set to drive economic and social transformation by creating employment opportunities, enhancing local talent pool, and attracting corporate investments. Businesses benefit from lower operational costs, while local economies gain from increased demand in real estate, retail, and infrastructure.
On the social front, skill development initiatives will equip the workforce with industry-relevant expertise, improving employability and reducing migration pressure on metro cities. Improved infrastructure and business growth in these regions will also contribute to a better standard of living. As GCCs expand, they will play a key role in decentralizing economic growth and strengthening India's global competitiveness.
The private-sector-driven R&D initiative focuses on fostering research, development, and innovation, with funding allocated to support these efforts. These measures outline a structured approach to strengthening India's GCC ecosystem, emphasizing collaboration between industry and government to enhance capabilities, workforce readiness, and the overall business environment for service delivery and technological advancements.”
Sandeep Jain, Managing Director, CDK Global India

“The Union Budget 2025 focusses on investing in people more and that is commendable. A total of Rs 1,28,650 crore has been allocated to the education sector, which is more than 6.65% increase from the previous year and this will help in our nation’s growth.  
The establishment of three Centres of Excellence in Artificial Intelligence focused on education with a total outlay of Rs 500 crore with the aim to promote AI-driven advancements in the education sector, is a welcome step. 
With the Centre providing 10,000 PM Research Fellowship for students in IITs and IISc Bangalore, advanced research and innovation will be encouraged.
These measures will churn out more leaders from India and these leaders will go on to make a difference to the country’s development. However, the real test will be in its implementation and the impact it will hold in the future.”
Surendran Jayasekar, Founder & CEO of Success Gyan

"The recent budget has delivered a promising outlook for India’s electric vehicle (EV) industry, especially with the reduction in Basic Customs Duty (BCD) on capital goods related to EV manufacturing. This move will help lower production costs, making EVs more affordable for consumers and encouraging higher sales.
Aligned with the National Manufacturing Mission, the budget’s focus on rationalizing customs tariffs signals the government's intent to localize high-value production and reduce dependency on imports. Additionally, the exemption on critical minerals like lithium is a significant step toward easing the supply of vital components for EV batteries, further lowering costs and boosting domestic manufacturing.
The commitment to enhancing EV infrastructure, particularly in charging stations and battery swapping networks, is another much-needed development. This will improve the user experience and drive the adoption of EVs across the country.
Efforts to localize EV components like batteries, motors and controllers will help reduce upfront costs which would further strengthen India’s EV Ecosystem giving the EV sector the ability to penetrate the Indian Markets."
Tushar Choudhary, Founder & CEO, Motovolt Mobility

“The Union Budget 2025-26 outlines a forward-looking approach to strengthening India’s retail sector by fostering urban development, encouraging consumer spending, and enhancing ease of doing business. The emphasis on infrastructure investment, digital transformation, and MSME support is set to contribute to a more resilient and dynamic retail ecosystem, benefiting both businesses and consumers.
With the introduction of the ₹1 lakh crore Urban Challenge Fund and continued investments in smart city initiatives, the government is laying the foundation for modern, experience-driven retail destinations. These measures are expected to positively influence footfalls and elevate customer engagement, reinforcing the retail industry’s long-term growth prospects.
We acknowledge the government’s focus on boosting domestic manufacturing, facilitating e-commerce, and expanding digital payment infrastructure. As a leading premium retail destination, Phoenix Marketcity Pune remains committed to delivering world-class shopping experiences while aligning with India’s evolving economic and consumer landscape.”
Anshuman S. Bharadwaj, Central Director, Phoenix Marketcity Pune

"This budget outlines a compelling roadmap for a Viksit Bharat. The focus on boosting consumption through targeted tax relief for the middle class, coupled with the government's commitment to streamlining tax procedures, will significantly improve ease of doing business and unlock further economic potential.
At InterGlobe Enterprises, we are particularly encouraged by the strategic investments and vision for strengthening the holistic tourism ecosystem in the country, with the development of infrastructure and focus on skilled workforce. These initiatives lay a solid foundation for sustained economic progress and a brighter future for the country.”
Aditya Pande, Group Chief Executive Officer, InterGlobe Enterprises:

“The Union Budget 2025-26 delivers a transformative push across key sectors, reinforcing India's commitment to sustainable growth and self-reliance. The National Manufacturing Mission’s focus on cleantech industries, including solar PV cells, EV batteries, electrolysers, and grid-scale batteries, will strengthen domestic value addition and position India as a key player in global clean energy supply chains. Investments in power transmission and distribution, along with electricity distribution reforms, will modernise the sector and ensure financial stability for DISCOMs.
Nuclear energy is a key pillar of India’s energy security and self-sufficiency, supporting a steady shift to cleaner power while keeping the grid stable. The goal of reaching 100 GW of nuclear capacity by 2047 is backed by important reforms, including changes to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, allowing private sector involvement in nuclear projects. The ₹20,000 crore investment in small modular reactors (SMRs) highlights India’s plan to use its rich thorium reserves for long-term energy independence. These advanced nuclear technologies will provide reliable, scalable, and low-carbon energy, strengthening the country’s energy supply. This approach broadens the energy mix and ensures long-term sustainability by reducing dependence on imported fossil fuels.
Infrastructure remains a key driver of economic growth, with ₹1.5 lakh crore in long-term interest-free loans to states and ₹25,000 crore for maritime expansion, strengthening India’s connectivity and trade competitiveness. The extension of the Jal Jeevan Mission, the ₹1 lakh crore Urban Challenge Fund, and affordable housing initiatives will enhance urban living standards. The Critical Minerals Development Policy, alongside customs duty exemptions on essential resources, ensures a secure supply chain for high-tech industries, supporting India’s ambitions in advanced manufacturing and clean energy. Green bonds and hydrogen R&D incentives further reinforce our commitment to a net-zero future. Tata Consulting Engineers stands ready to contribute through innovative engineering solutions, supporting India’s journey towards a resilient and globally competitive economy.”
Amit Sharma, MD & CEO, Tata Consulting Engineers

"The Union Budget 2025-26 showcases the government's continued focus on revitalizing the manufacturing sector, particularly the MSME and automotive industries, which are crucial to India's forging sector. The announcement to double the credit guarantee cover for micro and small enterprises and the introduction of customized credit cards for micro enterprises will enhance financial access, fostering growth and innovation. Additionally, the enhanced investment and turnover limits for MSME classification are expected to boost operational scalability, helping forging companies remain competitive in global markets. Additionally, the Budget has also helped the salaried class and middle class with the NIL Income Tax limit raised to Rs 12 lacs.
The increased emphasis on clean technology manufacturing and the government's commitment to sustainable development provide promising opportunities for the forging sector to invest in advanced and environmentally friendly technologies. With policies supporting research and development, skill development, and clean energy, the forging industry stands poised to play a pivotal role in driving the growth of India's manufacturing sector while supporting the nation's aspirations for Viksit Bharat by 2047."
Yash Munot, President of the Association of Indian Forging Industry (AIFI)

“The Union Budget 2025-26 outlines a progressive vision for the food processing industry, particularly in strengthening MSME support, export growth and agricultural innovation. The introduction of a National Institute of Food Technology and expanded credit facilities for micro and small enterprises will empower businesses like ours to enhance efficiency, foster innovation and scale globally.
With an increased focus on agri-processing and improved access to credit, this budget reinforces the government’s commitment to creating a robust ecosystem where brands rooted in authenticity like Mother’s Recipe can continue to deliver high-quality products while supporting Indian farmers and strengthening local supply chains. These efforts will further bolster India’s position as a global food supplier. At Mother’s Recipe, we are proud to bring the rich heritage of Indian flavors to over 45 countries, and these policy measures will play a vital role in making Indian cuisine more accessible and celebrated worldwide”.
Sanjana Desai, Executive Director of Mother’s Recipe

“Overall, a progressive and structured budget focusing on India at 2047 to drive the inclusive GDP growth which we need to get there. There has been a clear focus to providing tax relief to provide more money in hands of people thereby driving consumption. Focusing on the ten broad areas aimed at GYAN (Garib, Yuva, Annadata, and Nari Shakti) Union Budget 2025 paves way for the well-being of end-users, leaving more cash at hand thus, helping drive consumption for the Indian economy. Amongst several benefits, one of the most awaited news for the common man, both for middle class and senior citizens, are the income tax reliefs – which will boost consumer spending and reduce the compliance burden for the businesses.
For the industry there have been several key announcements aimed at fostering manufacturing, growth and strengthening the Indian economy.
•Rationalisation of customs tariff structure is yet another welcome move. The approach of aligning inverted duty structure and increase in BCD on interactive flat panel displays from 10% to 20%, will be an enabler for enhancing manufacturing in India. Reduction of duty in components for manufacturing Open Cell is also in the direction towards making a robust manufacturing base for LCD/ LED television panels in India.
•The announcement on BCD exemption for critical minerals like cobalt is a welcome move and will help India overcome disabilities that exist for manufacturing of lithium-ion batteries as compared to other countries. Additionally, exemption of duty on scrap of lithium-ion batteries will fuel the efficiency and capacity utilization of recycling units that are already in abundance in our country and help enable energy security through energy consumption in our country. It will also catalyse journey towards energy security through energy transition.
•Establishment of Bharat Trade Net is a good move as it will bring commerce, MSME and revenue ministries together and build inter-ministerial dialogues - a unified platform to streamline trade documentation, policy interventions, supply chain efficiencies and financing needs for businesses. This is the need of the hour, further easing and enhancing the international trade and exports.
•The industry awaits the National Manufacturing Mission under the Make in India initiative with a focus on cleantech to help diversify manufacturing across states.
•Enhanced investment and turnover limits for MSMEs aimed at empowering MSMEs will help scale up, innovate, and generate more employment opportunities for the Indian talent further bolstering the manufacturing economy.
•Additionally, establishing five National Centres of Excellence for Skilling reflects a full-circle approach to equipping our youth for ‘Make for India, Make for the World’ manufacturing. The continued push for innovation through 50,000 Atal Tinkering Labs is a commendable step in nurturing scientific temper and creativity among young minds.
These initiatives collectively reinforce India’s path toward self-reliance, competitiveness, and long-term economic growth. This budget is a strong step towards an Atmanirbhar Bharat, ensuring sustainable growth, innovation, and long-term economic resilience.”
Manish Sharma, Chairman, Panasonic Life Solutions India & SA

"The Union Budget 2025-26 is a good and forward-looking that supports economic growth while ensuring fairness for honest taxpayers. By introducing measures that simplify tax compliance and broaden the tax base, the government has made it easier for more individuals and businesses to contribute, ultimately fostering a culture of voluntary compliance. These reforms not only encourage transparency but also increase revenue generation, which will be channeled into nation-building initiatives, creating a more robust economic ecosystem.
This budget provides a significant boost to the manufacturing and MSME sectors, which are the backbone of India's industrial growth. By enhancing credit availability, supporting domestic production, and prioritizing sustainable development, the government has reaffirmed its commitment to 'Make in India' and self-reliance. These initiatives will stimulate investments, generate employment, and accelerate economic expansion, positioning India as a global manufacturing powerhouse”.
Farrokh N. Cooper, Chairman and Managing Director, Cooper Corporation Pvt. Ltd

“The Finance Minister has presented a clear, growth-driven budget that aligns with the Prime Minister’s vision of fostering a competitive and resilient India with inclusive growth by investing in people, economy and innovation. The budget prioritizes extensive national infrastructure development and accelerates the digitization of the economy. Continuous government investments in infrastructure are set to fuel sustained economic growth. Additionally, the government's strong commitment to green mobility is expected to create new avenues for innovation and growth across the country. The launch of the National Manufacturing Mission will support the sector by providing crucial policy backing, execution plans, and a governance and monitoring framework. With strategic investments in skilling, digitization, healthcare, education, agriculture, and electrification, the budget aims to shape India’s economic trajectory in the years ahead.  Furthermore, it reinforces our commitment to clean energy vehicles, contributing to a greener, cleaner future as part of the national mission to achieve net-zero carbon emissions.”
 Dheeraj Hinduja, Chairman - Ashok Leyland

“The Union Budget 2025 reaffirms the government’s commitment to a ‘Budget for All’—driving economic growth, empowering the middle class, and accelerating job creation. The emphasis on catalytic investments in key sectors, particularly manufacturing, underscores India’s ambition to establish itself as a global production hub.
The targeted support for MSMEs, including higher threshold limits and enhanced credit guarantees, is a crucial step toward fostering grassroots development and job creation. At the same time, a strong focus on labour-intensive sectors will provide the much-needed push to address the unemployment challenge in the country.
Additionally, the establishment of a high-level committee to streamline non-financial sector regulations and the introduction of the Investment Friendliness Index for states mark significant progress in enhancing ease of doing business.
For the middle class, the introduction of revised tax slabs provides meaningful relief, reducing the tax burden and driving higher domestic consumption, savings, and investments. Moreover, the incentives announced for one crore gig workers mark a major step towards fostering inclusive employment, recognizing their growing role in the economy.
By prioritizing industrial expansion and household empowerment, this budget reinforces India’s socio-economic resilience. Randstad India believes this balanced approach will accelerate the country’s journey toward a Viksit Bharat—a developed India built on innovation, inclusivity, and a future-ready workforce.”
Viswanath PS, MD & CEO, Randstad India, a talent company

“Finance Minister Nirmala Sitharaman presented the Budget 2025 on Saturday, unveiling key healthcare and economic measures. She announced the promotion of medical tourism under the ‘Heal in India’ initiative, streamlining visa processes and fostering private sector collaboration.
Additionally, 36 life-saving drugs for cancer and rare diseases, along with 37 more medicines, will be exempted from basic customs duty. To strengthen medical education, 10,000 seats will be added next year, with a total of 75,000 over the next five years. The government will also establish 200 cancer daycare centers in district hospitals within three years. Furthermore, gig workers will receive healthcare coverage under the PM Jan Arogya Yojana.
The healthcare sector will see a significant boost with an allocation of ₹95,957.87 crore for development and improvement, up from ₹86,582.48 crore in FY25. Additionally, ₹2,445 crore has been earmarked for the Production-Linked Incentive (PLI) scheme to support the pharmaceutical industry.
The revised tax exemptions bring much-needed relief to the middle class, with no income tax on earnings up to ₹12 lakh per annum and complete tax exemption for salaried individuals earning up to ₹12.75 lakh under the new regime. This will enhance savings, boost consumption, and drive economic growth.
With a strong focus on healthcare, financial relief, and economic stimulation, Budget 2025 lays the foundation for a healthier, wealthier, and more prosperous India.”
Dr. Pratim Sengupta, Senior Nephrologist and MD & CEO, Nephro Care India Limited

“FY26 budget underscores the government’s commitment to infrastructure-led growth, with a strong emphasis on urban transformation and public-private partnerships. Financial impetus like the ₹1 lakh crore Urban Challenge Fund and the ₹1.5 lakh crore interest-free loan to states for infrastructure development will transform urban landscapes and boost real estate demand. Interestingly, the budget also brings in some relief for mid-income and affordable home buyers through the SWAMIH Fund. The much anticipated tax reforms for the mid income groups will further increase spending potential and drive home buying in the country.
While these measures are welcome, several key industry expectations for the real estate sector remain unaddressed. Granting industry status to real estate, streamlining approval processes, and enhancing liquidity support for developers were essential priorities which would have gone a long way in accelerating real estate growth. Additionally, rationalization of GST on under-construction properties, reduction in long-term capital gains tax on real estate investments, and increased tax benefits for homebuyers would have significantly improved affordability and investment sentiment.
We remain optimistic that the government will continue engaging with the sector to introduce necessary reforms that will foster sustainable growth, enhance housing accessibility, and drive India closer to its ‘Housing for All’ vision.”
Rakesh Reddy, Director, Aparna Constructions

"The Union Budget 2025-26 marks a transformative step forward for India's healthcare sector. The establishment of daycare cancer centres in all district hospitals, with 200 centres operational this year, will significantly enhance cancer care accessibility. This aligns with the mission to provide equitable healthcare solutions to all sections of society. Additionally, the expansion of medical education by adding 10,000 seats this year and 75,000 seats over the next five years addresses the critical shortage of healthcare professionals, strengthening infrastructure and meeting growing healthcare needs.
The introduction of health insurance for 1 crore gig workers and concessions on critical medicines underscores the government's focus on safeguarding vulnerable groups and reducing financial burdens on patients. Notably, the exemption of 36 life-saving drugs for cancer, rare diseases, and chronic severe ailments from basic customs duties, along with concessional duties on 6 additional life-saving medicines and bulk drugs, will make treatment more affordable and accessible. Furthermore, the expansion of patient assistance programs, exempt from basic customs duties, will provide much-needed support to those battling severe illnesses.
Key initiatives include broadband connectivity to all Primary Health Centres (PHCs) in rural areas, enabling telemedicine and remote healthcare delivery. The promotion of Medical Tourism and Heal in India, in partnership with the private sector, aims to position India as a global healthcare hub. The extension of the potable tap water mission to 2028, with 100% coverage and an increased budget, ensures access to clean drinking water, a vital determinant of public health. Nutritional support through Saksham Anganwadi aims to combat malnutrition among women and children, fostering a healthier future generation.
Furthermore, raising the FDI limit in the insurance sector from 75% to 100% for companies investing premiums in India will boost investment and innovation, driving growth in the sector.
These initiatives reflect a strong commitment to building a healthier, more resilient India, with a positive impact on the nation's healthcare landscape."
Jasdeep Singh, Group CEO, CARE Hospitals 

"The Budget has focused on strenthening India’s MSME and Startup ecosystem through enhanced credit access by way of expanded fund-of-funds (FOF) of ₹10,000 crores as well as a proposal for setting up a Deep Tech FOF. Further the investment limits for MSME classification have been increased by 2.5 times which means that businesses can now invest significantly more while still qualifying as MSMEs. Also startups are benefited with the increase in Incorporation period by 5 years. The allocation of ₹500 crore for MRO sector and the establishment of a ₹25,000 crore corpus for shipbuilding shows India’s commitment to promote India’s self-reliance.
Additionally, India is focused to accelerate clean energy to develop at least 100 GW of nuclear power by 2047 and encourage private sector involvement. A dedicated ₹20,000 crore R&D initiative for Small Modular Reactors (SMRs) will be launched, with the goal of having at least five indigenously developed SMRs operational by 2033. The Budget also aims to create self reliance in EV and mobile phone battery manufacturing."
Amey Belorkar - Fund Manager - Maharashtra and Aerospace Venture Fund at IDBI Capital Markets & Securities Limited.

“The Union Budget 2025-26 lays a strong foundation for India’s digital-first economy, with a clear emphasis on AI, deep tech, and digital public infrastructure. The introduction of the Deep Tech Fund of Funds is a significant move to accelerate next-generation startups in AI, blockchain, and advanced computing, fostering innovation and global competitiveness. Expanding broadband access under BharatNet to rural schools and health centers is a critical step in bridging the digital divide and enhancing last-mile connectivity.
The establishment of a ₹500 crore Centre of Excellence in AI for Education reinforces India's commitment to AI-driven learning, ensuring a future-ready workforce. The National Framework for Global Capability Centers (GCCs) will further strengthen IT and outsourcing hubs in Tier-2 cities, driving infrastructure development and talent expansion. Additionally, with increased PPP support for digital infrastructure under the India Infrastructure Project Development Fund (IIPDF), private sector investments in broadband and connectivity are expected to gain momentum. Together, these initiatives position India as a leading player in the global digital economy, accelerating the adoption of AI, deep tech, and emerging technologies. However, areas like data centers required more focused policy support to establish India as a regional digital hub. Clarity in AI regulation and security frameworks is also essential to ensure responsible AI adoption while fostering continued innovation.”
Pinkesh Kotecha, MD & Chairman, Ishan Technologies.

"The Union Budget drives sustainable growth across sectors, emphasizing inclusive development for Garib, Yuva, Annadata, and Nari. 
Agriculture, the first growth engine, receives a major boost with the Prime Minister Dhan-Dhaanya Krishi Yojana. Targeted initiatives like the Developing Agri Districts Programme and KCC Mission for Cotton Productivity will empower 1.7 crore farmers in 100 districts by improving yields, fostering FPOs, and ensuring climate resilience. This will enhance productivity, rural incomes, and self-sufficiency in food production while building resilience in farming communities.

The rural economy is further strengthened by enhanced support for agriculture and development, creating widespread prosperity. Meanwhile, the MSME sector, crucial for employment and manufacturing, receives a significant push to drive economic expansion and establish India on a new growth trajectory.

Education and skill development are prioritized, with initiatives like the Bharatiya Bhasha Pustak Scheme and five National Centres of Excellence preparing youth for a global manufacturing landscape. The removal of TCS on education loans abroad eases access to international learning opportunities.

The big bonus for middle class in the form of tax slabs changes are going to help in improving consumption which would be a major booster for private capex and can change the nature of investments and participation in boosting economic activity.
In essence, the budget lays a strong foundation for economic resilience by fostering inclusive growth, supporting rural livelihoods, and equipping India for a competitive global future."
Umesh Revankar, Executive Vice Chairman, Shriram Finance 

“The budget's focus on establishing a National Manufacturing Mission aligns with our goal of engineering in India for 'Make in India' and enhancing the nation's self-reliance in manufacturing. This initiative is poised to attract investments and improve efficiency, positioning Indian companies as globally competitive players.
The establishment of five National Centres of Excellence for Skilling is a pivotal move in building a future-ready workforce. This initiative resonates with our commitment to engineering a better future for India's youth through investment in in-demand training programs across Industry 4.0, IoT, and advanced manufacturing, and collaborating with state governments to upgrade ITIs into technology hubs.
Additionally, the allocation of ₹500 crore for a Centre of Excellence in Artificial Intelligence for education underscores the importance of fostering innovation and research in AI, which will benefit both the education sector and the broader technology landscape.”
Warren Harris, CEO & MD, Tata Technologies.

“The Government budget seems to be a significant step towards achieving India's ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission's targeted support for all renewable energy sources is a welcome move, as it reinforces India's commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India's economy and population.”
The key word is Eco-System : the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers.  It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms.  And for national security, we need to build this expertise locally, requiring the build-out of all these industries at scale.  We are happy that this budget recognises this need.  Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”
Girish Tanti, Vice Chairman, Suzlon.

"Ageas Federal Life Insurance has already experienced the positive impact of enhanced foreign investment, having been one of the first Indian insurers to embrace the 74% FDI limit. This move has driven innovation, operational efficiency, and customer-centric solutions within the industry. The government's decision to increase the FDI limit in the insurance sector to 100% is a landmark reform that will significantly strengthen the industry by attracting fresh capital, global expertise, and cutting-edge innovation. This move aligns seamlessly with the vision of ‘Insurance for All’ by 2047, as it will enhance financial inclusion and drive deeper insurance penetration across both urban and rural India. Additionally, it will provide insurers with greater financial flexibility to expand their reach, address the evolving needs of policyholders, and contribute to the country’s overall economic growth.
Furthermore, the revamped Central KYC Registry is a welcome step toward strengthening data security and ensuring a seamless, trusted experience for customers. By prioritizing transparency and ease of doing business, the government is laying a strong foundation for a more resilient and digitally empowered financial ecosystem. At Ageas Federal Life Insurance, we wholeheartedly welcome these progressive reforms and look forward to leveraging these opportunities to expand our reach and further our mission of securing a fearless future for individuals across India."
Jude Gomes, MD & CEO, Ageas Federal Life Insurance