1, Feb 2025
5 headline:Post-Budget 2025: Experts Reaction

Rakshit Hargave, CEO – Birla Opus Paints

“The 2025 Budget announced by the Government of India is a bold and visionary step towards a more prosperous and inclusive Bharat. The focus on infrastructure development, domestic consumption, and production, as well as digital transformation, is commendable. Its emphasis on the manufacturing sector, through measures designed to further enhance ease of doing business, will benefit multiple stakeholders.

The enhanced National Manufacturing Mission will not only boost domestic production but also position India as a global manufacturing hub. This is also a significant step towards Atmanirbhar Bharat, helping us create numerous job opportunities and setting the stage for a vibrant and competitive manufacturing sector in India.

The budget also offers significant tax relief through rebates, which is anticipated to boost domestic consumption and invigorate the retail sector. This increased disposable income should allow consumers to spend more and improve their quality of life.

Another key decision by the Govt. is the increased focus on Public-Private Partnerships in infrastructure development as well as the Special Window for Affordable and Mid-Income Housing (SWAMIH) and the decision to develop the top 50 tourist destinations, aiming to bridge the gap between rural and urban, providing improved facilities and connectivity to all citizens. I am confident that this budget will pave the way for a brighter future for India.”

Himanshu Sinha, Partner and Head of Tax Practice, Trilegal

The Finance Bill 2025 proposals mark a directional shift towards a growth strategy based on consumption rather than government led capital expenditure. In the last few years the government has made significant investment in infrastructure to boost growth. This was necessitated by softness in private investment evidenced by slow capex and credit growth. While the growth figures have been encouraging, the government’s ambition of achieving growth rates close to double digits remains a far cry. This budget demonstrates a change of gear – a greater reliance on private sector and domestic consumption to boost higher levels of growth. The government has projected a revenue reduction of 13 billion US$ on account of reduction of personal income tax and corresponding reduction in government capital expenditure.

Reduction in personal income taxes is likely to jumpstart discretionary spending in sectors like automobiles, FMCG, travel and tourism, quick commerce and affordable housing. One can expect increased investments and M&A in these sectors by large MNCs and funds.

Lowering of individual taxes coupled with commitment to keep fiscal deficit in check through reduced debt displays prudence and is likely to boost sovereign ratings for India leading to increased foreign inflows of capital.

The amendments proposed for improving the tax certainty for MNCs by bringing in block transfer pricing assessments for three years in one go and expansion of safe harbour provisions is likely to improve the foreign investors sentiment. Similarly, reduction of customs tariff structure from 15 to 8 and proposals to improve the ease of mergers and acquisitions will likely enhance pace of investor activity.

On the whole, the budget proposals demonstrate clear strategic thinking, a commitment to prudence and improving the momentum for enhancement of country’s investment climate.

Madan Sabnavis, Chief Economist of Bank of Baroda

“The Union Budget has been quite pragmatic in terms of content; and balanced fiscal prudence with effective measures to push forth growth. This is why it needs to be commended. The fiscal deficit ratio has been lowered to 4.4% which also keeps in check the borrowing programme and hence should assuage the bond market and yields. Major relief for individual tax payers was a demand for long which has been met quite decisively this time which should aid consumption. In fact, depending on the choice of individuals, the money saved on taxes would be also deployed for savings which will be useful for banks in particular. Industries too will benefit on both the consumer and infra sides as people spend money on consumer goods and the government keeps spending on infra projects. One can hence sense a lot of continuity in the budget in terms of expenditure priorities with a very good balance being drawn between social welfare and project expenditure – both of which are needed for the country today.”

Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited

The Union Budget 2025-26, presented by the Finance Minister, reflects the government’s commitment to holistic economic growth, addressing key sectors such as agriculture, infrastructure, exports, entrepreneurship, and ease of doing business. It is a well-balanced budget that not only promotes macro-level economic stability but also delivers direct financial relief to individuals and industries.

For the real estate sector, the government has reinforced its support for stalled housing projects through the SWAMIH Fund, ensuring the timely completion of financially stressed projects. This initiative will provide relief to lakhs of homebuyers who have been waiting for possession, instilling renewed confidence in the sector and boosting overall housing demand.

A major highlight of the budget is the introduction of significant tax relief measures, marking one of the most notable savings opportunities for taxpayers in recent years. With enhanced disposable income, individuals will have greater purchasing power, improving affordability in the housing market. This is expected to drive higher demand in the affordable and mid-segment housing categories, as potential homebuyers will find it easier to service home loans and invest in real estate.

Fagun Saraswat – Co – Founder at Technocreo Private Limited

“As the government introduces the Union Budget 2025, it has garnered attention from tech-enthusiasts for certain takeaways which are set to impact the technology landscape in India. The government’s ₹20,000 crore allocation for research and innovation, along with a fourth AI Centre of Excellence focused on education, marks a strategic investment in India’s technological research and innovation.

What fascinates us more, is the announcement by the government to establish a Deeptech-focused Fund of Funds (FoF) to foster the next-generation startups in India. By doing so, the government will be empowering visionary entrepreneurs and startups working on research and innovation to revolutionize industries. For instance, in our own research efforts we are working on enhancing the learning and holistic development of students in the educational institutions by integrating emerging technologies like VR, AR and the Metaverse into their education and thereby having them avail an interactive virtual environment. It is exciting to see the government adopting a forward-looking approach to provide a vital foundation for such ideas by easing financial constraints and allowing such ideas to take off.

As promising as the budget looks on paper, it will be interesting to see how its provisions are implemented, and how both the government and the businesses drive the technological progress to ignite a new era of technological sovereignty for India and the Indians.”

Sandeep Jain, Managing Director, CDK Global India

“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.”

Manika Bhatnagar, Lead Client Servicing, PROSE Integrated Delhi

“The Union Budget 2025-26, with its emphasis on digital infrastructure, MSME growth, and innovation, presents a mixed bag for the PR and social media industry. Increased investments in digital connectivity and startup ecosystems will fuel demand for strategic communication, brand storytelling, and influencer-driven campaigns. However, with the revised taxation structure and evolving compliance norms, agencies will need to be more agile in financial planning. The government’s focus on ‘Viksit Bharat’ and ‘Make in India’ also opens up opportunities for PR firms to work closely with emerging businesses and global investors, shaping narratives that align with India’s growth story.”

Vipul Shah, Chairman, GJEPC

“No hike in Gold & Silver duties; reduction in Platinum duty will enable consumers to get a new product and increase affordable jewellery sales. Union Budget presented by Hon. Finance Minister Smt. Nirmala Sitharaman puts India in the growth path to Viksit Bharat. The Budget reforms will help to realise India’s domestic growth potential and unveil a new trade roadmap to navigate global uncertainties.”

Surendran Jayasekar, Founder & CEO of Success Gyan

“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.”

Hitesh Garg, VP, and India Managing Director, NXP Semiconductors 

“The Union Budget 2025 continues to reinforce India’s ambition to be a global leader in technology, with initiatives focussed on driving self-reliant, advanced manufacturing as innovation . The launch of the National Manufacturing Mission is a key step accelerating the ‘Make for India, Make for the World’ vision. Its focus on clean technology and sustainability ensures long-term competitiveness in global markets.

The government’s ₹20,000 crore investment in private sector-led R&D, alongside the Deep Tech Fund, is a strategic move to strengthen India’s leadership in AI, semiconductors, and next-gen manufacturing. The ₹10,000 crore Fund of Funds for startups and enhanced SME/MSME credit facilities will continue to encourage entrepreneurship across the board, and in technology- led innovation, in particular. This, combined with existing policy-driven support for clean energy, will have a far-reaching impact on industries like semiconductors and automotive, accelerating EV adoption, enhancing chip design capabilities, and fostering broader technology advancements. The initiatives around lithium-ion batteries and other components that go into Electric Vehicles will drive up local innovation and manufacture not just of the finished product but also spur the development of a much-needed manufacturing ecosystem.

The plan to establish a national framework for Global Capability Centers in tier 2 cities will help India reap the benefits of its current and continued investments in skills and higher education beyond the metros, thereby creating job local opportunities and curbing urban migration. There is focus on continuing to retain the skills advantage both in the medium and long term, with the establishment of the five National Centres of Excellence and the focus on increasing the student pool at five IITs, and the Atal Tinkering Labs initiative in Government schools across the country.

At NXP Semiconductors, we see Budget 2025 catalysing deep tech innovation and sustainable growth, continuing to set the stage for India’s emergence as a global powerhouse. We are committed to collaborating with policymakers, startups, and industry leaders to drive India’s technological transformation.”

Manika Bhatnagar, Lead Client Servicing, PROSE Integrated Delhi

“The Union Budget 2025-26, with its emphasis on digital infrastructure, MSME growth, and innovation, presents a mixed bag for the PR and social media industry. Increased investments in digital connectivity and startup ecosystems will fuel demand for strategic communication, brand storytelling, and influencer-driven campaigns. However, with the revised taxation structure and evolving compliance norms, agencies will need to be more agile in financial planning. The government’s focus on ‘Viksit Bharat’ and ‘Make in India’ also opens up opportunities for PR firms to work closely with emerging businesses and global investors, shaping narratives that align with India’s growth story.”

Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare

The Union Budget 2025 strengthens India’s commitment to a more resilient and inclusive healthcare system, ensuring accessibility, affordability, and quality care for all.

The addition of 75,000 new medical seats over will address the long-standing healthcare workforce shortage. This effort will help close access gaps in underserved areas, ensuring both the availability and quality of care are improved.

The establishment of 200 cancer daycare centres in district hospitals represents a proactive move towards decentralising cancer treatment, making care more accessible. These centres will not only enhance accessibility but also improve outcomes by enabling timely interventions while customs duty exemptions on cancer drugs and 36 life-saving medicines will make critical treatments more affordable.

Further, the decision to exempt 36 life-saving medicines from basic customs duties, along with reduced duties on six additional medicines, is a decisive action aimed at removing financial barriers to essential treatments. This initiative is particularly beneficial for patients suffering from chronic and rare diseases, reinforcing the government’s commitment to making healthcare more affordable for the most vulnerable.

The e-Shram healthcare insurance for gig workers and increased investment in medical research and genetic studies demonstrate a forward-thinking approach to public health. Additionally, easing visa norms for medical tourism under the ‘Heal in India’ initiative strengthens India’s position as a global healthcare destination, benefiting both patients and the economy.

These initiatives mark a significant step toward building a future-ready healthcare system that prioritizes both immediate needs and long-term advancements.

Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd.

“The Union Budget 25-26 lays a strong foundation for inclusive economic growth by prioritising rural development, MSME empowerment, and financial inclusion as well as reaffirms the government’s commitment to promoting financial resilience and economic prosperity at the grassroots level. The introduction of the ‘Grameen Credit Score’ framework is a progressive step that will enable better access to credit for rural entrepreneurs, self-help groups, and underserved communities. Additionally, the comprehensive ‘Rural Prosperity and Resilience’ program will generate employment opportunities, enhance skilling, and strengthen rural infrastructure, reducing the need for migration.

We at Muthoottu Mini see these reforms as a step in the right direction, aligning with our mission to support underserved communities with their financial needs. The expanded credit guarantee cover, new Credit Cards designed for Micro Enterprises, and incentives for first-time entrepreneurs will provide vital capital to fuel growth and employment. Raising the nil tax slab to ₹12 lakh is also a significant relief, giving the middle class more spending power and driving consumption. As India moves towards ‘Viksit Bharat,’ the budget’s focus on empowering youth, women, and farmers will help ensure sustainable and inclusive development. These measures, along with continued efforts to improve the ease of doing business, will be instrumental in supporting small businesses and rural entrepreneurs, pushing India’s economic momentum forward.”

Dr. Yajulu Medury, Vice Chancellor, Mahindra University

“With a focus on equipping the youth for global opportunities, the National Centres of Excellence in AI and the establishment of 50,000 Atal Tinkering Labs will help students hone their skills in cutting-edge technologies towards achieving “Make for India, make for the world”. The announcement of 10,000 scholarships dedicated to fostering innovation and research, along with a National Digital Repository for knowledge systems will create a robust and future-ready education ecosystem. The budget has introduced strategic initiatives in technical education expansion which will broaden the horizon for India’s youth and empower emerging Tier-2 cities to become global hubs for tech innovation, positioning India as a leader in global manufacturing and skilling.”

Smitha Shetty – Regional Director APAC – Achilles Information Ltd

“Achilles welcomes the Indian government’s forward-thinking FY25 budget, which demonstrates a strong commitment to strengthening India’s manufacturing capabilities, driving sustainable growth, and empowering the MSME sector. The focus on clean technology manufacturing—spanning solar cells, EV batteries, wind turbines, and grid-scale batteries—is particularly commendable, as it positions India as a global leader in green energy while fostering industrial innovation and investment. This transition creates significant opportunities for businesses like Achilles to contribute to a more resilient and sustainable supply chain ecosystem.

The increased credit limits and expanded classification criteria for MSMEs are essential steps toward unlocking the sector’s full potential, enabling greater access to capital, encouraging job creation, and further solidifying India’s role as a global manufacturing and export powerhouse. The enhanced credit guarantee cover will provide much-needed financial support, allowing MSMEs to scale operations and drive innovation. Additionally, the government’s continued support for cotton farming and textile sector development will strengthen supply chains, ensuring a robust and inclusive economic landscape.
The maritime development fund, shipbuilding financial assistance policy, and continued tax exemptions for the shipping sector reflect the government’s recognition of the critical role logistics and trade infrastructure play in India’s economic expansion. These measures will enhance supply chain efficiency, fortify India’s position in global trade, and support the nation’s vision of self-reliance.

However, as India progresses toward becoming a global manufacturing hub, businesses must adopt rigorous supply chain due diligence, transparency, and ESG compliance to mitigate risks and build long-term resilience in an increasingly complex global trade environment. While a sector-focused growth strategy will be crucial to realizing India’s full manufacturing potential, this budget lays a solid foundation for sustained and sustainable economic expansion.”

Samudragupta Talukdar, Founder and CEO, Relata 

Budget 2025 shows remarkable foresight in addressing both immediate housing concerns and future market dynamics. The expansion of SWAMIH with a ₹15,000 crore fund speaks directly to thousands of middle-class families who’ve been caught in the challenging cycle of paying EMIs while living on rent. But what’s truly encouraging is how this budget looks at the bigger picture – from boosting home loan affordability through tax exemptions to embracing digital transformation in real estate.
I see this as more than just policy – it’s about transforming lives. With increased infrastructure spending of ₹11.21 trillion and strong support for proptech innovation, we’re not just building homes; we’re building a more accessible, transparent, and efficient real estate ecosystem. The government’s commitment to both affordable housing and digital advancement aligns perfectly with our vision at Relata of making property discovery and purchases seamless for every Indian family.

Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company

“The Union Budget 2025-26 reaffirms the government’s commitment to infrastructure development, taking it to new heights. We welcome this focus, particularly on strengthening logistics through enhanced infrastructure, digital transformation, and supportive policies, which will be a game changer for India’s supply chain ecosystem.

The introduction of the Bharat Trade Net Platform for seamless trade documentation and financing, along with the ₹25,000 crore Maritime Development Fund, are strategic moves that will drive efficiency, and boost global competitiveness. Maritime Development Fund will not only enhance India’s logistics and trade capabilities but also provide employment opportunities across diverse skill levels—from blue-collar workers to high-tech professionals—ensuring inclusive growth in the maritime economy.

Additionally, the push for modernizing air cargo, investing in geospatial infrastructure, fostering AI-driven innovation, and promoting public-private partnerships will further enhance connectivity and operational agility.

These transformative initiatives position India on the path to becoming a global logistics powerhouse.”

Ashish Kukreja, Founder & CEO, Homesfy.in & mymagnet.io

The allocation of the Union Budget 2025 reveals an ambitious step to transform Indian real estate and empower homebuyers. The nation is on a positive growth trajectory due to the Union Government’s emphasis on MSMEs, infrastructure, and tax changes.

This ₹1.5 lakh crore interest-free 50-year loan to states for their capital expenditures and the creation of a Rs 1 lakh crore urban challenge fund are masterstrokes. Such infrastructure development activities will spur urbanization, enhance connectivity, and transform cities into growth hubs while improving the livability score.

To ensure the completion of delayed housing projects, an allocation of ₹15,000 crore under SWAMIH Fund-2 should suffice. The innovative blended financing approach is anticipated to complete 1 lakh housing units, which would, in turn, ease housing pressures on homebuyers who are still paying both their EMIs and rents. Completing the projects will allow the fund managers to improve their image while reinstating investor confidence.

Personal tax reforms will boost the purchasing power of the middle class. Consequently, demand in the real estate market will increase, making owning a home more feasible.

Of particular interest is a new line of credit cards being launched for Udyam-registered micro-enterprises. The Udayam cards, with a limit of ₹ 5 lakh, are expected to be widely issued, with a deployment goal of ten lakh units in the first year. Further, the new classification norms around MSMEs are self-explanatory, enabling a larger number of businesses and startups to grow in the sector.

With these pro-growth measures, the real estate and infrastructure sectors are likely to undergo massive growth. As the budget supports the government’s enduring belief in the economy’s resilience, the timing is ripe for real estate investments and stakeholders’ involvement to take advantage of new developments.

Viswanath PS, MD & CEO, Randstad India, a talent company

“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.”

Dr. Pratim Sengupta, Senior Nephrologist and MD & CEO, Nephro Care India Limited

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.

Leave a Reply