Rahul Garg, Founder & CEO, Moglix.
Credit: Moglix
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
Start-ups have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.
This is what Rahul Garg, founder & CEO, Moglix has to say--
"The Union Budget 2025 presents a defining opportunity to establish India as a global manufacturing and economic leader while advancing the vision of a Viksit Bharat.
Empowering the startup ecosystem, which drives innovation, employment, and economic growth, must remain a top priority. Measures such as extending incentives, simplifying regulations, and enhancing funding opportunities can unlock growth across sectors like manufacturing, e-commerce, and supply chains.
For MSMEs and the manufacturing sector, resolving structural challenges, rationalizing tariffs on key raw materials, and investing in logistics and port infrastructure are critical to boosting export potential.
Additionally, skill development initiatives focusing on emerging technologies like AI, robotics, and advanced manufacturing can create a future-ready workforce aligned with global demands.
Sectors such as semiconductors, sustainable manufacturing, and automation hold immense potential for startups to contribute to India's $1 trillion economy target by FY30. Dedicated funding pools, tax incentives for investors, and streamlined implementation frameworks are crucial to achieving this vision.
Moreover, simplifying processes for electronics imports while promoting domestic manufacturing is essential for innovation and competitiveness in high-tech industries. We are optimistic that Budget 2025 will drive sustainable growth, foster innovation, and position India as a resilient, globally competitive economy."
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.