Budget 2025 Expectations | Need future-proof digital infra for finance sector, says Manappuram Finance MD & CEO

The finance sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.

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.

Various experts from different sectors have put forth their expectations from the Budget for their industry.

Speaking on his expectation from the budget, V P Nandakumar, MD and CEO at Manappuram Finance Limited, said, "With inflation showing no signs of abating within the Reserve Bank of India's target range in the near future, I believe the finance minister will implement necessary policy measures to curb price increases.

"This could involve reducing taxes on consumer goods such as packaged food and edible oils. This would boost household disposable income and positively impact private consumption," he said.

"Furthermore, I believe the Budget should include measures to encourage savings through tax rationalisation and stimulate loan growth. A separate announcement on developing future-proof digital infrastructure for the financial sector in the era of artificial intelligence is also anticipated," he added.

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.