Budget Reactions Highlights| New initiatives announced for EV sector reinforces confidence in the ‘India Growth Story’, says Mercedes-Benz India MD Santosh Iyer

Expecting policy measures to enhance health insurance accessibility, simplifying tax benefits, says SBI General Insurance MD

By fostering a conducive ecosystem, Budget 2025 can empower insurers to contribute to a healthier, more secure India, aligning with the vision of a Viksit Bharat, the SBI General Insurance MD said.

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Reduce tax burden by increasing the limits under Section 80D of income tax for health insurance: ManipalCigna Health Insurance CFO

"While India’s out-of-pocket expenditure has seen a decline from 64.2 per cent 2013-14 to around 40 per cent in 2021-22 as per the national health accounts estimate, we are still working towards our mission of achieving Universal Health Coverage," the CFO said.

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Govt can intervene to maximise the impact of AI on the nation's progress, says Oreo One Digital founder

India stands poised at the cusp of an AI-powered revolution, with the potential to transform its economy and society. The upcoming Union Budget 2025-26 presents a critical opportunity to nurture this burgeoning sector and solidify India's position as a global AI leader, said the Oreo One Digital founder.

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Govt can enhance India's position as global financial hub by incentivising firms setting up at GIFT city, says KPMG

The banking, insurance and other sectors 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.

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boAt demands anti-dumping duty on Realme earphones

boAt-led True Wireless Stereo (TWS) audio wearable segment had around 34 per cent market share in the second quarter of 2024, while Realme was ranked 5th with 6.4 per cent share.

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Govt should introduce a holistic tax regime, says Manoj Purohit, Partner & Leader, FS Tax, Tax & Regulatory Services, BDO India

"The insurance sector, in particular, is closely watching this budget, not only for the potential regularisation of tax provisions but also for the rationalisation of certain regulatory changes. With the implementation of IndAS 117 on insurance contracts, insurers will be required to enhance the transparency of their financial statements and performance," Purohit said.

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Tax incentive in addition to PLI would further bolster manufacturing sector’s growth: BDO India's Aakash Uppal

"Currently, a tax rate of 25.17 per cent (including surcharge and cess) is applicable for companies that could not benefit from the earlier concessional tax regime for manufacturing companies. The DTC may reintroduce this concessional tax rate to further support the government’s Make-in-India initiative, maintaining India’s appeal as a destination for new manufacturing investments," Uppal said.

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As Nirmala Sitharaman prepares to present the Union Budget, follow this space for the latest industry expectations

Private sector needs to relook at its hiring, compensation practices: CEA

In an interview with DH’s Gyanendra Keshri, Nageswaran said demand visibility is critical for boosting private investments. He also delved on the need for incentivising small and medium enterprises in order to accelerate growth and hiring.

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UP governor seeks tax exemption for handicraft productions

Uttar Pradesh Governor Anandiben Patel on Friday said handicraft items should be exempted from the Goods and Services Tax (GST). She was talking to reporters after inaugurating a handicraft exhibition in Chhattisgarh's capital Raipur.

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Urging govt to consider reducing customs duty rates for products where domestic alternatives are not yet readily available: MTaI Chairman

"The high customs duty regime significantly increases the cost of medical devices, which undermines the government’s efforts to make affordable healthcare accessible to the masses through initiatives like Ayushman Bharat (PMJAY). Hence, we urge the government to consider reducing customs duty rates for products where domestic alternatives are not yet readily available," says Pavan Choudary, Chairman, Medical Technology Association of India (MTaI)

As we approach budget, real estate sector is optimistic about reforms that can act as growth catalysts, enhance operational efficiency: Founder & Chairman, Signature Global (India) Ltd

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd. says, “As we approach the upcoming budget, the real estate sector is optimistic about reforms that can act as growth catalysts and enhance operational efficiency. Revising the current tax exemption limit on housing loans to ₹5 lakhs, in line with rising property prices and construction costs, could provide significant relief to homebuyers. This step would directly support millions of aspiring homeowners and boost demand across the sector.

Equally transformative would-be granting industry status to real estate, a move capable of invigorating over 200 allied sectors. Such recognition would foster job creation, enable skill development, and amplify economic activity, further solidifying the sector’s position as a cornerstone of India’s economy. Similarly, the formulation of the CLSS scheme and the creation of affordable housing zones, akin to SEZs, could provide targeted incentives and address critical demand-supply gaps.

Congress leader Jairam Ramesh slams FM Nirmala Sithraman for not including breakfast in schools

The Finance Minister has announced the revision of cost norms in Saksham aanganawadi and Poshan 2.0 - after many years of turning down this demand.

The FM has however not extended this announcement to -

i. Inclusion of breakfast in schools

ii. Provision of a glass of milk, as is done in Karnataka through the Ksheera Bhagya Scheme.

iii. Upward revision in honorarium given to Anganwadi workers The Union

Education and WCD Ministries themselves have been pushing for these proposals for years, only to be turned down by the Finance Ministry. What kind of investment in people is the Finance Minister envisioning without these basic provisions?

FM has announced several measures to middle class citizens and other sectors, says Former PM HD Deve Gowda

Former Prime Minister and JD(S) chief HD Deve Gowda.

For us, data of people who died in the Maha Kumbh stampede is more important than the budget data: Akhilesh Yadav

The biggest take way in this budget is our taxpayers have been granted such a huge relief: Scindia

Footwear Industry Boost will promote high-quality long leather footwear in India: Oneeka Medh, Research Analyst, SAMCO Securities

"The Footwear Industry Boost focuses on promoting high-quality long leather footwear. The sector aims to reach a market size of Rs 4 lakh crore, with Rs 1.01 lakh crore targeted for exports. This initiative will help India by strengthening the leather and footwear manufacturing sector, generating employment, and enhancing export revenue. Companies such as Bata India, Relaxo Footwear, and Liberty Shoes will benefit from increased domestic demand and global market expansion, making India a leading player in premium leather footwear manufacturing," said Oneeka Medh, Research Analyst, SAMCO Securities.

Also, " the Edible Oil & Pulses Mission is a six-year initiative focused on achieving self-sufficiency in pulses and reducing import dependency. The NCCF will procure pulses directly from registered farmers, ensuring fair pricing and stable income. Rising incomes have increased domestic demand for pulses, making this mission crucial for food security. Companies such as Adani Wilmar, Godrej Agrovet, and Ruchi Soya stand to benefit from increased domestic production and processing. Additionally, investments in vegetable and fruit production, including a special focus on makhana cultivation in Bihar, will further enhance rural livelihoods and boost the agri-processing industry," Medh noted.

Prime Minister Krishi Yojana will enhance agricultural productivity, says T Manish, Research Analyst, SAMCO Securities

"The Prime Minister Krishi Yojana aims to enhance agricultural productivity through crop diversification, sustainable farming practices, improved post-harvest storage at the Panchayat and block levels, better irrigation facilities, and expanded access to both short-term and long-term credit. The initiative is expected to benefit approximately 1.7 crore farmers.

Additionally, a six-year mission has been launched to achieve self-reliance in pulses, with a particular focus on tur and masoor, further supporting agricultural growth. Stocks likely to be impacted by these developments include Kaveri Seeds," said T Manish, Research Analyst, SAMCO Securities.

"Govt has given importance to MSME manufacturing sectors," says MG Balakrishna, FKCCI president.

"The budget is pretty good. We had asked for a few things about the TDS and TCS. The government has considered that and they have removed TCS and of course, the income tax benefits have been given up to Rs 12 lakh... The importance is given to MSME manufacturing sectors. Some of the drugs have been allowed with zero per cent customs duty and some of the materials which are imported are exempted from the customs duty. So, that will be a good development for the manufacturing sector," said MG Balakrishna, FKCCI president.

Excited on govt focusing on deeptech funding and fellowships for technology research: Archana Tewary, Partner, JSA Advocates & Solicitors

AIFs and startups alike had utilised the previous SIDBI fund of funds and were asking for the scheme to be extended. It is heartening that the hon'ble Finance Minister has paid attention and announced a new fund of funds. Equally exciting is the announcement that the govt will focus on deeptech funding and fellowships for technology research. The increase of exempt income to 12 lakhs is a huge move - it would hopefully lead to more consumer spend, thus improving GDP and also increase tax honesty. It would be a gamechanger for middle class individuals. Beyond individual tax payers, the ripple effect of this move will be highly impactful.”Archana Tewary, Partner, JSA Advocates & Solicitors

Zero tax upto Rs 12 lakhs is expected to be transformative: Kumarmanglam Vijay, Partner, JSA Advocates & Solicitors 

“New Income tax bill proposed to be introduced by the Finance Minister is expected to simplify compliance and decriminalise the provisions in line with the Government’s stated objective of building trust. New Income tax bill to be half the size of the present bill and easy to comply. A few measures proposed to ease off difficulties. Increased threshold and limits for applicability of TDS and TCS provisions. Threshold for applicability for TDS on interest income of senior citizens from Rs 50,000 to Rs 1 lakh.

Threshold for TDS on rent increased to Rs 6 lakhs from Rs 2.4 lakh. Scheme for determining arms length transaction proposed for a block period of 3 years. This should help further reduce litigation on transfer pricing issues. Presumptive taxation regime for non residents who store components for supply to electronics manufacturers in India. This should help further promotion of domestic manufacturing. No income tax payable up to income of 12 lakh rupees other than capital gains. This is a huge step towards ensuring relief to middle class. A big boost expected to give impetus to consumption. Zero tax upto Rs 12 lakhs is expected to be transformative and to provide some relief to the middle class, that was observing this closely given the current inflation. Leaving more monies with the middle class, if well directed, this should help boost personal investments as well as augur well with the economy, “ said Kumarmanglam Vijay, Partner, JSA Advocates & Solicitors 

Toys industry will be a beneficiary of the new scheme towards making India a global manufacturing hub: Raj Ramachandran, Partner, JSA Advocates & Solicitors

“FDI in insurance finally increased from 74% to 100% with a condition that the entire premium collected will be invested in India. A considered move towards welcoming foreign investment while seeking for benefits to accrue in India with the revised norms. Further details will determine the success of this move, and the responsiveness of the industry to this proposal. India Post proposed to be developed as a public logistics organisation. With the existing scale and reach of offices and employees in urban and rural areas, this could be a game changer," said Raj Ramachandran, Partner, JSA Advocates & Solicitors

"An expected move to best utilise the available resources and facilities, remodelled to the changing times including catering to e-commerce and quick commerce. The toys industry will be a beneficiary of the new scheme towards making India a global manufacturing hub. Various global players and brands have been looking to India, and with several brands having been acquired by Indian players, this should be a welcome move particularly given the talent and resources available. GCCs (Global Capability Centres) have been gaining traction in India as a prominent hub and destination, and the proposal to support GCCs in Tier 2 cities via a national guidance framework for states, should help keep and improve the momentum. Income tax laws likely to present an overhaul with a new income tax bill proposed to be introduced in February 2025, adopting a ‘trust first, scrutinise later’ approach. Hopefully the size of the bill expected to be 50% of the current law will also translate to a commensurate reduction in complication and tax litigation. Zero tax upto Rs. 12 lakhs is expected to be transformative and to provide some relief to the middle class, that was observing this closely given the current inflation. Leaving more monies with the middle class, if well directed, this should help boost personal investments as well as augur well with the economy,” said Ramachandran.

Union Budget 2025 reaffirms India's commitment to fostering entrepreneurship and empowering the gig economy: Zypp Electric co-founder Rashi Agarwal

Rashi Agarwal, Co-Founder & CBO, Zypp Electric.

"The Union Budget 2025 reaffirms India's commitment to fostering entrepreneurship and empowering the gig economy. The government's decision to establish a new ‘Fund of Funds for Startups’ with an additional ₹10,000 crore infusion will provide a significant boost to innovation and job creation. This initiative, coupled with the dedicated support for 5 lakh women, SC, and ST first-time entrepreneurs, will drive inclusive growth and encourage diverse participation in the startup ecosystem," said Zypp Electric co-founder Rashi Agarwal

"Furthermore, introducing identity cards and healthcare coverage for gig workers under PM-Jan Aarogya Yojana is a landmark move towards recognizing and securing the livelihoods of millions in the gig economy. These measures are a game-changer at Zypp Electric, where our fleet is powered by thousands of gig workers enabling sustainable last-mile deliveries. Access to social security and financial support will empower our rider partners, enhance workforce stability, and accelerate the adoption of green mobility solutions across India. We welcome these forward-thinking initiatives, which will not only strengthen India's entrepreneurial landscape but also ensure social security for the workforce driving the nation's digital and mobility revolution." Agarwal noted.

National Mission on Pulses is crucial step aimed at boosting the production of pulses, ensuring better supply, and stabilise inflation: Dr. Rumki Majumdar, Economist, Deloitte India

On MSME

"Inflation has been a persistent problem, and the government has recognized the pressing need to address food inflation, which has been a significant contributor to rising overall inflation. Among the key drivers of this inflation are pulses and vegetables, which have seen consistent price increases in recent times. Prices of pulses have been a concern and targeted initiatives such the National Mission on Pulses is a crucial step aimed at boosting the production of pulses, ensuring better supply, and stabilizing prices. Additionally, a comprehensive program for the production of vegetables and fruits has been put in place, focusing on improving yields, enhancing supply chains, and reducing price volatility.

The National Mission for High-Yielding Seeds is the continued effort from past budget will go a long way to improving agricultural productivity and resilience

Focus on employment was expected, and the announcements are all about ensuring a broad-based and inclusive growth with a focus on agriculture, MSMEs, and women. Footwear; leather; toys (Made in India), Food processing will push this sector to create employment. Providing security to gig workers is also a great measure to give recognition and ensuring a better earnings for this segment," said Dr. Rumki Majumdar, Economist, Deloitte India.

On FDI

"Significant strides have been made to harness the potential of India’s demographic dividend through strategic investments in skilling and education. The announcements to launch 5 National Centres of Excellence for skilling, establishment of 50,000 Atal Tinkering Labs in schools, and launching the Centre of Excellence in AI for education are measures to strengthen India’s growing position in innovation.  Together, these measures reflect a holistic approach to transforming India’s education system, ensuring that students are not only prepared for the future but are also capable of driving innovation and economic growth," said Dr. Rumki Majumdar, Economist, Deloitte India.

On Skilling

"India needs investment and one of the factors to help bring investment is ease of doing business. The economic survey tabled yesterday did highlight the importance of deregulation in a phased-wise manner, and the budget did acknowledge the same today. Govt will develop modern, people friendly, trust-based regulatory framework, Jan Vishwas 2.0 bill to decriminalise over 100 provisions in existing laws. Investment friendly index of States to be launched in 2025.

Insurance FDI hiked was also 74% to 100%, which will also ensure more resources for investment in the insurance sector. This sector plays an important role in deepening financial inclusion, expanding coverage, and enhancing risk protection for individuals and businesses

The government revised FY25 revised capex at rs 10.18 lakh cr, down from 11.11 L cr.  This year, the FM is pushing the states to take the onus of building infrastructure. Union Finance Minister Nirmala Sitharaman announced an outlay of ₹1.5 lakh crore for 50-year interest free loans to states for capex and infrastructure. Again, there has been emphasis on partnership with the private sector. Each infrastructure-related ministry is to come up with a 3-year plan to be implemented in PPP mode," said Dr. Rumki Majumdar, Economist, Deloitte India.

"Swiss Military proudly aligns with the Make in India vision, strengthening our commitment to manufacturing and product development within the country. As India moves forward with the National Manufacturing Mission—offering policy support, execution, and a strong governance framework—we are focused on expanding production, localizing supply chains, and bringing more key product development processes to India this year.

By leveraging India’s growing manufacturing capabilities, we aim to deliver world-class, innovative, and affordable lifestyle products while supporting the national goal of Make in India. Investing in local talent and sustainable infrastructure, we ensure that the Swiss Military continues to uphold the highest standards of quality and reliability—now made in India, for India, and the world,” said Anuj Sawhney, Managing Director at Swiss Military Consumer Goods Limited.

Urban Challenge Fund will help to reshape cities into dynamic growth hubs: Neeti Sharma, CEO, TeamLease Digital 

"The Urban Challenge Fund, announced in India's Union Budget 2025 is a welcome move . This will help to reshape cities into dynamic growth hubs . By funding innovative redevelopment and infrastructure projects—especially in water, sanitation, and public spaces—it will encourage local governments to build smarter, greener, and more sustainable urban centers, which will thereby attract more economic growth. This initiative will not only improve liveability but also attract businesses, create jobs, and strengthen local economies, making cities key drivers of India's economic transformation," said Neeti Sharma, CEO, TeamLease Digital.

Budget 2025 brings big boost to employment through new jobs and apprenticeships: Kartik N, CEO-Staffing, TeamLease

“India’s domestic electronics manufacturing is on a rapid growth trajectory, with production surging from Rs 1.9 lakh crore in FY15 to Rs 9.52 lakh crore in FY24. Budget 2025 is set to accelerate this momentum by strengthening local value addition, PLI expansion, and component manufacturing, while also providing a big boost to employment through new jobs and apprenticeships. By reducing import dependence and fostering skill development, this is a step in the right direction—powering India towards self-reliance and global leadership in technology,” said Kartik N, CEO-Staffing, TeamLease.

PM Dhandhanya Krishi Yojana will boost productivity in 100 low-yield districts: Subburathinam P, Chief Operating Officer, TeamLease

“India's focus on agriculture and manufacturing as key growth drivers is set to transform the economy. The PM Dhandhanya Krishi Yojana will boost productivity in 100 low-yield districts, while Aatmnirbharta in Urea and high-yield seed missions will enhance rural employment and prosperity. Clean tech investments in EVs, batteries, and wind turbines under the manufacturing mission, along with higher turnover limits, will drive industrial expansion and job creation,” said Subburathinam P, Chief Operating Officer, TeamLease.

“Significant increase in limits of turnover and investment for classification as MSME would facilitate a lot of companies to get classified as MSMEs and thereby become eligible for MSME benefits, including access to credit. This measure, coupled with setting up of a new Fund of Funds, with additional funding to start-ups is likely to fuel further growth for start-ups/early stage companies,” said Nitesh Mehta, Partner, M&A Tax and Regulatory Services, BDO India

“The Focus Product Scheme proposed in the Union Budget 2025 for the non-leather footwear sector will help manufacturers, whose competitiveness has been severely curtailed by increasing domestic manufacturing costs and thin margins,” said Dinesh Kumar, Partner, Indirect Tax, BDO India

"Fund of funds to support startups in 27 focus sectors. The government will infuse 10000 Cr additional funds into these fund of funds increasing the total allocation to 20,000 Cr, to propel entrepreneurship and growth in startups," said Dhruv Chopra, Managing Partner at Dewan P N Chopra & Co.

National Centres of Excellence for Skilling will strengthen specialized training, says USDC Global co-founder Dr Tom M Joseph

“As a company, we are a strong advocate of technology and the budget’s focus on skill development and technology in education is encouraging. Establishing the National Centres of Excellence for Skilling will strengthen specialized training that will provide learners better opportunities to acquire industry-relevant expertise, "said Dr. Tom M Joseph, co-founder, USDC Global.

"The Rs 500 crore allocation for a dedicated Centre of Excellence for AI in Education shows the expanding role of technology in shaping modern learning. Announcements on AI driven solutions can enhance accessibility, customization, and efficiency in education which will make learning more effective. These steps will help build a workforce prepared for emerging industry needs,” Dr Joseph noted.

The proposal to turn post offices in logistics hubs is an excellent initiative: Dewan PN Chopra MD

"As of 2025, India has 1,64,987 post offices, making it the largest postal network in the world. Of these, 1,49,164 post offices are in rural areas, ensuring postal coverage in nearly all villages nationwide. It is proposed in budget 2025 to make these post offices logistics hubs and networks to be used by entrepreneurs, women, and micro and MSME businesses. This is an excellent initiative to optimize one of India’s marque asset bases and networks," said Dhruv Chopra, Managing Partner at Dewan PN Chopra

Announcements on PM Gati Shakti Data and Maps are positive for logistics players: Mirae Asset Capital Markets' Manish Jain

"Overall, positive for FMCG, Consumption, Retail, Realty, Auto and new age companies. Not as much positive for banking. Rise in gross borrowings is negative for banks as yield could rise which could impact treasury income. Fiscal deficit target at 4.8 per cent for FY25, and 4.4 per cent of GDP for FY26. With rationalization in direct taxes, one needs to see how government capex targets are set.

Move in personal taxes and reduction in BCD in consumer electronics (like flat panels) to boost consumer electronics. Positive for shipbuilding with Maritime Development Fund outlay of Rs 25,000, exemption of BCD on raw material and equipment and benefits to ship leasing units announced if they are in GIFT city.

Announcements on PM Gati Shakti Data and Maps are positive for logistics players. Announcement of daycare cancer centres in district hospitals is positive for regional diagnostics companies. Promotion in medical tourism is positive for large hospitals.

Increase in FDI limit in insurance sector to 100% is positive for investments in the sector. Positive move on critical minerals and BCD exemption for EV batteries to promote EV battery manufacturing in India and also positive for battery chemical manufactures," Manish Jain, Chief Strategy Officer, Institution Business, Mirae Asset Capital Markets

Budget focuses on ways to improve productivity across various sectors: Yes Bank CEO

Prashant Kumar, Managing Director and CEO, Yes Bank.

“The Union Budget remains growth oriented – not only attempting to correct for the cyclical growth concerns but also setting up the platform for a sustained long-term journey for the economy, keeping the focus strongly on the objectives of Viksit Bharat. Importantly, sectors that are relatively more labour intensive in nature have received a boost within the budget – namely agriculture, MSME, footwear and leather, toys, food processing. The focus of the budget has been on ways to improve productivity across various sectors and to provide adequate scope for the MSMEs to expand by enhancing the credit guarantee scheme for them.

Importantly, the classification criteria for the MSMEs have also been significantly enhanced. The Budget can also be lauded for taking up the challenge of enhancing the ease of doing business along with establishing a more stable taxation regime, that is likely to enhance business decision making, boost private sector investment and hence foster long-term growth. On the other hand, reduction in the income taxes across the tax paying population should enhance consumption power of the middle class and boost deposit mobilization of the banking sector. Amid all these positive reforms momentum, the FM has enabled an increase in the capital expenditures yet continuing with fiscal consolidation,” said Prashant Kumar, Managing Director & CEO, Yes Bank.

Removing TCS on education-related remittances funded through loans is smart move: Nikhil Behl, Co-Founder & CEO, Stocks at INDmoney

"The announcements around easing TCS are a welcome move and align with the government’s objective to reduce the tax compliance burden on individual investors. Removing TCS on education-related remittances funded through loans and raising the TCS threshold under the Liberalized Remittance Scheme from Rs 7 lakh to Rs 10 lakh is a smart move and helps simplify tax compliance for individuals. These changes not only make it easier for students and families managing educational expenses abroad but also offer greater flexibility for investors diversifying into global markets, including US stocks," said Nikhil Behl, Co-Founder & CEO, Stocks at INDmoney.

Centre of Excellence for AI a vital step towards preparing our youth for future challenges: BenQ India and South Asia MD Rajeev Singh

Here's what Rajeev Singh, Managing Director, BenQ India and South Asia has to say--

"We are encouraged by the government's announcement of the National Manufacturing Mission, which represents a significant step towards enhancing the 'Make in India' initiative. This mission's focus on supporting small, medium, and large industries, along with its emphasis on clean technology manufacturing, aligns perfectly with our commitment to sustainability and innovation.

Further, the decision to increase the basic customs duty on interactive flat panel displays is a crucial step in addressing the inverted duty structure. This move will foster local manufacturing and support the growing demand for advanced educational technologies, ultimately enhancing innovation in learning environments.

Moreover, the announcement of five National Centers of Excellence for Skilling presents a significant opportunity to integrate advanced technologies, such as interactive flat panel displays (IFP), into the educational framework. These centers will not only equip our youth with essential skills required for manufacturing under the 'Make in India' initiative but also leverage global expertise to design curricula that meet industry needs.

The establishment of a Centre of Excellence for AI in education with a ₹500 crore investment is another vital step towards preparing our youth for future challenges. By fostering skills in AI and related technologies, we can enhance employability and drive innovation across various sectors.

Thus, we believe that with the right policy support and a robust ecosystem for electronic components, India can establish itself as a global hub for advanced technologies. We look forward to collaborating with the government and industry stakeholders to capitalize on these opportunities and contribute to India's digital transformation."

Reforms like liberalising 100% FDI in the Insurance will bring foreign investment: Sadaf Sayeed, CEO, Muthoot Microfin Limited

"Excellent budget with focus on very important sectors of the economy MSME, infrastructure, Agriculture and most importantly rationalising taxes to promote saving, investment and consumption led growth. Reforms such as liberalising 100% FDI in the Insurance business will go a long way in improving the sentiments among foreign investors and attracting investments into India," said Sadaf Sayeed, CEO, Muthoot Microfin Limited

National framework will promote growth of GCCs in Tier-2 cities: Neeti Sharma, CEO, TeamLease Digital

"The announcement of a National framework to promote growth of GCCs in Tier-2 cities will transform India’s economic landscape, thereby creating a balanced economic development across States.  As GCCs are projected to generate millions of jobs, this framework will facilitate the growth of formal employment opportunities for the youth , capitalize on talent availability in our Tier 2 & 3 cities, upgrade infrastructure and make these cities more attractive for global businesses.  By investing in skill development, improving urban infrastructure, and simplifying regulations, India is creating the right environment for GCCs to thrive. This move strengthens India’s position as a global hub for digital services while ensuring balanced and inclusive economic growth," said Neeti Sharma, CEO, TeamLease Digital

PLI scheme will drive domestic electronics equipment industry

"Bolstering India’s domestic electronic equipment industry will create millions of jobs and strengthen formal employment, with projections of 12 million new roles by 2027. Initiatives like the PLI Scheme and local manufacturing of critical components will drive this expansion. To fully harness this opportunity, India must invest in skill development, strengthening apprenticeship programs, and fostering industry-academia collaboration. By equipping youth with industry-ready skills, India can bridge the talent gap and position itself as a global leader in electronics manufacturing," Sharma noted

FoF for Startups scheme reinforces govt's commitment to India’s thriving startup ecosystem: Swati Bhargava, CashKaro CEO

"With the announcement of an additional Rs10,000 crore for the Fund of Funds for Startups (FoF for Startups) scheme, the government has reinforced its commitment to India’s thriving startup ecosystem.

This initiative, now totaling Rs 20,000 crore, significantly strengthens the funding landscape for emerging ventures. With the FoF for Startups already securing commitments exceeding Rs 9 lakh crore, it’s clear that confidence in India’s startup potential is at an all-time high. This move will accelerate innovation, reduce reliance on foreign capital, and empower homegrown businesses to expand globally,"  said Swati Bhargava, Co-founder of CashKaro and EarnKaro.

 "The Union Budget 2025 delivers a major relief to the middle class with the unprecedented increase in the income tax exemption limit to Rs 12 lakh—the biggest announcement of the year. This revision, along with the updated tax slabs, will allow individuals to retain more of their earnings, enhance savings, and drive higher investments. By forgoing Rs 1 lakh crore in direct taxes, the government has demonstrated a strong commitment to boosting disposable incomes and overall economic growth. These reforms will also accelerate digital savings and financial planning, further strengthening financial inclusion across the country," Bhargava noted.

"The government’s decision to enhance investment and turnover limits—by 2.5x and 2x, respectively—is a transformative step for India’s MSME sector. With 5.7 crore MSMEs contributing 36 per cent to manufacturing and 45 per cent to exports, this move will empower small businesses to scale, innovate, and drive economic growth. By enabling greater access to capital, fostering technological advancements, and creating more employment opportunities, this policy shift strengthens India's position as a global manufacturing hub. Given that MSMEs employ 7.5 crore people, this boost will open new avenues for skilled talent," said Rohan Bhargava, co-founder of CashKaro and EarnKaro.

Budget offers a major step toward a sustainable, self-reliant future in EV: HD Kumaraswamy

Chief Minister H D Kumaraswamy

"The Budget accelerates India’s EV revolution! Incentives for EV manufacturing, charging infra & battery tech reflect PM @narendramodi

Ji’s green vision. A major step toward a sustainable, self-reliant future!" said HD Kumaraswamy Union Minister of Industries.

Kumaraswamy also commended Budget 2025 for bringing tax relief to middle class citizens.

"The Budget presented by FM Smt. @nsitharaman avaru is a testament to PM @narendramodi Ji’s commitment to empowering the middle class! Focus on infra, housing, and tax stability ensures financial security & growth opportunities for millions. A roadmap for #ViksitBharat!" said HDK.

National Manufacturing Mission's coverage of MSME represents a step forward in bolstering domestic EV battery production: Neuron Energy co-founder  Pratik Kamdar

"The Union Budget 2025's announcements for the EV and auto sectors center on raising the sector's value and demand, which is a positive move. India's effort to produce clean tech energy will be accelerated as a result. A significant boost to the EV battery industry; the National Manufacturing Mission's coverage of MSME represents a step forward in bolstering domestic EV battery production.

The FM's plan to exclude lithium-ion batteries from basic customs duty will even increase the cost-effectiveness and flexibility of the supply chain. More EV adoption will also be supported by stronger energy infrastructure, particularly for EV charging stations, which will be fueled by power sector reforms and state incentives. Viksit Bharat's focus on nuclear energy and the exemption of 35 capital goods for the production of EV batteries show a strategic vision for a sustainable future. It will boost the industry further and grow the battery and EV auto industries. Together, these programs create an atmosphere that is conducive to clean-tech innovation, job growth, and a more robust EV ecosystem," said Pratik Kamdar, CEO & Co-Founder, Neuron Energy.

Jan Bhagidhari is a critical step toward ensuring long-term water security: Finolex Industries MD

"The Union Budget’s strong emphasis on infrastructure development, particularly through the extension of the Jal Jeevan Mission until 2028, reflects a firm commitment to sustainable water management and rural development. The focus on enhancing the quality of infrastructure and improving operation and maintenance of rural piped water supply schemes through Jan Bhagidhari is a critical step toward ensuring long-term water security. The signing of separate MoUs with states and UTs to promote citizen-centric water service delivery further reinforces this commitment.

Additionally, initiatives like the Prime Minister Dhan Dhanya Krishi Yojana, aimed at improving irrigation facilities, will indirectly support the growth of water infrastructure across agricultural regions. Together, these measures create significant opportunities for the piping industry to contribute to the development of robust, sustainable solutions that will benefit both rural communities and the broader infrastructure ecosystem."

Budget 2025 lays strong foundation for Vikshit Bharat: Prashanth Prakash Partner at Accel

"The Union Budget lays a strong foundation for Viksit Bharat, driving transformative reforms that will redefine India’s economic and entrepreneurial landscape.  With a Rs 10,000 crore boost to the Fund of Funds for Startups and over Rs 91,000 crore in AIF commitments, the government is fortifying India's startup ecosystem for exponential growth. A particularly exciting development is the exploration of a DeepTech Fund of Funds, aimed at accelerating advancements in critical technologies such as AI, quantum computing, and semiconductor research. This move aligns with India's vision to lead the global innovation curve, ensuring that homegrown startups can compete at an international scale.

Further strengthening India's research and innovation pipeline, 10,000 fellowships will be granted under the PM Research Fellowship Scheme, supporting cutting-edge research at IITs and IISc. This will foster a new generation of deep-tech entrepreneurs, enabling India to build world-class, tech-first startups that are not just solving local challenges but also shaping global markets.

By integrating capital accessibility, technological advancements, and academic excellence, the government has created a robust foundation for India's entrepreneurial ecosystem to thrive. These initiatives will empower startups to drive economic growth, generate employment opportunities, and enhance India's global competitiveness." said Prashanth Prakash Partner at Accel.

Budget remains on fiscal consolidation path: Aditya Birla Sun Life AMC Ltd CIO

“Budget remains on fiscal consolidation path. It focuses on simplification of tax structure to ensure ease of business. A big boost to consumption by more money at the hand of consumers. "

"Thus, a balanced budget with focus on stimulating demand side and continuing with investments. We believe this budget and the likely easing of liquidity in the monetary policy next week will pave the way for recovery in the economy,” said Mahesh Patil, CIO, Aditya Birla Sun Life AMC Ltd.

Budget lays a strong foundation for a more consumption-driven economy: Godrej Consumer Products Ltd' CFO Aasif Malbari

Aasif Malbari, Chief Financial Officer - Godrej Consumer Products Ltd.

"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," said Aasif Malbari, Chief Financial Officer - Godrej Consumer Products Ltd.

Padma Shri awardee Mohandas Pai thanks FM Sitharaman and PM Modi to bringing tax relief to middle class

Former Director of Infosys T V Mohandas Pai.

"@narendramodi Thanks to our PM for listening to the pain of the middle class tax payers, the pain of regulatory tyranny suffered by business, the need of farmers, women,MSME, Start ups .. and reducing taxes giving more money in hand,expanding benefits to MSME, farmers, women… Thanks for a good budget while promising to reduce regulatory tyranny @FinMinIndia @nsitharaman," said T V Mohandas Pai, Padma Shri Awardee and former CFO and Board Member at Infosys.

Overall, a reasonable budget for the common man: Manipal Hospitals chairman

Screengrab of interview Dr H Sudarshan Ballal, Chairman, Manipal Hospitals.

Here's what Sudarshan Ballal, Chairman, of Manipal Hospitals has to say--

The major take home message of the budget just announced by the Finance Minister is that it is a middle class friendly budget.

As far as the healthcare sector is concerned a few notable points are -

1. Day-care cancer centres in all district hospitals. 200 hospitals to be established in 2025-2026. This will certainly help take care of the increasing burden of cancer patients especially in the non- metros.

2. Cancer, rare diseases and chronic severe ailments 36 life-saving drugs will be fully exempted from basic custom duties. Adding 6 life-saving medicines and bulk drugs attract concessional duties. Patient assistance programs will be expanded and will be exempt from duties. This will help reduce the cost of some of the very essential but expensive drugs in these serious diseases.

3. 10,000 additional medical seats to be added in medical colleges, aim to add 75,000 seats in next 5 years which will improve the doctor to population ratio.

4. Medical tourism and heal in India a major component for push in collaboration with private sector. Medical tourism and Heal in India to be promoted by easier visa norms and capacity building. This certainly is a very welcome move as India has the talent and infrastructure to attract medical value tourism at a fraction of the cost compared to many other countries.

5. AI development centre for education and healthcare 500 crores allocation. PPP 1.5 lakh crore for infra push through national infra mission - will help health infra and financing.

6. Nutrition mission and poshan abhiyan push across all states and schools. A very important measure to prevent malnutrition and improve nutrition especially in the under privileged population.

7. Broad band connectivity to primary health centres will help in expanding Telemedicine consultations for rural patients at village level which will be a big boon in bridging the gap of lack of healthcare personnel in the rural areas.

Overall, it appears to be a reasonable budget for the common man with some boost for the healthcare sector in specific areas.

Budget 2025 marks a transformative step for the insurance sector in India: SBI General Insurance MD SBI General Insurance

Naveen Chandra Jha, MD & CEO, SBI General Insurance.

“Budget 2025 marks a transformative step for the insurance sector in India, particularly with the introduction of 100% FDI. This reform is set to drive deeper market penetration by attracting greater capital inflows, fostering competition, and integrating global best practices.

The government's commitment to strengthening healthcare infrastructure, including the establishment of Day Care Cancer Centres in district hospitals, is a significant step toward improving critical care access. At SBI General, we remain dedicated to bridging the protection gap by ensuring wider penetration of health insurance across urban and rural India.

Additionally, the proposed tax reforms, including TDS rationalization and increased thresholds for senior citizens, will empower taxpayers and promote greater financial inclusion. Collectively, these initiatives lay the foundation for a robust insurance ecosystem, supporting the government's vision of 'Insurance for All' by 2047," said

Establishing Export Promotion Mission is a commendable step: Gati Express and Supply Chain Limited MD Ketan Kulkarni

Ketan Kulkarni - Managing Director - Gati Express and Supply Chain Limited (Allcargo Gati Ltd.)

"We welcome the government's announcement of providing PM Gati Shakti data accessible to the private players, thus opening doors for improved collaboration and efficiency in infrastructure projects. This is poised to accelerate infrastructure growth across the country, streamlining the movement of goods and strengthening logistics efficiency.

Besides this, the government’s decision to establish an Export Promotion Mission for facilitating easier access to export credits, providing cross-border factoring support, and assisting MSMEs in overcoming non-tariff barriers is a highly commendable step, as it will empower MSMEs to expand their international footprint. Additionally, the budgetary announcement of providing easy-term loans of up to Rs 20 crore is going to provide a significant financial boost to MSMEs, enabling them to scale operations and enhance competitiveness.

Furthermore, we are also thrilled by the announcements aimed at fostering rural prosperity, enhancing resilience, and alleviating the tax burden on the middle class. These measures will not only stimulate consumption but also serve as key drivers of long-term economic growth," said Ketan Kulkarni - Managing Director - Gati Express and Supply Chain Limited (Allcargo Gati Ltd.)

National Manufacturing Mission's targeted support for all renewable energy sources is a welcome move: Suzlon vice-chairman Girish Tanti

“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.

Raising FDI in Insurance to 100% will drive greater capital infusion into the sector: Axis Max Life Insurance MD Prashant Tripathy

“Contributing to India's goal of achieving ‘Insurance for All by 2047,’ the decision to raise FDI in insurance to 100% will drive greater capital infusion into the sector. This move will not only deepen investments but also foster innovation, enhance competition, and accelerate insurance penetration. We welcome this progressive reform, which aligns with our commitment to delivering greater financial security to Indians.

With strengthened investment, the industry can further drive digital transformation, develop customer-centric solutions, and expand its reach to those who need it most,” said Prashant Tripathy, MD & CEO, Axis Max Life Insurance.

Rasing exemption limit to Rs 12 lakh will significantly boost disposable income: PNB Housing Finance CEO  Girish Kousgi

Girish Kousgi, MD & CEO, PNB Housing Finance.

“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 Rs 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 Rs15,000 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,” said Girish Kousgi, MD & CEO, PNB Housing Finance.

Budget 2025-26 presents significant opportunities for advancing medical infrastructure and patient care: CK Birla Hospitals CEO

"The Government of India’s focus on the healthcare sector in the Union Budget 2025-26 presents significant opportunities for advancing medical infrastructure and patient care. We strongly support the government's exemption on 36 lifesaving drugs and further concessional customs duty of 5% on 6 life-saving medicines. "

"This will make treatment more affordable to the public. Further development of daycare cancer centres in all district hospitals will strongly help cancer patients. A strong push towards healthcare innovation, medical research, and digital health transformation reflects a forward-thinking approach aimed at enhancing accessibility, affordability, and quality of healthcare services across the nation."

"As India moves towards achieving universal health care access, world-class medical infrastructure will play a vital role in attracting global collaborations. Further ease in visa grants will foster medical tourism in the country - a huge step to bolster the healthcare industry in India. At CK Birla Hospitals, we remain committed to leveraging these opportunities to provide state-of-the-art medical care and contribute to the nation’s healthcare progress," said Vipul Jain, Chief Executive Officer, CK Birla Hospitals.

Govt's initiative to regulate and provide benefits to gig workers is highly appreciated: Core Integra MD

Mahesh Krishnamoorthy, Managing Director, Core Integra.

"Budget 2025 was expected to be a conservative one with no gimmicks considering that the Central Government and Indian economy is currently stable and we need to wait and watch considering the global economic situation and geopolitical scenarios. It is nice to note that the Government’s strategies year on year are aligned to the Vikasit Bharat 2047 vision and the Budget 2025 continues to boost relevant sectors for stable growth over a period of time. "

"Few good things to note in the budget includes the structured approach categorizing growth engines (Agriculture, MSME, Investments, Exports) around relevant domains of Taxation, Power, Urban development, Mining, Financial services and Regulatory reforms which is a robust structure as we move towards a mature economy."

"The initiative to regulate and provide benefits to gig workers is highly appreciated since this sector is rapidly growing and poised to generate higher employment in the years to come, this initiative will set the pace for additional reforms in this sector. Continued focus on the Udaan scheme is a significant move towards developing Tier 2 and Tier 3 locations in India since the industries would spread and reduce clustering in metros and mini-metros," said Mahesh Krishnamoorthy, Managing Director, Core Integra.

Govt's focus on MSMEs, women entrepreneurs will drive small business growth and foster employment: Muthoot Finance MD

"The Honorable Finance Minister today presented a balanced and inclusive budget that strongly aligns with the vision of ‘Sabka Vikas,’ ensuring economic opportunities for major pillars of the society - the poor, youth, farmers, and women. The significant thrust on agriculture, with targeted credit measures under the Prime Minister Krishi Yojana and the expansion of Kisan Credit Cards, will empower 1.7 crore farmers. This will not only enhance agricultural productivity but also boost rural consumption."

"Furthermore, the government's focus on MSMEs, women entrepreneurs, and first-time business owners through term loans of up to ₹2 crore and structured capacity-building initiatives will drive small business growth, fostering employment and strengthening the country’s production ecosystem. "

"Additionally, the Rs 10,000 crore Fund for Startups will fuel entrepreneurship. These measures will contribute to a more self-reliant and resilient economy. As India's largest gold loan NBFC, Muthoot Finance remains committed to supporting this vision by facilitating seamless access to credit and financial inclusion for individuals and businesses across India. "

"Further, the union budget has been supportive of middle class and we believe that the increased disposable incomes will fuel aspirations. All of the above initiatives will not only fortify the economic foundation but also drive a more financially inclusive future," said George Alexander Muthoot, MD, Muthoot Finance.

Boost Consumption to Revive Demand, Yet Remain Fiscally Responsible en route to Viksit Bharat: Hinduja Group chairman

"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," said GP Hinduja, Chairman, Hinduja Group.

Budget 2025 may spur SIP inflows: Shriram AMC's senior fund manager Deepak Ramaraju

"The union budget for FY 25-26 has focused more on consumption lead economic growth form equity market expectations. The cut in personal income tax may translate into higher discretionary spending and hence sectors like Auto, Consumer Durables, Retail, Travel & Tourism and selected FMCG companies may outperform the broader markets. Focus on improving crop diversification, innovation, improve irrigation and favorable credit schemes for farmers may be positive for farm equipment, tractors, fertilizer etc."

"Though the budget did not add any negativity to the capital gains, the markets may remain buoyant for the medium term. Cutting personal taxes may lead to higher savings, which might result in increased SIP flows, potentially supporting the markets further. Capital market-related sectors such as AMCs, and brokerage houses may expect higher retail participation."

"Overall, the fiscal deficit is pegged at 4.4% of GDP ensuring the fiscal prudence of the government. The finance minister has tried to do a balancing act. The demand side of the economy is supported especially the agriculture, manufacturing and SMEs are provided with supportive measures, not much tweaks to custom duties and boost to exports. This should support employment and consumption which has taken a back seat in the last 2 quarters. The rural demand may marginally improve further. The capex spending is kept at 11.2 Lakh crores, indicating the intention of the government to continue to spend."

"Sectors such as Defense and Railways may stay muted on cutting down of expenditure as well as Oil and Gas and PSU on lack of any positive announcement," said Deepak Ramaraju, Senior Fund Manager, Shriram AMC.

Govt has adhered to its fiscal consolidation path, conducive for economic growth: DSP Mutual Fund head Vinit Sambre

"The budget has shifted the focus from relying primarily on government investment as the key driver of growth to a more balanced approach that promotes consumption and private sector investment. While the government's planned capital expenditure is moderate, which may seem concerning at first glance, maintaining focus on execution should yield positive outcomes."

"Various measures aimed at improving the ease of doing business—such as simplifying regulations and promoting the "Make in India" initiative—should eventually stimulate private investment. Additionally, putting more money into the hands of individuals through tax savings is expected to benefit consumer-oriented businesses."

"Achieving these objectives while maintaining fiscal prudence is commendable. The government has adhered to its fiscal consolidation path, which should help keep interest rates stable and conducive to economic growth," said Vinit Sambre, Head - Equities, DSP Mutual Fund.

Iniatives announced in budget foster a more resilient and self-reliant economy: Upstox Director

Puneet Maheshwari, Director ,Upstox.

“The Union Budget 2025 is a progressive step toward financial empowerment and economic resilience. The tax relief measures will enhance disposable income, driving consumption, savings, and investments across sectors. Increased capital expenditure, policy support for MSMEs, and incentives for innovation will further strengthen economic momentum and job creation."

"As India advances toward its vision of Viksit Bharat, these measures will not only deepen financial inclusion and market participation but also foster a more resilient and self-reliant economy, ensuring long-term, sustainable growth,” said Puneet Maheshwari, Director, Upstox.

Budget has delivered necessary boost to Indian economy come out of the current slowdown: Piramal Group's chief economist Debopam Chaudhuri

“Debt markets should benefit from the budget’s fiscal management. Despite economic growth falling behind expectations in FY25, Fiscal Deficit of 4.8 per cent was better than targeted 4.9 per cent.

Also, though Economic Survey expected growth to remain restricted at or under 6.8 per cent in FY26, central government fiscal deficit has been forecasted to be 4.4 per cent. Another 15-basis point reduction in the 10-year government security is expected after today’s announcements. No other major economy has been able to reduce fiscal deficit at this pace post COVID, bolstering India’s place as an upcoming economic power. The tax cut led additional income available to India’s vast middle class and aspiring population is expected to override the slow public capex in FY26 and provide the Indian economy with the necessary boost to come out of the current slowdown,” said Debopam Chaudhuri, Chief Economist, Piramal Group

Union Budget lays a strong foundation for inclusive growth, financial empowerment, and long-term economic resilience: Tata Capital CEO

“The Union Budget FY26 lays a strong foundation for inclusive growth, financial empowerment, and long-term economic resilience. With enhanced credit access for MSMEs and startups, alongside targeted support for exporters and underrepresented entrepreneurs, including women and marginalized groups, the government is fostering entrepreneurship and driving a more equitable, self-reliant economy.

The extension of tax relief is poised to boost consumer confidence, while initiatives like SWAMIH Fund 2 aim to address housing challenges, offering relief to middle-class homebuyers managing EMIs and rent. These measures will stimulate demand, unlock growth in the real estate industry, and help meet the housing needs of a growing population.

The increased capital expenditure signals a clear commitment to infrastructure-driven growth, job creation, and India’s competitiveness, further aligning with the vision of Viksit Bharat through efficient capital allocation to key sectors,” said Rajiv Sabharwal, MD & CEO, Tata Capital.

Union Budget 2025-26 is a strong and progressive one for the real estate sector: Purvankara Ltd MD

"The Union Budget 2025-26 is a strong and progressive one for the real estate sector, driving economic growth and urban transformation.

The rationalisation of income tax slabs, raising the exemption limit to Rs 12 lakh, revision of tax structure up to Rs. 24 lakhs, and increasing rental TDS thresholds will boost disposable income. The tax exemption on notional rent for a second self-occupied home is a significant relief, encouraging investment in real estate. Coupled with a higher standard deduction, these measures will drive housing demand, particularly in the affordable and mid-segment categories.

We welcome the Rs 1 lakh crore Urban Challenge Fund, which will spur housing and private sector participation. The Rs 15,000 crore SWAMIH Fund-2 will help complete 40,000 stalled units, boosting consumer confidence. Expanding UDAN’s connectivity to 120 destinations will drive Tier-2 market growth. With policy continuity and economic expansion, this budget reinforces real estate as a key pillar of India's $5 trillion economy journey," Ashish Puravankara, Managing Director, Puravankara Limited.

Center of Excellence in AI for Education with a Rs 500 crore outlay will accelerate digital learning and skill development: Career Launcher president

“The Union Budget’s emphasis on expanding Atal Tinkering Labs, AI-driven education, and broadband connectivity in government schools is a decisive step toward future-ready learning. Establishing a Center of Excellence in AI for Education with a Rs 500 crore outlay will accelerate digital learning and skill development, ensuring students are well-versed in emerging technologies and globally relevant competencies."

"By fostering critical thinking, problem-solving, and digital literacy, these initiatives will bridge the skill gap and enhance India’s position in the global education landscape. Strengthening AI adoption and technological innovation in education will empower students to compete on an international stage, making them better prepared for global career opportunities and competitive exams."

"We applaud the government’s commitment to education-driven globalization, equipping learners with the expertise needed to thrive in an interconnected world while reinforcing India’s role as a leader in digital and AI-driven education,” said Sujatha Kshirsagar, president, Career Launcher.

Setting up 50,000 Atal Tinkering Labs will cultivate curiosity and innovation among govt school children: EduVib founder Waseem Javed

"The commitment by the government towards improving the quality of education in India, particularly in terms of globalization and innovation, is well reflected in this year's budget announcement. The proposal for setting up 50,000 Atal Tinkering Labs across government schools will cultivate curiosity and innovation among young minds to create a talent pool ready to compete globally. "

"The expansion of broadband connectivity to rural schools and health centers, as announced by the Finance Minister, will empower students in remote areas further to access global learning resources and level the playing field for all."

"The push for a Bharatiya Bhasha scheme, digital Indian language books, will ensure students are equipped to engage in both local and international academic environments with greater proficiency. In addition, the proposed Centres of Excellence in Artificial Intelligence, one of which is dedicated to education, will further enhance the country's position as a leader in cutting-edge EdTech, allowing Indian students to thrive globally.

"In addition, with the new reforms in visas and international partnerships on education, Indian students can be in a better position than ever to face global challenges in terms of higher education. These initiatives will empower students even further as digitalization continues to be embraced by the world; hence, opening a new era for exchange in global education," said Waseem Javed, founder & CEO, EduVib.

National Manufacturing Mission, iniatives for domestic EV battery manufacturing is positive step towards strengthening EV ecosystem: Mercedes-Benz India MD

Santosh Iyer, Managing Director & CEO, Mercedes-Benz India.

“India has long been regarded as a niche garden with high fences, however, this budget is expected not only to enrich the garden by stimulating consumption and strengthening MSME sector, but also lowering the fences through tariff rationalization and adoption of international practices on transfer pricing, with a clear commitment to enhanced global trade integration," said Santosh Iyer, Managing Director & CEO, Mercedes-Benz India.

"This will send a strong positive signal to the industry, reinforcing confidence in the ‘India Growth Story’, paving the way for sustained investment and future expansion. "

"The announcement of setting up of National Manufacturing Mission’s for clean technology manufacturing and support to domestic EV battery manufacturing is a positive step towards strengthening EV ecosystem. We also welcome the setting up of a high-level committee to evaluate regulatory reforms which will enhance ease of doing business in long term," Iyer noted

Budget 2025 heralds defining phase in India's insurance evolution: ICICI Lombard MD Sanjeev Mantri

Sanjeev Mantri - MD & CEO, ICICI Lombard.

"The Budget heralds a defining phase in India's insurance evolution. The liberalization of FDI norms signifies not just capital inflow, but a fundamental shift in how we can revolutionize insurance penetration in India. This reform will enable us to bring global best practices, enhanced underwriting capabilities, and innovative InsurTech solutions to serve our diverse customer base."

The healthcare infrastructure push, particularly in cancer care, comes at a crucial juncture. As insurers, we see this as an opportunity to design specialized health coverage products that can complement the expanding medical infrastructure. This, combined with India's emerging position as a medical tourism hub, allows us to create comprehensive cross-border health insurance solutions.

The transformative personal tax reforms will boost individual’s disposable income. This increased financial capacity, coupled with growing awareness of protection needs, presents a unique opportunity for the insurance sector. We anticipate a fundamental shift in financial planning behaviors, where insurance moves from being an afterthought to becoming a core element of household financial security,” said Sanjeev Mantri – MD & CEO, ICICI Lombard.

Perfect recipe for accelerated economic growth: TVS Motor Company MD

“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, ” said Sudarshan Venu, MD, TVS Motor Company.

Change in tax slabs is a welcome step: JSW Group Chairman

"This budget provides more money in the hands of the middle class which will help boost consumption. A change in tax slabs is a welcome step. The government has maintained its thrust on capex though the spend of Rs 11.2 lakh crore is lower than a spending of around 13 lakh crores that I was hoping for, based on the past trend. But still, capex spend is at a robust level and will give a boost to the core sectors. The boost to MSMEs, by increasing investment and turnover limits and expanding credit guarantees, is a very important step towards increasing the contribution of manufacturing sector in our economy. Creation of a 3-year pipeline for PPP projects and making the PM Gati Shakti data available for private sectors are important steps that will help the industry plan and execute large projects," said Sajjan Jindal, Chairman and Managing Director, JSW Group