Anand Sahay, Global CEO, Xebia
The Union Budget 2025 signals a pivotal moment for AI-driven economic growth. The ₹20,000 crore Deep Tech Fund and private-sector R&D push are important steps, but execution will define their true impact. AI must move beyond pilots and become a core part of business strategy, efficiency, and competitiveness.
India’s greatest strength is its vast STEM talent and rapidly expanding AI-skilled workforce. With Global Capability Centres growing beyond metros, AI adoption is no longer limited to specific industries—it is transforming BFSI, manufacturing, retail and other industries at scale.
The priority now is scaling AI where it delivers measurable business impact. AI automation, supported by a skilled workforce and clear regulatory frameworks, will drive new revenue streams, optimize costs, and set new efficiency benchmarks. Businesses that integrate AI into core operations today will lead in the AI-driven economy.
At Xebia, we don’t see AI as an experiment—we see it as the foundation of business transformation. Scalable, responsible AI adoption will define India’s leadership in the AI economy.”
Arya Sumant,Managing Director, Eden Realty Group
The Union Budget 2025 has introduced several measures that are anticipated to positively impact the real estate sector. A significant highlight is the reduction in personal income tax rates, which is expected to enhance disposable incomes, thereby boosting consumer spending and investment in residential properties. Prior to the budget announcement, we had advocated for reforms to promote affordable housing and provide enhanced tax benefits for homebuyers. The recommendations included increasing the price cap for affordable housing units and introducing credit guarantee schemes for housing loans which were sadly not met.
Nandan Mall, Founder, Hulladek Recycling
Reduction in duty on import of copper scrap is an unwelcomed move as it will hurt domestic copper scrap rates Reduction in duty on import of lithium ion battery scrap is a welcomed move as it will support domestic lithium ion scrap recycling GST on all hazardous waste containing items have not be reduced leading to higher cost of recycling Stricter duties on import of ferrous scrap have not been implemented and for non ferrous duties have been exempted which will hurt the domestic waste scrap rates
Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp
“The Union Budget 2025 fuels India’s growth engines with a bold push for manufacturing, green mobility, and rural empowerment—driving innovation, job creation, and global leadership.
The Union Budget 2025 outlines a bold vision for Viksit Bharat, focused on eradication of poverty, quality education, affordable healthcare, and women’s empowerment. By prioritizing rural prosperity and establishing India as a global agricultural powerhouse, the budget fosters inclusive growth that reaches all corners of the nation. A bold push towards manufacturing excellence, supported by strategic investments in infrastructure, EV technology, and MSME growth, strengthens India’s industrial backbone. This people-centric vision strikes a perfect balance between fiscal discipline and sustainable economic growth.
The elimination of income tax for individuals earning up to ₹12 lakh will spur economic activity and unlock consumer potential, while simplified tax regulations foster ease of doing business. Meanwhile, green energy investments and EV policy support accelerate India’s shift to a clean, sustainable economy, positioning it as a leader in innovative mobility.
The automobile sector stands poised for a significant leap forward, with substantial investments in green energy and a clear policy framework to support energy storage solutions. These measures will accelerate India’s transition to a clean mobility future, reinforcing its commitment to sustainability and technological innovation.
In essence, this budget is a bold fusion of foresight, strategy, and ambition, perfectly aligned with Prime Minister Modi’s vision for a developed India by 2047—a nation leading in innovation, inclusive growth, and global influence. It’s not just a financial plan, but a transformative blueprint for national progress and the empowerment of every citizen.”
Rahul Goyal, Managing Director, ADP India and Southeast Asia
“The tax reforms proposed in the budget announcement today will help enhance the ease of doing business while ensuring greater transparency and efficiency in tax compliance. The rationalised TDS provisions, significantly altering the tax slabs, with the introduction of zero income tax for individuals earning up to ₹12 lakhs under the new regime, further signal a shift towards a simplified and consumer-friendly tax structure, increasing disposable income and fueling economic growth.
Given the magnitude of these reforms, it is crucial for businesses to proactively prepare for the impending changes to ensure seamless implementation and compliance. With the revised tax slabs and increased TDS thresholds, HR and finance teams will need to reassess payroll structures to optimise employee compensation and take-home salaries. A holistic approach is necessary to align HR, finance, and payroll processes with these new regulations, enabling organisations to stay compliant, agile, and ahead of the competition.
Complying with changing regulations and legislations is complex work. This is where the principle of “trust and then scrutinise” becomes vital – companies like ADP can really help guide businesses to keep pace with regulatory changes, enabling ease of doing business. At ADP, we have dedicated teams that monitor changes in legislation and keep our clients informed through regular newsletters and bulletins. We also implement these changes in our HR and payroll solutions to help clients navigate regulatory updates, ensuring that they can run their payroll as smoothly and effectively as possible.”
Arjun Bajaj, Director – Videotex
“The Union Budget 2025 marks a significant push toward supporting the electronics manufacturing sector, but some key areas could have been more impactful. The drop in Basic Customs Duty (BCD) from 2.5% to 0% on parts of the panel is a welcome move, though it should be noted that there is only one facility in India with limited capacity to process these parts. This change will primarily benefit that facility and those sourcing from it. The ongoing reliance on imported open cells, due to a lack of local manufacturing capacity, remains a critical challenge. A more substantial reduction in BCD—perhaps on more components—could have better supported the sector’s growth. While this adjustment can be seen as a long-term strategy to attract more key players and build local facilities, the challenges of significant investments and resource tie-ups for localization persist.
Furthermore, the decision not to reduce GST on televisions in this budget is disappointing, as such a move could have been a game-changer in boosting TV sales. On a positive note, the enhanced income tax slabs provide a potential boost to the disposable income of middle-class families, which could help drive demand and offer a much-needed uplift to the sector”
Mr. Jaikaran Chandock, Director, Balu Forge Industries Ltd
The budget has proposed some effective measures to build self-reliance in defence manufacturing. Earmarking a sizable part of the modernisation outlay for procurement through domestic sources and domestic private industries is a move in the right direction to boost bolster capacity and capability. It will also pave the way for a stronger private sector’s participation in the country’s defence ecosystem. The focus on AI and deep tech innovation also augurs well for the defence and precision engineering domain as it will lead to the development of a future-ready talent pipeline. In a way, new-age tech interventions will also bolster defence manufacturing capabilities. From a holistic perspective, the budget has set the progress path to drive defence exports to attain the defence exports target of ₹50,000 crore by 2029.
Dr. K.P. Vunnam, Chairman and Managing Director of Ankura Hospital for Women and Children
Dr. Krishna Prasad Vunnam, Chairman and Managing Director of Ankura Hospitals, commends the Union Budget 2025-26 for its comprehensive approach to healthcare and nutrition. According to him, “The significant allocation of ₹98,311 crore for healthcare, reflects the government’s commitment to strengthening healthcare infrastructure across the country.
The expansion of medical education, increased funding for the AYUSH Ministry, and the provision of tax exemptions on lifesaving drugs will significantly enhance healthcare accessibility. The proposal to establish daycare cancer centres in district hospitals and improve broadband connectivity in rural healthcare centres will further bridge the gap in healthcare services across the nation. Furthermore, the emphasis on medical tourism will position India as a global healthcare hub, attracting international patients and boosting the sector. Additionally, the focus on nutrition through programs like Saksham Anganwadi and Poshan 2.0 will address the nutritional needs of underserved populations, contributing to a healthier future.
We, at Ankura Hospitals believes these forward-thinking initiatives will drive transformative change, improve healthcare accessibility, and foster long-term health and prosperity for the nation.”
Dr. Gyanendra Shukla, MD and CEO, Rallis India Limited
“Firstly, I would like to extend my heartfelt congratulations to Finance Minister Nirmala Sitharaman on presenting her eighth consecutive budget. The Union Budget 2025 adopts a forward-looking approach to strengthen Indian agriculture with a focus on self-reliance, sustainability, and rural empowerment. Prioritizing agriculture, MSMEs, and exports lays a strong foundation for long-term resilience.
The PM Dhan Dhanya Krishi Yojana will transform 100 agri districts by enhancing productivity, irrigation, storage, and credit access for 1.7 crore farmers. The National Mission on High-Yielding Seeds, targeting 100+ climate-resilient varieties, will boost yields and incomes. A renewed push for Atmanirbharta in edible oilseeds and the Mission for Cotton Productivity will further support farmers and reduce import dependence.
By advancing rural prosperity, crop diversification, and scientific innovation, this budget reinforces the government’s commitment to self-sufficient agriculture. At Rallis India, we remain dedicated to empowering farmers with sustainable crop protection and sustainable farming solutions, aligning with the government’s vision for a more resilient and prosperous agricultural sector.”
Mr. Ajay Singh, Principal, The Scindia School, Gwalior
The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, brings exciting opportunities for the education sector in India, focusing on making education more accessible and improving its quality. The government is committed to better infrastructure, expanding digital learning, and promoting skill development, as seen with initiatives like PM SHRI. With the goal of achieving 100% Gross Enrolment Ratio (GER) by 2030, the education sector is set for major growth. However, challenges such as teacher training and ensuring equal access to quality education, especially in underserved areas, need to be addressed. The focus on strengthening school education and improving digital connectivity is a step in the right direction towards a more inclusive and future-ready education system. Notably, the 2025 Union Budget’s transformative approach to education includes the Bharatiya Bhasha Pushtak Scheme, providing digital Indian language books to preserve linguistic heritage and enhance accessibility. This initiative aligns with the vision of nurturing globally informed, heritage-rooted students, recognizing language as a bridge to culture and identity.
Deepal Shah, Group CFO, Allcargo Group
”The budget has laid the framework for long-term economic growth while fuelling all the key drivers – consumption, manufacturing, infrastructure, innovation, employment, private investment etc. At the same time, the government has demonstrated fiscal prudence by staying on the fiscal glide path. The personal tax reform will offer strong impetus to urban consumption, thus driving demand. The continued emphasis on infrastructure development will further enhance efficiency in the logistics operations – be it storage, transport and distribution. The focus on ease of doing business and regulatory reforms will further improve the investment climate and strengthen private investment in various sectors. The proposal to transform India Post into a large public logistics organization will boost the logistics capacity nationwide. The budget also reflects the government’s vision to turbocharge the development with new-age technology interventions through AI and deep tech innovation. All in all, the budget will act as a force-multiplier and will further strengthen macroeconomic stability while building resilience.”
Rajeev Tiwari, Co Founder of STEMROBO Technologies
The announcements made in the Union Budget 2025 highlight a forward-thinking vision for India’s growth, with a strong emphasis on digital infrastructure, skill development, and innovation. The decision to expand broadband connectivity to all government secondary schools is a game-changer. It will not only bridge the digital divide but also ensure that students across the country have access to the same learning opportunities, regardless of their location.
The establishment of 50,000 Atal Tinkering Labs over the next five years is a great move for encouraging creativity and innovation among our youth. These labs will provide hands-on learning and inspire the next generation of engineers, scientists, and innovators. Such initiatives will also increase awareness and understanding of the importance of 21st-century skills, helping schools and students recognize their critical role in future-ready education.
The launch of the Bharatiya Bhasha Pustak Scheme, which will bring digital books in Indian languages, is another crucial step towards making education more accessible to people in rural and remote areas, while also preserving our rich linguistic diversity. This will further encourage students to embrace modern learning tools while staying connected to their cultural roots.
The ₹500 crore investment in AI research and development for setting up five Centers of Excellence for Skilling with global expertise will ensure that our workforce is prepared for the future, ready to meet the demands of the global market. This will underscores India’s commitment to becoming a global leader in technology, These measures will strengthen the adoption of 21st-century skills in schools and encourage students to develop competencies such as critical thinking, problem-solving, and digital literacy.
Another crucial step is the enhanced credit coverage support for MSMEs and startups. This initiative will go a long way in fostering innovative startups and entrepreneurs, enabling them to become an integral part of the education ecosystem. With increased financial support, startups focusing on educational technology, AI tools for learning, and skill development programs will have greater opportunities to create impactful solutions that enhance education quality and accessibility.
Overall, these initiatives will not only drive growth but also position India as a key player in the global economy, equipping its younger generations with the tools needed to thrive in an increasingly technology-driven world while fostering innovation within the education sector.
Mr. Tarun Singh, Founder and Managing Director of Highbrow Securities
“The Union Budget 2025-26 presents both opportunities and challenges that will shape India’s economic trajectory. As an equity investor in MSME companies, I welcome the government’s renewed focus on this sector. The revised MSME classification—raising investment limits by 2.5 times and doubling turnover thresholds—will significantly improve credit access and support mechanisms, enabling small businesses to drive economic growth.
However, the budget’s heavy reliance on disinvestment and privatisation raises concerns. While privatisation may boost government revenues, it risks job losses and could disrupt long-term growth. Employment stability is crucial, and economic expansion must not come at the cost of job security. Similarly, raising the income tax exemption limit to ₹12 lakh provides relief but lacks alignment with broader growth strategies.
Despite these concerns, the National Manufacturing Mission is a commendable step toward strengthening India’s “Make in India” vision. Prioritising ease of doing business, workforce development, MSME engagement, technological access, and quality production will foster a dynamic manufacturing ecosystem.
The proposed tax reforms promote inclusivity by reducing compliance burdens. Lowering TDS thresholds and extending tax return timelines benefit small businesses, startups, and those with variable incomes. Simplifying tax laws and encouraging voluntary compliance will create a more transparent and equitable system.
This budget underscores the MSME sector’s pivotal role in India’s growth story, but its success hinges on balanced economic policies that ensure both business expansion and job creation. While the road ahead holds promise, its execution will determine whether India achieves its economic aspirations. As an investor, I remain optimistic yet cautious about the journey forward.”
Ravi Kunwar, VP & CEO, HMD India, and APAC
The Union Budget 2025-26 presents encouraging prospects for the technology and digital infrastructure sector. We applaud the Indian Government for reinforcing India’s vision for self-reliance and innovation-driven growth in electronics manufacturing. Reducing BCD to 5% on open cell components and including 28 additional capital goods for mobile battery fabrication will strengthen local manufacturing and further generate employment in the sector. The formation of the National Manufacturing Mission and investment in skilling initiatives will contribute to India’s global competitiveness and facilitate the commitment to climate-friendly development. These measures, coupled with tax reforms and incentives, create a strong foundation for sustainable growth in India’s electronics ecosystem.”
Deep Vadodaria – CEO, Nila Spaces
“The Union Budget 2025 presents a strong focus on urban development and real estate growth. The 1 Lakh crore Urban Challenge Fund and the SWAMIH Fund 2 with Rs 15,000 crore will help address infrastructure gaps and provide relief to lakhs of homebuyers. The modified Udaan scheme, expanding to 120 new destinations, will boost connectivity and drive real estate sales by encouraging migration to new areas. A notable point, with the income tax exemption for earnings up to Rs 12 lakhs will also help the working class save more, potentially enabling them to invest in their dream homes. Overall, the budget takes significant steps toward a more connected and financially secure India.”
Mr. Samir K. Modi, Managing Director of Modi Enterprises, on the Union Budget 2025-26:
“The Union Budget 2025-26 sets a strong foundation for the government’s vision of ‘Sabka Vikas’ over the next five years by prioritising investment in ‘people, economy, and innovation’—a crucial step toward long-term, sustainable growth. A nation’s true strength lies in its people, and by focusing on skilling, innovation, and entrepreneurship, this budget reinforces India’s economic fabric by creating opportunities, enhancing self-reliance, and driving industry-wide transformation. The establishment of five National Centers of Excellence for skilling, in collaboration with global partners, is a commendable initiative that will equip India’s youth with specialised expertise, preparing them to excel in industries such as beauty, retail, direct-selling, and beyond.
Additionally, the government’s push for exports through the Export Promotion Mission and streamlined credit access is a decisive move to bolster India’s global competitiveness. These measures will help brands expand their international footprint, positioning India as a key player on the global stage. The ₹20,000 crore allocation for innovation, in partnership with the private sector, reflects a futuristic approach to driving research and advancements. This initiative will accelerate India’s transformation into a hub for cutting-edge technology and entrepreneurial excellence. Moreover, the introduction of the government scheme offering financial support to five lakh women entrepreneurs marks a significant step toward inclusive economic growth – an ethos we strongly support at Modi Enterprises. The decision to raise the income tax exemption limit to ₹12 lakh is a progressive move that will directly benefit the middle class, increasing disposable incomes and boosting consumer confidence. As a result, we foresee growth across sectors such as beauty, retail, and lifestyle, with consumers feeling more empowered to invest in their well-being and quality of life.
Mr Harshavardhan Neotia, Chairman, Ambuja Neotia Group
The budget proposals of finance minister Nirmala Sitharaman has provided the vision of a new India story, with a governance that is light touch and trusting, a regulatory regime that is encouraging for industry and policies that are focused on job creation.
The incentives for hotels, travel and tourism are really encouraging as it helps building hotels in key 50 destinations and allows benefits on funding from the infrastructure HML. The built-in collaboration with state governments in the design of the policy will help speed up these developments. There are many other boosters for the tourism eco-system in the budget proposals, including easing regulations on e-visa or providing more impetus to the Udaan Scheme, incentives to spiritual tourism and medical tourism.
Overall I see a growth and consumption oriented budget with more money left in the hands of the consumers through tax cuts which will help consumer oriented sectors.
Mr. Alok Garodia, Managing Director, Jupiter International
“Today’s Budget reinforces the government’s commitment to sustainable growth and clean technology manufacturing, with a decisive push for self-reliance in renewable energy through a new clean tech mission under Make in India. This initiative will be instrumental in building a strong domestic ecosystem for solar manufacturing, reducing import dependency, and positioning India as a global leader in renewable energy. Jupiter International fully supports this vision and remains committed to expanding solar manufacturing in alignment with the country’s clean energy goals.”
Mr Mahesh Agarwal, Managing Director, Purti Realty
We, at Purti Realty, commend the government’s progressive stance in simplifying tax benefits for self-occupied properties in this year’s budget. The decision to allow the annual value of a self-occupied property to be considered nil, without stringent conditions, is a much-needed relief for homeowners. Additionally, raising the tax exemption limit to Rs 12 lakh empowers the middle class, the backbone of India’s housing market, by enhancing disposable income and encouraging homeownership. Furthermore, the government’s support to states with a Rs 1.5 lakh crore, 50-year, interest-free loan for capital expenditure and reforms will accelerate infrastructure growth. The launch of the Rs 10 lakh crore Asset Monetization Plan (2025-30) to reinvest in new projects reflects a strong commitment to long-term development. Additionally, the Rs 1 lakh crore Urban Challenge Fund for ‘Cities as Growth Hubs,’ ‘Creative Redevelopment of Cities,’ and ‘Water & Sanitation’ will foster urban transformation and improve quality of life.
Vishwas Patel, JMD Infibeam Avenues and Chairman of Payment Council of India
“The Union Budget presents a positive trajectory for the Indian economy, with strategic measures aimed at enhancing consumption, fostering innovation, and accelerating digital transformation. One of the most impactful provisions is the tax relief up to Rs 12 lakh, which significantly increases disposable income for individuals. This is expected to stimulate household consumption, driving demand across various sectors. With higher consumer spending, the digital payments ecosystem is poised for exponential growth, further strengthening India’s financial technology landscape. Additionally, the introduction of a Rs 10,000 crore ‘Fund of Funds’ for startups marks a major step towards bolstering entrepreneurial growth. This initiative will unlock new funding avenues, providing crucial capital to early-stage ventures and reinforcing India’s startup ecosystem as a global innovation hub. Furthermore, the establishment of three Centres of Excellence in Artificial Intelligence (AI) aligns with India’s ambitions of becoming a leader in AI-driven economic transformation. These centres will play a crucial role in advancing research, innovation, and AI-driven solutions, contributing to long-term economic competitiveness.”
Prakash Sankaran, MD & CEO, Invoicemart
“The combination of revised MSME definition along with Nov, 2024 govt notification on mandatory onboarding of entities with turnover over Rs 250 crores will unlock efficient cash flow management for MSMEs, empowering them to scale to new heights. This move will encourage broader participation from the 7000+ entities with turnover range between Rs 250 – 500 crs.”