Mr. Shekhar Singal, Managing Director, Eastman Auto & Power Ltd.

“The Union Budget 2025 significantly advances India’s renewable energy sector with the launch of the Clean Tech Mission, focusing on Solar PV, EVs, and Batteries, alongside the National Manufacturing Mission. The announcements underscore the government’s dedication to strengthening ‘Make in India’ and becoming Aatmanirbhar in generation as well as storage of clean energy. This approach aims to reduce import reliance and build a robust domestic industry.

From a Solar and Last Mile e-mobility category perspective, the budget with reduction in the BCD for cells and modules prioritizes scaling up of the domestic manufacturing capacities for key components for Solar. The addition of 35 capital goods related to Lithium batteries for EV reduces capital expenditure for setting up manufacturing plants thereby stimulating growth.

These strategic measures set India on a path to achieve its 500 GW renewable energy target by 2030, paving the way for energy independence and a cleaner more sustainable future.”

Mr. Debadatta Chand, Managing Director & CEO, Bank of Baroda

“The Budget has reiterated its commitment to fiscal prudence by moving along the FRBM path. From the point of banks, the focus on growth is positive, as this would mean steady growth in credit as the budget has provided the necessary push to MSMEs and industry. There is boost to the corporate bond market including municipal bonds which will have a big role to play in financing investment required in the coming years. The concessions on the income tax front will put more money in the hands of taxpayers and would boost consumption in the economy. The capital expenditure of Rs 11.2 lakh crore announced will encourage investment and also help backward linkages to sectors like steel, cement, machinery etc. Working on the PPP mode across ministries to implement various projects is very progressive and will boost infrastructure capacity in the country.

The budget has also taken a medium term view for the next five years to move faster to the goal of Viksit Bharat and focussed on four major sectors – Agriculture, MSMEs, Investment and Exports thus covering both the objectives of inclusive and accelerating growth to higher levels.”

Mr. Masood Mallick, Managing Director & CEO, Re Sustainability Limited (ReSL).

The removal of custom duty on waste and scrap from critical minerals, including Antimony, Beryllium, Cobalt, and Lithium-Ion batteries, aims to boost recycling and enhance use of circular minerals in manufacturing. A policy for recovery of critical minerals from tailings or by-products of mining can also emerge as a significant enabler for India’s transition to a more circular economy.

Funds have also been allocated to strengthen the domestic manufacturing of clean technologies like solar PV cells, EV batteries, and wind turbines, which will enhance the country’s renewable energy infrastructure.

The ₹1 lakh crore Urban Challenge Fund focuses on sustainable urban development, addressing water management, sanitation, and city redevelopment.

Finally, the commitment to developing 100 GW of nuclear energy by 2047 furthers India’s energy transition strategy, contributing to long-term sustainability.

These measures have the potential to significantly accelerate our sustainability and circular economy journey, towards our shared goal of a Viksit Bharat by 2047.

Mr. Prakarsh Gagdani, CEO of Torus Digital

By increasing the “No income tax” slab to ₹12 lakhs government has struck multiple right chords. On the one hand, they have given more money in the hands of taxpayers, and on the other hand, they have motivated people to move from the old to the tax regime much faster. This strategic move enhances disposable income for individuals, which inadvertently increases the amount of tax revenue collected by the government. When individuals engage in consumption, they indirectly support the government by generating tax revenue through their transactions.

It helps foster a more transparent tax system, ultimately driving economic growth and encouraging responsible financial behavior among taxpayers. The forward-thinking approach to taxation prioritizes both individual prosperity and national development. By aligning incentives with compliance, the government has paved the way for a more robust and sustainable fiscal landscape.

Mr. Anil Agarwal, Chairman, Vedanta Limited

“The Budget has hit the perfect note, providing great relief to the middle-class by making incomes up to Rs 12 lakh per annum completely tax-free. This is the biggest section of the middle-class. It has also significantly reduced the tax burden for incomes up to Rs 24 lakh.

We have made a decisive move to a world-class tax system which will be simple, transparent and friendly to taxpayers.

The spirit of tax reform is going to be seen in other parts of the economy with trust and self-certification at the core. This will provide a very big boost to manufacturing and mining.

I am delighted that mining is one of the 6 domains identified for transformational reforms over the next 5 years.
Along with mining, agriculture is also a priority, particularly with the goal of achieving self-sufficiency in areas like edible oils.

Mining, agriculture, manufacturing (including electronics, which is a thrust area for the government) can all help increase domestic production, reduce imports and create millions of good jobs in India.

I congratulate the PM and FM for a visionary Budget which has stimulated the perfect jugalbandi of robust consumption growth and accelerated investment – the keys to a #ViksitBharat.”

Mr. Murty LVLN, CEO, Dvara KGFS –

“The Union Budget 2025 has recognized the contribution made by MSMEs to position India as a global manufacturing hub. We welcome the government’s initiative to revise the limits for investment and turnover for MSMEs as that will boost growth and employment across the sector. The continuous focus of the budget on MSMEs, categorizing them as 2nd engine, will bolster the overall economy while continuing to provide better access to credit enabling faster business growth. Additionally, the increase in loan limit to INR 5 lakh for farmers possessing Kisan Credit Cards will ensure increase in savings through the year as it will facilitate ease of agricultural transactions. With the government focusing more on National Centres of Excellence for skilling, MSMEs will be able to achieve higher efficiencies of scale and results.

We, Dvara KGFS, welcome the announcement of setting up a new Makhana Board and National Institute of Food Technology, Entrepreneurship and Management. Bihar is an important geography for us and this will bolster our value chain based MSME lending program in the region. Setting up of “Grameen Credit Score” framework will enhance credit fulfilment of SHGs and promote better credit discipline. The newly launch credit cards for micro enterprises with a credit limit of INR 5 lakh will result in benefits for most MSMEs enabling development.”

Mr. Akash Sinha, CEO and Co-founder, Cashfree Payments

“The Union Budget marks a decisive step toward positioning India as a global leader in innovation, with a clear focus on startups, technology, and progressive regulations. The launch of a new ‘Fund of Funds’ will energise the startup ecosystem, enabling creation of the next wave of tech and deep-tech ventures. Also, the introduction of a revamped central KYC system will drive greater transparency and trust within the financial ecosystem. Establishing a Digital Public Infrastructure for international trade will simplify cross-border financing, enhancing India’s role as a key player in global commerce. These initiatives will boost India’s fintech growth and strengthen its role in the digital economy.”

Mr. Simranjeet Singh, Director, CYK Hospitalities

“The Union Budget 2025 marks the beginning of substantial financial reforms that are going to reshape the F&B consultancy and hospitality sectors. The expansion of credit guarantee coverage will provide better financial support for startups and small enterprises, reducing risks while paving the way for innovation. The strengthening of the role played by financial institutions will provide much-needed support toward funding early ventures to scale up quickly in the hospitality and food businesses.

The establishment of a dedicated startup credit ecosystem is a game changer, particularly for first-time women entrepreneurs and businesses from SC and backward communities, creating a larger scope of participation in the industry. In addition, simplifying access to credit could be a boon in itself, particularly with schemes such as the ₹2 crore loan initiative for women entrepreneurs that would encourage newer ventures and diversify and promote inclusivity in the F&B space.

It is in this context that the sector expects accelerated growth, decked in furtherance of enhancement of supply chains, going into the promotion of regional cuisines, and the development of the agriculture sector, all of which pave the way. “

Mr. Eswara Rao Nandam, CEO and Founder of Polymatech Electronics,

“The Government of India’s commitment to empowering MSMEs and driving technological upgradation is a commendable step towards positioning India as a global manufacturing hub. The enhanced credit facilities and increased investment and turnover limits for MSMEs will provide significant support for businesses, helping them scale efficiently and foster innovation. These initiatives will undoubtedly boost India’s export potential and drive growth in sectors such as opto-semiconductors, 5G, and LED lighting solutions.”

Mr. Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences

MSME

“The increase in investment and turnover limits for MSMEs is a game-changer for India’s manufacturing and export sectors. By allowing businesses to scale without losing MSME benefits, this move will drive expansion, enhance credit access, and boost job creation. It strengthens India’s position as a global manufacturing hub while ensuring MSMEs remain the backbone of economic growth”.

KYC

“The introduction of a revamped Central KYC Registry in 2025 is a great step towards enhancing both security and efficiency in India’s financial ecosystem. By implementing measures like masking KYC identifiers and using unique IP-based access, the government is ensuring that sensitive customer data remains secure from unauthorized access. This initiative will help businesses and financial institutions streamline their customer verification processes while safeguarding data integrity, aligning with RBI’s focus on building a more secure and resilient KYC framework. This is a critical move to foster greater trust and compliance across sectors”.

Ease of Doing Business

“India’s business environment has long been burdened by complex regulations and processes that have made it challenging for companies to thrive. However, Budget 2025 marks a pivotal step towards improving the ease of doing business. Simplifying customs procedures, reducing tariff rates, and streamlining the tax filing process will drastically reduce the time and costs businesses incur to navigate regulatory hurdles. The extension of the deadline for filing updated tax returns and the rationalization of the TDS and TCS systems offer greater clarity and reduce the compliance burden for companies of all sizes.

Moreover, the decriminalization of over 100 provisions through the Jan Vishwas 2.0 bill will help create a more supportive environment for businesses, eliminating unnecessary penalties and fostering a culture of innovation and risk-taking. The increased credit guarantee cover for MSMEs and the expanded loan limits under the PM Swanidhi scheme are key steps in improving access to finance for small and medium enterprises, which will help them scale and compete more effectively in both domestic and global markets.

By focusing on reducing regulatory complexity, improving access to capital, and promoting a more transparent business ecosystem, these measures are set to enhance the ease of doing business, empowering companies to grow, innovate, and contribute to India’s economic prosperity”.

Mr. Rajiv Sabharwal, MD & CEO, Tata Capital, for your consideration.

“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.”

Ms. Ankita Pathak, Chief Macro and Global Strategist at Ionic Wealth

The budget had a clear undertone of people’s voices. There’s a clear shift from targeted subsidies to more universal benefits, as seen with the reduction of subsidies and the increase of disposable income through larger tax rebates. This is incrementally positive for wider consumption in the country. Public capex is healthy; the baton is now passed to the private sector. On the fiscal front, fiscal consolidation and net market borrowings at INR 14.8 tn should keep the debt markets comfortable. There’s more space for the RBI to start easing next week. Equity markets will continue to focus on the new income tax bill, which is now scheduled for next week.

Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance on Union Budget 2025 –

“The Union Budget drives sustainable growth across sectors, emphasizing inclusive development for Garib, Yuva, Annadata, and Nari.

Agriculture, the first growth engine, receives a major boost with the Prime Minister Dhan-Dhaanya Krishi Yojana. Targeted initiatives like the Developing Agri Districts Programme and KCC Mission for Cotton Productivity will empower 1.7 crore farmers in 100 districts by improving yields, fostering FPOs, and ensuring climate resilience. This will enhance productivity, rural incomes, and self-sufficiency in food production while building resilience in farming communities.

The rural economy is further strengthened by enhanced support for agriculture and development, creating widespread prosperity. Meanwhile, the MSME sector, crucial for employment and manufacturing, receives a significant push to drive economic expansion and establish India on a new growth trajectory.

Education and skill development are prioritized, with initiatives like the Bharatiya Bhasha Pustak Scheme and five National Centres of Excellence preparing youth for a global manufacturing landscape. The removal of TCS on education loans abroad eases access to international learning opportunities.

The big bonus for middle class in the form of tax slabs changes are going to help in improving consumption which would be a major booster for private capex and can change the nature of investments and participation in boosting economic activity.

In essence, the budget lays a strong foundation for economic resilience by fostering inclusive growth, supporting rural livelihoods, and equipping India for a competitive global future.”