Budget 2025 Reactions: From economists, political leaders, corporates to market analysts, how India is viewing FM's announcements

Budget 2025 Reactions: Union Budget signals a strategic move to position India as a global hub for mobile manufacturing, says itel and Tecno's CEO Arijeet Talapatra

The Union Budget 2025 signals a strategic move to position India as a global hub for mobile manufacturing. The proposed tariff reductions on essential assembly components—such as PCBAs, camera modules, USB cables, and display modules—are a welcome measure that will improve cost efficiencies, accelerate localization, and strengthen the Make in India initiative.  This move strengthens India’s position in the global supply chain, especially amidst shifting trade dynamics amongst major economies.

Budget 2025 Reactions: Government's decision to establish new ‘Fund of Funds for Startups’ will provide significant boost to innovation and job creation, says Zypp Electric's Rashi Agarwal

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 Rs 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.

Budget 2025 Reaction: Government’s decision to fully exempt Basic Customs Duty on critical minerals will foster job creation, says Godawari Electric Motors's CEO Hyder Ali Khan

The National Manufacturing Mission is a significant step toward strengthening India’s clean-tech ecosystem, ensuring self-reliance in EV battery and solar panel production. The establishment of five National Centres of Excellence for skilling will further empower our workforce, creating a robust talent pool for the EV industry. Additionally, the government’s decision to fully exempt Basic Customs Duty on critical minerals like cobalt and lithium-ion battery waste will secure essential resources for domestic manufacturing while fostering job creation. The customs duty exemption on 35 capital goods for EV battery manufacturing is another welcome move, as batteries account for nearly 40 per cent of an EV’s cost. Any cost reduction in this segment will directly make EV adoption more affordable for consumers.

Budget 2025 Reactions: Union Budget reflects the government's commitment to an inclusive India, says PB Fintech's CEO Sarbvir Singh

The Union Budget 2025 reflects the government's commitment to an inclusive India. It focuses on four key pillars: youth, farmers (Annadata), women, and the economically disadvantaged. By prioritizing these groups through targeted development measures, the budget sets the stage for a more equitable society and contributes to the broader vision of a 'Viksit Bharat.

Budget 2025 Reactions: Introduction of a small business credit card mark a significant step towards democratising credit access for MSMEs, says Mintoak's CEO Raman Khanduja

The Union Budget 2025 reinforces India’s vision to strengthen the digital payments ecosystem and support startup growth. The Rs 10,000 crore Fund of Funds is a key step in mobilising domestic capital and enabling Indian startups to scale. Focus on enhancing digital infrastructure, including broadband, 5G, and tech innovation, is vital for financial inclusion and business growth. The introduction of a ₹20,000 crore innovation fund and streamlined regulatory processes for high-growth startups further nurtures India’s entrepreneurial spirit.

The doubling of loan cover under the Credit Guarantee Fund Trust for Micro and Small Enterprises and the introduction of a small business credit card mark a significant step towards democratizing credit access for MSMEs. These measures will empower small businesses with the financial agility they need to scale operations, invest in innovation, and drive economic growth.

Budget 2025 Reaction: Union Budget presents a forward-thinking roadmap for strengthening India’s manufacturing ecosystem, says Volkswagen India's Ashish Gupta

Union Budget 2025 presents a forward-thinking roadmap for strengthening India’s manufacturing ecosystem, with a clear emphasis on clean technology, skill development, and infrastructure growth. By prioritising these areas, along with manufacturing, India is advancing toward a circular economy—where investments, innovation, and sustainable practices drive long-term growth. This vision is further reinforced with significant initiatives for the automotive industry, ensuring a more self-reliant and innovative future.

Budget 2025 Reactions: Higher disposable income an opportunity for individuals to reassess  their financial journeys, says Multipl's Vikas Jain

"At Multipl, we see this increase in disposable income as an opportunity for individuals to reassess their financial journeys," says co-founder Vikas Jain.

"With more cash in hand, they can explore diverse investment options for wealth creation and for fulfilling their aspirations in a prudent manner by using 'Spendvesting'. This shift not only empowers individuals but also has the potential to create a dynamic investment landscape across the country," he adds.

Budget 2025 Reaction: A mixed bag for restaurant sector, says NRAI

The National Restaurant Association of India (NRAI) supports the government's initiative to reduce income tax, resulting in an estimated savings of Rs 1 lakh crore for citizens. This move is expected to significantly increase discretionary spending, thereby benefiting the restaurant industry.

The NRAI also commends the government's focus on tourism and its grant of infrastructure status to hotels. However, the restaurant sector, which is an important part of the hospitality industry, has once again been overlooked. NRAI expresses disappointment that the restaurant industry was not classified as a labour-intensive industry, despite being the second-largest employer in the services sector, directly employing nearly 9 million people.

Budget 2025 Reactions: Strengthening domestic production will foster innovation, reduce dependence on imports, and open up new growth opportunities, says Tapfin CEO Aditya Singh

The budget’s emphasis on cleantech manufacturing, including incentives for electric vehicle batteries and the additional 10 GW support for grid-scale batteries, signals a significant shift for India’s electric mobility sector. Strengthening domestic production will foster innovation, reduce dependence on imports, and open up new growth opportunities. At TapFin, we have observed how the right incentives can enable fleet owners and manufacturers to scale sustainably. With India striving towards its green energy goals by 2030, these measures will drive the adoption of electric vehicles, create jobs, and accelerate the transition to clean mobility. As a responsible company, we are ready to help businesses capitalise on these opportunities and lead the way forward.

Budget Reactions 2025: A greener, self-reliant India – Dr. Miniya Chatterji of Sustain Labs Paris

"The Union Budget 2025 takes a significant step toward a greener, more self-reliant India. The focus on domestic production of clean energy technologies like solar PV cells and wind turbines under the National Manufacturing Mission will reduce import dependency and enhance climate resilience. The push for sustainable farming practices through the Prime Minister Krishi Yojana and MSMEs' role as growth engines will also foster employment and manufacturing. Additionally, the target of 100GW nuclear energy by 2047 further accelerates India's net-zero transition, setting the stage for a sustainable economic future."

Budget Reactions 2025: Strengthening Clean Tech & Recycling – Nitin Gupta, CEO & Co-founder, Attero

"The Union Budget 2025-26 takes crucial steps toward strengthening India's clean tech ecosystem. The launch of the National Manufacturing and Clean Tech Missions will accelerate domestic production of sustainable solutions like EV batteries and solar panels. Key proposals, including exemptions on cobalt powder and lithium-ion battery waste, will secure raw materials and build a self-sufficient supply chain. Attero's resource recovery capabilities will benefit from these initiatives, driving sustainability and supporting India's transition to a circular economy. Additionally, the government's push for electronics and GCC development in Tier-2 cities will create new opportunities for skilled professionals and enhance demand for responsible recycling."

Budget Reactions 2025: Real Estate boost with infrastructure push, says Omaxe's Mohit Goel

"Budget 2025-26 strengthens real estate with a Rs 10 lakh crore asset monetisation plan and a Rs 1 lakh crore Urban Challenge Fund, accelerating urban redevelopment. MSME credit expansion and a Rs 10,000 crore Fund of Funds for Startups will drive demand for office spaces and co-working hubs. The Rs 15,000 crore SWAMIH Fund 2 will fast-track 1 lakh affordable homes, boosting housing accessibility. Tax relief and social security measures for gig workers further support financial inclusion. These initiatives set the stage for sustained growth in real estate, driving economic expansion and urban transformation."

Budget Reactions 2025: Real Estate boost with infrastructure push – Mohit Goel, Managing Director, Omaxe

Budget Reactions 2025: Boost to housing, tourism & women entrepreneurship – Amrita Gupta of Manglam Group & CREDAI Rajasthan Women’s Wing

Amrita Gupta welcomed Budget 2025-26 for its strategic emphasis on housing, economic resilience, and tourism-led growth. She highlighted the Rs 15,000 crore SWAMIH Fund 2 as a crucial step in fast-tracking the completion of 1 lakh stalled housing units, restoring liquidity, and boosting homebuyer confidence. The budget’s focus on rental housing incentives and tax benefits for self-occupied homes is expected to drive demand, especially among urban and middle-income buyers. She also emphasised that expanded MSME credit and women-centric entrepreneurship initiatives will strengthen financial independence, fostering both homeownership and commercial real estate growth. Additionally, the government's plan to develop 50 top tourist destinations will create vast opportunities in hospitality, retail, and urban infrastructure, reinforcing tourism as a key economic driver. With infrastructure expansion and significant income tax relief, this budget lays a strong foundation for sustained growth in housing, tourism, and allied sectors, making homeownership and investment more accessible than ever.

Budget Reactions 2025: Nimit Aggarwal of EcoEx, on green technologies & waste management

Nimit Aggarwal, Founder & Managing Director of EcoEx, welcomed the introduction of the National Manufacturing Mission and Clean Tech Mission in Budget 2025-26, emphasising their role in boosting domestic production of green technologies while fostering responsible waste management and recycling. As clean tech manufacturing expands, he stressed the growing importance of robust Extended Producer Responsibility (EPR) frameworks and efficient recycling systems. He also highlighted the significance of the Deep Tech Fund of Funds in driving innovation in sustainable technologies, including advanced recycling solutions and circular economy initiatives. Additionally, he underscored the need to leverage AI for streamlining waste collection, segregation, and processing to efficiently manage India's complex waste ecosystem and accelerate the country’s green transition.