Expert Reactions to the 2025 Post-Budget Announcement

Ms. Madhu Lunawat, Managing Director, The Wealth Company

“Start-ups are at the heart of India’s growth story, driving innovation, job creation, and global competitiveness. With a thriving entrepreneurial ecosystem, India is well-positioned to lead the next wave of economic transformation. At The Wealth Company, we recognize that access to capital is critical for start-up success. The Fund of Funds for Start-ups and the Alternate Investment Fund (AIF) have already attracted commitments exceeding ₹91,000 crore, backed by the government’s ₹10,000 crore contribution. To further fuel innovation, a new Fund of Funds with an expanded scope and an additional ₹10,000 crore will be launched, providing start-ups with greater access to growth capital. Our vision aligns with Viksit Bharat 2047, targeting 8% annual growth, increased capital expenditure of ₹11.1 lakh crore, and a strong push for infrastructure and manufacturing. Tax reforms, including potential relief for the middle class and revisions in tax slabs, will create a more favourable business environment. With a firm commitment to Atmanirbhar Bharat, we are fostering resilience, investment, and entrepreneurship to build a globally competitive start-up ecosystem, particularly with our Bharat Value Fund Series 2 and Series 3 Fund, a CAT II AIF that has raised more than 3500CR in the last six months.”

Manav Raheja, Senior Partner, Veritas Legal, Advocates and Solicitors

India’s progressive Union budget for 2025 is a game-changer, empowering the middle class with enhanced tax benefits and push towards consumption. A tax regime that rewards trust over penalty fuels optimism for a more prosperous future, driving consumption and investment across the nation. By empowering the insurance sector with 100% FDI, the under-insured Indian market will attract new capital from global players, enhance best practices and risk management. The move to modernise India Post into a logistics powerhouse, will put a Government owned entity with 1.5 lakh outlets around the country in direct competition new age 3PL players.

Mr. Nikhil Chopra – CEO & Whole Time Director, JB Pharma

“This year’s budget sets a clear direction for India’s pharmaceutical and healthcare sectors, with a strong focus on manufacturing, innovation, and building infrastructure for the future. I believe this is a transformative moment. The government’s push for Make in India—combined with expanded customs duty exemptions on lifesaving medicines—is poised to lower costs and increase access to essential treatments. The creation of comprehensive cancer care centres nationwide, along with enhanced healthcare infrastructure, will ensure more equitable access to early and advanced treatments across India.

The recommendation to allow up to 100% FDI in insurance can be a complementary to the focus on enhancing access to cancer care. With the relaxation of guardrails for foreign investment, the insurance sector can now support new healthcare models that align with the government’s vision of building a self-reliant, globally competitive healthcare industry

Equally important is the focus on domestic manufacturing and technological advancements. The National Manufacturing Mission is set to strengthen India’s production capabilities, while the Centres of Excellence for skilling aim to cultivate a future-ready workforce. Moreover the investments in AI-driven education have the potential to accelerate healthcare innovation. A crucial aspect of this budget is the focus on simplifying the customs tariff structure and addressing duty inversion. Streamlining cargo clearance processes will hopefully help ease the supply chain challenges that the pharmaceutical industry has faced for years.

The budget’s emphasis on Heal in India, with enhanced private sector partnerships and streamlined medical travel, positions India as a premier destination for high-quality, affordable treatments. This will not only benefit our domestic patients but also attract international medical tourism, showcasing our healthcare sector’s growth potential.

Lastly, I applaud the budget’s continued focus on building rural prosperity and middle-class consumption, which is progressively laying the groundwork for inclusive growth and medium to long-term national growth.”

Mr Ritesh Goenka, Managing Director of Damson Technologies

“Finance Minister Nirmala Sitharaman’s announcement of the National Manufacturing Mission in the 2025 Union Budget is a commendable step towards strengthening India’s manufacturing sector. By providing policy support and a structured framework, this mission is poised to enhance domestic production and self-reliance, aligning seamlessly with our objectives at Damson Technologies.

The emphasis on Micro, Small, and Medium Enterprises (MSMEs) as pivotal growth engines, responsible for 45% of India’s exports, is particularly encouraging. The introduction of customized credit cards for micro-enterprises and the enhancement of classification limits for MSMEs will undoubtedly facilitate greater financial inclusion and operational expansion.

Damson Technologies is a leading OEM and manufacturer of computer peripherals, accessories, and lifestyle products. Our flagship brand, JUST CORSECA, embodies innovation and quality. With a ₹200 crore investment, our state-of-the-art Ahmedabad facility produces high-quality audio systems and smart accessories, reducing import dependence and meeting domestic demand.

The government’s focus on clean technology manufacturing and attracting investments across various sectors resonates with our vision of integrating advanced innovations, including AI-powered products and app-based controls, into our offerings.

We are optimistic that these budgetary measures will nurture a more robust manufacturing ecosystem, enabling companies like ours to thrive and contribute significantly to India’s economic growth and global competitiveness.”

Mr. Vaibhav Pratap Singh, Executive Director, CSI

“Allowing an additional 0.5 per cent of GSDP borrowings emphasises the importance of electricity transmission and distribution in India’s vision for a greener grid. This flexibility can help states adapt to the evolving generation and consumption patterns resulting from an increasing share of renewables in the grid.

Furthermore, it could address challenges within the country’s distribution sector, thereby promoting overall electricity generation in the nation, while meeting the financing requirements of both the transmission and distribution sectors, which are likely to be significant at around USD 180 billion according to the NEP until 2032.”

“It is encouraging to see MSMEs taking centre stage in the Union Budget. Enhancing credit guarantee coverage and reducing associated costs are crucial for ensuring the availability of credit that will facilitate future growth.

Equally important is the need to protect export-focused MSMEs from non-tariff measures, such as the CBAM, through the establishment of an Export Promotion Mission. This mission could enhance the global competitiveness of Indian enterprises.

Aligning MSME growth with climate technologies will be essential for advancing India’s ambitions for a circular economy. Additionally, implementing a policy on critical minerals is a vital step towards securing India’s energy future, which we believe will increasingly rely on electricity and how we store and utilise it.”

Mr. Harsh Jayesh Ruparel, Co-Founder & CEO, Commbitz

“The abolition of the ‘angel tax’ is a progressive step towards boosting the Indian start-up ecosystem. The removal will facilitate more investment and foster innovation within the start-up community. The additional ₹10,000 crore contribution announced by the honorable Finance Minister presents a dynamic opportunity for startups to accelerate their growth. Furthermore, with the enhanced financial support from the government, startups will now be able to access much-needed capital to scale operations, develop innovative products, and explore new markets. This funding injection not only provides direct financial benefits but also encourages investor confidence, leading to increased private funding opportunities.”

“It is equally important to note that startups can also leverage these funds to invest in research and development, enabling them to adopt advanced technologies and stay competitive in dynamic markets. Moreover, the increased funding will also make it easier for the startups to venture into emerging sectors, driving innovation and contributing to the country’s technological advancements. We are positive that this financial boost will set the stage for the start-up sector to achieve sustained growth, enhancing their market presence and overall impact.”

Mr. Piyush Peshwani, Co-founder and CEO, OnGrid

“Having a national framework for the states to promote Global Capability Centers (GCCs) in Tier-2 cities is a smart step. With talent availability, infrastructure improvements, bylaw reforms, and industry collaboration in mind, this should accelerate the establishment of high-value, tech-led jobs beyond the metropolitan areas. As GCCs reach further into Tier-2 regions, background verification and trust infrastructure will see a huge surge in demand, which is exactly at the core of OnGrid’s offerings.

Additionally, renewal of the ₹10,000 crore commitment to the Fund of Funds for AIFs is a significant step forward in India’s startup and investment ecosystem. The earlier commitment generated investments of ₹91,000 crore, thus with new funding, it could draw in an additional ₹1 lakh to ₹1.5 lakh crore of capital. The initiative will provide much-needed growth capital to early-stage startups and thereby further build India’s position as a global hub for innovation. This will work out well for OnGrid as it will directly support the growing demand for trust and verification solutions as businesses scale.

Both these moves underline India’s commitment to promote entrepreneurship and global competitiveness”

Ms Lina Ashar, Founder, Dreamtime Learning

“The announcement of the Bharatiya Bhasha Pustak Scheme and the Centre of Excellence in AI for education is a welcome step toward making learning more inclusive and future-ready. Providing digital resources in Indian languages will bridge learning gaps, making subjects more accessible to students across diverse backgrounds.

However, while the budget states that technology advancements should not be neglected, integration of new innovative curriculum designs is an urge for any government school and board. It needs to move the education system from the comfort zone of traditional methods toward a new-age learning model.

Additionally, the jobs and roles of tomorrow are shifting rapidly, but our school and college education models remain stagnant and still follow “teach to test methods. We were expecting that the government to address future-proof education by appointing expert curriculum design teams and innovating teaching methodologies. I hope that the government to look into a structured investment in these areas to ensure that the next generation is not just educated but truly equipped for the world ahead.”

Mr. Chitranshu Mahant, Co-founder & CEO, Primebook

“The extension of tax benefits under Section 80-IAC for startups to 2030, coupled with the strengthening of credit availability and the expansion of the Fund of Funds, is an important step in supporting innovation and entrepreneurship in India. This will enable Primebook to invest in R&D, scale operations, and enhance India’s digital and manufacturing ecosystems. The government’s initiative in enabling the domestic electronic equipment industry will also give further momentum to Make in India in opening new opportunities for youth and self-reliance in technology.

The setting up of the Export Promotion Mission is yet another welcome initiative that will help Indian consumer electronics startups widen their global footprint. We have started exporting our laptop to developing countries like Zimbabwe and Nepal, this initiative would go a long way in further widening our exports and penetration into other developing markets. We welcome these visionary steps for India to become a global technology giant.”

Mr. Konark Trivedi, Founder and CEO, Frog Cellsat Ltd

“The Union Budget 2025 takes a progressive step toward strengthening India’s telecom sector. The reduction of basic customs duty on Carrier Grade Ethernet Switches from 20% to 10% is a much-needed relief that will lower costs for telecom operators and resolve classification disputes. This move is expected to catalyze further investments in 5G expansion and accelerate preparations for 6G deployment, reinforcing India’s position as a global leader in next-gen connectivity.

While this is a positive development, the industry continues to seek broader tax reforms that ease the cost burden on telecom and RF equipment manufacturers. Additionally, as digital infrastructure expands, government-led initiatives in advanced security frameworks and standards will be essential to safeguarding networks against evolving cyber threats. We look forward to further policy measures that support indigenous telecom manufacturing and enable a secure, future-ready ecosystem”.

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