Post-Budget 2025: Experts Share Their Reactions

Dr. Prathap C Reddy, Founder and Chairman

From the 1980s, when our healthcare system grappled with limited infrastructure and resource constraints, we have made significant strides in expanding access to quality care. Over the last decade, we have laid a robust foundation, bringing modern diagnostics, preventive healthcare, and cutting-edge developments in medical technology to patients across India. Now, Budget 2025 serves as a visionary launchpad for ‘Heal in India,’ creating the roadmap to establish India as a global center for advanced healthcare and medical innovation.

The expansion of medical education with 75,000 additional medical seats over the next five years, coupled with the launch of Centers of Excellence in AI, will foster innovation in health-tech and expand R&D investments. The announcement to promote medical tourism through private sector partnerships will enhance our capacity to attract global patients and position India as the go-to destination for affordable, world-class medical care under the ‘Heal in India’ mission. With support for capacity building and streamlined visa processes, this initiative will ensure India not only heals its citizens but also helps heal the world.

The setting up of 200 Daycare Cancer Centers in district hospitals and the inclusion of critical medicines for rare diseases, cancer, and severe chronic conditions under custom duty exemptions are commendable steps. These measures will reinforce our national efforts in fighting non-communicable diseases and reducing out-of-pocket expenses for patients.

The focus on skilling healthcare professionals in emerging technologies through the establishment of National Centers of Excellence and 50,000 Atal Tinkering Labs will empower the next generation of medical innovators and startups. Simplified compliance processes for startups will also boost health-tech innovation, enhancing our ability to develop cutting-edge solutions for patient care.

This is not just a budget for the year ahead—it is a launchpad for India’s healthcare system to emerge as a global leader. The synergy of initiatives under ‘Heal in India,’ ‘Heal by India,’ and innovation-driven care will redefine how India delivers healthcare and sets benchmarks for the world.

Akash Sharma, co-founder, Farmley

“India is at the cusp of a healthy snacking revolution, and makhanas form a pivotal part of the same. As a driving force of healthy snacking with a range of makhanas and makhana-based snacks, we welcome the establishment of a Makhana Board in Bihar as a transformative step in India’s healthy snacking revolution. This superfood from our motherland is now positioned to make its mark on the global health food landscape. The Board’s formation will streamline the entire value chain – from production and processing to value addition and marketing of fox nuts. For farmers engaged in makhana cultivation, this initiative opens doors to skill development and institutional support, creating a win-win ecosystem for both agricultural communities and leading industry players like Farmley.”

Shailesh Chandra, President, SIAM

“We welcome this budget which is focused on long term sustained economic growth. The specific focus on rural prosperity and agriculture, coupled with reforms in the Personal Income Tax, is likely to have a positive effect on the Auto Industry, and will help in creating demand.

As the Auto Industry transits into cleaner powertrains, in line with the Hon’ble PM’s vision on sustainable mobility, it will specifically benefit from the National Manufacturing Mission, which supports clean tech manufacturing for batteries, motors and controllers. Furthermore, the exemption of critical minerals (e.g. Cobalt, Lead, Zinc etc.), scraps of Lithium-ion battery, and 35 additional capital goods from customs duty, will help create a strong EV ecosystem in the country.

The Export Promotion Mission and support for integration with global supply chains are critical initiatives that will enable Indian manufacturers to expand export footprints, and align with global supply chains.

The Auto Industry is also thankful to the Government for creating a high-level committee for regulatory reforms, aimed at reviewing regulations, certifications, licenses, and permissions, as this will certainly help in ease of doing business in our sector.”

Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange

The Union Budget 2025, presented today, has left the Web3 sector with mixed feelings. While there were no specific announcements addressing the unique challenges faced by this innovative space, the Finance Minister’s commitment to rationalizing tax deduction at source (TDS) is a step in the right direction. Reducing the number of rates and thresholds for TDS can enhance clarity and compliance for businesses operating within the Web3 ecosystem.

Furthermore, the establishment of a committee to review reforms aimed at improving the ease of doing business is promising. This initiative could lead to streamlined regulations that are crucial for attracting investments in startups, including those in the Web3 domain. The proposed ‘Fund of Funds for Startups’ and extending the incorporation period for startups to five years signal a supportive environment for entrepreneurship.

However, we urge for more decisive action regarding taxation and regulatory frameworks to foster growth in Web3. We at BuyUcoin believe that clear guidelines are essential to reduce uncertainties and encourage both domestic and international investments. Together, we can pave the way for India to become a global leader in digital assets.

Rishi Das, Executive Director & CEO, IndiQube

“The Union Budget brings a host of positives for the Indian startup ecosystem. The new Fund of Funds, with an additional ₹10,000 crore contribution, is a significant boost, ensuring greater access to capital, fostering innovation, and enabling startups to scale faster. The proposed DeepTech Fund of Funds is also a positive change, set to catalyze the next generation of startups in cutting-edge technology domains.Additionally, the strong focus on skill development—through infrastructure expansion in IITs, the establishment of a Centre of Excellence for AI, and the addition of 10,000 medical college seats—will help build a robust talent pipeline to meet the evolving needs of the industry. This forward-looking approach will further strengthen India’s position as a global hub for innovation and entrepreneurship.”

Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.

We welcome the progressive Union Budget 2025-2026, which has a future roadmap to steady reforms. It has a booster dose for India’s technology ecosystem. This is a growth-oriented budget with significant relief for the middle class. The Union Budget has sparked interest in the video security industry and its key stakeholders. The key announcements and provisions relevant to the video security industry are getting positive feedback.
The budget proposes establishing a Centre of Excellence in Artificial Intelligence for education, with an outlay of ₹500 crore. This initiative could have positive implications for AI-powered video security solutions. The Union Budget aims to boost domestic semiconductor manufacturing through incentives and investments. This could lead to advancements in video security technology, such as improved camera sensors and processing capabilities. The budget proposes exempting customs duties on critical minerals, including lithium-ion battery scrap, which could benefit the manufacturing of security devices. The budget plans to expand broadband connectivity to rural schools and health centers, which could create new opportunities for video security solutions in these areas. The incentives for ‘Make-in-India’ initiatives can help the electronic security industry to expand and grow further.

Rajat Grover, Founder & CEO, Elite Marque

This budget’s allocation of Rs 95,000 plus crore for startups, with Rs 10,000 crore dedicated to Alternative Investment Funds (AIFs), is a masterstroke that goes beyond funding. It’s about building an innovation led economy. As someone who has seen India’s entrepreneurial journey evolve, I can say this is the kind of bold move we’ve needed for decades. Startups today contribute 4 to 5% to India’s GDP and employ over 5 million people, yet they’ve been starved of capital, especially in early stages. In 2023, funding dropped by 72% to $10 billion, leaving many promising ventures stranded. This initiative bridges that gap, but more importantly, it creates a multiplier effect. Every rupee invested in startups generates 2.5 times more jobs than traditional sectors, and this could catalyze the creation of 10 million new jobs by 2030.

What excites me most is the focus on sectors like renewable energy, healthcare, and deep tech, areas where India has the potential to lead globally. Imagine a startup in a small town developing affordable healthcare solutions or a cleantech venture scaling innovations to help India meet its 2070 net zero target. These aren’t just businesses; they’re solutions to India’s biggest challenges.

On a macro level, this move positions India as a magnet for global capital. With venture capital inflows projected to double to $20 billion by 2026, we’re not just funding startups; we’re building an ecosystem that can rival Silicon Valley. This will create a ripple effect, boosting ancillary industries, increasing exports, and reducing our dependence on foreign technology.

In essence, this isn’t just a budget announcement; it’s a vision for India’s future, a future where innovation drives growth, jobs are created at scale, and India becomes a global leader in solving real world problems. This is the foundation of a self reliant, innovation driven India, and I couldn’t be more optimistic about what lies ahead.

Saurav Ghosh, Co-founder, Jiraaf

“The boost to consumption by extending tax slabs and removing tax for income upto 12L, could prove to be significant to revitalise the economy. The government has put more money in the hands of the tax payer. We hope the new tax bill promised by the finance minister would make tax compliance easier and reduce the effective tax rate. It would be important to wait for the new tax bill before planning expenses and investments. Unleasing the consumption potential could benefit MSMEs as well. It was also encouraging to see the government focus on MSMEs as engine of growth. We hope to see private capex pick up from the prudence that the government has maintained on the policy front. The repositioning India post as a core logistics player can also help connect remote destinations and speed up growth.”

Manish Goel, Founder and MD, Equentis Wealth Advisory Services

“Union Budget 2025-26: A Big Win for Personal Finance & Growth. The Union Budget 2025-26 delivers a strong push for middle-class taxpayers, making personal finance a key beneficiary. With zero tax up to ₹12 lakh under the new tax regime and simplified TDS/TCS rules, individuals will have higher disposable incomes, driving consumption and savings. The rationalization of tax slabs and compliance relief further eases financial planning, making this budget a major step toward a more taxpayer-friendly system.

Beyond tax relief, the budget supports long-term wealth creation through pro-growth policies, infrastructure investments, and MSME incentives. The ₹10,000 crore Alternate Investment Fund (AIF) for startups and higher MSME credit limits aim to boost entrepreneurship and job creation, fostering an environment where individuals can benefit from expanding economic opportunities.

On the macroeconomic front, the government maintains fiscal prudence, targeting a 4.4% fiscal deficit in FY26 while projecting a 10.1% GDP growth at current prices. Increased capital expenditure and a renewed focus on divestments ensure that growth remains sustainable, paving the way for robust financial markets and stable long-term returns for investors.

For rural and agricultural sectors, higher credit limits for farmers under the Kisan Credit Card (KCC) and dedicated support for agri-processing, including the Makhana Board in Bihar, promise income stability for millions. Similarly, trade facilitation measures like the Export Promotion Mission and Bharat Trade Net will simplify business transactions, ensuring stronger growth in global trade.

With bold reforms, tax relief, and growth-oriented measures, Budget 2025-26 strengthens personal financial security while driving India’s economic momentum. A clear focus on wealth creation, savings, and ease of doing business makes this a transformative budget for individuals and investors alike.”

Raghvendra Nath, MD, Ladderup Wealth Management

“After a long time, the middle class has a reason to cheer. By moving the tax exemption to Rs.12 lacs, the current income tax proposal is going to leave a lot of money in the hands of the middle class. While the government is foregoing Rs.1 lac crore of Income Tax, we think the increase in consumption can help offset some of the exchequer loss. On the fiscal side a budget estimate of 4.4% is tad on the higher side. I think the government recognizes the recent slowdown and the importance of govt expenditure to maintain the growth momentum. Bringing the gig workers into its notice, atleast through some medical relief, is a step in the right direction as 1 crore gig workers is a very large segment of the population and also the fastest growing portion of the employment pool. Overall the budget has balanced the large goals of Economic Development and the Social responsibility of the government.”

Shivam Narang, Managing Director, Khalsa E-Vehicle Pvt. Ltd

“The Union Budget 2025 laid a strong foundation for India’s EV future. By fostering domestic manufacturing, easing battery costs, and promoting clean technology, the government has set the stage for long-term, sustainable growth. The focus on grid-scale batteries will help stabilise the renewable energy grid, ensuring that EVs can be powered by clean energy sources.

The exemption of basic customs duty on lithium-ion battery scrap is another commendable move. It promotes a circular economy by making battery recycling more viable, reducing reliance on fresh raw material imports, and decreasing production costs and environmental impact.

However, to ensure widespread EV adoption, further policy interventions around charging networks, financing models, and end-user incentives will be crucial. If these aspects are addressed in parallel, India has the potential to become a global leader in EV innovation and clean mobility solutions.”

Ondrej Kubik, CEO, Home Credit India 

“The Union Budget 2025 highlights a decisive push towards financial empowerment and inclusion and a digitally-driven economy. The government’s vision to expand access to formal credit, strengthen the digital financial literacy, and enable a thriving fintech ecosystem aligns well with our mission at Home Credit India. We welcome the budget’s provisions aimed at supporting the Middle and Lower-income groups, enhancing consumer protection, and fostering responsible lending practices. The focus on ease of compliance and ease of doing business, rationalisation of customs duties, widening the scope of MSMEs and the sustained emphasis on agrarian economy are all positive steps, reinforcing the core growth elements. As a responsible lender, we remain committed to driving financial inclusion by offering simple, transparent, and accessible credit solutions to underserved communities. By leveraging technology and innovation, we will continue to support India’s vision of a financially resilient and digitally empowered nation, ensuring that millions of consumers can achieve their financial aspirations with confidence.”

Sarang Deo, Deputy Dean, Faculty & Research and Executive Director 

The focus on healthcare infrastructure delivery is certainly becoming more prevalent in the Union Budget. While broadband connectivity in primary health centres in rural areas will pave the way for the expansion of telemedicine, it will also create more opportunities for online training of healthcare workers, as well as, transfer of real-time data and analytics.

By increasing the number of medical seats, the government is also looking to address the need for building the human workforce, i.e., more doctors in the country to reduce the rural vs. urban disparity. To strengthen the primary and preventive care system, rather than further crowding the speciality clinical services, it is important to create policies that will encourage new doctors to become general practitioners, family practitioners, etc. Additionally, to combat this shortage, the healthcare industry must also learn about the best practices from other emerging economies that rely far more on ancillary health workers/paramedics, etc.

The setting up of Day Care Cancer Centres in all district hospitals is much needed due to the rising cancer burden in the country. These physical centres should be linked with strong referral systems supported by technology to ensure high-quality care to patients. A bigger need is to scale up cancer screening and diagnosis, the lack of which is resulting in patients being diagnosed at late stages with poor predicted outcom.

Pearl Agarwal, Founder and Managing Partner, Eximius Ventures 

“Indian PE-VC ecosystem is still evolving and in nascent years. We can only boast a history of two decades as opposed to developed nations nurturing the industry for over 50 years. Today, only 13% of Indian domestic family office capital is in alternative assets as opposed to 50% in the US. Hence, while foreign capital and family offices warm up to the opportunities that the country has to offer, it is important that the government takes required steps to boost the startup ecosystem with institutional capital. It’s gladdening to see the recent budget take a huge leap in that direction.”

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