Dr. Bijal Sanghvi, Managing Director, Axis Solutions
Union Budget 2025 will drive and strengthen India’s manufacturing and energy transformation with a strong push for “Make in India”. Targeting 100 GW of nuclear energy by 2047 is a welcome move for a sustainable future. With a ₹20,000 crore outlay for small modular reactors in Nuclear Power, the budget accelerates clean energy adoption. Power sector reforms, export promotion, and policy incentives will strengthen industrial growth, ensuring Atma-Nirbharta, innovation, energy security and transition. Investing in people through skill development programme will build a future-ready workforce, positioning India as a global power- house in manufacturing, sustainability, and technological advancement.
Mr Masaharu Morita, Founder and Program Director at NURA
“The Union Budget 2025-26 has given special emphasize on healthcare, especially cancer care. The decision to establish cancer centres in all district-level hospitals needs special mention. 200 of them will come up in the next fiscal year itself. Further, 36 life saving cancer drugs are fully exempted from customs duty, which shows how much priority the government is giving to the segment. Moreover, establishing a ‘Centre of Excellence in AI for Education’ is another notable step that will unleash a wave of technology revolution in healthcare and diagnostics services as well.
Another notable initiative is that the Budget has made provisions to increase 10, 000 more medical seats in the coming fiscal year. Domestic manufacturing of medicines and pharmaceuticals is also getting a significant boost. More importantly, promoting health tourism with the help of private players will enhance the image of the country as a promising healthcare destination”.
Ms. Smitha Shetty – Regional Director APAC – Achilles Information Ltd
Achilles welcomes the Indian government’s FY25 budget, which reinforces India’s position as a global manufacturing and export hub. Increased MSME credit limits and expanded classification will drive industrial growth, job creation, and innovation. Investments in clean technology manufacturing—solar, EV batteries, and wind turbines—mirror global sustainability trends, strengthening supply chains. Maritime and shipping sector incentives will enhance trade competitiveness. However, robust supply chain due diligence and ESG compliance are vital to mitigate risks. While this budget lays a strong foundation, its execution will determine India’s success in becoming a self-reliant, globally competitive manufacturing powerhouse.
Mr. Vivek Merchant, Director, Swan Defence and Heavy Industries Limited
“The Union Budget 2025-26 sends a strong message about India’s ambitions in shipbuilding and maritime infrastructure. The ₹25,000 crore Maritime Development Fund is a game-changer, signaling the government’s serious intent to make India a global hub for shipbuilding. This investment, coupled with the push for port-led development and logistics efficiency, will drive growth for companies like ours. The ₹1.5 trillion allocation for infrastructure development is another positive step, ensuring better connectivity for shipyards and ports, which is crucial for scaling up operations.
However, the industry still needs policy reforms that encourage private sector participation and reduce dependency on imports for critical components. A clear roadmap for defence shipbuilding and incentives for indigenous manufacturing will further strengthen India’s maritime ambitions. The increased defence budget allocation and emphasis on modernization present a significant opportunity for private players in the defence sector. Encouraging strategic partnerships and fostering a robust domestic ecosystem for naval defence manufacturing will be key to enhancing India’s self-reliance in maritime security.
At Swan Defence and Heavy Industries, we are excited about these developments and look forward to leveraging these opportunities to contribute to India’s self-reliance in shipbuilding, maritime defence, and overall strategic capability.
Mr. Ramesh K. Vaidyanathan, Managing Partner, BTG Advaya
One of the key messages of the budget is the focus on ease of doing business and the promised “light-touch regulatory framework”. The finance minister has rightly sought to strengthen the trust-based economic governance and eliminate red-tape. The decision to set up a high-level committee for regulatory reforms to review regulations, certifications, licences, and permissions in the non-financial sector is a wonderful idea. One would hope that this a high- powered committee of all relevant stakeholders, with a clear timeline and an actionable agenda.
It is critical to get a buy in from the states as they are critical to all aspects of doing business in India. The announcement to promote competition among states by ranking them based on ease of doing business performance is a step in the right direction.As a first step, we need to urgently roll out initiatives like single-window clearance systems and online platforms for filings and approvals (that are user friendly). As I see it, it is not just about decriminalizing legal provisions and reducing compliances. It is more about transparency on what is expected and clarity on how to comply easily.
Mr. Gaurav Sahay, Practice Head – Technology & General Corporate, Fox Mandal & Associates LLP
The Union Budget 2025-26 takes a significant step toward strengthening India’s technological landscape by prioritizing AI, deep tech, and digital education. The establishment of AI Centers of Excellence, alongside the expansion of IITs, will foster a robust ecosystem for innovation and skill development. Additionally, the government’s focus on supporting deep tech startups through dedicated funding will accelerate advancements in AI, blockchain, and clean energy. These initiatives reaffirm India’s commitment to becoming a global leader in emerging technologies, driving both economic growth and digital transformation. The Government should look at gaining an AI sovereignty as against US and China already present there.