Mr. V. P. Nandakumar, MD & CEO at Manappuram Finance Limited.
“With inflation showing no signs of abating within the Reserve Bank of India’s target range in the near future, I believe the finance minister will implement necessary policy measures to curb price increases. This could involve reducing taxes on consumer goods such as packaged food and edible oils. This would boost household disposable income and positively impact private consumption. Furthermore, I believe the Budget should include measures to encourage savings through tax rationalisation and stimulate loan growth. A separate announcement on developing future-proof digital infrastructure for the financial sector in the era of artificial intelligence is also anticipated,”
CoinSwitch and Lemonn
Mr. Devam Sardana, Business Head, Lemonn.
“The Virtual Digital Asset (VDA) industry in India has immense potential to contribute to the nation’s digital economy. To fully harness this opportunity, the upcoming Budget provides a crucial moment to refine taxation policies, fostering both growth and compliance within the sector.
We propose a reduction in the Tax Deducted at Source (TDS) on VDA transactions from the current 1% to 0.01%. This adjustment would significantly ease compliance challenges and promote market transparency while ensuring the tracking and tracing of transactions and boosting tax revenues. Additionally, we recommend raising the TDS applicability threshold from INR 10,000/50,000 to INR 5,00,000. This would protect small investors and traders from undue tax burdens, ensuring fair treatment across the board.
To further support the industry’s growth, we advocate for aligning the taxation of VDA income with other asset classes and removing the current discriminatory treatment. Allowing taxpayers to set off or carry forward losses, as permitted under capital gains provisions, would establish parity and create an environment for innovation.
We are hopeful that the government will recognize the VDA industry’s potential and take steps toward balanced and progressive policies that enable its growth.”
Mr. Saurav Ghosh, Co-founder, Jiraaf
“This budget is critical, with weak urban consumption. Reviving private capex and restoring government spending would be key to supporting the economy. In terms of Government Capex, the continued focus on long-term infrastructure and development projects is expected to carve out an optimistic path for the long run.
We hope the budget would have taxation cuts to enable spending. Tax reduction on debt securities could enable capital markets to help lower finance cost for companies providing a trigger for private capex.”
Mr. Manish Goel, Founder and MD, Equentis Wealth Advisory Services-
“As we anticipate the Union Budget 2025-26, it’s crucial for policymakers to continue fostering India’s dynamic startup ecosystem and help boost the capital markets.
Encouraging Innovation and Research: The previous year witnessed a remarkable surge in IPOs and QIPs, with Indian companies raising a record ₹1.57 trillion through initial public offerings and ₹1.37 trillion via qualified institutional placements. This surge was complimented by a revival in startup funding, effectively ending a two-year funding winter. Key policy measures, including the abolition of the Angel Tax in the last budget, played a pivotal role in revitalizing investment flows into the startup ecosystem. Notably, the IT/ITeS sector led the way, attracting $10.8 billion of the total $31.1 billion in funding during CY24.
To maintain this trajectory, establishing dedicated funds for innovation in sectors like AI, deep tech, space technology, and green energy is essential. Such initiatives would alleviate funding challenges for startups, spur job creation, and boost consumption, aligning with the government’s vision of a ‘Viksit Bharat.’
Expanding Incubation Infrastructure: With approximately 1,100 active incubators as of October 2024, India has about 0.8 incubators per million people, lagging behind countries like the U.S. and China, which have 8–10 per million. Government support for educational institutions can bridge academic expertise with entrepreneurial endeavours, promoting innovation in deep tech sectors like AI and ML, and positioning India as a global technology and entrepreneurial hub.
Relaxing Capital Gains Tax Norms: The increase in capital gains tax introduced in the last budget has contributed to narrowing the credit-to-deposit (CD) ratio. With the CD ratio under control and a growing case for interest rate cuts, we believe it is time for the government to reconsider capital gain tax thresholds. This strategy will encourage continued financialization of savings, fostering a more stable financial environment.
By addressing these areas, the upcoming budget can play a pivotal role in sustaining the growth trajectory of India’s startup landscape and overall economy.”
Mr. Sameer Bansal, MD & CEO, PNB MetLife
“While India is a fast-growing economy fueled by its rising middle-class population of [25-45] year olds, the proportion of people above the age of 60 is equally increasing at a rapid pace. Financial stability is a cornerstone of a secure future. One of our hopes for the upcoming budget is to see support for pension and annuity plans which are key financial instruments for the retirement planning needed to create that stability.
Tax support for pension plans offered by life insurers, on par with the National Pension Scheme, will provide both greater choice and allow diversification of assets into multiple pension plans. At the same time, while we recognize and applaud the ongoing deliberations on removing GST on term life and health policies, we urge the government to also consider removing GST on premiums for annuity plans to support pensioners and make annuities more affordable and accessible.
These actions would give people greater flexibility to create and protect financial stability, which in turn is an important building block for the continuing economic growth of our country.”
Mr. Nikunj Agarwal, CFO and Head of Lending Alliance, Propelld
“As we approach the upcoming budget, enhancing credit accessibility for non-banking financial companies (NBFCs) in the education sector is essential. The private education landscape plays a pivotal role in fostering innovation and skill development in India, yet fintech’s focused on education financing require increased government support. We urge policymakers to implement reforms that enables lower lending rates regime and promote co-lending models. These measures can significantly help such in higher education financing, selection of right targeted segment facilitating easier access to funds for students. Additionally, increasing credit availability and enhancing liquidity for NBFCs will position them as key drivers of economic change. By recognizing NBFCs as catalyst for reaching last mile of lending segment, we can bolster their capacity to support financial inclusion and stimulate rural economic growth, ultimately contributing to a more robust and inclusive economy.”
Dr. Partha Chatterjee, Dean of Academics and Professor of Economics, Shiv Nadar University, Delhi NCR.
“India has one of the largest populations of young people. Almost 40% of the population is less than 25, or at an age where they could be in education. To educate this large number, several steps need to be taken. This is critical if India has to achieve a developed economy status by the time the demographic transition is over. It is obvious that the education and research budget has to go up – right now at 2.9% of GDP there is a lot of room for this funding to grow. Over the last few budgets skilling was prioritized. However, it is not clear what that investment in skilling has delivered. If India is unable to build a solid education system, mere skilling will not help.
In higher education, NEP has laid down an ambitious plan. In this budget funds need to be allocated to support some of those initiatives. Funds have to be allocated to help universities and colleges to transform themselves to be truly multi-disciplinary. To ensure we do well in research and we have faculty members to teach this large population, much more funding needs to be channeled toward Phd scholarships.
The budget should also take steps to ensure more private fundings. This will include enabling the Higher Education Financing Agency to provide loans to private universities. The Anusandhan National Research Foundation (ANRF) to be agnostic about where research proposals come from. It should give incentives for philanthropies and private universities to create endowments.”
Mr. Dilip Modi, Founder & CEO, Spice Money
“As we look forward to the Union Budget 2025-26, it is imperative to prioritize measures that strengthen the digital financial ecosystem, particularly in rural India, where initiatives like Aadhaar Enabled Payment System (AePS) and Bharat Connect have become lifelines for millions. While AePS has revolutionized cash-in cash-out (CICO) operations, ensuring transaction safety and security remains a critical focus for the fintech ecosystem.
The framework put forth by Dvara Research highlights the need to integrate existing networks of Transactional Business Correspondents (TBCs) into the Digital Banking Unit (DBU) hierarchy. These TBCs are the true enablers of last-mile connectivity, providing uninterrupted banking access to underserved communities and reducing costs while fostering trust. Recognizing and supporting this network with technological upgrades and financial assistance would not only prevent duplication but also accelerate the pace of financial inclusion.
Additionally, a reduction or waiver of GST on financial services offered at Banking Agent outlets would significantly ease the financial burden on these grassroots operators, encouraging broader participation in rural banking. Beyond inclusion, the objective must evolve toward empowering rural communities with tools for savings, investments, and financial growth, fostering a self-reliant Bharat.
We hope this budget paves the way for robust, innovative, and inclusive financial policies that align with the aspirations of Digital India and truly reflect the transformative potential of integrating DBUs and TBCs into a unified framework.”
Mr. Simranjeet Singh, Director, CYK Hospitalities
“The upcoming Union Budget 2025 is quite expected to have reforms for innovation. For start-ups and food and beverage (F&B) sectors, there is also great hope for simplified taxation, namely GST rate cuts on small eateries and essentials-those will ease financial stress. A very strong push has been made towards subsidies on packaging that preserve the environment so that food becomes scarce, aligning it to the perceptions of global sustainability. Increased budgetary support to food processing facilities might as well drive off multiple rural jobs and boost exports. Start-ups are also demanding continued tax exemptions and the removal of angel taxes so as to attract more funding. Investments into Tier 2 and Tier 3 cities will benefit from policy environments that promote digital ecosystems to stimulate innovation, especially in agri-tech, health-tech and green-tech.”
Ms. Nidhi Singh, Co-Founder, Samosa Singh
“Being a F&B brand dedicated to prioritizing quality and innovation, we look forward to the Union Budget 2025 reforms that may vicariously fuel the growth of startups pertaining to the former. Swiftly approved policies that would potentially simplify taxation, and promote sustainable business practices can act as promoters for escalating startups like ours. F&B sector being in the focus, stimuli for local sourcing, reduced taxes on essential supplies, facilitated support for cold-chain infrastructure, can result in significantly impacting operational efficiency and product quality in the constructive manner. We hope that implementation of this budget would make provisions for a far more resilient and thriving startup ecosystem, and be the breath of prerequisite fresh air.”
Mr. Vikesh Shah, Founder, 99 Pancakes
“At 99 Pancakes, we are committed to redefining the QSR dining experience & we are hopeful about the Union Budget 2025 to address key grown enablers for our F&B Industry. This sector has been brawling with inflating operational & input costs. With a reduction in GST on dining services along with a tax alleviation on sustainability packaging could be of crucial assistance.
Scalability & Market Expansion could be the necessary impact driven from adopting advanced kitchen technologies leading to operational efficiency.Such robust measures accredit brands like ours to continue striving towards innovation, amplifying customer experience & contributing to our country’s economic momentum.”
“The television manufacturing industry has long advocated for the implementation of the PLI scheme and the development of a local ecosystem for critical components such as displays and semiconductors. Additionally, the current 28% GST on 40 inch and larger TVs, which are classified as luxury goods, should be re-evaluated, as these products have become essential. Removing this tax could stimulate sales and benefit the industry. Support for export promotion would unlock new business opportunities. Moreover, the focus should shift from solely expanding manufacturing capabilities to fostering R&D, product innovation, and enhancing operational and production efficiencies. It is also crucial that the government refrains from increasing the import duty on open cell components to help maintain the cost of the final product.”
Mr. Paul Thomas, MD & CEO, ESAF Small Finance Bank
Considering the current macroeconomic landscape, we firmly believe that the upcoming Union Budget 2025 will introduce pivotal policy measures aimed at strengthening India’s household financial savings landscape—an aspect just as crucial as the renowned India consumption story.
Both household financial savings and private consumption have been the twin pillars of India’s remarkable growth narrative. As household savings and private consumption gain momentum, it is only natural to anticipate a positive shift in the private investment cycle. We expect the Budget to unveil initiatives that will encourage household savings, which in turn will flow into the financial system as deposits. A robust increase in household savings will significantly enhance the health of banks’ balance sheets, particularly in the retail segment, contributing to a reduction in delinquency rates and slippage.
Mr. N.P Ramesh, COO and Co-Founder of Orb Energy
“India’s clean energy future depends on making solar more accessible, especially for businesses and SMEs looking to make the switch. The upcoming Union Budget is an opportunity to remove financial barriers and encourage adoption. One key step would be restoring 100% accelerated depreciation for solar investments—a policy that once made solar a more viable choice but was later reduced to 40%. Bringing it back would help businesses recover costs faster and drive wider adoption. In the residential sector, the subsidy provided on systems could be replaced by income tax incentives which would remove the administrative burden of managing the subsidy mechanism. This could also get more people filing taxes. Equally important is strengthening domestic solar manufacturing. Providing better infra support and tax breaks would be better than production-linked incentives.
Mr. Arun Poddar, Executive Director & CEO
“In the upcoming Union Budget 2025, there is a strong opportunity to prioritize financial inclusion, which remains a cornerstone of sustainable economic growth. Allocations toward initiatives like PM Jan Dhan Yojana can help improve access to financial services, particularly in rural and underserved regions.
Bridging the financial inclusion gap requires an emphasis on strengthening digital infrastructure, which holds immense potential to connect marginalized communities with essential financial tools. We also urge the government to prioritize financial literacy programs, ensuring individuals not only have access to financial services but also the knowledge to utilize them effectively.
Additionally, targeted financial support for small businesses and startups, especially in Tier 2 to Tier 6 cities, can foster economic self-reliance and unlock growth in regions that form the backbone of India’s small finance consumer base. Encouraging fintech collaboration and introducing tax incentives for digital financial services can accelerate these efforts, enabling a more inclusive and resilient economy.”
Dr V P Chandrasekaran, COO, SRM Global Hospitals, Chennai
As a healthcare provider, I believe the forthcoming Union Budget presents an opportunity to address long-standing challenges in our healthcare system and make impactful changes that will ensure quality care at par with international standards.
India’s healthcare sector has made significant strides, but the financial framework supporting it lags behind. At the core of this issue lies the inadequate reimbursement rates for medical procedures under schemes such as CGHS (Central Government Health Scheme) and ECHS. For instance, while a coronary artery bypass grafting (CABG) procedure costs ₹4.5 to ₹5 lakh, CGHS reimburses only ₹1.4 lakh, and CMCHIS offers even less. Similarly, an appendectomy, which costs ₹60,000 in reality, fetches reimbursements of only ₹20,000 to ₹24,000. These rates barely cover variable costs and fail to account for overheads such as maintenance, infrastructure, and staff salaries.
This financial disparity has several repercussions. Hospitals face financial strain, and healthcare professionals, particularly doctors and trained staff, receive compromised remuneration. This creates a brain drain as skilled professionals migrate to Western countries, where their expertise is valued and remunerated appropriately. Ironically, the same surgeries in Western nations cost tenfold what they do in India, highlighting the gap in how healthcare is financed here.
If India truly aims to elevate its healthcare quality to international standards, the government must revise reimbursement rates for medical procedures to reflect the actual costs, if not at par with global benchmarks, then at least at realistic Indian market rates. Additionally, the taxation on medical instruments and other essential supplies remains high, further burdening healthcare providers. Waiving or reducing taxes on medical products is essential to make quality healthcare more accessible and sustainable.
Beyond institutional concerns, the government must also prioritize the needs of taxpayers, who often feel overlooked in policy decisions. While numerous schemes support non-taxpayers, taxpayers, who contribute significantly to the nation’s revenue, face limited benefits in return. It is time for the government to offer comprehensive health insurance schemes tailored for taxpayers, with premiums and benefits aligned to their tax contributions. Such a scheme would not only secure the health of taxpayers but also ensure they can maintain a standard of living commensurate with their contributions, particularly during times of need.
The upcoming Union Budget must reflect a vision for a resilient and equitable healthcare system that values both providers and beneficiaries. By addressing the financial challenges faced by hospitals, revising reimbursement rates, reducing taxation on medical products, and extending meaningful health insurance benefits to taxpayers, the government can take a definitive step toward creating a robust healthcare ecosystem.
Healthcare is the cornerstone of a thriving society. It is time for the government to prioritize this sector and ensure that every stakeholder – from providers to patients – receives the respect and resources they deserve.
Ms.Veena Gaur, Principal, VIBGYOR High, Gurugram
“Looking ahead to the Union Budget 2025, we hope for a continued focus on inclusive and accessible education. Last year’s allocation of ₹1.48 lakh crore for education, employment, and skills development was commendable. Expanding initiatives such as the ₹10 lakh education loans and ₹7.5 lakh skill loans can further support students from diverse backgrounds.
It is essential to enhance funding for grassroots programs like the Samagra Shiksha Abhiyaan, which received ₹37,010 crore last year. Strengthening primary education should be a priority, with increased investment in infrastructure, teacher training, and resources for early learning in underserved areas. Quality primary education lays the foundation for lifelong learning and can significantly impact literacy rates and overall academic success. Additionally, bridging the digital divide and strengthening foundational education will create a more equitable learning environment, empowering students to thrive.”
Mr. Udit Garg, Managing Director & CEO, Kundan Green Energy
The forthcoming Union Budget can be a key opportunity to boost India’s movement towards a cleaner and greener future. To maintain this momentum, an encouraging tax policy would be the need of the hour. Increasing tax holiday under Section 80-IA of the Income Tax Act and lowering corporate tax rates for companies engaged in renewable energy to 15% or lower would provide much-needed sustainability to the industry. Moreover, facilitating tax credits on the production of green hydrogen and lowering GST rates for renewable energy products like solar panels and wind turbines would spur investments and innovation opportunities.
Electricity prices volatility necessitates the need for financial instruments in handling effective risk management. The creation of electricity derivatives and consideration of innovative mechanisms including contracts for difference and virtual power purchase agreements will help stabilize the market and boost long-term investments.
Another critical area would be strengthening the corporate bond market. Tax exemptions for investments in the power sector will diversify funding sources and ensure a constant flow of capital for renewable energy projects. Additionally, a well-aligned carbon market with global standards will support India’s decarbonization objectives while positioning the country as a carbon trading leader. Tax incentives to participate in the market will make it more widely adopted by industry.
Lastly, India should utilize its achievements in renewable energy to become a global exporter of green technology. Budget 2025 should introduce incentives for export-oriented manufacturing units and explore bilateral trade agreements with renewable-focused nations. With these key areas addressed, the government can spur economic growth, improve energy security, and establish India as a leader in the global renewable energy landscape.
Ms. Shreya Anand, Director, Vedaanta Senior Living
“India is at a critical juncture in addressing the needs of its growing senior population. While initiatives like the PM-JAY scheme have provided significant healthcare benefits, there remains a glaring gap in senior-focused public infrastructure. At Vedaanta Senior Living, we see the transformative impact of a well-supported environment for seniors every day, and we believe more can be done to scale such solutions nationwide.
One key area for policy reform is GST exemptions. While regular associations enjoy tax exemptions for incomes up to ₹7,500, senior living communities face higher costs due to the essential medical and dietary services they provide. Raising the GST exemption threshold for senior residences would not only make these services more affordable but also foster growth in a sector that is crucial for our nation’s future.
With seniors projected to make up nearly 20% of India’s population by 2050, the time to invest in their well-being is now. Strengthening public infrastructure and offering supportive tax policies will pave the way for a society that truly honors its elders.”
Mr. Alok Loyalka, India CFO and Director – Tax, India, Fidelity International
“With the upcoming Union Budget 2025-26, there is growing optimism within the Global Capability Centre (GCC) ecosystem about the potential for new measures that could drive India’s economic growth. GCCs have long been a key driver of India’s export growth, job creation, and innovation. By tapping into the country’s extensive tech talent pool, GCCs have played a major role in boosting productivity and global competitiveness. As we look ahead, it is crucial for the government to continue supporting these initiatives, further enhancing GCCs ability to create high-value jobs and foster skill development, which will, in turn, drive India’s economic expansion.
The introduction of Section 115BAB by the government has been a significant step towards strengthening the manufacturing sector by offering a reduced tax rate of 15% for newly established companies. A similar provision for the services sector will give a significant boost to India’s economic growth.
We recommend that the benefit of the reduced tax rate of 15% (plus surcharge and cess) be extended to the services sector as well. This would create a balanced competitive environment and encourage further investment and growth within this sector. Alternatively, we propose that prioritized export sectors meeting minimum employment and investment criteria be permitted to avail the beneficial tax rate of 15%. Such measures would enhance India’s competitiveness on the global stage and act as a key factor for driving growth and innovation in the country.
While the government has already undertaken significant initiatives for the services sector, extending these efforts to include new infrastructure development, nurturing young talent, and promoting a pro-innovation environment would further enhance India’s competitiveness on the global stage and drive substantial economic growth.”
Mr. Srinivasa Addepalli, Founder and CEO, GlobalGyan Leadership Academy
“As we look toward the Union Budget 2025, it’s important that we focus on skilling, upskilling, and leadership development to prepare our workforce for the future. The emphasis of education is only on 15-20 years of school and college. The next 30-40 years are equally important for learning. Professional upskilling should be treated on par with education. By investing in programs that provide individuals with the skills they need, we can help them stay relevant in a fast-changing job market.”