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PremiumBudget 2025 Expectations Highlights: In Finance Minister Nirmala Sitharaman's eighth Budget speech on 1 February 2025, the industries and taxpayers are expecting major announcements, including income tax relief, capex push, GST rationalisation, and more, aimed at promoting economic growth.
The finance minister will give her Budget speech in Parliament at 11 am on February 1, 2025.
This will be Sitharaman's second full-fledged Budget in the Narendra Modi-led NDA government that assumed power in 2024 and her eighth budget presentation in Parliament. She has presented six annual and two interim budgets under the NDA government's consecutive terms in power.
The BSE and NSE will remain open on February 1, 2025, despite it being a Saturday due to the Union Budget 2025-26. In a circular, the exchanges said: “On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 1, 2025." usually, the Indian stock market is closed on Saturdays and Sundays.
Union Budget 2025 Highlights: This Budget expectations blog is now closed. Check here for our latest LIVE blog on the Economic Survey 2025 to be tabled in Parliament by Finance Minister Nirmala Sitharaman today: Economic Survey 2025 LIVE
Budget 2025 News Live: The BSE and NSE will remain open on February 1, 2025, despite it being a Saturday due to the Union Budget 2025-26.
In a circular, the exchanges said: “On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 1, 2025." usually, the Indian stock market is closed on Saturdays and Sundays.
Budget 2025 Expectations LIVE: Subhasish Chakraborty, Founder, Chairman, and Managing Director of DTDC Express, said the government should focus on green logistics to reduce costs and carbon emissions and move towards a sustainable future.
“A strong emphasis on green logistics is essential, with incentives to promote the use of electric vehicles, biofuels, and IoT-enabled transport systems. These measures will help lower logistics costs while reducing carbon emissions, paving the way for a sustainable future in the sector," said
Budget 2025 Expectations LIVE: Rajesh Gupta, Founder & Director of Recyclekaro, said that the government should support and give tax incentives to solar, wind, and energy storage to fuel India's green tech ecosystem.
“We hope to see strong policy support and tax incentives that encourage innovation in clean energy solutions like solar, wind, and energy storage, while also prioritizing the growth of domestic manufacturing for green technologies," said Gupta.
Budget 2025 Expectations LIVE: Manikanth Challa, Founder & CEO of Workruit, said the government should focus on AI-driven tools and platforms and allocate funds towards AI research and innovation.
“We expect a stronger focus on integrating AI-driven tools and platforms into career-building programs," said Challa. “An increase in allocations for AI research and innovation, particularly in recruitment technology, will accelerate the development of tools that streamline hiring processes," he said.
Budget 2025 Expectations LIVE: Manish Kumar, Founder & CEO of KredX, said a revision in tax structures could significantly boost consumer spending in the economy.
“A revision in tax structures, particularly raising the tax-free threshold to ₹10 lakh, could significantly boost consumer spending. Additionally, enhancing deductions under Section 80C to at least ₹2.5 lakh would encourage greater investments in long-term savings instruments such as PPF, ELSS, and life insurance policies," said Kumar.
Budget 2025 Expectations LIVE: Abhishek Jain, National Head of Indirect Tax, KPMG in India, said incentivizing MSMEs in the upcoming budget announcement will be a critical parameter to facilitate overall economic growth.
“MSMEs contribute significantly to various macro parameters of an economy and hence, incentivizing them is key to overall economic growth. With larger enterprises generally also being beneficiaries to economies of scale, incentivizing MSMEs is critical," said Jain.
Budget 2025 Expectations LIVE: Ashok Rajpal, Managing Director of Ambrane India, said the upcoming budget will strengthen initiatives for India's electronics and semiconductor sectors.
“We anticipate that the upcoming budget will strengthen initiatives like the Production Linked Incentive (PLI) scheme and skill development programs. These steps will accelerate India’s technological evolution, generate employment, and boost exports, propelling the country closer to its goal of becoming a global electronics manufacturing hub," said Rajpal.
Budget 2025 Expectations LIVE: N.P Ramesh, COO and Co-Founder of Orb Energy said the upcoming budget provides the government to remove financial barriers and encourage adoption.
“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," said Ramesh.
Budget 2025 Expectations LIVE: Parag Munot, Managing Director, Kalpataru, said that the government should streamline the tax framework for real estate to help shift it towards urbanization.
“We look forward to initiatives that support economic growth and accelerate infrastructure development. The shift towards urbanization and incentivized home loans is expected to enhance GDP. We encourage the government to continue investing in infrastructure and streamline the tax framework to benefit capital-intensive sectors like real estate," said Munot.
Budget 2025 Expectations LIVE: Arjun Bajaj, Director at Videotex, said the government should consider removing GST on TVs which are 40 inches or more as they are now essential for households.
“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," said Bajaj.
Budget 2025 Expectations LIVE: Sanjay Notani, Partner at Economic Laws Practice, said the upcoming budget might include duty cuts on products of US interest because of the new Donald Trump administration.
“Budget might include duty cuts on products of US interest, particularly select agricultural products, to assuage concerns or as a goodwill gesture in anticipation of a mini-deal with the new administration," said Notani.
Budget 2025 Expectations LIVE: Heena Chheda, Partner at Economic Laws Practice, said digitising the land record will be a step towards boosting investor confidence in Real Estate and reducing disputes.
“Implementing single-window clearance for projects is essential for reducing development costs and time and digitising the lands records to reduce disputes and instil confidence of investors," said Chheda.
Budget 2025 Expectations LIVE: Venu Kondur, Co-Founder and CEO of Lobb, said the government should consider to provide capital investment relief for small truck owners by removing GST.
“We suggest the government to provide capital investment relief for small truck owners by removing the GST. Smaller fleet owners often face challenges accessing financing and capital, and the removal of GST would ease their capital expenditure," said Kondur.
Budget 2025 Expectations LIVE: Pankaj Nawani, CEO of CarePal Secure, said that the Healthcare and Insurance sector eyes lower distribution costs and a reduction in GST on insurance premiums.
“We are keenly anticipating Budget 2025, hoping for reforms that will ease distribution costs and spur growth," said Nawani.
Budget 2025 Expectations LIVE: Rahul Garg, Founder & CEO of Moglix, said semiconductors, sustainable manufacturing, and automation hold immense potential for startups for India's trillion-dollar economy vision.
“Dedicated funding pools, tax incentives for investors, and streamlined implementation frameworks are crucial to achieving this vision," said Garg.
Budget 2025 Expectations LIVE: Rohit Garg, Co-founder and CEO of Olyv, said that the Fintech sector sees potential tax incentives from the government for digital lending platforms as a huge bonus.
“At the top of our wish list are initiatives that boost financial inclusion through digital lending platforms, bringing credit access to the unbanked population. Tax incentives for digital lending platforms would be a huge bonus, especially if they include tax relief for companies investing in cutting-edge technology," said Garg.
Budget 2025 Expectations LIVE: Balasubramanian A, Senior VP and Business Head at TeamLease, said the government should target boosting workforce productivity with initiatives to grow India's FMCG segment.
“To sustain growth momentum in such a challenging environment, targeted interventions to boost workforce productivity will be essential - initiatives like digital upskilling programs, the development of robust and adaptive distribution networks, and improving rural market penetration through a multi purpose workforce," said Balasubramanian A.
Budget 2025 Expectations LIVE: Rohit Manglik, Founder & CEO of EduGorilla (an Edtech startup), said the government should increase allocation to digital infrastructure to help India's tech revolution.
“The Union Budget must significantly increase the allocation to the education sector to meet the goals of NEP 2020, as human capital is an enabler of Viksit Bharat. Increased allocation to digital infrastructure will enable us to reap the benefits of the technological revolution," said
Budget 2025 Expectations LIVE: Ricky Vasandani, Co-founder and CEO of Solitario, said that the government should help support India's lab-grown diamond market by introducing simplified regulations and forward-thinking policies.
“Union Budget presents a valuable opportunity to encourage eco-conscious consumption. By fostering an environment that supports sustainable businesses and innovation, particularly in sectors like lab-grown diamonds, we can create a thriving ecosystem for luxury brands," said Vasandani.
Budget 2025 Expectations LIVE: J S Gujral, Managing Director, Syrma SGS Technology, said the government should focus on expanding infrastructure in the electronics components ecosystem.
“To unlock the full potential of this sector (electronics components), it is crucial that the upcoming Union Budget provides further support through targeted measures aimed at expanding infrastructure, promoting R&D investments, and easing regulatory processes for manufacturers," said Gujral.
Budget 2025 Expectations LIVE: “India's journey toward becoming a global EV hub is on a promising path, with EV sales crossing 14 lakh units in 2024. However, to sustain this momentum and unlock the full potential of the industry, the Union Budget 2025 must prioritize targeted support for the EV ecosystem. Extending initiatives like FAME and strengthening the PM E-DRIVE program will play a pivotal role in driving widespread EV adoption across the nation.
To make Indian EVs globally competitive, reducing the GST on manufacturing inputs and revising the current 28% tax structure is critical. This would lower production costs, enabling affordable EVs for consumers. Additionally, encouraging green financing and lowering interest rates on EV loans could accelerate adoption, making EVs more accessible across income groups.
The focus must also shift toward augmenting local manufacturing and advanced battery technologies. Incentivizing research and development in this area will help reduce import dependency and promote self-reliance. Furthermore, enhanced policies and investments in public-private partnerships, as well as Production Linked Incentive (PLI) schemes, could strengthen domestic manufacturing and drive innovation at scale.
Charging infrastructure is another key pillar that requires attention. A comprehensive push to expand the charging network will not only ease range anxiety but also position India as a leader in clean mobility.
At Numeros Motors, we are proudly implementing the 'Make in India' policy by manufacturing completely indigenous products. With robust government support, we can align with the nation's long-term sustainability goals and propel India to the forefront of the global EV revolution," said Shreyas Shibulal, Founder and CEO of Numeros Motors.
Budget 2025 Expectations LIVE: “As the Union Budget 2025 approaches, the healthcare sector anticipates several key measures to address its growing challenges and capitalise on emerging opportunities. A primary expectation is reduction in GST on health insurance, healthcare products and services. This would make essential care more affordable. Additionally, there is a push for the integration of AI-driven technologies, which could enhance diagnostic accuracy, optimise treatment plans, and increase sector productivity. Lastly, healthcare funding should increase to 2.5% of GDP to support infrastructure and accessibility of healthcare services for all."
Budget 2025 Expectations LIVE: "Favorable Macroeconomic Impact: An increase in discretionary spending can have a beneficial impact on UPI transaction volumes. Any relief to stimulate personal spending capacity in the upcoming Union Budget FY 2025-26 will be welcomed by the fintech industry
Introduction of MDR Regime for UPI Payments: Today, one in three digital payments is a UPI transaction. With growing investment in payments infrastructure, fraud management, compliance, and security — and the associated cost of processing transactions — participating entities need to monetize UPI. A rethinking of MDR for UPI transactions above ₹2,000 can create a sustainable revenue model, benefiting all stakeholders in the UPI ecosystem
Democratizing Data through AI Policy : The data landscape offers potential for shared intelligence solutions. AI-driven collaboration could strengthen fraud prevention network-wide, particularly benefiting smaller players who need government support for intelligence sharing," said Deepak Chand Thakur, Co-founder and CEO, NPST.
Budget 2025 Expectations LIVE: The paint industry seeks several incentives ahead of budget 2025.
“Reducing import duties is crucial for sustained growth, given the industry's reliance on imported resins and chemicals. Offering titanium discounts on key raw materials can ease cost pressures and improve production efficiency. Coupled with incentives for rural penetration, such measures will help bridge gaps in untapped markets, driving demand in rural areas," according to Kuldip Raina, Director Sales and Marketing at Shalimar Paints.
Budget 2025 Expectations LIVE: “The IT sector has high pre-budget expectations centered on policies that drive innovation, growth, and job creation. Industry leaders anticipate incentives for adopting emerging technologies like AI, quantum computing, and blockchain, alongside tax relief for R&D investments," according to Neeti Sharma, CEO, TeamLease Digital.
Budget 2025 Expectations LIVE: The gaming sector is hopeful of GST rate cuts.
“We remain optimistic that the government will address key concerns, including a reduction in the GST rate on skill-based gaming similar to other entertainment services and retrospective taxation issues. These measures would bring much-needed clarity, encouraging innovation and fostering long-term growth," Aman Gupta, Vice President Finance, Witzeal.
Budget 2025 Expectations LIVE: “By introducing tax incentives for eco-friendly products, simplifying regulatory processes, and investing in waste management, skill development, and infrastructure, the government can create a strong foundation for sustainable businesses to grow and succeed," according to Shashank Noronha, Founder of TABBSZ.
Budget 2025 Expectations LIVE: “We are hopeful that the upcoming Union Budget will include impactful measures to address the dual challenges of rising air pollution and sustainable energy transition. Bioenergy, as a clean and renewable source, holds immense potential in tackling these issues while supporting India’s energy security goals," according to Varun Puri, Managing Director, Green Power International.
Budget 2025 Expectations LIVE: “Fertility treatments such as IVF are still not covered under Ayushman Bharat or other key health schemes, limiting accessibility for many who need it," according to Abhishek Aggrawal, Chief Executive Officer, Birla Fertility and IVF.
“We recommend the inclusion of fertility treatments under the Ayushman Bharat scheme to improve access for economically disadvantaged groups. Additionally, the government should consider tax incentives for fertility treatments and extend their coverage in health insurance policies," he added.
Budget 2025 Expectations LIVE: “One key priority is granting Industry status to Real Estate for easier access to funding. There is a need for greater emphasis on affordable housing through fiscal and monetary incentives as well as inclusive policies to tackle the affordable housing crisis," according to Heena Chheda, Partner at Economic Laws Practice.
Budget 2025 Expectations LIVE: The government must focus more on the PM-JAY scheme to cater the senior citizens.
“While initiatives like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) have extended healthcare coverage to millions of seniors, they often fail to address the specialized, long-term care requirements unique to this population. A comprehensive approach is needed to include coverage for prevention, wellness, and outpatient treatments, enabling seniors to proactively manage their health and reduce inpatient admissions," according to Dr. Reema Nadig, Director & COO of KITES Senior Care.
Budget 2025 Expectations LIVE: The capital markets seek “ simplifying the capital gains tax regime across asset classes, including unlisted securities, would encourage broader investment and reduce legal ambiguities," according to Sumit Kochar, Managing Partner, Dolce Vita Legal Advisors.
“Additionally, allowing for extended tax holidays on Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) could attract domestic and global institutional investors, ensuring steady capital inflows," Kochar said.
“Clear regulatory frameworks for innovations like green bonds and ESG-focused funds should also be prioritized, enhancing India’s appeal as a sustainable investment destination," he added.
Budget 2025 Expectations LIVE: The Union Budget 2025 must focus on the logistics sector by emphasising port infrastructure, rationalising taxes, and boosting sustainability.
“Strengthening port infrastructure is vital to boost exports, while enhanced road connectivity will improve supply chain efficiency. Simplifying the tax regime can ease operational challenges and foster business growth," said Ajay Rao, CEO & Founder, Emiza.
“Additionally, promoting sustainability through support for eco-friendly logistics solutions will ensure long-term, responsible development," he said.
Budget 2025 Expectations LIVE: “Prioritizing investments in 5G infrastructure and cybersecurity will further support Digital India’s growth by enabling innovation, safeguarding critical systems, and unlocking opportunities across sectors like healthcare and smart cities," according to Arijeet Talapatra, CEO, Itel India.
“Expanding the PLI program further to increase the allocation for semiconductors, high-capacity batteries, and display technologies will strengthen India’s value chain, reduce imports, and enhance our global competitiveness," Talapatra said.
Budget 2025 Expectations LIVE: The government must give importance to emerging sectors such as AI, 5G and semiconductors.
“It is important for the government to focus on increasing investment in research and development for emerging technologies such as AI, 5G, and semiconductors. This will not only foster innovation but also attract top talent to India," said Rohan Bhargava, Co-Founder of CashKaro and EarnKaro.
“Additionally, skilling initiatives focused on digital technologies will act as an important bridge to prepare our workforce for the future of work and address the rising demand for skilled professionals. A strong data protection framework will further play a vital role in building consumer trust and enabling responsible data usage, laying the foundation for sustainable growth and innovation in the digital economy," Bhargava added.
Budget 2025 Expectations LIVE: The E-commerce industry expects better regulations, consumer protection, enhanced digital infrastructure and promotion of digital payments ahead of Budget 2025.
“Clearer regulations around inventory norms, marketplace roles, and consumer protection are essential for creating a stable and predictable business environment," said Swati Bhargava, Co-Founder of CashKaro and EarnKaro.
“Additionally, expanding digital infrastructure, particularly in rural areas, can unlock untapped markets and boost rural economies by bringing more consumers and businesses online," she said.
“Promoting digital payments is equally critical, as it enhances financial inclusion, streamlines transactions, and fosters transparency across the ecosystem. We expect that budget 2025 prioritizes these aspects which can strengthen the e-commerce industry's foundation and accelerate its contribution to India’s economic progress," Bhargava added.
Budget 2025 Expectations LIVE: “There is a strong need for measures that address the evolving dynamics of India’s retail sector, which witnessed a 7% surge during the recent festive season, with food and grocery leading at 14%. Retailers are eagerly looking forward to the faster implementation of the National Retail Policy, which can provide a structured framework to support growth," according to Rohan Bhargava, Co-Founder of CashKaro and EarnKaro.
“Additionally, initiatives such as low-interest financing and targeted tax breaks could ease operational challenges, especially for MSMEs," Bhargava added.
Budget 2025 Expectations LIVE: “Simplified compliance frameworks for tech-enabled solutions can empower businesses to introduce sustainable practices across the supply chain, from farm to table, while simultaneously fostering transparency and trust with consumers," said Ashish Mishra, Head of Digital & Technology at General Mills India Center.
“Moreover, increased budgetary allocations towards research and development in agritech and foodtech can unlock new opportunities for collaboration and innovation. This would allow us to explore advancements in AI, IoT, and blockchain to build more resilient and intelligent supply chains and optimize logistics," Mishra added.
Budget 2025 Expectations LIVE: The education sector seeks higher budgetary allocation.
“We anticipate a higher budget allocation towards school infrastructure development, especially at the grassroots level, and an emphasis on education via the Right to Education (RTI) Act. In the Union Budget 2024, the allocation for Samagra Shiksha Abhiyan (SSA) was ₹37,500 crores, and the Department of School Education was allocated ₹73,008 crores," said Chaitanya Dev Singh, National President, Round Table India.
“By further expanding the budget allocation in 2025, we can enhance school infrastructure and physical education, ensuring that all students have access to a quality learning environment. Additionally, we can expedite technology integration and digital education, bridging the digital divide and ensuring that all students, irrespective of their socio-economic background, have equal opportunities to thrive," Singh added.
Budget 2025 Expectations LIVE: “The upcoming Union Budget should prioritize increased funding to accelerate AI-driven growth in India’s electronics sector. With India aiming for US$ 300 billion in electronics manufacturing and US$ 120 billion in exports by 2025-26, and AI set to contribute US$ 450-500 billion to GDP by 2025, higher budget allocation is critical," according to Jahnvi S, Director - Co-Founder & CFO, Livey Technologies.
“This will have ripple effects on complementary industries such as IT/BPO services, customer care call centers, co-working spaces, and the gaming industry," Jahnvi said.
Budget 2025 Expectations LIVE: The retail and startup sectors expect policies that would rationalise GST and promote research and development (R&D) in the sector.
According to Ganesh Sonawane, Founder and CEO of Frido, “Startups, particularly those focusing on health-focused innovations, stand to benefit greatly from policies that streamline GST processes, introduce R&D tax incentives, and provide easier access to funding could ignite a wave of innovation, empowering manufacturers and startups to meet the increasing demand for wellness products."
Budget 2025 Expectations LIVE: Nirmala Sitharaman will present the Union Budget 2025 on February 1, at 11 am.
This is the finance minister's second full-fledged Budget in Modi 3.0. This will be Sitharaman's eighth budget presentation in Parliament — having presented six annual and two interim budgets under the NDA's consecutive terms in power.
