Budget 2025 Expectations Highlights: Income tax slabs, capex allocation and GST rationalisation on wishlist

Budget 2025 Expectations Highlights: This live blog has now ended. You can check our latest LIVE coverage of the Union Budget 2025 and expectations here.

India Budget 2025 News LIVE: Ashutosh Kumar, Founder & CEO of GrowthJockey, said the upcoming Union Budget should prioritise robust digital infrastructure

“The Union Budget 2025 presents a pivotal moment for India to cement its position as a global leader in venture building and innovation. In 2024, venture capital investments reached $16.77 billion across 888 deals, with technology accounting for $6.50 billion—an impressive 52.5% year-over-year growth. This underscores the immense potential of India's innovation ecosystem,” he said.

“To sustain this momentum, the budget must prioritize building robust digital infrastructure, enabling the seamless adoption of technologies like AI, and simplifying regulatory frameworks to nurture venture creation,” said Kumar. 

“As a venture-building organization, we believe that tax incentives, strategic investments in 5G, and support for new-age entrepreneurs are critical levers to unlocking exponential growth. By aligning fiscal policies with innovation-driven goals, this budget can redefine India's global narrative as the go-to destination for transformative ventures, fostering an ecosystem where startups, enterprises, and industries thrive,” he said. 

Budget 2025 News LIVE: Niraj Kumar, CTO of Onix, expects that the Indian government will dedicate funds and grants to AI startups to uphold the vision of artificial intelligence in the nation. 

“The upcoming Budget 2025-26 is a defining moment to position India as a global AI hub. With the recent discussions emphasizing a national AI policy, including the formation of an AI committee by the Reserve Bank of India to develop a comprehensive framework, we see a clear commitment to enabling responsible and innovative AI adoption," he said. 

“We expect the government to further bolster this vision with dedicated funds and grants for AI startups, enabling them to innovate and contribute significantly to the global AI ecosystem. Addressing the talent gap is equally crucial,” said Kumar. 

“Additionally, the introduction of a regulatory framework for responsible AI development is crucial to ensure that artificial intelligence technologies are developed and deployed ethically, safely, and transparently. Such frameworks help mitigate risks associated with AI, including biases, lack of transparency, and potential misuse,” he said. 

Union Budget 2025 Expectations LIVE: Saket Chirania, Co-Founder of Agrizy, said that the government should prioritise policies that enhance the competitiveness of MSME food processors. 

“The upcoming Union Budget 2025 to drive transformative growth in our sector. We urge the government to prioritize policies that enhance the competitiveness of food processors, especially Micro, Small and Medium Enterprises (MSMEs), which are vital for innovation and job creation,” said Chirania.

“Increased financial incentives and subsidies for sustainable processing technologies will empower businesses to meet both domestic and international quality standards. Additionally, we advocate for dedicated funding for research and development initiatives that promote food safety and product innovation, ensuring that Indian products can compete on a global scale,” he said. 

“Investing in skill development programs tailored to the food processing workforce is essential for building a knowledgeable and capable talent pool,” he said.

“Overall, we believe that a forward-thinking budget can unlock the full potential of India’s food processing sector, driving economic growth, enhancing food security, and positioning India as a global leader in processed foods. Together, let us create a thriving ecosystem that benefits farmers, processors, and consumers alike,” according to Chirania. 

India Budget 2025 News LIVE: Zaiba Sarang, Co-founder, iThink Logistics expects port connectivity and transportation networks to receive increased investments in the upcoming Budget 2025 announcement on February 1. 

“The courier aggregator industry, a backbone of India’s thriving e-commerce sector, is looking to the 2025 Budget with high expectations to supercharge its growth trajectory. Increased infrastructure investment—particularly in port connectivity and transportation networks—could be a game-changer, slashing logistics costs and enabling seamless supply chain operations, even in Tier II and III cities where e-commerce is expanding rapidly,” said Sarang.

“Compliance simplification is a vital need for logistics players. A unified GST slab structure would reduce the compliance burden and operational costs, allowing businesses to focus on scaling their services. Enhanced customs processes and an efficient GST Network would further eliminate trade bottlenecks, unlocking the potential of cross-border commerce, a burgeoning opportunity in the globalized market,” she said. 

“The future lies in skilled manpower and sustainability. Targeted budget allocations for workforce skill development can empower companies to handle rising consumer demand with agility and expertise. Meanwhile, dedicated funds for green logistics—such as electric fleets and sustainable packaging—would future-proof the sector while aligning with India's climate goals,” said Sarang.

Union Budget 2025 Expectations LIVE: In the coming Budget, policymakers should consider the evolving dynamics of domestic and global trade, according to Pushkar Mukewar, Founder and CEO of Drip Capital.

“As India's infrastructure sector continues to grow, leading to a more efficient supply chain ecosystem, it becomes increasingly important to ensure that the costs of key inputs remain competitive,” he added.

Expectation from Budget include:

• Rationalising import duties on scrap metal, as rising input costs directly impact infra development and project costs. 
• Removing import taxes on essential solar components to support both domestic capacity building and the immediate need for cost-effective solar components. 
• We expect the government to lower import taxes on goods that boost local manufacturing and help the economy grow.

Budget 2025 News LIVE: Saurabh Runwal, Director of Runwal Realty feels that India’s real estate sector stands at a transformative crossroads, and the upcoming budget holds the potential to catalyse a phase of unprecedented growth.

With the sector’s current valuation of over $477 billion and its trajectory towards a $1 trillion market by 2030, it’s crucial that the budget addresses both immediate challenges and long-term opportunities, he added.

Expectations:

• Policy measures that enhance liquidity is critical, and this includes reducing long-term capital gains taxes, streamlining REIT regulations, and increasing interest rebates for housing loans. These reforms will drive both domestic and foreign investments, enabling developers to access capital more competitively, and homebuyers to realize their dreams of owning property, especially with the luxury market seeing a 51% growth in demand.
• Granting real estate industry status is vital. It will not only reduce land acquisition costs but also make financing more accessible, leading to more affordable housing.
• Upskilling is paramount, particularly in technology integration and quality control, to ensure that the burgeoning demand for smart, sustainable cities is met with precision.
• The implementation of modern urban governance frameworks, including streamlining approvals and improving land use policies, will be instrumental in speeding up project timelines and ensuring that urban spaces are well-planned and equipped to support the population growth expected in the coming years.

Union Budget 2025 Expectations LIVE: Sumit Pal Singh, Co-Founder & Director, Silver Sickles is anticipating measures that can transform India's supply chain and logistics sector into a global benchmark of efficiency and resilience. "This budget holds the promise of bridging critical infrastructure gaps and fostering technological innovation to drive the nation’s economic growth," he added.

Expectations:

• Investments in rail, road, and port connectivity, particularly through dedicated freight corridors and public-private partnerships, can lay the foundation for a more streamlined and cost-effective logistics network.
• Enhancing first-mile and last-mile connectivity through regional schemes and state road networks is vital to ensure seamless transportation across the country.
• The adoption of advanced digital solutions like GPS, RFID, and IoT must be incentivised to enable real-time visibility and optimization of operations.
• Streamlined regulatory frameworks and targeted support for SMEs and MSMEs, which are the backbone of India’s economy.
• Reforms in AI adoption, cybersecurity, and skill development to align the supply chain sector with global standards.

India Budget 2025 News LIVE: Rishi Anand, MD & CEO, Aadhar Housing Finance feels that for the housing finance sector, the upcoming budget should focus on reviewing and modifying important regulations that take into account the current state of the housing market, which is essential for making homeownership genuinely affordable.

Expectations:

• With property prices having risen in recent years, the current GST concession limit for affordable housing, which is set at ₹45 lakh, should be revised to ₹60-65 lakh. Similarly, the RBI's priority sector definition for housing loans should be updated to reflect this new limit. 
• Given the inflation over the past decade, the definitions for EWS (Economically Weaker Sections) and LIG (Lower Income Groups) also need to be updated. An upward revision from ₹3 lakh to ₹5 lakh for EWS and from ₹6 lakh to ₹9 lakh for LIG will create new demand and broaden the target groups that fall within these classifications. 
• The existing ₹2 lakh income tax deduction for housing loan interest should be increased to ₹4 lakh. Additionally, to support first-time homeowners during the waiting period for possession, this refund should apply to residences that are still under construction, for a maximum of two years. 
• Finally, the notional rent tax on second homes should be exempted when the property is purchased or constructed at a parental place, remains vacant, and does not generate rental income. 
• Furthermore, increasing the corpus for affordable housing funds will ensure refinancing to Housing Finance Companies (HFCs) at concessional rates, helping to expand affordable housing availability across the country.

India Budget 2025 News LIVE: Pranav Rungta, Co-founder and Director of Nksha restaurant and Vice President of NRAI Mumbai noted that the restaurant sector is facing several challenges. 

His expectations from the Union Budget include:

• One of the primary concerns is the restoration of the GST Input Tax Credit, which would provide much-needed relief to the sector by reducing operational costs. 
• Government should consider excluding the recent notification regarding GST on commercial leases through Reverse Charge Mechanism, which has added financial pressure to many smaller businesses. 
• Recommend reintroduction of the Service Export from India Scheme (SEIS).
• Reduction in GST on eco-friendly materials, which would encourage the use of sustainable packaging solutions. 
• Grant the food services industry official "industry" status.
• Create a dedicated ministry or department for food services to ensure more focused policy support, targeted welfare programs for employees, and the development of equitable e-commerce policies that foster growth. 
• Simplifying licensing requirements and extending operating hours would also help contribute to the sector's long-term viability, ensuring its continued success and growth.

Budget 2025 News LIVE: Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech will start at 11 am in the Lok Sabha.

The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV. It will also be streamed on the government's official YouTube channels.

Sitharaman’s Union Budget 2025 speech can be watched live on Livemint.com. And all the latest updates about the Budget 2025, can be tracked on livemint.com Budget live blog.

UnionBudget 2025 Expectations LIVE: It is “imperative” for the Budget to address immediate challenges and lay the groundwork for long-term sustainability in agriculture, feels Dhanashree Mandhani, Founder and CEO of Salam Kisan.

Expectations include: 

• Targeted incentives and subsidies that encourage the widespread adoption of agri-tech. 
• Establishing drone hubs can further support this vision by driving rural employment, enhancing skill development, and building a strong agri-tech ecosystem. 
• Providing structured access to this data and incentivising startups to develop AI-driven tools, we can empower farmers with precision solutions tailored to their specific needs. 
• Rural infrastructure also requires immediate attention. Strategic investments in storage facilities, cold chains, and logistics can significantly reduce post-harvest losses and strengthen market linkages. 
• Measures that improve market access and promote agricultural exports, thereby establishing India as a global leader in agriculture. 
• Promotion of sustainable farming practices. Budget allocations should prioritize water-saving technologies, developing climate-resilient seeds, and R&D in biofuels to align with global sustainability goals. 
• Digital literacy initiatives to ensure that farmers at the grassroots can effectively leverage these technologies. 
• Fostering public-private partnerships will also play an important role in driving innovation and investment in agriculture. 
• Stable and transparent policies are essential for building long-term confidence among farmers and investors. Introducing measures such as low-interest loans, increased PM-KISAN installments, zero-premium crop insurance, and GST exemptions for agricultural machinery, seeds, and fertilizers can provide much-needed relief to farmers. 

Budget 2025 Expectations Live Updates: The Budget provides an opportunity to strengthen financial inclusion across the country by addressing key challenges, feels Amit Nigam, COO of BANKIT. 

What does he anticipate?

• Much-needed GST relaxation on Business Correspondent (BC) services. This adjustment would significantly alleviate operational burdens, enabling wider outreach of banking and financial services, particularly in underserved and unbanked regions, and supporting the nation’s vision of inclusive growth. 
• A reduction of TDS on BC merchant accounts while making transactions to ensure better cash flow and operational efficiency for BC agents. 
• A government-backed fintech skilling program would also be a game-changer for the industry, fostering innovation, nurturing talent, and driving responsible and inclusive growth. 

Budget 2025 Expectations Live Updates: Vikas Bagaria, founder and CEO, Pee Safe said that he hopes the Budget prioritises menstrual health and hygiene through comprehensive and inclusive measures. 

Expectations include:

• Subsidies and tax benefits for domestic manufacturing to encourage local production and reduce dependency on imports. 
• Increased budget allocation for menstrual health awareness campaigns to break taboos and foster education around menstruation. 
• Advocate for the inclusion of menstrual products in government initiatives to ensure access for underserved communities. 
• Special incentives for startups and MSMEs in this sector would drive innovation and scale-up efforts to reach marginalized groups. 
• Tax benefits and funding for sustainable, eco-friendly hygiene products are essential to promote environmental responsibility. 
• Government grants for R&D in menstrual health technologies can help develop advanced solutions, while skill development programs will create employment opportunities in this growing sector. 
• An enhanced focus on public health initiatives addressing menstrual care would ensure that menstrual hygiene becomes a central part of healthcare policies.

Budget 2025 Expectations Live Updates: DS Negi, CEO of the Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), feels that Budget 2025 has the potential to provide the cancer care sector with significant reforms that ensure accessibility, affordability, and quality for all.

“A key highlight of the previous Budget for the sector was inclusion of the HPV vaccine that protects against cervical cancer to protect future generations from one of the most preventable cancers… India has also made remarkable advancements with the launch of its first indigenously developed CAR T-cell therapy for cancer under the ‘Make in India’ initiative… and the first telesurgery in cancer care, performed by the RGCIRC set a new benchmark in remote oncology treatment,” he added.

To build on these successes, Negi expects the Budget must:

• Prioritise digital health solutions such as telesurgery, electronic health records (EHRs), and AI-driven diagnostic tools to improve healthcare delivery.
• Strong focus on enhancing nationwide cancer screening programs and providing access to cutting-edge treatments like immunotherapy and personalized medicine. 
• Increasing healthcare spending to 2.5% of GDP, along with robust policy measures, is essential for creating a resilient healthcare system. 
• Comprehensive support for cancer survivors—through rehabilitation, mental health services, and survivorship programs—will further improve their quality of life. 
• Provide relief from high import duties on medical equipment, which reach up to 36 per cent and significantly increase treatment costs, particularly for mid-sized operators and smaller cities. 
• Support for primary healthcare centres to ensure quality care and allow tertiary hospitals to focus on specialized treatments. 
• Equipping tertiary government hospitals with advanced infrastructure to address the growing cancer burden, along with targeted policies for various cancer types, including rare ones.

Budget 2025 Expectations Live Updates: Dr Kshitiz Murdia, CEO & Co-Founder of Indira IVF feels that India stands at a crucial crossroads in addressing the growing challenge of infertility, which carries significant socio-economic implications. 

He pointed to South Korea and Singapore, who are grappling with record-low Total Fertility Rates (TFR) of 0.72 and 0.97, respectively, while within India, states such as Kerala, Tamil Nadu, and Karnataka report TFRs below replacement levels. “These trends underscore the urgent need for India to act decisively to maintain its demographic stability and provide opportunities for those who aspire to achieve parenthood,” he added. 

Expectations from the Union Budget for 2025-26 are: 

• Integration of fertility treatments, including assisted reproductive technologies (ART), into universal health insurance schemes. 
• Offering tax exemptions or deductions on fertility treatment expenses would provide immediate relief to many couples. 
• To ensure equity in access, investments should also be directed toward establishing ART infrastructure in underserved regions, bridging the geographical divide in reproductive healthcare. 
• Public awareness campaigns to establish infertility as a medical condition that can be treated are essential to combat the stigma surrounding infertility, particularly in Tier 2 and Tier 3 cities, and encourage timely medical interventions. 
• Increased funding for research in reproductive health.

Budget 2025 Expectations Live Updates: Kami Viswanathan, President, FedEx — Middle East, India Subcontinent, and Africa (MEISA) is optimistic about continued government investment in infrastructure, multimodal logistics hubs, and digital platforms. “We also hope to see greater focus on streamlining trade processes and promoting green logistics to accelerate sustainable growth,” she said.

Budget 2025 Expectations Live Updates: Sagar Gupta, Director, Ekkaa Electronics is optimistic about the government’s ongoing efforts to strengthen the manufacturing sector through initiatives like ‘Make in India’. 

Expectations from Budget are:

• We hope the government will further expand and enhance the Production-Linked Incentive (PLI) scheme, which has been instrumental in boosting local manufacturing. 
• Expanding incentives for MSMEs and Startups in the electronics sector could significantly encourage innovation and growth. 
• Additionally, measures to support domestic semiconductor manufacturing, including increased funding for the India Semiconductor Mission, are critical to addressing global supply chain disruptions. 
• Investment in infrastructure, particularly in electronics manufacturing clusters, is equally essential for ensuring efficient production and supply chain management. 
• Focus on reforms that make it easier to do business and create a more supportive environment for domestic production. Strategies around import tariffs, fair taxation, and smooth technology transfer can lay the foundation for a robust ecosystem that nurtures local manufacturing. We are particularly hopeful for initiatives that encourage the production of high-quality electronics within the country, helping India move closer to self-reliance and take its rightful place as a global leader in manufacturing.”

Budget 2025 Expectations Live Updates: Chris George, Co-Founder & CEO of QubeHealth-Pay feels that this Budget holds promise of transformative change for healthcare sector.

“This budget should aim to not only address current systemic challenges but also lay a robust foundation for sustainable, inclusive, and technology-driven healthcare growth across the nation,” George added.

Expectations include: 

• Increased allocation for public health infrastructure.
• Policies encouraging innovation in HealthTech, Healthcare Payments and Finance.
• Incentives to bridge gaps in rural healthcare delivery. 
• Streamlining medical device imports and promoting domestic manufacturing under the Make in India initiative.
• Expanding tax benefits for health insurance and preventive care.
• Transparent frameworks for public-private partnerships, alongside enhanced funding for research and development in biotechnology and pharmaceuticals.

Budget 2025 Expectations Live Updates: Dikshu C Kukreja, Managing Principal at CP Kukreja Architects feels that adequate and targetted investments towards urban planning, waste management, public health and to tackle air pollution is required.

“What does a Viksit Bharat look like if its citizens are compelled to breathe poisonous air all the time? The problem of waste management is equally urgent, since cities are becoming more and more like enormous landfills. In order to revitalize metropolitan areas and protect public health, adequate and targeted investment is essential," he noted.

Thus expectations from the Budget are: 

• Budget can reimagine urban housing through PMAY by prioritising green infrastructure, mixed-use complexes, and intentional densification. 
• Policies promoting green shipping, energy-efficient technologies, and renewable energy adoption are essential for fostering sustainability. 
• Financial incentives for digitalisation and the integration of advanced technologies such as AI, IoT, and Blockchain will accelerate the modernisation of the sector, ensuring resilience and global competitiveness.