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PremiumBudget 2025 Expectations Highlights: Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget 2025 on February 1. Taxpayers, including the middle class and corporate India, are looking for tax reforms, such as revised income tax slabs, lower GST rates, regulatory updates, and anticipation of various capex allocation announcements. Amid the current economic situation, Indian taxpayers are seeking some relief.
The first part of the Parliament's Budget session will begin on January 31 and end on February 13, 2025. The second part will start on March 10 and conclude on April 4, 2025.
Nirmala Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech will begin at 11 am in the Lok Sabha.
The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV and streamed on the government's official YouTube channels.
Sitharaman’s Union Budget 2025 speech can be watched live on Livemint.com. All the latest updates about Budget 2025 can be tracked on thelivemint.com Budget live blog.
Finance Minister Nirmala Sitharaman's Eighth Union Budget Speech
Union Budget 2025 speech will be Sitharaman's second full-fledged budget under the newly formed Narendra Modi-led-NDA government and her eighth overall budget presentation in Parliament.
Indian stock market, including the BSE and NSE, will remain open on February 1, 2025, despite it being a Saturday due to the Union Budget 2025-26.
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.
Budget 2025 Expectations LIVE: Rohan Bhargava, Co-Founder of CashKaro and EarnKaro, said the government should focus on emerging technology to attract top talent to India.
“The government to focus on increasing investment in research and development for emerging technologies such as AI, 5G, and semiconductors," said Bhargava.
Budget 2025 Expectations LIVE: Vandana Tandan, Head of Markets - India & Bangladesh at SIG Group, expects low-interest financing, tax relief, and an accelerated rollout of the National Retail Policy to foster growth and address ongoing economic challenges.
“Key expectations include low-interest financing, tax relief, and an accelerated rollout of the National Retail Policy," said Tandan.
Budget 2025 Expectations LIVE: Abhyuday Jindal, the managing director of Jindal Stainless, said the government needs to prioritize infrastructure spending to boost steel demand in the nation.
“To boost stainless steel demand, we encourage the government to continue prioritising infrastructure spending, with a strong focus on developing mobility infrastructure like inland waterways, rail infrastructure, and coastal shipping," said Jindal.
Budget 2025 Expectations LIVE: Kunal Rishi, COO of Paras Buildtech, said that the real estate sector demands an industry status to get access to lower funding cost and institutional funds.
“Recognizing real estate with 'industry status' remains a crucial demand, as it would streamline access to institutional funding and lower financing costs," said Rishi.
Budget 2025 Expectations LIVE: Partha Chatterjee, Dean of Academics and Professor of Economicsat Shiv Nadar University, said funds need to be allocated to support the National Education Policy initiative.
“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," said Chatterjee.
Budget 2025 Expectations LIVE: Udit Garg, Managing Director & CEO of Kundan Green Energy, expects the government to increase tax holiday under Section 80-IA of the IT Act and lowering corporate tax rates for renewable energy companies.
“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," said Garg.
Budget 2025 Expectations LIVE: Tejas Goenka, Managing Director, Tally Solutions, expects the government to build on the Credit Guarantee Scheme to give MSMEs access to affordable funding.
“Strengthening the Credit Guarantee Scheme to provide seamless access to affordable funding will help MSMEs reduce their dependence on costly informal sources," said Goenka.
Budget 2025 Expectations LIVE: Amit Paithankar, Whole-Time Director & CEO of Waaree Energies, said increasing export subsidies from 1% to 5% will enhance India's global standing.
“To maintain global competitiveness, the renewable energy sector requires robust long-term innovation capabilities, built on a strong R&D foundation. We urge the government to encourage this by introducing targeted tax benefits and capital incentives," said Paithankar.
Budget 2025 Expectations LIVE: Ganesh Sonawane, Founder and CEO of Frido, said that startups are to gain if the government frames policies that streamline the GST process and introduce tax incentives, among other things.
“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," said Sonawane.
Budget 2025 Expectations LIVE: Yamini Bhat, CEO and Co-founder of Vymo said that the government should introduce policies to “encourage R&D investments, reduce compliance hurdles and provide tax incentives for cloud-based and automation solutions will be instrumental in scaling India’s digital capabilities globally."
Budget 2025 Expectations LIVE: Simon Wiebusch, Country Divisional Head, Crop Science Division of Bayer in India, Bangladesh and Sri Lanka, expects that the Indian government should focus on prioritising investments in agricultural research and innovation.
“The budget must prioritize greater investments in agricultural research and innovation. Policy decisions to advance agriculture by giving access to globally available tools for Indian farmers, are key," said Wiebusch.
Budget 2025 Expectations LIVE: Prashanth Prakash, Founding Partner, Accel India, expects the government to strengthen budgetary provisions for sectors like Defense & Space Tech, Cybersecurity, and Precision Manufacturing.
“We look forward to fiscal measures and policies that encourage multiple forms of capital investments in startups that help enable R&D, technological self-reliance, and build stronger collaboration between startups, industry, and government," said Prakash.
Budget 2025 Expectations LIVE: Vineet Agarwal, Managing Director, Transport Corporation of India, expects the government to increase capex by 12-15% in the upcoming budget announcement.
“We are hopeful that the government will increase capital expenditure by 12-15% in the Union Budget for FY'26," said Agarwal.
Budget 2025 Expectations LIVE: Ashish Singhal, Co-founder of CoinSwitch, expects that the tax deducted at source (TDS) for digital asset transactions should be reduced to 0.01% from its level of 1%.
“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," said Singhal.
Budget 2025 Expectations LIVE: Roland Landers, CEO of All India Gaming Federation, says that they expect the government to consider reduction of GST rate to foster growth.
“We remain hopeful that the government will consider reducing the GST rate and addressing retrospective taxation issues, which would provide much-needed clarity and enable further growth and innovation," said Landers.
Budget 2025 Expectations LIVE: Digi Yatra Foundation CEO Suresh Khadakbhavi expects the government to introduce incentives and a framework for tech adoption in the tourism sector.
“In the industry at large, granting infrastructure status to smaller projects, simplifying the licensing process, and rationalising GST structures are some of the critical reforms that can help reduce operational hurdles for travel and hospitality businesses," said Khadakbhavi.
Budget 2025 Expectations LIVE: Nishant Pitti, the chairman of EasyMyTrip expects the government to fund allocation for smart tourism for both domestic and international travellers in the country.
“We expect the government to come up with initiatives to redefine travel experiences with modern technologies like AI, IoT, and VR adaptability," said Pitti.
Budget 2025 Expectations LIVE: Rajneesh Chopra, Managing Director, Amway India, expects that lowering tax slabs will help direct sellers who are sole proprietors of their businesses foster overall economic growth.
“We urge the government to consider lowering income tax slabs helping direct sellers who are sole proprietors or small businesses. This adjustment would support the spirit of entrepreneurship and contribute to overall economic growth. Furthermore, lowering taxes would improve disposable power, allowing more number of people to invest in their health and wellbeing," said Chopra.
Budget 2025 Expectations LIVE: Amit Chadha, CEO & Managing Director, L&T Technology Services, expects the government to support initiatives like the National Green Hydrogen Mission to foster innovation and growth.
“India's growth trajectory is at an exciting juncture, and we anticipate that the upcoming budget will play a crucial role in fostering technological advancements. The Government of India’s efforts to drive economic growth and promote innovation has been noteworthy. The Production Linked Incentive (PLI) Scheme has been a significant step in boosting manufacturing capabilities and encouraging investment," said Chadha.
“At LTTS, we strongly believe that the government’s sustained emphasis on incentivizing investments in R&D and creating a conducive ecosystem for technology-led advancements can unlock immense potential for engineering services firms. Such initiatives will not only strengthen India’s standing as a preferred destination for global ER&D but also catalyze economic growth by delivering value across sectors like manufacturing, energy, and mobility. We expect the budget to further accelerate India's growth momentum by introducing policies that promote investments in research and development, digital transformation and advanced skill development," he said.
“We are optimistic that the budget will introduce policies supporting innovation, sustainability, and growth, aligning with initiatives like the National Green Hydrogen Mission. This will likely foster a business-friendly environment, boosting investments in research and development, digital transformation, and skill development, ultimately driving India's growth momentum forward." said Chadha.
Budget 2025 Expectations LIVE: Dhiresh Bansal, Chief Financial Officer at Meesho, expects the Indian government to further simplify tax norms and ease compliance to strengthen digital infrastructure.
“The Union Budget 2024 introduced significant measures like reduced TDS rates, laying a strong foundation for SMEs and the e-commerce sector. As we look ahead to the Union Budget 2025, we hope for further reforms that simplify taxes and regulations, ease compliance, and strengthen digital infrastructure," said Bansal.
“Specifically, relaxing the requirement for a Physical Place of Business (PPOB) in every state by enabling a Virtual Place of Business will greatly enhance the ease of doing business for online sellers. Additionally, facilitating the paperless movement of goods for B2C shipments will streamline operations and support the growth of small businesses in India, fostering innovation and inclusive growth in India's digital economy," he said.
Budget 2025 Expectations LIVE: Terrence Miranda, managing director of Phillips Machine Tools, said that the upcoming budget should continue focusing on developing industrial corridors and smart cities.
"As India embarks on the "Make in India 2.0" journey, the Union Budget 2025 will play a crucial role in propelling the country forward with renewed momentum, strengthening its position as a key player in the global manufacturing arena. The precision machine tools industry is going to be driven by sectors like aerospace, defence, and medical, and is poised for growth with rising demand driven by expanding manufacturing capabilities," said Miranda.
“We expect the budget to continue focusing on developing industrial corridors and smart cities, integrating cutting-edge technologies and high-speed communication to create world-class infrastructure. It should also prioritize investments in advanced technologies like AI, robotics, additive manufacturing, CNC machines, and automation aligned with Industry 4.0. Strengthening digital infrastructure and enhancing cybersecurity will be critical to maintaining India’s leadership in manufacturing and technology," as per the director.
“Additionally, efforts should focus on identifying industry skill requirements and developing a competitive workforce through targeted training programs and employment opportunities. Key measures such as improving ease of doing business and easing FDI regulations will further promote entrepreneurship, attract international investment, and fuel growth," said Miranda.
“With these initiatives, India can continue its economic development, consolidating its position as a global manufacturing hub and progressing towards its goal of becoming a $5 trillion economy," estimates Miranda.
Budget 2025 Expectations LIVE: Jaskiran Arora, Dean of Education Quality at BML Munjal University, says the budget should focus on clearances for foreign grants and donations.
“As we look ahead to Budget 2025, the higher education sector has clear expectations aimed at global competitiveness and innovation. There is a strong call to allocate 6% of GDP to education, enabling significant growth. To foster development, enhancing foreign investments and enabling foreign currency loans for educational institutions is crucial, particularly to upgrade infrastructure and adopt cutting-edge technology solutions," said Arora.
“Additionally, the focus on Public-Private Partnerships (PPP) and the implementation of Education 4.0, leveraging Fourth Industrial Revolution technologies, will be key to transforming learning and improving access. Measures such as expediting patent application processes for educational institutions and removing land ownership restrictions will further ease innovation and infrastructure development," said Arora.
“The Budget should also focus on expediting clearances for foreign grants and donations, streamlining regulatory processes, and creating an environment conducive to global partnerships and digital learning capabilities to shape the future of India’s higher education system," said the Dean.
Budget 2025 Expectations LIVE: Vivek Baj, Partner at Economic Laws Practice, said that the upcoming Union Budget is expected to reconsider the import duties on solar components to boost local manufacturing.
“With the Government’s commitment to achieve sustainable renewable energy, the solar industry is experiencing substantial growth. Investment from both, foreign and domestic companies, has led to an impressive growth in installing solar capacities over a period of time," said Baj.
“However, with the surge in import duties on certain necessary components viz., solar cells (BCD @25%) and solar modules (BCD @40%), the solar industries are facing challenges in achieving Government’s objective. The higher import duties on such components indirectly impacts the solar prices for ultimate consumers who incur additional cost in the range of 18% to 20%, potentially making solar energy less attractive compared to conventional energy sources," he said.
“Therefore, it is expected that in the Union Budget 2025, the Modi 3.0 Government will reconsider the import duties on solar components which will help boost local manufacturing and the economy grow," said Baj.
Budget 2025 Expectations LIVE: Harshit Jain, Founder and global CEO of Doceree, said the upcoming budget should focus on providing substantial tax relief for health-tech startups.
“The emergence of 211 new healthcare startups and the adoption of artificial intelligence and machine learning by 4,000 startups have driven a remarkable 28.03% growth in health-tech investments over the past year," said Jain.
“This momentum underscores the need for the upcoming budget to focus on expanding India’s health-tech startup ecosystem through substantial tax relief and targeted incentives to empower practicing and aspiring healthcare entrepreneurs to further amplify the benefits of ongoing government initiatives for healthcare like the Ayushman Bharat Digital Mission," he said.
“Further, creating a dedicated financial pool for technology-driven solutions should be a priority to accelerate research and development for latest drugs, enabling improved patient outcomes and reduce clinical trials cost. By allocating resources for healthcare data management to boost digital adoption across the sector, the budget can pave the way for delivering more personalized and accessible healthcare to millions of underserved citizens, strengthening India’s position as a global leader in health-tech innovation," said Jain.
Budget 2025 Expectations LIVE: Nalin Negi, CEO of BharatPe, believes that the upcoming Budget announcement may ease regulatory frameworks to incentivise digital adoption. This is also likely to boost access to credit for MSME companies in the sector.
“As we gear up for the Union Budget, we are optimistic about the government’s continued focus on promoting digital payments and strengthening financial inclusion. We hope this Budget will aim to address key areas such as easing regulatory frameworks, incentivizing digital adoption, and boosting credit access for MSMEs. Such steps will ensure that fintech remains a catalyst for India’s growth story and pave the way for a truly inclusive economy," said Negi.
Budget 2025 Expectations LIVE: “The upcoming budget presents a crucial opportunity to reinforce the structural changes needed for long-term economic sustainability and further accelerate our journey towards becoming a global economic powerhouse. Real Estate, Hospitality and Global Capability Centers (GCCs) have the potential to employ young college graduates and thus the government needs to focus on Ease of doing business, invest in skill development and see these sectors as the next wave of exports and employment," according to Ram Iyer, the Founder and CEO of Vayana.
“Encouraging new startups through ecosystem enablers such as ESOP taxation, making GIFT more attractive for venture and private equity firms and increasing the ability of startups to export just like IT services were given a fillip on exports in the 80s-90s is an area where I would like the policies to be enacted," Iyer said.
“Furthermore, consolidating existing schemes such as MUDRA and CGTMSE into a more broad-based and streamlined credit framework would help simplify processes and reduce redundancies. Currently, these schemes operate in silos, leading to fragmented coverage. By bringing them together into a unified credit insurance structure, MSMEs can access more comprehensive financial support without navigating multiple bureaucratic channels. This consolidation would also allow for better risk management and improved coverage for a wider range of businesses," he added.
Budget 2025 Expectations LIVE: “As we approach the upcoming budget, the industry remains hopeful for policies that will support increase in consumer demand across rural and urban markets. Our consumer portfolio is currently experiencing improved traction in rural regions, while urban markets appear relatively saturated. We are equally optimistic about the government's continued focus on infrastructure development, as further progress in this sector generates a ripple effect, driving broader industrial and economic growth," according to Jitendra Agrawal, CEO – Lighting and Consumer Durables, Surya Roshni.
Budget 2025 Expectations LIVE: “In the days to come, we hope the government will prioritize investments in advanced digital infrastructure, robust cybersecurity frameworks, and forward-looking regulatory enhancements. These measures are crucial to enabling alternative credit assessment models, encouraging responsible lending practices, and building consumer trust in an interconnected and fast-evolving digital world," according to Ravindra Rai, Managing Director & CEO of BOBCARD LIMITED, a wholly owned subsidiary of Bank of Baroda.
“On a macroeconomic scale, nurturing a robust digital lending ecosystem and enhancing regulatory safeguards will not only fuel sustainable economic growth but also fortify India’s leadership in the global digital payments landscape. By deepening trust, expanding credit accessibility, and empowering financial resilience, we can lay a strong foundation for long-term economic progress and prosperity," Rai added.
Budget 2025 Expectations LIVE: “A stronger push for the vehicle scrappage policy could be a game-changer. Enhancing scrappage incentives to 8–10% of a new vehicle’s price and providing stronger benefits for electric vehicle (EVs) adoption would modernize India’s automotive landscape. Expanding scrapping facilities and automating fitness tests would make the process seamless," stated Manish Bhandari, CEO and Portfolio Manager at Vallum Capital Advisors.
“More importantly, linking scrappage with EV adoption would accelerate India’s transition to cleaner mobility while generating jobs in manufacturing and recycling. These measures mirror global best practices, such as Germany’s Umweltprämie and China’s EV incentives. This move not only reduces pollution but also boosts GST revenues—making it a win-win for both the economy and the environment," he added.
Budget 2025 Expectations LIVE: The virtual digital asset (VDA) industry expects tax cuts to bring transparency to the market.
“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," Ashish Singhal, Co-founder, CoinSwitch.
“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," Singhal added.
Budget 2025 Expectations LIVE: “Key expectations from the upcoming Budget include increased investments in port modernization, multi-modal logistics parks, and seamless connectivity across transport networks. Expedited initiatives like the Sagarmala Project and Dedicated Freight Corridors (DFCs) are critical to reducing logistics costs and transit times. Simplifying the GST structure for logistics services, particularly reducing the GST burden on origin and allied charges for exports from India, and supporting skill development programs will further enhance operational efficiency and workforce readiness," according to Amit Tandon, CEO & Managing Director, Asia Shipping India.
“Additionally, providing incentives for the export of services through amendments to the Foreign Trade Policy, similar to those available for the export of goods, would strengthen India's position in global trade," he added.
Budget 2025 Expectations LIVE: “In the realm of defence, we foresee budgetary allocation towards capital expenditure to hover around 7 to 8 pecrcent in FY26; shall this be given effect, it would amount to approximately ₹1.9 lakh crore. The modernization of the defence forces, the strengthening of naval assets, and the promotion of domestic manufacturing formed around-dwellers into a true path towards the realization of an Aatmanirbhar Bharat," according to Puneet Singhania, Director at Master Trust Group.
“We think a record increase in capital spending for the railways, with increment reaching 15–20%, and is about ₹3 lakh crore. Priorities may include rollout of the Vande Bharat train service to deliver long-desirable enhancements in the freight sector, juxtaposing contributory multi-modal cargo terminals, while incorporating advanced technologies such as AI into operations," Singhania added.
Budget 2025 Expectations LIVE: “Over the past few budgets, tax rates for various investment instruments and income streams have been gradually streamlined, reducing exceptions and differential treatments. This has brought several options, such as Fixed Deposits, Debt Mutual Funds and Bonds, onto a level playing field by taxing them similarly. This alignment eliminates arbitrage opportunities between instruments and fosters a more balanced investment landscape," according to Suresh Darak, Founder, Bondbazaar.
“Looking ahead to Budget 2025, we anticipate further progress in this direction, and possibly a complete revision in the structure of personal income tax. We may see a much simpler unified approach to taxation, spanning all asset classes in the coming years," Darak added.
Budget 2025 Expectations LIVE: “NBFCs are subject to 10% TDS on interest payments, creating cash flow constraints, since the sector operates with narrower margins. These measures could boost credit availability and increase access to affordable funds, which is critical to propel economic activity and help India achieve sustainable growth," said Ajay Pareek, Chief Business Officer, SMFG India Credit.
“Businesses are also increasingly emphasizing the importance of sustainable urbanization. The government’s infra push toward roads, electricity, and industrialization in Tier 2 and Tier 3 cities has significantly bridged the rural-urban divide. This facilitates access to new markets for businesses, spurring local business growth and providing better job opportunities. Consequently, the role of NBFCs in offering formal credit will become even more vital," he said.
“Furthermore, digitization continues to empower NBFCs to disburse loans in a timely, hassle-free manner, minimizing the need for physical paperwork and KYC document verification thus helping NBFCs expand their business to deeper pockets of the country and bringing more of India’s population into the formal financial system," he added.
Budget 2025 Expectations LIVE: “As India moves towards its twin goals of a $5 trillion economy and Viksit Bharat by 2047, MSMEs and NBFCs will play a crucial role in facilitating these objectives. We expect major measures to boost financial inclusion such as the creation of an exclusive liquidity window customised for companies financing MSMEs and microfinance schemes," said Ajay Pareek, Chief Business Officer, SMFG India Credit.
“Green financing initiatives can offer NBFCs significant opportunities to fund environmentally sustainable projects. Such initiatives will enhance access to affordable funds, leading to enhanced entrepreneurial growth," he added.
Budget 2025 Expectations LIVE: “As part of RBI’s priority sector lending segment, affordable housing can be provided support by revising the core definition and incentivising developers to boost the supply of affordable homes. Developers must be incentivised through supportive measures like increased liquidity and easier credit access at competitive terms," said Deepak Patkar, CEO & MD, SMFG India Home Finance Co. Ltd.
“ Land and allied approvals should also be expedited so developers can ensure timely possession of units. To revitalize the housing segment, it is also necessary to increase the affordable housing loan amount limit from ₹20 lakh, especially for metro cities, to broaden accessibility and address rising land costs," Patkar said.
Budget 2025 Expectations LIVE: “Budgetary allocation for R&D in innovative industries such as AI, ML, and quantum computing is likely to increase dramatically. Investing in these sectors can position India as a leading nation in cutting-edge technology," according to Piyush Goel, founder and CEO of Beyond Key.
“Tax benefits for IT startups and MSMEs are also highly expected, as they can help businesses scale operations, attract investments, and provide job opportunities. Furthermore, stakeholders want government policies that prioritise investment for startups in emerging fields like Cybersecurity, Ecommerce, Manufacturing and AI. Investments in AI-powered government, healthcare solutions have the power to transform the economy," Goel said.
Budget 2025 Expectations LIVE: “One of the primary expectations – government's emphasis on skill development and job creation. With the labour force participation rate (LFPR) steadily rising and unemployment rates dropping, these policies are likely to boost the e-commerce ecosystem. A skilled and employed workforce equals more discretionary income, which strongly correlates with growing online buying and service demand," according to Siva Balakrishnan, founder and CEO of Vserve.
“Rising prices, particularly in rural regions, influence purchasing power. Measures like Direct Benefit Transfers (DBTs) and agricultural supply chain changes have the potential to stabilise rural demand, and improving measures could considerably enhance the sector's rural growth," he said.
“It is also anticipated that infrastructure development will be a primary focus, particularly in the domains of logistics and digital frameworks. Delivery will be more reliable and faster with investments in technology, road networks, and multimodal logistics parks," he added.
Budget 2025 Expectations LIVE: “With the elderly population (50+) projected to grow by 22% in the next six years, incentivizing pension product is imperative. Aligning tax deduction of life insurance annuity products with the National Pension Scheme (NPS) and addressing the issue of tax on principal component on annuity products can evolve retirement needs effectively," according to Tarun Chugh, MD & CEO Bajaj Allianz Life.
“We urge the government to introduce separate tax deduction for term insurance and extending the tax deduction on life insurance premium under new tax regime as well. These measures will empower individuals to build robust financial safety nets and advance the vision of 'Insurance for All by 2047’, thereby fostering long-term financial security and inclusivity," Chugh added.
Budget 2025 Expectations LIVE: “For a healthier Bharat, the outlay for healthcare spend has been proposed to be increased to 2.5% of the GDP by 2025 as per the National Health Policy. While India’s out-of-pocket expenditure has seen a decline from 64.2% 2013-14 to around 40% in 2021-22 as per the national health accounts estimate, we are still working towards our mission of achieving Universal Health Coverage. Hence, we request the government to increase outlay for public healthcare spend during this budget, as this is the need of the hour," according to Srikanth Kandikonda – Chief Financial Officer, ManipalCigna Health Insurance.
“Given the rising healthcare costs and the need for higher sum insured cover, the government should reduce tax burden by increasing the limits under Section 80D of income tax for premium paid for health insurance to ₹50,000 for all and ₹1 Lakh for senior citizens. This is crucial for achieving the government's vision 'Insurance for all by 2047’ and would substantially reduce the financial burden on families investing in their health and financial wellbeing," Kandikonda added.
Budget 2025 Expectations LIVE: “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," according to Rohit Manglik, Founder & CEO, EduGorilla.
“Currently, educational products and services are taxed at 18% GST, the burden of which is passed on to customers. We hope the Budget streamlines GST rates on various educational products and services," Manglik said.
“The proliferation of AI has necessitated upskilling and reskilling of the workforce to ensure they remain comparative in the job market. Hence, skilling should be recognised as a vital component of education. The need of the hour is to strengthen the Model Skill Loan scheme, which comprises targeted funding for industry-aligned certifications to enhance employability in various sectors," he added.
Budget 2025 Expectations LIVE: “As India positions itself as a global manufacturing hub, the Small and Medium Enterprises (SMEs) sector remains the cornerstone of its industrial and economic growth. However, systemic bottlenecks and operational inefficiencies continue to impede the sector’s potential. The upcoming Union Budget offers a critical opportunity to bridge the gap between policy intent and implementation," according to A Vikram Joshe, Managing Director of WAE LTD.
“The existing GST payment structure disproportionately burdens SMEs, as it necessitates tax remittance prior to the realization of buyer payments. This structure exacerbates liquidity pressures, creating a financial bottleneck for manufacturers. A proposed amendment to transfer GST liability to the buyer would alleviate these challenges, ensuring that SMEs retain adequate cash flow to sustain operations," he said.
Budget 2025 Expectations LIVE: Union Finance Minister Nirmala Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech is expected to begin at 11 am in the Lok Sabha.
