Back
PremiumUnion Budget 2025 Expectations Highlights: From ordinary taxpayers, to tech, healthcare, insurance, and finance sectors, among others — all stakeholders are holding high hopes for Union Finance Minister Nirmala Sitharaman's eighth Budget speech in February.
Notably, she completed Pre-Budget Consultation with various stakeholders, unions and other representatives on January 6, ahead of beginning work on Budget 2025-26.
When is the Budget Session of Parliament?
Parliament's first part of the Budget session is set to begin on January 31 and conclude on February 13, 2025. The second part of the session will commence on March 10 and conclude on April 4, 2025.
FM Sitharaman 8th Budget Speech
In Sitharaman's eighth Budget speech, likely next month, the industry is expecting significant announcements ranging from income tax breaks, GST rationalisation, industry-specific policies and more, aimed at reviving the economy and boosting consumer sentiments.
This will be Sitharaman's second full-fledged Budget in Modi 3.0, 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.
When is the Union Budget 2025 Speech?
As per convention over the past years, the finance minister is expected to give her Budget speech in Parliament at 11 am on February 1, 2025. However, there has been no official statement or confirmation of the date from the Finance Ministry as yet.
On markets side, as per official circulars, 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 Expectations Highlights: This liveblog is now closed. Stay with Livemint for the latest Budget coverage.
Union Budget 2025 Expectations Live Updates: Amar Nagaram, Founder and CEO of Virgo, said that the D2C startups hope for initiatives which enhance access to affordable logistics, robust digital infrastructure, and streamlined cross-border trade to increase international scalability.
“We look forward to policies that incentivize the adoption of green technologies, promote renewable energy investments, and support circular economy initiatives," said Nagaram.
Union Budget 2025 Expectations Live Updates: Abinash Mohanty, Head of Climate Change and Sustainability, IPE Global, said the upcoming budget must focus on incentivising energy adoption like solar power and fix foundational gaps by climate-proofing critical livelihood programs like MNREGA and PMAY.
“For Budget 2025 to be truly transformational, it must balance fiscal prudence with ambitious climate goals. This should involve incentivising renewable energy adoption—particularly solar—through benefits-in-kind and fixing foundational gaps by climate-proofing critical livelihood programs like MNREGA and PMAY. Such measures can avert large-scale losses while mainstreaming climate adaptation into the development agenda," said Mohanty.
Union Budget 2025 Expectations Live Updates: Bhupendra Avasthi, Founder of Surya Hospitals, says key areas requiring attention include GST rationalization on medical equipment and expenses that aren’t available for ITC.
“Key areas requiring attention include GST rationalization on medical equipment and expenses that aren’t available for ITC, incentives for hospitals implementing digital health solutions, expanding access to quality maternal healthcare, improving sanitation, promoting institutional deliveries, and creating zones for certain tax benefits by strengthening public-private partnerships, particularly in maternal and child healthcare," said Avasthi.
“The current healthcare spending in India ranges from 1.3% to 1.5% as against global benchmarks of 4% to 5% of GDP. The government should consider increasing healthcare spending to at least 3% of GDP to support these initiatives and improve healthcare accessibility across India. This would not only enhance the quality of healthcare delivery but also contribute to India's position as a global healthcare destination," said Avasthi.
Union Budget 2025 Expectations Live Updates: Akash Khurana, President and CEO of Krisumi Corporation, says tax deduction on housing loans in the real estate sector needs to be increased to ₹5 lakh from its current level of ₹2 lakh per annum.
“The real estate sector, being one of the largest contributors to the GDP, could serve as a catalyst in augmenting growth. Since the tax deduction on housing loans has remained stagnant at ₹2 lakh per annum, it is imperative for the government to increase the threshold to ₹5 lakh. This will propel the demand for housing further," said Khurana.
Union Budget 2025 Expectations Live Updates: The gaming industry is eyeing a cut in GST after the “massive 1400% increase" in October 2023, according to Amrit Kiran Singh, President, Skill Online Games Institute (SOGI).
Singh noted that the $300 billion global online games industry has potential to contribute significantly, for several decades, to India's GDP growth and jobs, like IT has done.
"The massive 1400% increase in GST in October 2023 ostensibly introduced from a moralistic perspective, has not met its objectives as it has only caused 83% of Indian player spends on Online Games to migrate from Indian platforms to "no tax" offshore (mainly Chinese) platforms. Over the past 15 months it has been impossible to block offshore platforms due to "domain farming" or get them to register and pay taxes in India. There is an urgent need to address the elephant in the room (abnormally high taxes) and correct the situation, through the "review" mechanism that the Finance Ministry had promised the industry," he added.
Union Budget 2025 Expectations Live Updates: India accounts for 46 per cent of the world's digital transactions, according to Ankur Maheshwari, CFO of digital finance app Freo. He believes the financial services sector is promising and will have to grow 20x to support Viksit Bharat.
“This ambitious goal demands a focus on real-time innovation, robust data privacy policies, and resilience against global challenges," he added.
Thus, expectations from Union Budget 2025 include: Enhancing synergies among banks, NBFCs, fintechs, and digital infrastructure; Budget allocations for R&D in technologies like AI and blockchain; and initiatives for rural outreach and MSME credit support.
Union Budget 2025 Expectations Live Updates: The Indian alcohol industry seeking policies to reduce financial burden and drive growth in the coming Union Budget 2025-26 announcement by Finance Minister Nirmala Sitharaman.
According to Tushar Bhandari, Whole Time Director at Associated Alcohols & Breweries, an important expectation would be reducing the relatively high excise duty, which he says severely impacts cost structures for manufacturers.
Other expectations include: Including liquor under GST so that tax inefficiencies are eradicated as at presently companies cannot avail GST credits on packaging materials, driving up production costs; maintenance of import duty levels to protect the local manufacturers from cheaper imports; and streamlined regulatory measures to harmonise state policies and tax issues.
Union Budget 2025 Expectations Live Updates: According to Harshvardhan Neotia, Chairman of Ambuja Neotia Group, the realty sector looking for IT deductions, uniform GST rate, and boost for REITs, among other demands.
He noted that real estate plays a key role in achieving the $5 trillion economy vision for India and hoped that the Budget reflects a forward-looking approach. Key expectations include:
Union Budget 2025 Expectations Live Updates: The manufacturing and packing SMEs hold high expectations for transformative growth, according to Jay Deepak Shah, CEO & MD of Jay Wood Industry.
The Indian green packaging market is projected to grow at a CAGR of 6.52% from 2024 to 2032. He believes Indian SMEs are well-positioned to enhance and government initiatives such as Atmanirbhar Bharat and Make in India strengthen SMEs, who are the backbone of the economy.
Expectations include: Sustainability measures such as Extended Producer Responsibility (EPR); initiatives to reduce plastic waste; stronger support for eco-friendly practices.
Union Budget 2025 Expectations Live Updates: There is high expectations that Budget 2025 will drive growth, prioritise tourism and healthcare, and support sustainability. Ashwani Gandhi, CEO of Niraamaya Life hopes that investments in wellness infrastructure, green initiatives, and job creation are key.
Other expectations: Reduction in GST from 18% to 12% for hotels with room rates above ₹7,500; focus on tourism and infrastructure investments; ease of doing business; enhanced connectivity; and streamlined tax rates.
“Sustainable tourism initiatives should be incentivised through renewable energy investments and targeted sector-specific policies. Tax relief on operational expenses and improved access to credit will further encourage innovation and business growth," he added.
Union Budget 2025 Expectations Live Updates: The virtual digital asset (VDA) sector stands at a pivotal moment, according to Binance. Markets Head Vishal Sacheendran noted that 2024 has been a year of significant growth, marked by Bitcoin surpassing $100,000 and a surge in institutional investment, adding that there is “opportunity for India to introduce progressive measures in the upcoming budget that can positively impact the industry, reinforcing India’s leadership in the global digital economy".
What does Sacheendran expect in the Budget?
Union Budget 2025 Expectations Live Updates: The beauty industry is eyeing a cut in the GST rates and simplification of export rules for the sector in the upcoming Budget announcement by Finance Minister Nirmala Sitharaman.
Speaking to Livemint, Mohit Goyal Co-Founder & MD of Swiss Beauty said he is optimistic about the government’s commitment to the beauty and cosmetics sector. He expects India’s beauty sector to potentially double exports by 2026.
Expectations: Reduction in GST rates on cosmetics and skincare from 18% to 12%, to enhance affordability and stimulate demand; measures to simplify export procedures and provide tax incentives for beauty products; promotion of sustainable practices and domestic manufacturing.
Union Budget 2025 Expectation Live Updates: The Electronics system design manufacturing (ESDM) companies in India are expecting this Budget to give the sector PLI to ‘unlock true potential’, according to Zetwerk President Josh Foulger.
“I believe the Indian ESDM sector is poised for explosive growth, potentially mirroring the success of the Indian IT sector. While initiatives like PLI are crucial, a two-pronged approach – enhancing value addition and aggressively targeting export markets – is essential to unlock its true potential," he feels.
He added that an export-driven strategy, coupled with the significant growth potential within the domestic market, particularly in areas like IT hardware, consumer durables, and smart home devices, can propel the Indian ESDM sector to $500 billion annual revenue.
Union Budget 2025 Expectations Live Updates: The crypto sector stakeholder are expecting policy updates in this Budget. Raj Karkara, COO of ZebPay thinks that it is pivotal for India to align its crypto policies with the global regulatory framework.
What does he expect? Revisiting the 30% tax on crypto income and the 1% TDS mechanism; recognition of crypto as a formal asset class, with clear classifications; policies that incentivise innovation, such as subsidies or tax breaks for blockchain and Web3 startups.
Union Budget 2025 Expectations Live: The Parliament's first part of the Union Budget session is set to begin on January 31 and conclude on February 13, 2025.
The second part of the Budget Session will commence on March 10 and conclude on April 4, 2025.
Union Budget 2025 Expectations Live Updates: The travel and tourism industry provides over 9 per cent jobs in India — around 40 million with the number set to exceed 62 million over the next decade, according to MakeMyTrip CEO Rajesh Magow. He believes the sector is “indispensible" to India's economic growth story, pointing out that domestic tourism is growing at a double-digit rate driven by the middle class.
Thus, expectations from the Budget include: Granting industry status to the hospitality sector; allowing GST credit for hotel construction and rationalizing GST rates will help; allocation of resources for an international campaign under the Incredible India initiative; review of tax on rental income earned as it affects home stay business; address GST issues faced by Online Travel Agents (OTAs) due to differing costs across states; and disparity in the GST charge for customers booking AC bus online v directly.
Union Budget 2025 Expectations Live Updates: Mayank Kumar, Co-Founder of upGrad feels that India is at a prime stage where human capital can translate into economic progress and global standing.
Thus, his expectations from the upcoming Budget include incentivising corporate upskilling or reskilling to retain employees and build an AI-first workforce ready for global opportunities; boosting skill development via public-private partnership so that private and government employees are skilled in emerging tech; tax breaks for NBFCs funding education abroad loans; MSME upskilling on AI."
“The upcoming Union Budget FY26 should encourage incentivising or providing effective tax breaks to organisations investing in AI training… Stronger budget allocation to upskill not only India Inc. but also government employees in emerging technologies… tax breaks or interest rate deductions for NBFC loans for education abroad… MSME sector accounts for 30 per cent of the GDP and 45 per cent of industrial production in India, hence upskilling this sector must be a key priority in the upcoming Budget," he added.
Union Budget Expectations Live Updates: Vinay Agrawal, Chairman of the Action Committee, Indian Medical Association (IMA) believes the next decade should be one of healthcare. Speaking to ANI he also said that every Indian should have health coverage and that GST on healthcare and related services must be removed.
To this end, the IMA's demands from the Budget include: “The percentage of GDP on health should be increased. The next decade should be one of healthcare... Every citizen should have health coverage... GST should not be levied on healthcare and related services"
Further he noted that the quality of healthcare and medical services should not be compromised and the government should take strict action on the misuse of schemes. “Rules of some acts need to be amended to make them more practical," he added.
Union Budget 2025 Expectations Live Updates: Parliament's first part of the Budget session is set to begin on January 31 and conclude on February 13, 2025. The second part of the session will commence on March 10 and conclude on April 4, 2025.
Union Budget 2025 Expectations Live Updates: Aalok Kumar, President and CEO of NEC Corporation India, says that the Indian government and enterprises' initiative in Healthtech and Agritech will be instrumental in addressing the challenges within these vital but fragmented sectors.
“By channelling budgetary focus into skill development and fostering homegrown innovation, we can ensure that India’s workforce is ready to meet the demands of an increasingly digital and interconnected global economy," said Kumar.
Union Budget 2025 Expectations Live Updates: Pradeep Aggarwal, Founder and Chairman, Signature Global (India), says that revising the tax exemption limit on housing loans to ₹5 lakh can relieve homebuyers amid the rising property prices and construction costs.
“Equally transformative would be granting industry status to real estate, a move capable of invigorating over 200 allied sectors. Such recognition would foster job creation, enable skill development, and amplify economic activity, further solidifying the sector’s position as a cornerstone of India’s economy," said Aggarwal.
Union Budget 2025 Expectations Live Updates: Chairman and Managing Director of Rudrabhishek Enterprises Limited (REPL), said that it is important for the Indian government to take measures to increase nation's exports and control the trade balance.
“The budget should introduce policies to support ‘export oriented MSMEs’ by giving them benefits of PLI (Production Link Incentives) scheme. If the MSMEs get the adequate support in terms of investment, technology and tax benefits, their output and quality can match international standers resulting in massive push to exports," said Misra.
Union Budget 2025 Expectations Live Updates: The Budget session dates have been finalised to be held between January 31 and February 13, reported the news portal NDTV.
Union Budget 2025 Expectations Live Updates: Saurabh Gahoi, Senior Vice President of Ramee Group, says that potential tax rebates for eco-friendly initiatives like energy-efficient operations and sustainable tourism practices will be significant and in line with the industry's global sustainability goals.
“We hope the government introduces targeted policies to enhance infrastructure development in key tourist destinations, streamline GST structures for hospitality services, and incentivize investments in the sector," said Gahoi.
Union Budget 2025 Expectations Live Updates: For the EV sector, Nikhil Khurana, Founder & CEO of Folks Motor anticipates “stronger support" in this Budget.
He hopes the government will help in the adoption of retrofitting, tax benefits for hybrid-electric vehicles, and expansion of charging infrastructure, adding: “ These initiatives can accelerate the adoption of xEVs and Evs, making clean mobility solutions accessible and affordable for all."
India has a vision of a sustainable future and Khurana looks forward to seeing measures that support this shift towards eco-friendly transportation in the upcoming budget.
Union Budget 2025 Expectations Live Updates: Samrath Singh Kochar, Founder and CEO of Trontek hopes that this Budget will have “robust push for the electric vehicle (EV) and energy storage sectors"
He pointed that this aligns with India's goals for a sustainable and energy-efficient future. As India’s EV industry grows, the need for high-quality, long-lasting batteries becomes even more critical.
“We believe the upcoming budget should continue to incentivise the development and adoption of advanced battery technologies, ensuring that we remain self-reliant and reduce dependency on imports. Furthermore, support for sustainable energy storage solutions will empower not just EVs, but also other sectors such as renewable energy and backup power systems," he added.
Union Budget 2025 Expectations Live Updates: The tech industry is excited ahead of the upcoming Budget, according to Payal Nambiar, Founder & Director of B-Square. She feels tech entrepreneurs are looking for “policies that promote innovation and entrepreneurship while ensuring soft compliance measures that do not stifle growth".
Expectations include: Measures that facilitate the establishment of AI centres, special schemes aimed at skilling tech workforce; overhaul of teaching methodologies to align with contemporary needs; removal of financial barriers to access high-quality education; address job security amid rapid technological change.
Union Budget 2025 Expectations Live Updates: Kunal Mudra, CEO & Co-founder of Electrifi Mobility anticipates the government will continue its strong support for India's startup ecosystem.
“We expect focused measures that include enhanced financial support mechanisms and simplified regulatory frameworks to further empower the sector… the sector now requires support in key areas such as infrastructure development and financing solutions," he noted.
Mudra anticipates: Creation of a conducive ecosystem to support and make EVs a viable and accessible option for consumers.
Union Budget 2025 Expectations Live Updates: The upcoming Union Budget is expected to strike a balance between economic growth and social security, feels VSRK Capital's Swapnil Aggarwal.
He feels the Budget will prioritise middle-class taxpayers, reduce compliance for businesses and foster an environment of growth and innovation. For the wealth management sector, the proposed regulations encourage long-term and short-term capital gains investments through favorable tax policies; while retirement planning is also set to receive a boost.
Union Budget 2025 Expectations Live Updates: According to Thomas Stopper, VP-Asia of Hansgrohe Group, the housing sector expects Finance Minsiter Nirmala Sitharaman to announce policies that “foster sustainable growth".
The outlook is to align industries such as premium lifestyle and home solutions for broader development, Stopper said, adding that one focus should be enhancing urban infrastructure.
Expectations include: Dedicated funds for sustainable housing projects, smart cities, and eco-friendly home solutions, tax incentives for manufacturers focused on sustainability, and lower GST on luxury home solutions.
Union Budget 2025 Expectations Live Updates: Welcome to Livemint's live coverage ahead of the Union Budget 2025 announcement.
Finance Minister Nirmala Sitharaman's eighth Budget speech, likely next month, the industry is expecting significant announcements ranging from income tax breaks, GST rationalisation, industry-specific policies and more, aimed at reviving the economy and boosting consumer sentiments.
This will be Sitharaman's second full-fledged Budget in Modi 3.0, 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.
