Bank of Baroda’s Chief Economist, Madan Sabnavis, anticipates the upcoming budget will prioritize reducing the fiscal deficit to around 4.3-4.4% of GDP for FY26, a 0.5% decrease. He expects continued, if not increased, capital expenditure around Rs 11 lakh crore to stimulate investment, though the FY25 revised estimate might be lower than initially planned. Sabnavis also foresees benefits for MSMEs and industry through the PLI scheme, potentially with specific provisions for MSMEs. He suggests possible minor subsidy rationalization through improved targeting. Given the impact of high inflation on consumption, he believes income tax rebates are possible. From a banking perspective, he recommends a more favorable tax slab for bank deposit interest to create a level playing field with equity markets and incentivize depositors.
Rustom Kerawalla, Founder Chairman, Ampersand Group
This year’s budget is eagerly anticipated as a pivotal moment for India’s advancement. With a focus on National Education Policy 2020, this budget should focus on better utilisation of allocated spends on education, increased funding for skill development and technology integration in schools. Incentivizing Public-Private Partnerships can bridge gaps in resources and infrastructure, enhancing access and quality across all levels of education. As an advocate for holistic learning, I strongly believe that a forward-thinking approach in education policies can empower millions of students, nurture skilled professionals and unlock the untapped potential of our youth.
Asma Kahali, Co Founder and Director Rimbaa Rayaa World Solutions PTE Ltd.
Asma Kahali, a distinguished member of the BRICS Chamber of Commerce and proprietor of Rimbaa Oak Global Pte Ltd, known for her expertise in gold trading, shares her vision for India’s Union Budget. She stresses the need to drive economic growth while bridging socio-economic gaps.Kahali highlights the importance of strengthening ‘Make in India,’ particularly in defence manufacturing, to boost local capabilities and reduce imports. Supporting MSMEs, which fuel 30% of GDP and employ over 100 million people, is vital for attracting investment.She also calls for investments in health, education, and renewable energy to ensure sustainable, inclusive growth.
Rajesh Surendrakumar Agarwal, Business Associate of Motilal Oswal Financial Services Ltd.
As we await the upcoming Union Budget, the global economic uncertainty and domestic challenges are alarming. The high GST rates, excessive taxation, and growing financial divides threaten to destabilize the economy, particularly affecting small businesses and the middle class. The government’s current stance on taxation, especially in relation to corporate and personal taxes, risks exacerbating economic strain. Urgent reforms are needed, including reductions in GST, increases in income tax slabs, and incentives to promote savings. The finance ministry must adopt a more balanced approach to safeguard the economy and ensure long-term stability.
Kanishk Agrawal, CTO, Judge Group, India
The Union Budget 2025 must focus on fostering innovation, strengthening digital infrastructure, and empowering emerging technologies like software defined vehicles, AI, blockchain, and cybersecurity. Investments in Tier 2 and Tier 3 cities will unlock untapped talent, while tax incentives for tech startups and R&D will accelerate growth. Skill development initiatives in cutting-edge domains are vital to preparing India’s workforce for global competitiveness. With robust policies and support for sustainability and digital transformation, the technology sector can play a pivotal role in achieving India’s vision of a $1 trillion digital economy by 2028, driving inclusive growth and global leadership in the tech ecosystem.
Janak Vakharia, CEO of Xpedeon
Construction ERP providers and industry leaders are advocating for tax incentives and subsidies to encourage the adoption of ERP systems and other digital tools. Such measures can significantly enhance productivity, transparency, and cost efficiency in project management, enabling businesses across the sector to thrive in an increasingly competitive environment. We further urge the government to focus on policy frameworks that support sustainable construction practices, including incentives for green building initiatives and innovations in energy-efficient technologies.
Kashyap Pandya, Founder – Syncoro Ventures
It’s time to supercharge India’s startup landscape with three bold action items: First, boost advanced research through robust R&D tax credits incentivizing corporate investments in innovation, paired with dedicated Sector-Specific Innovation Funds. Second, adopt a cluster approach to support startups in scaling locally, leveraging shared resources, mentorship, and networks. Third, empower Tier II cities by establishing specialized skill academies in partnership with local industries, and roll out an ‘Apprentice-to-Entrepreneur’ program—fusing hands-on training with venture-building. By igniting advanced research, nurturing industry clusters, and fostering regional innovation, India can become a true global powerhouse for entrepreneurship.
Piyush Sheta, CEO, Insta Food
As we look forward to the Union Budget of India 2025, Insta Food is optimistic about the potential for growth within the ready-to-cook food sector. We hope the budget will focus on policies that encourage innovation in food processing, streamline supply chains, and boost local sourcing. Investments in digital infrastructure and technology will enable us to better serve our customers and expand our reach. Additionally, incentives for sustainable packaging and environmentally friendly practices will be key to supporting our commitment to both quality and sustainability. With these initiatives, Insta Food is poised to play a leading role in shaping India’s evolving food landscape.
Bhagirath Goswami, founder of Being Exporter
As entrepreneurs, we seek government support in the upcoming budget to build a strong production system, enhance product development, and conduct in-depth market research. Focus on reducing manufacturing costs, improving technology, and promoting online marketing will boost growth. Trade shows, exhibitions, and logistic support can help exporters thrive. Additionally, addressing certification processes, offering financial incentives, and leveraging government schemes will encourage entrepreneurs. The process for applying for ECGC insurance against exports on credit is lengthy and should be streamlined, which would also help the Exporters to doing the business A robust ecosystem, technological advancements, and clear government backing will empower businesses to succeed globally and contribute to India’s growth. We trust the government will consider these needs in the budget
Arvind Godara, Director, Natureland Organics
As a proud organic food brand committed to sustainable farming, we’re thrilled to see the Union Budget 2025-26 prioritize organic and natural farming. The plan to double organic exports to $1 billion by FY26 and support seamless farmer transitions reflects a strong push for sustainability. Initiatives like certification, branding, and bio-input resource centers are game-changers, empowering farmers and ensuring premium organic products. The focus on climate-resilient farming, quality seeds, and digital tools like Agri Stack strengthens India’s agricultural backbone. These steps pave the way for India to become a global organic leader, fostering innovation, sustainability, and shared prosperity.
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