Union Budget 2025 Reaction Quotes by Experts
Mr. Darshan Govindaraju, Director, Vaishnavi Group
This is a historic budget which will reignite the consumption engine by putting more disposable income in the hands of taxpayers across the board. The exemption in tax limits including personal tax, TDS along with increased capital spending on infrastructure will accelerate the pace of the real estate sector’s growth. Furthermore, the launch of Swamih 2.0 for completion of additional 40,000 affordable homes will trigger growth in this segment which has been witnessing tapering off demand over the last few quarters. The budgetary announcement on affordable housing will lead to improved demand supply equilibrium, clearing the path for India’s affordable housing demand to reach 31.2 million units by 2030 and a market valuation of Rs 67 trillion. Most importantly, the announcement of another round of Fund of Funds for Startups scheme with a corpus of Rs 10,000 crore to promote growth of budding entrepreneurs will spur the growth of millionaires. This assumes significance for the luxury real estate segment which has been the fastest growing segment in the sector and this announcement will ensure its unabated growth.
Lalit Beriwala, Director, Shyam Steel Industries Ltd.
Lalit Beriwala, a prominent figure in the steel and metals industry, commends the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman. This budget, which rests on the pillars of agriculture, MSME, investment, and exports, promises to accelerate India’s journey toward becoming a Viksit Bharat. The emphasis on inclusive growth, skill development, infrastructure expansion, and innovation is a testament to the government’s commitment to economic development. We are particularly encouraged by the provisions for MSMEs, rural development, and the substantial investments in urban rejuvenation, which will not only foster industry growth but also create abundant employment opportunities across the country. As we continue to strengthen our core industries, this budget’s focus on sustainability, technological advancement, and empowering the youth is bound to have a transformative impact on the economy, taking India a step closer to achieving its vision of a prosperous and inclusive future.
Shri Ashishkumar Chauhan, MD and CEO NSE
The budget builds on India’s growth momentum with strong development measures, continued fiscal prudence, increased capex and reduced tax burden. Increase in disposable income enhances consumption growth and provides further wealth creation opportunities to Indian households through the markets. More and more people will join the pool of current 11 crore unique investors and will become stakeholders and beneficiaries of India’s growth journey thereby supporting a virtuous cycle of economic growth, capital formation and job creation. Through a slew of social welfare measures on employment, education, healthcare, women empowerment and with special support to youth, farmers, MSMEs and startups – the budget focuses on India’s most important resource – its people.
Aasif Malbari, Chief Financial Officer – Godrej Consumer Products Ltd.
“The Union Budget 2025 takes a balanced approach by strengthening rural infrastructure, manufacturing, and consumer spending—three critical pillars for the FMCG sector. Investments in rural development and job creation will boost economic activity and drive higher consumption, opening new opportunities for market expansion. The National Manufacturing Mission is a strong step toward enhancing domestic production, reducing import dependencies, and improving cost efficiencies. Additionally, tax reforms benefiting the middle class will increase disposable income, further fueling demand across essential and aspirational FMCG categories.
Overall, the Budget lays a strong foundation for a more consumption-driven economy, creating significant growth opportunities for the FMCG industry.”
Mr Girish Tanti, Vice Chairman of Suzlon
“The Government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.”
T S Kalyanaraman, Managing Director, Kalyan Jewellers
“The Union Budget 2025-26, presented by Finance Minister Smt. Nirmala Sitharaman has a laser sharp focus on boosting economic growth. With definitive steps in infrastructure investment and key support for agriculture, manufacturing and urban development, there is a deep commitment to continue on the growth momentum. As brands continue their growth in the real Bharat, the Centres of Excellence for Skilling, coupled with global skilling partnerships, will add to the available talent pool. The tax reforms proposed in the Budget will ensure that the consuming class will have enhanced discretionary income in their hands leading to a significant demand stimulus. This Union Budget will definitely energise the market sentiment and is another key step to realising our combined vision of a Viksit Bharat!”
Girish Kousgi, MD & CEO, PNB Housing Finance
“The Union Budget 2025 reflects the government’s steadfast commitment to strengthening the Indian economy through fiscal prudence and growth-oriented policies. The housing sector continues to be a key pillar of economic development, and we are encouraged by the progressive measures aimed at enhancing housing affordability and accessibility for millions of Indians.
The increase in the income tax exemption limit to ₹12 lakh will significantly boost disposable income, enhancing purchasing power and potentially increasing housing demand. Additionally, the completion of 50,000 dwelling units under stressed housing projects, with another 40,000 units set to be delivered in 2025, offers much-needed relief to middle-class families burdened by EMIs and rent. The establishment of SWAMIH Fund II, a ₹15,000 crore blended finance facility, will further accelerate the completion of another one lakh housing units, reinforcing the government’s focus on resolving housing stress.
We are optimistic that the sustained economic momentum, coupled with the government’s visionary policies, will drive long-term growth in the housing and real estate sectors, contributing to India’s vision of inclusive and sustainable development.”
Sagar Shah, Head – Domestic Markets, RBL Bank
The budget continues on its roadmap of fiscal consolidation. The Government walked the path of fiscal prudence and lowered next year’s fiscal deficit target to 4.4 % vs current year’s 4.8% without loosing focus on growth.
Along with that focus on consumption to promote growth and tax simplifications are the biggest highlights of this budget. Much wanted consumption boost for the middle class has been provided to support growth.
Overall, a highly constructive budget with a new tax code will take care of the tax payer’s concerns.
Gautam Singhania, Chairman & Managing Director, Raymond Group
“The decision to exempt income tax up to ₹12 lakh is a game-changing reform that boosts India’s middle class by increasing disposable income. This is expected to drive household spending—an essential growth engine for sectors like retail and real estate. Higher discretionary spending signals economic vitality, fueling consumption-led growth and strengthening market dynamics. The Union Budget 2025-26 builds on this reform with targeted measures to fortify manufacturing, MSMEs, and domestic consumption. Enhanced credit access, sector-specific incentives for textiles and apparel, and streamlined compliance are set to boost industrial output. With the middle class now driving nearly 60% of domestic consumption, rising purchasing power is likely to accelerate demand for aspirational and premium products. This holistic strategy positions the economy for sustained expansion by creating a strong synergy between consumer spending, industrial growth, and workforce empowerment.”
GP Hinduja, Chairman, Hinduja Group
The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand is the Brahmastra FM has fired. Kudos to her for doing so while remaining fiscally responsible by targeting a fiscal deficit of 4.4%. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100% in Insurance and special impetus to the Renewables, including energy storage systems, are clear positives. It would have helped if the EV charging infrastructure could have been given an industry status. Maintaining Capex levels while lowering taxation is huge but needs more details. With all these moves, the government remains laser-focused on Viksit Bharat by 2047″.
Anil Agarwal, Chairman, Vedanta Ltd.
“The Budget has hit the perfect note, providing great relief to the middle-class by making incomes up to Rs 12 lakh per annum completely tax-free. This is the biggest section of the middle-class. It has also significantly reduced the tax burden for incomes up to Rs 24 lakh.
We have made a decisive move to a world-class tax system which will be simple, transparent and friendly to taxpayers.
The spirit of tax reform is going to be seen in other parts of the economy with trust and self-certification at the core. This will provide a very big boost to manufacturing and mining.
I am delighted that mining is one of the 6 domains identified for transformational reforms over the next 5 years.
Along with mining, agriculture is also a priority, particularly with the goal of achieving self-sufficiency in areas like edible oils.
Mining, agriculture, manufacturing (including electronics, which is a thrust area for the government) can all help increase domestic production, reduce imports and create millions of good jobs in India.
I congratulate the PM and FM for a visionary Budget which has stimulated the perfect jugalbandi of robust consumption growth and accelerated investment – the keys to a #ViksitBharat.”
Dilip Gangaramani, Founder Director & CEO of Target Learning Ventures
“The government’s commitment to establishing Atal Tinkering Labs in 50,000 government schools over the next five years is a truly welcome move,” said Mr. Gangaramani. “This initiative will provide students with invaluable opportunities to develop their creativity, problem-solving skills, and passion for STEM fields. Coupled with the expansion of broadband connectivity to all government secondary and primary schools, these labs will empower every student with the digital literacy and technological skills necessary to thrive in the 21st century.”
Mr. Gangaramani also lauded the establishment of Centers of Excellence announced in this budget on AI for education with an outlay of Rs 500 crore. “This is a timely and significant decision. As AI becomes increasingly prevalent in all aspects of our lives, it is crucial to equip our educators and students with the knowledge and skills to harness its potential. These centers will play a vital role in fostering innovation and preparing the next generation for an AI-driven world. However, we also feel that students should be encouraged to develop critical thinking skills so that they can evaluate information and identify potential biases in AI systems.”
He further emphasized the importance of these initiatives in bridging the digital divide and ensuring equitable access to quality education for all. “By investing in infrastructure, technology, and AI education, the government is laying a strong foundation for a future-ready India,” he concluded.
Vikram Gulati, Country Head and Executive Vice President – Corporate Affairs and Governance – Toyota Kirloskar Motor
“Toyota Kirloskar Motor commends the Union Budget 2025-26 for its focus on reforms, infrastructure development, reinforcing fiscal discipline, rationalising taxation, and fostering domestic manufacturing – all aimed at driving holistic development.
The increased allocation for capital expenditure demonstrates the government’s persistent commitment towards infrastructure modernisation, a crucial factor in accelerating growth across industries and improving their competitiveness including automotive sector.
Lowering of taxation through Income Tax measures and the PM Dhan Dhanya Krishi Yojana for the farming community will significantly benefit the common man, enhance consumption and create demand leading to faster economic growth.
Continued and strong support to MSMEs, with special focus on labour-intensive sectors and first-time entrepreneurs will spur innovation and growth, aligning well with India’s ambition of becoming a manufacturing major.
Further, the inclusion of 35 additional capital goods for EV battery manufacturing is an important step towards localizing lithium-ion battery production which will help in lowering import dependency, and further strengthening India’s energy security goals. This will not only accelerate clean technology adoption but also create a robust supply chain supporting India’s Carbon Neutrality goals for 2070.
At Toyota Kirloskar Motor, we stand firmly with the government’s vision of a self-reliant, sustainable, and globally competitive automotive industry. Our unwavering commitment to advancing clean energy technologies, deepening investments in local manufacturing, skilling and contributing to India’s ‘Viksit Bharat’ vision reflects our dedication to driving economic growth while upholding environmental responsibility.”
Shaifalika Panda, Trustee & Founder CEO, Bansidhar & Ila Panda Foundation (BIPF), and Chief of CSR (special initiatives), Indian Metals and Ferro Alloys (IMFA)
“The Union Budget 2025 reaffirms India’s commitment to inclusive growth through its focus on strengthening rural and marginalised communities.
Targeted investments in nutrition, education, and economic resilience is the path to Viksit Bharat.
Enhanced allocations for POSHAN 2.0 will have a ripple effect by addressing anaemia in adolescents, contributing to better inter-generational health outcomes. Atal Tinkering Labs in government schools will improve access for rural students, especially girls, enabling them to embrace careers in STEM.
Additionally, improved access to credit and strengthened support for self-help groups and cooperatives will enable women to unlock economic opportunities and pursue entrepreneurship and financial independence.
These interventions will collectively help build a future where a higher percentage of our women contribute to GDP and become role models for socio-economic transformation.”
Sanjib Patwari, Co – Chairman, ASSOCHAM Eastern Region Development Council
The Union budget 2025 is a well-articulated budget which has laid emphasis on inclusive development, investments and growth., The Government’s focus on key measures like exemption of basic customs duty on critical minerals, setting up of national manufacturing mission to promote Make in India, encourage skilling of workforce and support measures to boost domestic manufacturing capacities and nurture global exports have stimulated industry and has created an avenue for further development and growth., Overall it is a progressive, balanced, and capex driven budget which would ensure a sustainable growth, focus on mining, manufacturing, infrastructure, digitization, etc would boost inclusive development and growth for industry and the society at large.
Niru Agarwal, Managing Trustee, Greenwood High International School, Bangalore
“As an educationist, it is deeply reassuring to see the budget’s increased focus aimed at revamping our education system. The government’s focus on providing nutritional support to more than 8 crore children and digitising school books is a fundamental step in promoting better health and academic performance and enabling holistic education in India. By ensuring that children have access to proper nutrition and better access to learning, the initiatives address a key barrier to learning. The emphasis on integrating skilling and nurturing a scientific temper through the establishment of the Atal tinkering laboratories, and the Centre for Excellence in AI will further push the development of practical skills, hands-on learning, enhancing learning outcomes for the students. Alongside, such an initiative will help bridge the skills gap and create a workforce ready for the global economy. The government’s emphasis on providing internet broadband connections in all secondary schools will further help improve the quality, accessibility, and efficiency of education in the country. This budget clearly demonstrates the government’s strong commitment to improving the education sector and shaping a brighter future for India’s youth.”
K. S Nagabhushana, Director – Research, Prayoga Institute of Education Research
“It is commendable to see the Union Budget paving the way for greater accessibility to education, fostering innovation, and preparing students to meet global challenges through the introduction of 50,000 Atal Tinkering Labs. These labs will cultivate a spirit of curiosity, creativity, and innovation, fostering scientific temper in young minds. The government’s focus on providing 10,000 fellowships under the PM Research Fellowship Scheme over the next five years, targeting technological research in IITs and IISc, will act as a catalyst in promoting a scientific mindset among the youth and encourage cutting-edge research while inspiring the next generation of innovators and problem-solvers. The establishment of Centers of Excellence in AI will equip the youth with the skills of innovation and creativity needed to tackle real-world challenges and revolutionize the education sector. The introduction of the Bharatiya Bhasha Pustak Scheme for digital Indian language books will foster better learning in students’ native languages. Increased infrastructure allocation to medical education and IITs will further fuel the growth of STEM education. However, further steps toward providing support for teacher training programs and resource development, vital for transforming schools into centers of experiential learning, could have been taken to further revolutionize Indian education. All in all, the proposed budget promises progress, driving advancements in education and ensuring India maintains its strong global standing.”
Mr. Anindith Reddy, Managing Director & Co-founder, Enliva
“With a focus on strengthening MSMEs and advancing Industry 4.0, Union Budget 2025 has paved the way for India’s global manufacturing leadership. The push for technological upgradation and better capital access will empower businesses to scale efficiently. Breaking trade barriers to help promote Make in India will surely lead us to a Viksit Bharat. We are excited for the progressive approach and economic expansion at an unprecedented pace.”
Nidhi Singh, Co-Founder, Samosa Singh
“A Prospect for Inclusivity and Sustainable Growth The budget takes a progressive stance in promoting sustainability and growth in a number of industries, including the food and beverage sector. Making significant investments in education, digital literacy, and skill development will help create a workforce that is more resilient and equipped to meet the changing needs of companies, particularly those in the food and beverage industry. Supply chains will be strengthened by improved regulations, streamlined infrastructure, and more assistance for rural and agricultural development, which will help businesses that depend on locally produced, fresh ingredients. A big step toward financial inclusion and gender equality has been taken with the provision of tax exemptions and incentives for new firms, especially female entrepreneurs. These actions will promote resilience and growth over the long run. If effectively carried out, the budget stands out as an established path for a more dynamic, sustainable, and inclusive economy, setting up sectors for long-term success.”