What the industry wants from Budget 2025?

Budget 2025 is on the spotlight since the dawn of the new year. While the government is keen on building a sustainable growth strategy to build strong economic grounds, the common man seeks a cut in GST and income tax. On the other hand, we have the industry folks who seek something different. Here are some entrepreneurs who have expressed their concerns and revealed what they expect from budget 2025.

Dinkar Agrawal, Founder, CTO & COO, Oben Electric

Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing.

Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India’s Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap.

Naina Parekh, Founder, EUME

The Union Budget 2025 presents a unique opportunity for the Modi 3.0 government to prioritize initiatives that can catalyze the growth of the travel and tourism sector. Beyond ongoing infrastructure projects, it is essential to allocate specific funds for smart tourism solutions, such as digitizing tourist experiences and enhancing public transportation networks to improve accessibility for domestic and international travelers.

Policy measures that encourage niche tourism segments like wellness, adventure, and heritage tourism can help position India as a year-round travel destination. Also, the growing demand for travel accessories, including sustainable and ergonomic solutions, highlights the need for supportive measures. Reducing GST rates for manufacturers in this sector can promote innovation, make products more affordable, and establish India as a leader in the global travel accessory market. Such initiatives align with the government’s vision of building a vibrant, inclusive, and self-reliant economy.

Dinesh Jotwani, Co-Managing Partner, Jotwani Associates

We expect the Union Budget 2025-2026 to address key legal and financial challenges to enhance ease of doing business and promote economic growth. Strengthening judicial infrastructure, incentivizing alternative dispute resolution mechanisms, and introducing technology-driven reforms in courts could significantly improve access to justice. On the financial front, simplification of tax structures, rationalization of GST rates, and enhanced clarity in compliance requirements for professionals, startups, and MSMEs would bolster confidence in India’s legal and economic framework. Greater alignment between legal and financial policies will be crucial to sustaining investor trust and fostering innovation.

Thomas Stopper, VP-Asia, Hansgrohe Group 

As we look toward the Union Budget 2025, we expect the Finance Minister to introduce policies that foster sustainable growth in the housing sector, which will, in turn, help align industries like premium lifestyle and home solutions for broader development. A key focus should be on enhancing urban infrastructure, with dedicated funds for sustainable housing projects, smart cities, and eco-friendly home solutions. We anticipate that the Budget will introduce tax incentives for manufacturers focused on sustainability, encouraging the development of products that align with India’s environmental goals. Additionally, reducing GST on luxury home solutions is expected to make them more accessible, driving demand in this segment.

Ashish Bhutani, CEO, Bhutani Infra

The Union Budget 2025 will be a game-changer for India’s real estate sector, especially in bustling regions of Uttar Pradesh. Areas like Noida are seeing a surge in demand for commercial spaces. The rising demand for commercial properties in areas like Noida, spurred by transformative projects such as the Bayview Bhutani International Film City and Noida International Airport underscores the need for policies that further boost infrastructure and urban development.

One major improvement could be introducing single-window clearance systems to fast-track project approvals. It’s a simple step that could save time and cut delays for commercial real estate projects. Another big opportunity lies in making it easier for foreign investors to invest in mixed-use and Grade-A office spaces. Tax breaks for green buildings and smart urban projects can attract global investors and elevate the region’s status as a commercial hub. With strategic government support, real estate can boost job creation and contribute to India’s $5 trillion economy vision.

Piyush Goyal Co-Founder & CEO, Volks Energie

India has embarked upon an ambitious journey of achieving net zero emissions by 2070, and a part of that future is achieving 500 GW of energy from non-fossil fuel forces by 2030. To the same end, we at Volks Energie believe that this year’s budget announcement could be a watershed moment for India’s renewable energy sector, especially solar and green energy. 

We expect the budget to introduce incentives for tech breakthroughs and innovations in clean energy. There should also be provisions supporting large-scale investments in solar and wind energy projects, spread across the wide lands and coastlines of India. 

At the same time, we recommend that the government introduce subsidies and tax rebates for Battery Energy Storage Systems (BESS), without which stabilizing the grid as more renewable energy gets added, is not possible. The government should also incentivize innovation in battery technology, favoring more up-and-coming battery solutions like LFP and Ni-Cd. 

The current ecosystem for renewable energy needs to be strengthened and companies supporting cutting-edge sustainable practices must be empowered with favorable policies and investments to drive long-term sustainable growth. We certainly need a forward-looking budget that prioritizes green and clean energy in 2025.

Anuj Malhan, Director of Rcube Projects Pvt. Ltd.

As we look forward to the upcoming Union Budget, we remain optimistic that it will build upon the foundations set by previous budgets, focusing on economic growth and infrastructure development. The emphasis on modernizing and fostering sustainable initiatives aligns seamlessly with the vision of a ‘Viksit Bharat’ by 2047.

For our sector, which specializes in leasing and transforming government-owned properties into vibrant commercial spaces and operating malls hosting leading MNC brands, we look forward to policy reforms that streamline operations and drive growth. A reduction in GST rates on construction materials would be instrumental in making commercial development more cost-effective and appealing to investors.

Additionally, measures to optimize the land acquisition process and simplify property registration would significantly enhance transparency and efficiency. Policies encouraging financial inclusivity and incentivizing commercial investments would not only propel urban development but also create employment opportunities and bolster economic resilience.

With these forward-thinking reforms, the real estate and commercial development sectors are poised to play a critical role in advancing India’s journey toward sustainable and inclusive growth.

Nikhil Mansukhani, Managing Director at MAN Industries

India’s steel industry is on the brink of transformative growth, with domestic demand projected to rise by 9-10% in FY25. The National Steel Policy’s vision of achieving 300 million tonnes of production capacity by 2030-31 underscores the immense potential of the sector.

The upcoming Union Budget is a critical opportunity to introduce targeted measures that can accelerate this growth. Incentives for sustainable steel production, modernization of manufacturing facilities, and increased support for infrastructure projects could serve as game-changers. Additionally, policies that promote exports and improve logistics would further cement India’s status as one of the leading steel producers globally.

By fostering innovation and building capacity, the Budget has the potential to not only strengthen the steel sector but also drive growth across allied industries like energy, construction, and transportation. This would contribute significantly to India’s economic progress and global competitiveness.

Pratik Kamdar, CEO and Co-founder Neuron Energy

The Union Budget 2025 presents a pivotal moment for the EV industry, which is poised to reach a valuation of Rs 20 lakh crore and create nearly five crore jobs by 2030. While the 5% GST on EVs has fostered adoption, achieving GST parity for EV batteries could further reduce production costs and make EVs more accessible. Enhancing the FAME II scheme with extended timelines and increased incentives will catalyze widespread adoption across various vehicle categories.

To support infrastructure development, prioritizing charge point operators under priority sector lending could lower financing costs and accelerate the deployment of charging networks. Additionally, bridging the gap in local EV battery manufacturing through budget-backed initiatives and fostering international collaborations will be instrumental in establishing India as a global leader in the EV ecosystem.

In addition to that, India has launched an anti-dumping probe into imports of hot rolled flat products originating in or exported from Vietnam after complaints that they were being sold at low prices, hurting the interest of the domestic steel industry. If the antidumping measures came into effect, certainly this will further strengthen the whole Steel Industry.

V Balasubramanian, CEO, FSS

In the upcoming Union Budget, it is critical for the Government to adopt a progressive and balanced framework for use of AI in the country’s financial ecosystem. With AI projected to contribute $15.7 trillion to the global economy by 2030, targeted investments in AI-driven payment systems can position India as a global leader in financial innovation. Measures must be announced  to truly harness the transformative role of AI in payments, its capabilities to support growth of BFSI sector, and its potential to enhance security, mitigate fraud, and optimize customer experiences.

Additionally, there is a need for accelerating adoption of the Central Bank Digital Currency (CBDC) to advance financial inclusion. A digital rupee would provide underserved populations with access to formal financial systems, while enhancing payment efficiency and reducing operational costs. Lastly, continued investment in digital infrastructure will be essential to drive adoption and innovation to achieve the Viksit Bharat Vision of 2047.

Manish Dabkara, Chairman and Managing Director, EKI Energy Services

The industry is anticipating a forward-looking budget from the Ministry of Environment, Forests, and Climate Change, especially with the projected Rs 40 billion allocation—a 3% increase over 2024. This budget presents an opportunity to drive India’s net-zero ambitions through targeted initiatives.

Enhanced renewable energy investments can further accelerate our green energy transition, while a balanced energy policy from NITI Aayog could integrate sustainable growth, employment, and environmental priorities. We urge consideration of Production Linked Incentive (PLI) schemes for sectors essential to supply chain decarbonization, alongside support for green hydrogen (GH2) economies and technologies.

Mobility policies could expand beyond four-wheelers to include innovative solutions like electric motorized bicycles, which can revolutionize decarbonization efforts for daily commuting of the masses at large beyond Tier 1 cities. The government’s inclusion of clean cooking with renewable energy in Article 6.4 lists is a commendable step; we hope for broader inclusions to encourage community-level carbon reduction projects.

With the gradual phase-out of EV subsidies, we look forward to alternative measures ensuring sustained momentum in clean mobility adoption. Support for micro-enterprises, particularly in adopting cleaner energy sources, is crucial for widespread impact. Also skill development has very important role in supporting regular operation and maintenance support and optimizing adoption of these green technologies; so budget should have sizable allocation in vocational skill development. By aligning these priorities, the 2025 budget could be a defining moment in propelling India toward a sustainable, net-zero economy.