Mr. Shobhit Singh, Managing Director & CEO, Stone Sapphire India Pvt Ltd:
“As we look forward to the next Union Budget, we urge the government to focus on both sustainability and affordability for MSMEs, which are the future of India’s economy and sustainable growth. While the government has taken commendable steps in this direction, such as the PLI scheme for toys and the NAPT, much more needs to be done in terms of financial reforms to encourage MSMEs to become sustainable and innovative.
With India’s commitment to achieving net-zero emissions by 2070, MSMEs, especially in the toy and sports industries, need to be empowered to adopt green practices. This would mean increasing access to financial incentives and government-backed programs such as RAMP, TEQUP, and ZED certifications, which enable MSMEs to adopt green technologies and reduce their carbon footprint.
However, MSMEs still struggle to access timely and affordable credit with a mere 14% credit penetration compared to the global average. The government should simplify the loan application process and consider alternative financing options like government-backed P2P lending platforms and credit insurance schemes that will bridge this gap. A compliance framework simplified and tailored to the needs of MSMEs will also ease the regulatory burden on businesses, helping them focus on growth and sustainability.
Present-day consumers are very conscious about their environment and so MSMEs should take advantage of this and support the sustainability movement that is trending globally; thereby not only marketing themselves better but also securing some loyal customers as well as overseas partnerships. Long-term growth is only achievable through the government, which needs to offer the necessary financial support and policy measures that can enable MSMEs to succeed sustainably in the competitive international market.”
Ms. Kavita Kerawalla, Vice Chairperson of VIBGYOR Group of Schools
“The allocation of ₹1.48 lakh crore in the last Budget for education, employment, and skilling was a commendable step in strengthening India’s position as a global talent hub. As we approach the next Union Budget, we are hopeful that a significant share will go towards education, particularly for teacher training. Investing in our educators is key to building a skilled and inclusive workforce ready to tackle future challenges.Such investments will boost both foundational and higher education, giving our youth the skills they need to excel in a competitive job market. These steps will also ensure quality education reaches every corner of the country, helping bridge the digital divide and bringing the benefits of technology to all students.
We believe the upcoming Budget should focus on building strong digital infrastructure to support blended learning, narrow the rural-urban gap, and scale technology-driven education programs. This will help us thrive in the digital era, preparing students for a tech-focused world.These initiatives won’t just empower our youth—they will also drive India’s journey to becoming a developed nation by 2047. We hope to see a focus on modernising education to match industry needs while encouraging the growth of the EdTech sector.
Such moves will greatly benefit private institutions like ours, helping us strengthen tech infrastructure, run advanced teacher training, and adopt sustainability measures. We’re optimistic about continued government support in these areas to help us contribute more effectively to India’s education system.”
Ms. Piyush Peshwani, Co-founder and CEO at OnGrid
“As India accelerates its journey toward digital transformation, we anticipate that the upcoming Union Budget will focus on further strengthening digital public infrastructure (DPI), which can reduce the cost of regulatory compliance, trust and safety. DPI can be used to verify individuals as well as entities, and we hope that this verification is available to all relevant stakeholders, in line with data privacy and security regulations.
The access to DPI should become easier, as opposed to a complex “licence” based approach, which limits its usage, and can curb innovation. A small but genuine startup should also have similar access (with necessary checks and balances) as a large regulated enterprise.
Emphasis on digitized credentialing and AI-powered KYC / KYB and verification has the potential to boost efficiency, security, and credibility in various economic transactions.
We are optimistic that the budget will act as a catalyst for growth and reaffirm India’s commitment to building a digitally empowered economy”.
Mr. Sagar Kaushik, Associate Director, Growth Propelld, Propelld,
“The private education sector is crucial to India’s educational landscape, fostering innovation and skill development. However, government support for education fee-financing fintechs is urgently needed. Policy reforms, lower lending rates from public sector banks (PSBs), and co-lending models can reduce non-performing assets (NPAs) in higher education financing. Collaborations between PSBs and fintech platforms can streamline traditional lending processes, while fintech companies enhance accessibility and efficiency through technology-driven solutions.”
Mr. Suhani – Co-founder of Nishani, a jewellery brand
“The gems and jewelry sector in India is at an exciting crossroads, driven by the growing demand for personalized and modular designs that resonate with today’s consumers. To build on this momentum, I hope the upcoming Union Budget introduces measures that support small and emerging brands like Nishani, which are reimagining how jewelry is designed, worn, and experienced.
With the industry projected to grow at a CAGR of 8.34% between 2023 and 2028, initiatives such as reduced import duties on raw materials, tax incentives for domestic manufacturers, and enhanced support for skill development programs could significantly strengthen India’s position as a global leader in jewelry innovation. Furthermore, investments in e-commerce infrastructure and digital transformation will empower brands to scale and connect with a broader audience, both locally and internationally.
At Nishani, we’re passionate about celebrating individuality through customizable jewelry. A budget that fosters creativity and entrepreneurship would go a long way in enabling brands like ours to continue redefining the jewelry experience for modern consumers.”
Mr. Kunal Rishi, COO of Paras Buildtech
As we approach the Union Budget 2025-26, the real estate sector continues to be a cornerstone of India’s economic framework, contributing significantly to GDP growth and employment generation. This year, we look forward to policy interventions that will address long-standing challenges and unlock the sector’s true potential. Recognizing real estate with ‘industry status’ remains a crucial demand, as it would streamline access to institutional funding and lower financing costs. Additionally, measures like single-window clearance for approvals and rationalization of GST on construction materials can dramatically enhance operational efficiency and cost management. We hope to see fiscal incentives that not only stimulate demand across all segments but also promote sustainable and innovative urban development.
Mr. Udit Jain, Director, One Group
Over the past few years, the prices of land and construction materials have risen sharply, not only in metropolitan cities but across the country. This, coupled with sustained demand, has significantly driven up property prices, making homeownership increasingly challenging for many. As a result, the real estate sector, particularly the housing segment, requires robust government support to make home buying more affordable for aspiring buyers.
Government intervention through targeted incentives could help alleviate the financial burden on homebuyers. One crucial area to address in the upcoming budget is the enhancement of the income tax deduction limit on home loan interest under Section 24(b), which has remained unchanged for over a decade. Increasing this limit would provide much-needed relief, particularly for buyers in high-cost urban markets.
Another key measure is the extension and expansion of the Credit Linked Subsidy Scheme (CLSS). The government should consider raising the property price threshold for affordable housing eligibility, enabling more middle-income families to benefit from this scheme. Such an adjustment would not only boost demand but also encourage developers to focus on affordable housing projects, a segment currently experiencing a downturn in supply.
Additionally, rationalizing stamp duty rates, especially in Tier-II and Tier-III cities, could significantly stimulate housing demand among mid-income and low-income groups. High stamp duty rates often act as a barrier for homebuyers, and reducing them could make homeownership more accessible in these emerging markets.
Another critical issue that the government should address—or guide the respective state governments to resolve—is the disparity between circle rates (also known as collector rates) and prevailing market prices in certain cities such as Bhiwadi and Tijara in Rajasthan, and Agra in Uttar Pradesh. In these areas, circle rates are often higher than actual market prices, leading to challenges in completing transactions between prospective buyers and sellers.
This discrepancy creates significant problems, including tax implications for both parties. The difference between the market rate and the circle rate is treated as notional gains and attracts taxation for both the buyer and the seller, even if no real gains are realized. Rationalizing circle rates to align them more closely with market values would help facilitate smoother transactions and alleviate these issues.
Dr. Yajulu Medury, Vice Chancellor, Mahindra University
“We anticipate increased funding for the education sector in the upcoming budget as we see the growing emphasis on skill development, experiential learning, and research and development. The government’s focus should include initiatives such as tax incentives, industry-aligned training programs and faster patent approvals. Our young entrepreneurs need a strong support system right now. Increased financial incentives, simplified regulatory frameworks, and enhanced incubation support, will further stimulate the technological advancements. The government can establish more centres of excellence. However, it’s important to note that the success of these initiatives will also depend on the active participation of the private sector through public-private partnerships. Support towards these partnerships can enhance learning opportunities among students and make education more accessible. This approach can facilitate interdisciplinary education initiatives and bridge the gap between academic knowledge and practical application, ensuring a more holistic and effective education system.”
Mr. Leela Kaza, Founder and Co-CEO of Bounteous x Accolite
“As India approaches the presentation of 2025 Union Budget, we stand at a crucial juncture to shape a Viksit Bharat by integrating technological advancements with foundational development. We hope to see a budget emphasizing digitalization and investing in transformative technologies such as artificial intelligence, quantum computing, biotechnology, and semiconductor manufacturing. Equally critical are investments in skill development, AI-focused R&D, and incentives to modernize industries/sectors like healthcare, manufacturing, retail, and agriculture— which should be the key to unlocking India’s $1 trillion digital economy vision.
This budget provides a unique opportunity to expand innovation hubs in tier-2 and tier-3 cities, foster public-private partnerships, and enhance access to advanced infrastructure. The nation can drive inclusive growth by empowering businesses across conventional and emerging sectors to innovate and scale.
We are optimistic that the budget will balance fostering cutting-edge technologies with addressing core developmental needs, solidifying India’s position as a global leader in technology and innovation.”
Mr. Kunal Arya, Co-Founder & Managing Director, ZELIO E Mobility Ltd., A leading EV 2 Wheeler Manufacturer
As India’s electric mobility sector gears up for an era of unprecedented growth, the Union Budget 2025-26 will play a critical role in shaping its trajectory. To ensure a sustainable future, we at ZELIO E Mobility believe that the government must introduce long-term subsidies akin to the FAME scheme, which will not only support the industry’s expansion but also encourage widespread consumer adoption of electric vehicles. Consistent policy backing will give manufacturers the confidence to invest in innovative solutions and scale production. We also urge the government to provide subsidies for the establishment of EV manufacturing plants. Facilitating this capital-intensive infrastructure will enable India to emerge as a global leader in EV production, stimulating local economies and fostering technological advancements. Simplifying access to financial services from banking institutions is another vital need of the industry. More accessible lending schemes and flexible credit options will allow EV manufacturers to expand their operations and bring high-quality products to market at a faster pace. Notably, we request a reduction in GST on spare parts from the current 28% to a more realistic range of 5-12%. This adjustment will substantially reduce production costs, allowing manufacturers to pass on the benefits to consumers, thereby further accelerating the adoption of electric vehicles- says Kunal Arya, Co Founder & Managing Director at ZELIO E Mobility Ltd.