"The Union Budget's focus on fostering innovation, empowering MSMEs, and strengthening India's digital economy is a step in the right direction. The ?500 crore allocation to deep-tech and AI innovation will be instrumental in driving AI-led advancements and data-driven solutions, enabling businesses to scale efficiently. The ?20,000 crore investment in innovation, along with the establishment of a Deep Tech Fund, will play a pivotal role in accelerating the adoption of next-generation production technologies. Furthermore, the five-year Mission for Cotton Productivity will strengthen a powerful, proplanet, and premium raw material supply chain. Incentives for sustainable manufacturing and circular economy initiatives validate the growing shift towards responsible fashion. The significant enhancement of credit availability with guarantee cover for start-ups will provide crucial support for emerging businesses, while also generating employment opportunities. A progressive policy framework that supports startups will accelerate India's journey to becoming a global hub for innovation and conscious consumption.

"The Union Budget 2025-26 paves the way for a stronger, more self-reliant India, driving economic transformation across key sectors to propel India towards 'Viksit Bharat'. With 7.5 crore people employed under MSME, contributing 36% to manufacturing and 45% to exports, MSMEs are the backbone of India's economy. Initiatives such as enhanced credit access through credit guarantee schemes and dedicated funds for early-stage investors will encourage innovation and competitiveness, evolving the sector further. The introduction of the National Manufacturing Mission, covering small, medium, and large industries, aims to drive the 'Make in India' initiative. Budget 2025 also introduced the much-awaited tax relief for the Indian middle class by completely exempting individuals earning up to Rs 12 lakh from taxation under the new tax regime. The restructuring of tax slabs has resulted in a simpler and more progressive framework, ensuring that people have greater disposable income that will eventually lead to strong investment for better future. By streamlining the tax system and making it more accessible, these changes are expected to boost savings and increase participation in primary and secondary markets, leading to better capital formation overall. 2024 saw a record-breaking capital raise through initial public offerings (IPOs), 2025 is expected to be even more exciting. India has emerged as one of the world's major IPO hubs for domestic and international companies alike. The momentum anticipated in the next two years in the capital market is thrice of what it has achieved in the last 5 years. There have been 851 initial public offerings (IPOs) in the last 5 years, and estimates suggest that there will be over 1,000 IPOs in the next two years. Market confidence is continuing to rise as India's market capitalization has topped US$5 trillion, ranking it fourth in the world after the US, China (including Hong Kong), and Japan. The additional liquidity in the hands of the middle class via tax savings will be a strong pillar to drive the capital market forward. Overall, the budget 2025 stimulates investment, innovation, and industrial growth that will lead to a strong economic growth this year. India is well-positioned to accelerate its transition in becoming one of the world's most powerful economies by streamlining taxes, enhancing MSMEs, and boosting capital markets."

"The budget gets a lot of proposals right on the mark against the overarching goal of boosting domestic consumption and consumer demand, manufacturing and exports, while keeping the fiscal deficit well in control. The high allocation for capital expenditure particularly in infrastructure is retained and will not only boost the GDP for the next fiscal but also will have a cascading and net positive effect on rest of the industry. We welcome the expansive digitalization initiatives across taxation, governance, education, healthcare, infrastructure, and international trade as they will make the government more accessible to citizens and businesses alike. The corporate sector has a lot to cheer from the proposed reforms in energy, urban development, and financial sectors, as well as new opportunities for their participation in India's infrastructure development. The technology services sector is also set to expand with the introduction of a national framework supporting the rapid growth of Global Capability Centres (GCCs) in tier-II cities, emphasizing talent development and infrastructure enhancement. Finally, the headline proposals including significant reductions in income taxes and the simplification of TDS, TCS, and related tax compliances will no doubt go a long way in uplifting the consumer sentiment and enhancing spending power, arguably the most important requirement for Indian economy at this juncture."

"The 100% FDI allowance in insurance is a welcome move that will attract global capital, enhance competitiveness and efficiencies, and help expand insurance coverage in India where penetration remains below 5%. This aligns with IRDAI's vision of 'Insurance for All by 2047', demonstrates the government's commitment to financial inclusion and will further strengthen India's economic position. Additionally, eliminating customs duty on 36 critical medications, including cancer will make life-saving treatments more affordable and accessible."

"A prudent and well-calibrated budget that maintains fiscal discipline while ensuring the deficit remains in check, all the while pivoting towards a consumption-driven economy. At the same time, it steadfastly upholds the momentum of manufacturing-led growth, fostering robust industrial expansion and job creation."

The Union Budget 2025-26 presents a comprehensive vision for accelerating India's journey towards Viksit Bharat through transformative digital infrastructure development and economic reforms. As the Director General of Digital Infrastructure Providers Association, I am particularly encouraged by the government's strategic initiatives that will catalyze growth across sectors. The reduction in basic customs duty on carrier-grade Ethernet switches from 20% to 10%, bringing them at par with non-carrier-grade switches, is a significant step that will resolve industry disputes while reducing infrastructure costs. This, combined with BharatTradeNet's introduction as a unified digital platform, demonstrates the government's commitment to building robust digital infrastructure and enhancing our global trade competitiveness. The budget's focus on MSMEs is particularly noteworthy, with the enhanced credit guarantee cover from ?5 crore to ?10 crore for micro-enterprises, injecting an additional ?1.5 lakh crore credit over the next five years. The National Manufacturing Mission's support for clean tech manufacturing, especially in EV batteries and solar panels, along with customs duty exemptions on 35 additional goods, showcases a clear push towards sustainable development and domestic manufacturing capabilities. The rationalization of TDS rates and increased thresholds mark significant relief for taxpayers. The doubling of tax deduction limits on interest income for senior citizens to ?1 lakh and the increase in TDS threshold on rent payments to ?6 lakh annually reflect a citizen-centric approach. Furthermore, raising the income tax limit to ?12 lakh under the new tax regime will boost consumer spending power and economic growth. The comprehensive power sector reforms and increased state support for infrastructure development will strengthen the foundation needed for digital expansion, particularly in rural areas. The light-touch regulatory framework and emphasis on ease of doing business create an enabling environment for private sector participation and innovation. These progressive measures, coupled with the new Asset Monetization Plan 2025-30, create a robust ecosystem for sustainable growth in the digital infrastructure sector. DIPA is committed to working alongside the government in realizing the vision of a digitally advanced and prosperous India, ensuring that the benefits of digital transformation reach every corner of our nation

"This year's budgetary allocations provide a strategic push toward AI infrastructure and talent acceleration within the nation - setting up new Centers of Excellence for skilling and AI, encouraging more of global skilling partnerships, and additional IIT and MBBS seats are really high power moves, which I believe will enhance our talent development mechanism, producing a steady pipeline for careers of tomorrow. We are rich in people resources and these are right steps to realise our demographic potential. Another significant growth lever is private public partnerships that will accelerate holistic growth of the nation leveraging every State's contribution in Bharat building. With a more of tiered learning approach that will come play, we are ensuring our youth engages with the right pedagogy since the very beginning - foundational to acquiring core / advanced skills - right notes to expand our exportable intellectual capital - this truly is the time for India to leap & lead."

The new changes introduced in the Income Tax Bill will profoundly affect the structure of taxation in India. The Government is seriously attempting to simplify tax compliance by eliminating provisions with clear intent and efficiency, lowering them to just under half. Taxpayers are getting more choices as the limit for submission of the updated return is no longer 2 years, but 4 years. By raising the new tax limit basic exemption limit to ?12 lakh, the government is clearly focused on supporting the middle class. The TDS and TCS provision rationalization: new limits of ?10 lakh for LRS remittances and rent TDS of ?6 lakh are common sense changes in tax policy.

The Union Budget 2025 marks a paradigm shift in income tax policies, making the tax structure simpler and reducing compliance burdens. The government's focus on easingcompliance-such as extending the registration period for charitable institutions and increasing tax relief for self-occupied properties-indicates a pro-growth and taxpayer-friendly approach.A revised tax structure with a 'Nil tax' slab up to ?12 lakh, considerable deductions for senior citizens and rental income, will empower the middle class by increasing disposable income and thereby fostering economic growth. With an infrastructure that is set by encouraging ease of doing business and smoothening of financial regulations, this budget paves the way for continued growth, savings, and investments, of course, leading to strong prospects for businesses and individuals.

The new Income Tax Bill places a weighted focus on simplification and refinement while embodying the necessary provisions of the previous Bill which shows mature consideration of the tax reforms. The new time limit set for filing updated returns has been evolved to three extended years and this gives an appropriate buffer for the taxpayers to amend their mistakes and compliance matters. The rationalization of TDS and TCS rates with new adjustments to the thresholds is bound to make the tax collection procedures more efficient. Increases in the threshold of LRS remittances and rent TDS claim shows sensitivity to the economic realities of today. The removal of TCS for education loans under 10 lakh is an act which further emphasizes the goals of the government to promote education.

From the above, it is clear that there is a delineated understanding of the taxpayer's needs. The kudos goes to the reform where the tax provisions were altered, and the effectiveness of the reforms was retained. The modification will also tremendously benefit the middle class as the new batched exemption limits of 12 lakh is a substantial increase. The rationalization of the TDS and TCS requirements, together with the increase in the thresholds for the different transactions, is an indicator of the desire to move towards a better organized tax administration. As a result, the estimate for the modification of the return lodgment period to four years demonstrates some leniency in the tax compliance obligations. There is thereby a taxpayer friendly and yet an efficient arsenal for taxation.

Union Budget: Focus shifts from capex to consumption "The three key Budget expectations included the 3Cs of Capex, Consumption and Creation of jobs. The Budget proposals seem to focus a lot on consumption this time around with relief of Rs1 lakh crore to tax payers. Also, there are several measures for skills development and employment generation in labour intensive tourism, start ups, MSME etc. But the negative surprise has come from the shift of focus on government capex in infrastructure development. The government is falling short of meeting the central government allocation of Rs11 lakh crore in FY2024-2025. And the allocation for next year is only Rs11 lakh crore with reduction in allocation on defence sector. Clearly, the measures taken to boost consumption and provide relief to weaker sections of the society has left little headroom with the government for capex allocation. The government seem to expect the private sector to do some of the heavy lifting focus with a lot of emphasis on PPP (public private partnership) model in the Budget proposals. Hence, it is not surprising that the capital goods, engineering (including defence, railways), infrastructure companies are sulking post the Budget whereas the consumption driven stocks are fairing well in today's trade. We retain our view that the year 2025 would be marked with correction in broader markets (SMID space) and sector rotation in favour of IT Services, Pharma, FMCG and some select banks."

MSME "The increase in investment and turnover limits for MSMEs is a game-changer for India's manufacturing and export sectors. By allowing businesses to scale without losing MSME benefits, this move will drive expansion, enhance credit access, and boost job creation. It strengthens India's position as a global manufacturing hub while ensuring MSMEs remain the backbone of economic growth". KYC "The introduction of a revamped Central KYC Registry in 2025 is a great step towards enhancing both security and efficiency in India's financial ecosystem. By implementing measures like masking KYC identifiers and using unique IP-based access, the government is ensuring that sensitive customer data remains secure from unauthorized access. This initiative will help businesses and financial institutions streamline their customer verification processes while safeguarding data integrity, aligning with RBI's focus on building a more secure and resilient KYC framework. This is a critical move to foster greater trust and compliance across sectors". Ease of Doing Business "India's business environment has long been burdened by complex regulations and processes that have made it challenging for companies to thrive. However, Budget 2025 marks a pivotal step towards improving the ease of doing business. Simplifying customs procedures, reducing tariff rates, and streamlining the tax filing process will drastically reduce the time and costs businesses incur to navigate regulatory hurdles. The extension of the deadline for filing updated tax returns and the rationalization of the TDS and TCS systems offer greater clarity and reduce the compliance burden for companies of all sizes. Moreover, the decriminalization of over 100 provisions through the Jan Vishwas 2.0 bill will help create a more supportive environment for businesses, eliminating unnecessary penalties and fostering a culture of innovation and risk-taking. The increased credit guarantee cover for MSMEs and the expanded loan limits under the PM Swanidhi scheme are key steps in improving access to finance for small and medium enterprises, which will help them scale and compete more effectively in both domestic and global markets. By focusing on reducing regulatory complexity, improving access to capital, and promoting a more transparent business ecosystem, these measures are set to enhance the ease of doing business, empowering companies to grow, innovate, and contribute to India's economic prosperity".

"The Union Budget 2025-26 lays a strong foundation for transforming India's logistics sector through a powerful combination of MSME support, innovation, and public-private partnerships. The enhanced credit guarantees and infrastructure investments will accelerate the adoption of AI-driven logistics solutions, improving efficiency and reducing costs for businesses nationwide. The transformation of India Post into a large-scale logistics network, along with greater accessibility to PM Gati Shakti data for the private sector, will significantly enhance connectivity, particularly in hinterland regions. These initiatives will drive smarter freight management, optimise last-mile delivery, and make transportation more seamless and sustainable. Additionally, the government's focus on infrastructure upgradation in air cargo and warehousing will streamline multimodal logistics, reducing transit times and improving supply chain resilience. The inclusion of gig workers in social security schemes, with ID registration on the e-Shram portal and health coverage under PM Jan Arogya Yojana, is a commendable step in recognising their crucial role in keeping India moving. With a clear push for digital public infrastructure and stronger PPP initiatives, this budget paves the way for a smarter, more connected, and AI-powered logistics ecosystem in India."

"This budget boldly addresses the need of the hour: putting money into the hands of the middle class through meaningful tax reliefs. This will energise consumption and growth at a critical time for the Indian economy."

Domestic solar cell manufacturing will be at the heart of India's energy independence vision. The Finance Minister's announcement to support cell manufacturing in this budget is a highly welcome step. Currently, India's PM Suryaghar scheme mandates the use of solar panels made with domestically manufactured cells. While this has led to a surge in demand for solar panels, supply has struggled to keep pace.

"As Prime Minister Narendra Modi wished, Goddess Lakshmi has blessed the middle class, with Finance Minister Nirmala Sitharaman announcing a large-sized tax relief for this burgeoning population segment in her eighth consecutive budget. The income tax exemption up to ?12 lakh per annum makes immense economic sense. The tax reduction will put significant amounts of money into the hands of the middle class, whose propensity to consume and save is very high. This will boost private final consumption and household savings considerably, which in turn will add to economic momentum. It must be remembered that the shrinking Private Final Consumption Expenditure, was the main factor behind the moderation in economic growth in the recent months."

"The Budget has focused on strenthening India's MSME and Startup ecosystem through enhanced credit access by way of expanded fund-of-funds (FOF) of Rs.10,000 crores as well as a proposal for setting up a Deep Tech FOF. Further the investment limits for MSME classification have been increased by 2.5 times which means that businesses can now invest significantly more while still qualifying as MSMEs. Also startups are benefited with the increase in Incorporation period by 5 years. The allocation of ?500 crore for MRO sector and the establishment of a ?25,000 crore corpus for shipbuilding shows India's commitment to promote India's self-reliance. Additionally, India is focused to accelerate clean energy to develop at least 100 GW of nuclear power by 2047 and encourage private sector involvement. A dedicated ?20,000 crore R&D initiative for Small Modular Reactors (SMRs) will be launched, with the goal of having at least five indigenously developed SMRs operational by 2033. The Budget also aims to create self reliance in EV and mobile phone battery manufacturing."

The Budget brought to the fore three key themes - Reform, Rationalisation and Rebate. This focus on relooking at reforms, and rationalising laws to promote ease of doing business is a step in the right direction for the structural trajectory of the economy. Finally, rebate on income taxes for the middle class is a clear push to spur consumption in the economy. Market borrowings in line with expectations, fiscal deficit management continuing and capex levels broadly in line with last year means that the market trajectory and volatility may not change. Further, beta play in equity markets will be difficult and warrants active stock picking. However, the budget overall is good for fixed income markets given the focus on fiscal consolidation.

It is a growth-oriented budget, focusing on our journey towards Viksit Bharat. Labour-intensive sectors like agriculture, footwear, leather, toys, and food processing, which are largely MSME sectors, have received a boost. This budget complements our focus on the MSME sector and presents an opportunity to further strengthen our relationship with customers and finance their growth. The personal income tax rate reduction also provides a boost from the consumption side. The fiscal consolidation roadmap outlined last year stays the course, and government capex spending will provide impetus for infrastructure and job creation. In summary, it is a balanced budget with a boost to consumption.

"This is the first full fiscal budget of NDA 3.0 & has traits of being a vision statement. The government has continued the path of fiscal consolidation. In fact, among the major economies, India has seen the best fiscal consolidation. This also creates room for monetary easing for RBI. The recovery post-Covid-19 was a 'K' shape recovery. Wherein, the upper segment has done well, but the middle & lower levels did not grow much. This budget takes care of this difference by reducing the burden on the middle class taxpayers. The allocation on capital expenditure was a tad lower than expected but will be much better than revised estimates for FY25. The Government has also outperformed on its fiscal consolidation target for both FY25 and FY 26, at 4.8 per cent of GDP and 4.4 per cent of GDP respectively. The net borrowing numbers are as per market expectations. This budget is likely to have a positive impact on economy, businesses and markets. "

The budget has shifted the focus from relying primarily on government investment as the key driver of growth to a more balanced approach that promotes consumption and private sector investment. While the government's planned capital expenditure is moderate, which may seem concerning at first glance, maintaining focus on execution should yield positive outcomes. Various measures aimed at improving the ease of doing business-such as simplifying regulations and promoting the "Make in India" initiative-should eventually stimulate private investment. Additionally, putting more money into the hands of individuals through tax savings is expected to benefit consumer-oriented businesses. Achieving these objectives while maintaining fiscal prudence is commendable. The government has adhered to its fiscal consolidation path, which should help keep interest rates stable and conducive to economic growth.

"The overall budget is managed with a fine balance between growth and fiscal prudence. The fiscal deficit is packed at 4.4% below the long-term target of 4.5%, which will be positive for the economy. The budget has focused on key areas like rural farmers' low incomes, which will boost consumption both in the near term and long term and help revive economic growth. Overall, capex spending planned at 11.2 lakh crore is in line with market expectations. Focusing on MSME manufacturing will also be positive for several sectors. The sectoral budget would be positive for consumption-driven sectors like FMCG, auto footwear, etc. She delivered six in the last over by reducing the income tax on the middle class. I remain positive in the medium to long term."

Budget focused on creating disposable income and boost consumption "The Union Budget 2025 -26 was presented in the backdrop of a slower GDP growth, higher than tolerable inflation rates and historical lows of the Indian Rupee. The issue of reducing private consumption was looming large which could have wider ramifications if not addressed early. With that the government focused on providing disposable income and boost consumption. The highlight of this budget is clearly the reduction in the Income Tax burden on the middle-class which will bear no tax up to an income of INR 12 Lakh fundamentally increasing disposable incomes and boosting consumption. For the housing sector, the INR 15,000 cr allocation toward the SWAMIH Fund will support the delivery of stressed projects. The investor friendly approach of the government is also apparent in the move to remove the erstwhile tax on deemed rent for two self-occupied properties compared to one earlier. The INR 11.21 lakh cr outlay for capital expenditure which has risen from INR 11.11 lakh cr in FY 2024 - 25 will continue to support the agenda for infrastructure development of railway, roads and overall logistics infrastructure of the country. The increase in the credit outlay for PPP projects from INR 1.3 to INR 1.5 lakh cr will boost the pace and delivery of infrastructure development across the country. However, some crucial aspects like sops for affordable housing and a national policy towards rental housing that would have given a fillip the programme of housing for all were not addressed which we hope would be taken up subsequently."

The Honorable Finance Minister today presented a balanced and inclusive budget that strongly aligns with the vision of 'Sabka Vikas,' ensuring economic opportunities for major pillars of the society - the poor, youth, farmers, and women. The significant thrust on agriculture, with targeted credit measures under the Prime Minister Krishi Yojana and the expansion of Kisan Credit Cards, will empower 1.7 crore farmers. This will not only enhance agricultural productivity but also boost rural consumption. Furthermore, the government's focus on MSMEs, women entrepreneurs, and first-time business owners through term loans of up to ?2 crore and structured capacity-building initiatives will drive small business growth, fostering employment and strengthening the country's production ecosystem. Additionally, the ?10,000 crore Fund for Startups will fuel entrepreneurship. These measures will contribute to a more self-reliant and resilient economy. As India's largest gold loan NBFC, Muthoot Finance remains committed to supporting this vision by facilitating seamless access to credit and financial inclusion for individuals and businesses across India. Further, the union budget has been supportive of middle class and we believe that the increased disposable incomes will fuel aspirations. All of the above initiatives will not only fortify the economic foundation but also drive a more financially inclusive future.

The union budget for FY 25-26 has focused more on consumption lead economic growth form equity market expectations. The cut in personal income tax may translate into higher discretionary spending and hence sectors like Auto, Consumer Durables, Retail, Travel & Tourism and selected FMCG companies may outperform the broader markets. Focus on improving crop diversification, innovation, improve irrigation and favorable credit schemes for farmers may be positive for farm equipment, tractors, fertilizer etc. Though the budget did not add any negativity to the capital gains, the markets may remain buoyant for the medium term. Cutting personal taxes may lead to higher savings, which might result in increased SIP flows, potentially supporting the markets further. Capital market-related sectors such as AMCs, and brokerage houses may expect higher retail participation. Overall, the fiscal deficit is pegged at 4.4% of GDP ensuring the fiscal prudence of the government. The finance minister has tried to do a balancing act. The demand side of the economy is supported especially the agriculture, manufacturing and SMEs are provided with supportive measures, not much tweaks to custom duties and boost to exports. This should support employment and consumption which has taken a back seat in the last 2 quarters. The rural demand may marginally improve further. The capex spending is kept at 11.2 Lakh crores, indicating the intention of the government to continue to spend. Sectors such as Defense and Railways may stay muted on cutting down of expenditure as well as Oil and Gas and PSU on lack of any positive announcement.

The highlight and headlines for this budget definitely will be the tax benefits to the middle class. This will certainly boost by consumption which augurs well for sectors like FMCG, Paints, Auto, etc. However, one should look beyond these measures to see the big picture. This budget gives a glimpse of nation-building. The way FM has structured and presented this budget is out of the economics textbooks. The focus is not just on giving immediate reliefs but also on providing skill set, platform and capital for sustainable growth. It's like "Give a man a fish, and you will feed him for a day; teach a man how to fish and you feed him for a lifetime". In short, Aatmanirbhar Focus on sectors like agriculture, power, labor-intensive industries, and capital availability for MSMEs was much needed. Also, attention towards urban development has come at a time when urban growth has been slowing down. This budget is providing immediate relief to tax payers to boost consumption and at the same time taking steps to achieve long term goals by host of reforms which may not appear big-ticket but will create a momentum that may thrive on its own over a period of time.

"The 2025 Budget prioritizes economic growth, financial inclusion, infrastructure expansion, and sustainability, strongly focusing on agriculture, MSMEs, human capital development, and green energy. Striking a balance between fiscal discipline and growth-oriented policies, the Union Budget 2025-26 introduces significant tax relief for the middle class while channeling investments into key sectors to drive long-term, sustainable economic progress."

"The Union Budget 2025 reinforces the government's commitment to making GIFT City IFSC a global financial hub. The proposed tax incentives and regulatory simplifications will attract global investors, fund managers, and businesses, strengthening India's financial ecosystem. With these measures, GIFT City is set to become a competitive and business-friendly destination on the global financial map. It will play a key role in driving India's growth in the international financial services sector."

The budget aims to make a fine attempt to boost rural and agri income, and boost consumption of all strata of society. Also, making sure that MSMEs continue to remain an important wheel of the economy by increasing investment in the sector and increasing credit guarantee. Agri sector which was under stress, has been given certain reliefs by increasing KCC loan limit from Rs 3 lakhs to Rs 5 lakhs and credit support for 17mn farmers. Although no announcement has been made in the speech with regard to the affordable housing segment, the speech indicated that the sector continues to remain a key focus area for the central government. Perhaps, the biggest announcement in the financial sector would be the much-anticipated increase in the FDI limit of insurance companies from the existing 74% to 100%. This will help the sector in terms of regulation and better execution of policies.

The focus on improving the spending power of the middle class in the form of changes in tax slabs is a much-needed boost for the consumption space. No tax burden till an annual salary of Rs 12 lakh (vs Rs 7 lakh earlier) is a relief. Even at the higher end, the maximum tax rate of 30% will be applicable for incomes exceeding Rs 24 lakhs vs Rs 15 lakhs earlier. This will be a boost for FMCG and automotive players, which are seeing the impact of an urban demand slowdown. Additionally, for FMCG players, focus on enhancing farm productivity and improving domestic value addition in food processing augur well in the medium term. For the auto sector, a focus on building a domestic ecosystem for EV batteries and a reduction in basic customs duty for critical minerals will help in improving the supply chain and long-term profitability of the sector.