Post-Budget Quote 2025: Comments by Experts

Mohan Ramaswamy, Co-founder and CEO at Rubix Data Sciences

“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”.

“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”.

“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”.

Mr. Ashwani Dhanawat – ED and Chief Investment Officer, SGIC

“The Union Budget 2025 outlines a strategic approach to sustainable economic growth, with a focus on infrastructure development, fiscal consolidation, and innovation. The fiscal deficit target of 4.8% for FY25, combined with ₹1.5 lakh crore in interest-free loans for states, supports regional development and public-private partnerships.

A key highlight is the proposal to raise the FDI limit in the insurance sector to 100%, enhancing foreign capital inflows and sectoral competitiveness. The new income tax slabs, particularly the nil tax up to ₹12 lakh, will stimulate domestic consumption and savings.

The budget also emphasizes technology and innovation, with initiatives like the deep-tech fund and AI-focused education. Rural development is prioritized through measures like the Makhana Board in Bihar and the National Institute of Food Technology. Overall, Budget 2025 effectively balances fiscal prudence with long-term growth, positioning India for a competitive global economy”.

Jeennatara Khatun, Agriculture Consultant at Bolpur Sriniketan Block, West Bengal

“The Finance Minister’s announcement underscores a pivotal shift towards strengthening India’s agricultural resilience. The expansion of the Kisan Credit Card loan limit to ₹5 lakhs will provide much-needed financial flexibility to farmers, enabling investment in high-quality inputs and modern techniques. Initiatives such as the PM Dhan Dhanya Krishi Yojana and the National Mission for High-Yielding Seeds reflect a strategic focus on enhancing productivity and self-reliance. The establishment of a dedicated Makhana Board in Bihar is a significant step in value addition and export potential. With structured interventions in pulses, edible oilseeds, and cotton, the emphasis on sustainable farming and supply chain efficiency is evident. However, seamless implementation, timely credit disbursal, and market linkages will be critical to translating these policies into tangible benefits. Strengthening post-harvest infrastructure and ensuring fair pricing mechanisms will further bolster rural incomes and long-term agricultural sustainability.”

Anish Srikrishna, CEO, TimesPro

“The Education Budget 2025 represents a pivotal moment in our nation’s journey towards fostering a future-ready workforce through strategic investments in education, skill development and technological research. The establishment of AI Centres of Excellence and the expansion of IITs mark a significant step toward positioning India as a global leader in technology and innovation. These initiatives, coupled with 10,000 fellowships for technological research in IITs and IISc, will not only strengthen India’s academic and research ecosystem but also equip students with cutting-edge skills required for emerging industries. Additionally, the expansion of medical education with 75,000 new seats will play a crucial role in addressing the growing demand for healthcare professionals and strengthening the country’s healthcare infrastructure.

The launch of five National Centres for Excellence in Skilling, in collaboration with global partners, will ensure India’s youth are equipped with industry-relevant expertise. The rollout of 50,000 Atal Tinkering Labs and initiatives like the Bharatiya Bhasha Pushtak scheme further exemplify a forward-looking strategy that aligns seamlessly with the vision of a ‘Viksit Bharat.’ At TimesPro, we view these strategic interventions as more than policy measures; they are the foundation of a dynamic learning ecosystem that will redefine education and skill development in India. By nurturing innovation and ensuring adaptability in the face of rapid technological advancements, we are paving the way for a knowledge-driven future and strengthening the nation’s global competitiveness.”

Subramanyam. S, Founder & CEO, Ascent HR Technologies

Excellent budget, pretty balanced in maintaining progressive orientation while providing significant rebates or reliefs. Working class is the largest beneficiary with enhanced ceilings in tax exempt income which when coupled with standard deduction and HRA benefits would be closer to 16 lakhs per year. A big jump in money on hand could drive spend leading to higher indirect tax collections or in the alternative push savings leading to better stock markets or FD collections. Hence while giving relief on one hand the FM will receive its benefits significantly.

Additionally, the insurance FDI going up to 100% with a tag of premium investment in India will drive this sector to next level while adding cream to investments in the country. Dole outs in agricultural sector appear structured and hence may not go down well but would be in the interest of the country in managing fiscal deficit.

Overall, the budget can be rated 4.5 on a scale of 5.

Ms. Tanya Singhal, Industry expert in Renewable Energy, Founder of Mynzo Carbon & SolarArise

The 2025 Union Budget reinforces India’s commitment to a sustainable future by fostering clean tech manufacturing, expanding nuclear energy capacity, and investing in renewable energy solutions. Initiatives to boost domestic production of solar PV cells, EV batteries, and electrolyzers will accelerate our transition to a net-zero economy. . The announcement of a Nuclear Energy Mission and support for Small Modular Reactors mark a bold step towards energy security and decarbonization.

Mr. Sanjay Vyas, President and Managing Director, Parexel India

“The 2025 Budget signals a strong commitment to research, innovation, and technological advancement—critical pillars for India’s journey toward becoming a global leader.

The ₹20,000 crore allocation for industry-led R&D is a transformative step, fostering a stronger innovation ecosystem and positioning India at the forefront of the global knowledge economy.

Strengthening this, a national framework for global capability centers in tier-two cities will enhance infrastructure, talent availability, and industry collaboration, expanding India’s research footprint.

Additionally, the establishment of a new AI Center of Excellence for education and expanded research fellowships will strengthen India’s talent pipeline, supporting long-term innovation-driven growth.

The policy direction is clear—encouraging private-sector innovation while driving economic growth. By sustaining this momentum, India is creating an ecosystem where scientific advancements directly benefit both patients and industry, ensuring a competitive and innovation-driven future.”

Mr Edul Patel, CEO and Co-founder of Mudrex

With the new tax reforms offering no income tax up to ₹12L, the middle class can now save and invest more wisely. This opens up opportunities to explore a variety of wealth-building avenues, from traditional investments like mutual funds and stocks to digital assets like crypto. It encourages financial planning, empowering individuals to diversify their portfolios, and supports long-term wealth creation.

The Union Budget 2025 has maintained the existing tax structure on VDAs. While regulatory clarity remains, the lack of revisions—particularly on the 1% TDS and the inability to offset losses—continues to pose challenges for investors, traders, and industry in the space.
India leads in grassroots crypto adoption, yet the high tax burden has driven many participants to offshore exchanges, reducing transparency and limiting domestic market growth. A more balanced approach—such as lowering TDS to 0.01% and allowing loss offsets—could have encouraged sustainable participation and innovation.
As digital assets and regulations continue to evolve globally, it is crucial for India to strike the right balance between regulation and growth. As the country works on the discussion paper for crypto policy, the industry is looking towards constructive policy discussions that can position India as a leader in the Web3 economy driving both economic growth and technological progress, rather than an observer.

Mr. Ajay Kejriwal, CEO, Choice Equity Broking

“We at Choice International Limited applaud the Union Budget 2025-26. This budget reflects a strong commitment to inclusive growth with a clear focus on empowering the middle class. The increase in the FDI limit for the insurance sector from 74% to 100% will attract global investments, fostering competition and benefiting consumers with better offerings. The introduction of a Partial Credit Enhancement Facility for corporate bonds is a pivotal step towards strengthening infrastructure financing.

Reforms like the rationalization of tax structures and the new Income Tax Bill, alongside personal income tax reliefs for the middle class, will simplify compliance and increase disposable income. Enhanced credit access for MSMEs and revised classification criteria will spur entrepreneurial growth and job creation.

At Choice International, one of our key missions is to promote financial literacy, particularly in Tier 2 to Tier 6 cities. Simplified financial processes and increased credit accessibility will empower individuals and businesses to make informed financial decisions. By fostering financial literacy, this budget supports the middle class in building secure financial futures. It contributes to a robust, inclusive financial ecosystem, in line with the vision of Viksit Bharat.”

Ms. Sakshi Gupta, Principal Economist, HDFC Bank, commentary on RBI Monetary Policy

Addressing concerns around slowing demand from the middle class, the budget rationalised personal income tax slabs across the board along with revision in the limits of the tax deducted at source. This is likely to spur consumer demand and savings by the middle class that has faced challenges from elevated inflation and lower income growth.

Beyond the sops for the common man, the budget focusses on improving the ease of doing business through a “light touch” regulatory approach. The next five-year fiscal strategy has been geared towards promoting agriculture, MSMEs, exports and promoting greater participation from the private sector in India’s capacity building going forward.

The FM’s fiscal strategy has tilted towards boosting consumption while the capex target has been kept broadly unchanged from the 2024-25 budgeted plans.

The counter-cyclical push provided by the budget is within its broader strategy of fiscal consolidation, targeting a fiscal deficit of 4.4% in 2025-26. Despite the revenue foregone due to the income tax changes, fiscal consolidation is achieved through compression on the expenditure side in 2025-26.

Today’s budget announcement solidifies our expectation of 6.6% of GDP growth in 2025-26. No major surprises for the bond market with the market borrowings broadly in line with expectations. This along with the upcoming rates cuts and Open market purchases by RBI, bond yields are expected to trend lower.

Nikunj Agarwal, Head – Fund Raise, Finance, Alliances, Propelld

“We welcome the transformative reforms to improve accessibility and affordability in the education sector. Seat increase in medical institutes, increased focus on AI learning, removal of TCS on Education Loans up to Rs 10 Lakhs and increased funding will boost the education lending industry. It will provide more opportunities for students, relieve parents struggling with education inflation costs and drive more investments within the industry.”

Nirav Choksi, CEO & Co-Founder, CredAble

“Overall, the budget is a strong and stable one—a positive step towards India’s development goals—which is the need of the hour. The credit schemes for the MSME sector and startups such as the customised credit cards and a dedicated INR 10,000 crore Fund of Funds will be critical for deepening financial inclusion. However, the focus should now shift towards simplifying access to these schemes, particularly for businesses in tier 2 and 3 cities. With the introduction of the DPI platform—Bharat Trade Net—we’re seeing a proactive stance to digitalise and streamline trade financing. While the KYC registry overhaul is a great move, its successful implementation will be key. This budget is a progressive roadmap for economic growth, with a focus on improving the ease of doing business and ensuring a more conducive environment for MSMEs and startups with targeted financial schemes and a clear focus on improving access to working capital. Backed by a dedicated manufacturing mission, and climate-friendly manufacturing initiatives—India is taking decisive steps to strengthen its industrial competitiveness on the global stage.”

Ketan Mehta, CFO, CredAble

“The budget rightly focuses on expanding financial support for MSMEs, a sector crucial in positioning India as a global manufacturing hub and responsible for 45% of the nation’s exports. Budget 2025 broadens MSME eligibility, increasing turnover up to INR 500 crore. While this, along with an INR 10 crore credit guarantee scheme for MSMEs, is promising, how quickly and efficiently businesses can secure these funds will determine its true impact. Additionally, DPI-enabled export financing, combined with term loans of up to INR 20 crore for well-run export-oriented MSMEs, will empower businesses to step into international markets. Providing the right means to scale would also include building manufacturing and export competitiveness through digital trade networks and strong buyer-supplier ecosystems.”

Mr. Sonu Iyer, Partner and National Leader, People Advisory Services, EY India

“Dream budget for all with a big bonanza for low income and middle income tax payers with generous changes in tax slabs. The Finance Minister has focussed on boosting consumption by putting more money in the hands of people. Budget 2025 focussed on personal income tax payers’ delight. A salary income earner with total income of upto INR 12.75 lakhs will not pay any tax thanks to the increase in tax rebate from INR 25000 to INR 60000. Point to note that where income is taxable at special rates such as Capital Gains then this tax rebate will not apply. One lever for economic revival used well and the other lever on Cap expenditure is lower than expected but that can be made up through disciplined and accountable execution of the Budget”