Budget 2025 Expectations Live Updates
Corporate India is advocating for tax reforms, reduced GST rates, and regulatory changes, and is looking forward to various capital expenditure allocation announcements during Finance Minister Nirmala Sitharaman's eighth Budget address on February 1, 2025. Taxpayers are particularly attentive to potential relief measures for the middle class in light of the prevailing economic conditions.
The initial segment of the Parliament's Budget session is scheduled to take place from January 31 to February 13, 2025. The subsequent segment will begin on March 10 and will conclude on April 4, 2025.
Finance Minister Nirmala Sitharaman is set to deliver her Eighth Union Budget Speech.
Anticipation is palpable among various stakeholders, including ordinary taxpayers and professionals in the technology, healthcare, insurance, and finance sectors. In her eighth Budget address, there are high hopes for substantial announcements that will aim to rejuvenate the economy, enhance the job market, and elevate consumer confidence.
This will mark Sitharaman's second comprehensive Budget under the Modi 3.0 administration, and her overall eighth presentation in Parliament. Throughout her tenure, she has delivered six annual budgets and two interim budgets during the NDA government's successive terms in office at the national level.
Although the Finance Ministry has not yet released an official statement, it is customary for the Finance Minister to present her Budget speech in Parliament at 11 am on February 1, 2025. According to official notifications, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain operational on February 1, 2025, despite being a Saturday, in light of the Union Budget for the fiscal year 2025-26.
Budget 2025 Expectations Live Updates:
According to DS Negi, CEO of the Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), the cancer care sector is poised for substantial reforms. He believes the upcoming budget can enhance accessibility, affordability, and quality of care for all patients.
Negi highlighted that a significant aspect of the previous budget was the inclusion of the HPV vaccine, aimed at preventing cervical cancer and safeguarding future generations from one of the most preventable forms of cancer. He also noted India's impressive strides, including the introduction of the first domestically developed CAR T-cell therapy for cancer under the 'Make in India' initiative, as well as the pioneering telesurgery in cancer care conducted by RGCIRC, which has set a new standard in remote oncology treatment.
To build upon these achievements, Negi anticipates that the budget should:
1. Emphasize digital health innovations such as telesurgery, electronic health records (EHRs), and AI-based diagnostic tools to enhance healthcare delivery.
2. Focus on expanding national cancer screening initiatives and ensuring access to advanced treatments like immunotherapy and personalized medicine.
3. Increase healthcare expenditure to 2.5% of GDP, accompanied by strong policy measures to foster a resilient healthcare system.
4. Provide comprehensive support for cancer survivors, including rehabilitation, mental health services, and survivorship programs, to enhance their quality of life.
5. Reduce high import duties on medical equipment, which can reach up to 36%, thereby alleviating treatment costs, especially for mid-sized operators and in smaller cities.
6. Strengthen primary healthcare centers to ensure quality care, allowing tertiary hospitals to concentrate on specialized treatments.
7. Upgrade the infrastructure of tertiary government hospitals to effectively manage the rising cancer burden, along with implementing targeted policies for various needs.
Budget 2025 Expectations Live Updates: Dr. Kshitiz Murdia, CEO and Co-Founder of Indira IVF, emphasizes that India is at a pivotal moment in tackling the escalating issue of infertility, which has profound socio-economic consequences.
He highlighted the situations in South Korea and Singapore, which are facing alarmingly low Total Fertility Rates (TFR) of 0.72 and 0.97, respectively. In India, states like Kerala, Tamil Nadu, and Karnataka are also reporting TFRs below the replacement level. “These developments highlight the pressing necessity for India to take decisive action to preserve its demographic balance and create opportunities for individuals seeking to become parents,” he stated.
The anticipated measures from the Union Budget for 2025-26 include:
Incorporating fertility treatments, particularly assisted reproductive technologies (ART), into universal health insurance programs.
Providing tax exemptions or deductions for fertility treatment costs would offer immediate support to numerous couples.
To promote equitable access, investments should focus on developing ART facilities in underserved areas, thereby addressing the geographical disparities in reproductive healthcare.
Public awareness initiatives are crucial to recognizing infertility as a treatable medical condition, especially in Tier 2 and Tier 3 cities, to reduce stigma and promote timely medical intervention.
Enhanced funding for research in reproductive health is also essential.
Hope to see a greater focus on streamlining trade processes and promoting green logistics
Kami Viswanathan, President of FedEx for the Middle East, India Subcontinent, and Africa (MEISA), expresses optimism regarding ongoing government investments in infrastructure, multimodal logistics hubs, and digital platforms. She stated, "We anticipate an increased emphasis on optimizing trade processes and advancing green logistics to foster sustainable growth."
Optimistic about the government’s ongoing efforts to strengthen the manufacturing sector
Budget 2025 Expectations Live Updates: Sagar Gupta, Director of Ekkaa Electronics, expresses optimism regarding the government's continuous efforts to bolster the manufacturing sector through initiatives such as 'Make in India.'
The expectations for the upcoming Budget include:
There is anticipation that the government will further broaden and enhance the Production-Linked Incentive (PLI) scheme, which has played a crucial role in promoting local manufacturing.
Increasing incentives for Micro, Small, and Medium Enterprises (MSMEs) and Startups within the electronics sector could significantly foster innovation and growth.
Moreover, it is essential to implement measures that support domestic semiconductor manufacturing, including augmented funding for the India Semiconductor Mission, to effectively tackle global supply chain challenges.
Investment in infrastructure, particularly within electronics manufacturing clusters, is vital for ensuring efficient production and effective supply chain management.
There should be a focus on reforms that simplify business operations and cultivate a more conducive environment for domestic production. Strategies concerning import tariffs, equitable taxation, and seamless technology transfer can establish a solid foundation for a thriving ecosystem that supports local manufacturing. We are particularly optimistic about initiatives aimed at promoting the production of high-quality electronics domestically, which will help India progress towards self-reliance and secure its position as a global manufacturing leader.
The budget holds promise of transformative change for the healthcare sector
Budget 2025 Expectations Live Updates: Chris George, Co-Founder and CEO of QubeHealth-Pay, expresses optimism that this Budget could herald significant changes for the healthcare sector.
"This budget should focus on not only resolving existing systemic issues but also establishing a strong foundation for sustainable, inclusive, and technology-driven growth in healthcare throughout the country," George remarked.
Anticipated outcomes include:
- Increased funding for public health infrastructure.
- Policies that foster innovation in HealthTech, healthcare payments, and finance.
- Incentives aimed at addressing disparities in rural healthcare delivery.
- Streamlining the importation of medical devices and promoting domestic manufacturing in line with the Make in India initiative.
- Expansion of tax benefits related to health insurance and preventive care.
- Development of transparent frameworks for public-private partnerships, along with increased funding for research and development in biotechnology and pharmaceuticals.
Targetted investments towards urban planning, waste management, and public health required
Budget 2025 Expectations Live Updates: Dikshu C Kukreja, Managing Principal at CP Kukreja Architects, emphasizes the necessity for substantial and focused investments in urban planning, waste management, public health, and measures to combat air pollution.
"What vision of a developed India can we have if its citizens are forced to inhale toxic air continuously? The issue of waste management is equally pressing, as urban areas increasingly resemble vast landfills. To rejuvenate cities and safeguard public health, it is crucial to secure adequate and targeted funding," he stated.
Consequently, the expectations from the Budget include:
The Budget should reimagine urban housing through the Pradhan Mantri Awas Yojana (PMAY) by emphasizing green infrastructure, mixed-use developments, and purposeful densification.
It is vital to implement policies that encourage green shipping, energy-efficient technologies, and the adoption of renewable energy to promote sustainability.
Providing financial incentives for digital transformation and the incorporation of advanced technologies such as AI, IoT, and Blockchain will facilitate the modernization of the sector, ensuring resilience and enhancing global competitiveness.
Optimistic measures will enhance financial inclusion, make insurance affordable
Budget 2025 Expectations Live Updates: Puneet Kumar, Chief Financial Officer of Insurancedekho, expresses optimism regarding the forthcoming Budget, anticipating that it will introduce progressive initiatives to improve financial inclusion and enhance the affordability and accessibility of insurance for all citizens.
“With the increasing costs of healthcare, health insurance has transitioned from being a luxury to a necessity. We call upon the government to tackle the challenges of affordability by lowering the GST on health insurance premiums, thereby allowing a greater number of individuals and families to access financial protection,” he stated.
Key expectations from the Union Budget 2025 include:
- Raising the deduction limit under Section 80D to ₹50,000 for individuals and ₹1,00,000 for senior citizens.
- Introducing distinct tax benefits for life insurance premium payments and contributions to Health Savings Accounts (HSAs) to assist in managing rising medical expenses and ensuring access to quality healthcare without financial burden.
- Anticipation of reforms designed to attract investments and align India’s insurance framework with international standards, promoting innovation and growth.
Revamp complex, multiple TDS for corporates
Budget 2025 Expectations Live Updates: Vivek Jalan, a Partner at Tax Connect Advisory Services LLP, emphasizes the necessity for a significant overhaul of the intricate and often redundant TDS provisions in the upcoming Budget, which currently lead to confusion and legal disputes for taxpayers.
He noted that the deduction rates in certain instances are excessively high. "Currently, there are 71 Sections about TDS/TCS; despite some rationalization in the previous budget, TDS/TCS rates remain elevated. Additionally, there exists an overlap between TCS and TDS provisions. A comprehensive reform of the TDS/TCS framework has been advocated and is anticipated," Jalan stated.
Furthermore, it is anticipated that a unified and detailed Schedule of Rates for TDS may be introduced, similar to the Customs Tariff Act, complete with explanatory notes. Additionally, the requirement for issuing TDS/TCS certificates may be eliminated to simplify compliance processes.
Special funding schemes for female entrepreneurs are required
Budget 2025 Expectations Live Updates: Priyanka Kanwar, Co-founder and CEO of Falcon, advocates for the introduction of specialized funding initiatives aimed at supporting female entrepreneurs. She emphasized that "Innovation thrives on diversity, and yet, access to capital for female entrepreneurs remains a barrier."
Key expectations include:
The establishment of a dedicated funding program that provides expedited approvals for capital investments and credit facilities tailored specifically for women-led enterprises.
Allocating significant resources and pairing them with tax incentives or interest-free loans for eligible businesses, to stimulate a new era of entrepreneurial activity.
Additionally, these initiatives should incorporate capacity-building components such as mentorship and market access, equipping female founders with the necessary tools to develop impactful and globally competitive enterprises.
The hospitality industry needs substantial support
Budget 2025 Expectations Live Updates: Vishal Puri, Co-Founder of Spalba, asserts that the hospitality sector, a vital contributor to India's economic advancement, is set for growth but requires significant assistance to address operational hurdles.
Anticipated measures in the forthcoming Budget include:
Streamlining GST compliance to enhance operational efficiency and stimulate business development throughout the industry.
The implementation of compulsory sustainability measures, such as energy-efficient building practices and effective waste management, will not only render the sector more environmentally friendly but also enhance its competitiveness.
Providing tax incentives for the adoption of renewable energy in hotels and resorts would further lower expenses while encouraging sustainable practices.
India needs to focus on enhancing digital infrastructure to eliminate current deficiencies and promote growth.
Emphasizing e-infrastructure technologies, along with strong intellectual property protections and their obligatory application in government initiatives and events.
Budget 2025 represents a pivotal moment for India's startup ecosystem
Budget 2025 Expectations Live Updates: Alok Kumar, the CEO and Founder of Inductus, believes that Budget 2025 marks a crucial turning point for India's startup ecosystem.
He emphasized the necessity for strategic interventions to elevate the entrepreneurial landscape from a promising market to a global leader in innovation.
Key expectations include:
- Extending the tax holiday for startups under Section 80-IAC to a duration of five years.
- Simplifying foreign direct investment (FDI) regulations.
- Establishing dedicated funds aimed at high-potential sectors such as artificial intelligence, climate technology, and deep technologies, similar to the UK's Enterprise Investment Scheme and Singapore's startup funding initiatives.
- Implementing targeted incentives for green startups and gender-specific funds to foster innovation while promoting equitable growth.
- Creating regional startup hubs in Tier-II and Tier-III cities, along with providing substantial research and development grants to decentralize innovation and harness untapped potential.
Hopeful Budget will allocate significant resources to upskilling youth
Budget 2025 Expectations Live Updates: Rahul Attuluri, Co-founder and CEO of NxtWave, asserts that the government's focus on skill development and digital transformation has been pivotal in enhancing India's standing in emerging technologies.
He anticipates that this focus will persist in the upcoming Budget and expects:
A substantial allocation of resources is dedicated to upskilling the youth.
The introduction of a comprehensive AI upskilling initiative, similar to the National Quantum Mission, aimed at achieving a "transformative impact" in light of the rapid advancements in AI and machine learning.
The promotion of collaborations among universities, industries, and innovative upskilling programs to modify curricula in response to the changing technological landscape, thereby equipping a future-ready workforce.
Budget will reinforce India's commitment to startups, technology, and digital transformation
Budget 2025 Anticipations Live Updates: The Union Budget is anticipated to strengthen India's dedication to startups, technology, and digital transformation, according to Meghna Krishna, Group CRO of VideoVerse.
"In order to fully harness the transformative potential of AI and emerging technologies, it is crucial to cultivate an ecosystem that promotes innovation, prepares the workforce with skills suited for the future, and tackles obstacles to high-quality education and job security in the face of swift technological advancements," she stated.
Anticipated measures include the implementation of incentives for research and development, skill enhancement, and technology integration.
Empowering industries, and building a future-ready India
Budget 2025 Expectations Live Updates: Gaurav Baheti, Founder and CEO of Procol, expresses his belief that the upcoming Budget will "empower industries and foster a future-ready India." He remains optimistic regarding the government's emphasis on technology and supply chain enhancements.
Key expectations include:
Strong anticipation that the government will prioritize digital platforms, enabling companies to make more informed investments in developing robust products that enhance business revenues, thereby contributing to economic growth.
An increase in internet connectivity and digital literacy throughout the nation.
A heightened focus on research and development initiatives.
Finally, in the realm of artificial intelligence, research and development are deemed crucial. With projections indicating that AI research and innovation could reach an impressive $17 billion this year, substantial support will be essential in the forthcoming years.
Budget can provide tax benefits for banking technology companies
Budget 2025 Expectations Live Updates: Priyanka Kanwar, Co-founder and CEO of Falcon, asserts that the upcoming Budget has the potential to offer tax advantages for companies specializing in banking technology.
She emphasizes that "world-class banking technology is no longer a luxury but a necessity," and advocates for the Union Budget 2025-26 to align with the government's ‘Make in India’ initiative by establishing a strategic emphasis on innovation in financial technology through tax incentives and funding assistance.
Anticipated measures include:
- Tax exemptions for Indian firms engaged in the development of banking infrastructure,
- Funding for research and development of next-generation financial products, and
- Subsidies for capital expenditures related to cloud-native systems.
Govt should consider making a new tax regime the only regime, but ease the tax rate
Budget 2025 Expectations Live Updates: Vivek Jalan, Partner at Tax Connect Advisory Services LLP, suggests that the government should consider adopting the new tax regime as the sole framework while also reducing the tax rates. He advocates for the complete elimination of the old tax regime and the rationalization of Income Tax slabs within the new structure.
Jalan emphasizes that the new tax regime has simplified Income Tax, noting that the exemption threshold of ₹7 lakh allows taxpayers to incur no tax liability at income levels that previously attracted taxation.
Expectations:
As the Income Tax Act undergoes a comprehensive review on February 1, 2025, the government should contemplate establishing the new regime as the exclusive framework. However, it is crucial to also consider lowering the tax rates in the new regime, taking into account an inflation rate of approximately 6 percent per annum and its effect on the present value of money.
There is an expectation that the basic exemption or rebate limit will be raised to ₹9 lakh, thereby increasing disposable income for the middle class. Additionally, established taxpayers earning over ₹15 lakh may face financial challenges when transitioning to the new scheme, leading to anticipations that the government will provide compensation. Consequently, a new tax slab may be introduced within the new regime, potentially ranging from ₹15 lakh to ₹18 lakh, with a proposed tax rate of 25 percent.
Dinkar Sharma, Company Secretary & Partner, Jotwani Associates recommends rationalizing GST slabs to simplify indirect taxation.
Budget 2025 Expectations Live Updates: Dinkar Sharma, Company Secretary & Partner at Jotwani Associates, advocates for the rationalization of GST slabs to streamline indirect taxation through technological advancements, thereby enhancing compliance.
"We anticipate that the Union Budget for 2025-2026 will prioritize the establishment of a more business-friendly atmosphere by facilitating compliance for enterprises. Our recommendation is to rationalize GST slabs to simplify indirect taxation and expand the tax base by utilizing technology to improve compliance," he stated.
"Furthermore, providing targeted incentives for startups and MSMEs, especially within the technology and green energy sectors, could stimulate growth. A focus on infrastructure development and tax relief for individuals, particularly those who choose the new tax regime, would further encourage consumption and investment, thereby propelling overall economic activity," Sharma added.
Rationalizing stamp duty rates in Tier 2 and 3 cities can stimulate housing demand in mid & low-income groups, says Udit Jain, Director, of One Group.
Budget 2025 Expectations Live Updates: Udit Jain, Director of One Group, emphasized that adjusting stamp duty rates in Tier 2 and Tier 3 cities could enhance housing demand among mid and low-income demographics.
He stated, "Government intervention through specific incentives could ease the financial strain on homebuyers. A vital aspect to consider in the forthcoming budget is the increase of the income tax deduction limit on home loan interest under Section 24(b), which has not been modified in over ten years. Raising this limit would offer significant relief, especially for purchasers in high-cost urban areas."
Jain further noted, "An important initiative would be the extension and expansion of the Credit Linked Subsidy Scheme (CLSS). The government should contemplate increasing the property price threshold for affordable housing eligibility, allowing a greater number of middle-income families to take advantage of this scheme. Such a modification would not only stimulate demand but also motivate developers to concentrate on affordable housing projects, a sector currently facing a supply decline."
He added, "Moreover, revising stamp duty rates, particularly in Tier-II and Tier-III cities, could greatly enhance housing demand among mid-income and low-income groups. Elevated stamp duty rates frequently serve as an obstacle for homebuyers, and their reduction could facilitate greater access to homeownership in these developing markets."
Imperative to rationalize tax slabs in new tax regime
Budget 2025 Expectations Live Updates: Vimal Nadar, Senior Director of Research at Colliers India, observed that Indian taxpayers are progressively transitioning to the new tax regime voluntarily. He emphasized the necessity of rationalizing tax slabs, particularly in the absence of substantial deductions and incentives.
Expectations:
The introduction of an additional tax slab at 25 percent for income brackets between ₹15-20 lakh is anticipated to offer considerable tax relief, thereby enhancing disposable income. This increase in liquidity among individuals is expected to significantly boost consumption. Furthermore, the proposal to exempt income tax for earnings up to ₹10 lakh will further enhance liquidity for middle-class salaried individuals.
Budget 2025 will play an essential role in strengthening the backbone of our economy — MSMEs
Budget 2025 Expectations Live Updates: Rajat Chopra, Founder & CEO of BankersKlub, believes that the upcoming Budget has the potential to greatly enhance the MSME sector in India, contributing to the vision of Viksit Bharat.
Key expectations include: dedicated provisions for training initiatives; the simplification of compliance procedures; the enhancement of financial intermediaries' education; and the promotion of cash flow-based financing within public sector banks to ensure that MSMEs receive the necessary liquidity and support to thrive.
"These measures in the Union Budget 2025 will be pivotal in fortifying the backbone of our economy—our MSMEs—ultimately fostering innovation, sustainable development, and job creation. As India aims to achieve a $5 trillion economy, empowering the MSME sector nationwide will be essential in fulfilling this ambitious goal," Chopra stated.
Expect drive for growth across infra, energy, construction…
Budget 2025 Expectations Live Updates: Amit Uplenchwar, Director at KPIL, expresses optimism that the upcoming Budget will stimulate growth in essential sectors such as infrastructure, energy, and construction.
He stated, "The government's sustained emphasis on energy and infrastructure is anticipated to significantly benefit the EPC industry. Furthermore, investments in green energy projects will bolster India's global competitiveness as the nation progresses towards achieving net zero carbon emissions."
We expect the government to reduce GST on health supplements from 18% to 5%
Budget 2025 Expectations Live Updates: Praveen Chirania, Founder of Muscle and Strength India, asserts that the upcoming Budget has considerable potential to foster the development of the health and fitness sector.
China emphasized that the self-care, preventive healthcare, and holistic wellness sectors have gained prominence due to increasing consumer awareness regarding nutrition and immunity enhancement.
Anticipated measures include:
Initiatives aimed at lowering import duties on premium nutritional supplements, thereby enhancing consumer accessibility.
A call for the government to reduce the Goods and Services Tax (GST) on healthcare supplements from 18% to 5% in the forthcoming Union Budget, making these products more affordable and widely available.
Furthermore, the introduction of tax incentives for wellness and fitness enterprises would promote entrepreneurship and encourage a healthier lifestyle among the Indian population.
Expect a focus on housing, affordable financing, reviving the affordable housing market…
Budget 2025 Expectations Live Updates: Piyush Rambhia, a partner at Palladian Partners, expresses optimistic expectations regarding the Union Budget.
He highlighted that 2024 witnessed a significant recovery in India's real estate market, with residential demand reaching an 11-year peak and office leasing achieving a record of 53.3 million square feet. Nevertheless, the affordable housing sector encountered difficulties, as its market share declined from 38% in 2019 to a mere 18%.
Consequently, the anticipated measures include: granting infrastructure status to housing, providing affordable financing options, and revitalizing the affordable housing sector through reforms such as the reintroduction of the Credit-Linked Subsidy Scheme and adjusting price caps to align with current market conditions.
Hope for a plan that drives growth, tourism, healthcare…
Budget 2025 Expectations Live Updates: Ashwani Gandhi, CEO of Niraamaya Life, expresses hope that the upcoming Budget will outline a strategy that fosters growth, emphasizes tourism and healthcare, and promotes sustainability.
Key expectations include:
Investments in wellness infrastructure, green initiatives, and job creation are essential.
A proposed reduction in GST from 18% to 12% for hotels with room rates exceeding ₹7,500 is anticipated to significantly enhance both domestic and international tourism.
There is also a call for increased focus on tourism and infrastructure investments, improved ease of doing business, better connectivity, and simplified tax structures.
Incentives for sustainable tourism initiatives should be provided through investments in renewable energy and targeted policies for specific sectors.
Tax relief on operational costs and improved access to credit are expected to further stimulate innovation and business development.
Look forward to initiatives supporting economic growth, infra development
Budget 2025 Expectations Live Updates: Parag Munot, Managing Director of Kalpataru, foresees measures aimed at fostering economic growth and expediting infrastructure development.
"The transition towards urbanization, coupled with incentivized home loans, is projected to boost GDP. We urge the government to maintain its focus on infrastructure investment and to refine the tax structure to advantage capital-intensive industries such as real estate," Munot stated.
Hopeful policies will uplift the retail sector, foster youth employment…
Budget 2025 Expectations Live: Shriti Malhotra, Group CEO of Quest Retail, which owns The Body Shop brand, expresses optimism that the upcoming Budget will introduce “policies that enhance the retail sector, particularly by promoting youth employment, sustainable practices, and inclusivity in hiring."
Expectations:
Government initiatives should aim to increase consumer spending by raising tax exemption thresholds and lowering GST on essential personal care items, thereby offering significant relief to the middle class.
There should be a focus on providing incentives for environmentally friendly initiatives, such as rewards for retailers who implement sustainable packaging and energy-efficient operations.
The swift execution of a National Retail Policy is of utmost importance.
Streamlining compliance procedures, enhancing logistics in Tier 2 and Tier 3 cities, facilitating ease of doing business, and offering targeted incentives for small retailers can help create a more equitable marketplace.
Investments in retail skill development programs, particularly in digital marketing and technology, are crucial for cultivating a future-ready retail sector that can adapt to changing consumer demands.
GST exemption expected for e-commerce platforms
Budget 2025 Expectations Live Updates: Vivek Jalan, Partner at Tax Connect Advisory Services LLP, anticipates that the Union Budget will introduce a GST exemption for services provided by Indian intermediaries, including auctioneers, e-auction platforms, and e-commerce platforms catering to international markets.
Jalan explained, "For instance, the commission earned by Indian agents for goods that are both supplied and received outside of India is expected to be exempt from GST. This change is likely to be implemented by removing Section 13(8)(b) of the IGST Act 2017, which pertains to the place of supply for intermediaries."
Govt should find more ways to encourage citizens to take part in equity markets
Budget 2025 Expectations Live Updates: Bruce Keith, CEO and Co-Founder of InvestorAi, emphasizes the need for the Indian government to explore additional strategies to motivate citizens to engage in equity markets.
Keith anticipates that 2025 will be significantly influenced by global geopolitical factors, contributing to persistent market volatility and short-term challenges. He views India as a preferred destination for foreign investors. However, he stresses that the Indian government must implement more initiatives to encourage citizen participation in equity markets, as the realization that inflation erodes savings often comes too late, disproportionately affecting lower-income groups.
Ambiguity in crypto compliance and a regressive tax regime have hindered innovation
Budget 2025 Expectations Live Updates: Nikhil Sethi, Founder and Managing Director of Zuvomo, asserts that Budget 2025 represents a pivotal opportunity for India to reestablish its dominance within the global technology landscape.
According to Sethi, India holds the top position in the number of cryptocurrency holders and ranks third in the world for tech unicorns. However, he notes that despite these commendable statistics, India appears to have overlooked the Web3 revolution, which experienced a doubling of its market capitalization in 2024 and a remarkable 2000 percent year-on-year increase in DeFi total value locked (TVL).
He remarked, “The uncertainty surrounding crypto compliance and an outdated tax framework has stifled innovation, resulting in startups and talent relocating abroad. The Reserve Bank of India's position indicates a misunderstanding of the fundamental nature of decentralization—it cannot be prohibited, only regulated.”
Anticipated outcomes from the Budget include:
- A balanced taxation system, well-defined compliance guidelines, and policies that foster innovation.
- The Reserve Bank of India should address risks without hindering growth.
Optimistic govt will focus on empowering the handmade carpet industry
Budget 2025 Expectations Live Updates: Yogesh Chaudhary, Director of Jaipur Rugs, expresses optimism regarding the government's ongoing commitment to enhancing the handmade carpet industry in the forthcoming Budget.
Anticipated measures include:
Policies aimed at fostering sustainable growth while bolstering the livelihoods of artisans, who are integral to this sector.
Emphasizing skill development, ensuring equitable wages, and expanding access to international markets are essential actions for establishing enduring prosperity for these artisans.
“We are hopeful that the budget will introduce initiatives that will uplift the handmade carpet industry, enabling it to prosper and succeed in the future," Chaudhary remarked.
Recommend strengthening of digital health infra, standard health assessments, more…
Budget 2025 Expectations Live Updates: Sushant Roy, Co-founder, COO, and CBO at Alyve Health emphasizes the critical importance of highlighting the transformative impact of comprehensive health plans in fostering proactive healthcare in anticipation of the Union Budget.
The expectations for the Budget include:
Enhancing Digital Health Infrastructure: Facilitating access to personalized health plans and data-driven insights to improve adherence and health outcomes.
Standardizing Annual Health Assessments: Elevating early detection and preventive care as a national priority.
Broadening Access to Underserved Areas: Utilizing technology to address healthcare disparities.
Facilitating Access to Prompt Expert Consultation and Health Education: Equipping individuals with timely guidance and the necessary knowledge to make informed health choices.
Must maintain India’s growth, and initiate reforms to increase the attractiveness as an investment destination
Budget 2025 Expectations Live Updates: According to Peush Jain, Managing Director of Commercial Leasing and Advisory at Anarock Group, the upcoming Union Budget must prioritize sustaining India's growth trajectory while implementing reforms to enhance the country's appeal as an investment hub.
Jain highlighted that the office sector is projected to remain robust, with supply anticipated to reach one billion square feet by the end of 2025, driven by unprecedented leasing activity from Global Capability Centers (GCCs) and flexible workspace providers.
Expectations:
The Budget should not only aim to preserve India's growth momentum but also introduce reforms that will bolster the nation's attractiveness for both domestic and international investors.
Consideration of input tax credits for fit-out expenses.
A reassessment of depreciation and amortization rates for assets in light of the increasing integration of artificial intelligence.
Encouragement of emerging technology sectors to stimulate office demand uniformly across the nation.
AIF is a tool for wealth diversification, investors must get the benefit
Budget 2025 Expectations Live Updates: Ankur Jalan, CEO of Golden Growth Fund (GGF), asserts that alternative investment funds (AIFs) serve as a means for wealth diversification, particularly favored by affluent individuals. He highlighted that real estate accounted for the largest portion of investments from AIFs, exceeding ₹75,400 crore in the first half of FY25, with contributions from both domestic and international investors.
"Real estate-focused AIFs possess significant potential to explore the vast, untapped opportunities within the country's real estate sector, thereby facilitating funding for development and generating wealth for investors," Jalan remarked.
What are the expectations from the Budget?
There is a pressing need to establish parity in capital gains taxation between listed and unlisted instruments to enhance attractiveness for both domestic and foreign investors. Additionally, it is essential that 'gains from investment' be categorized uniformly across various instruments, allowing AIFs to benefit as well.
Anticipate GST cuts, land and labor reforms, affordable housing
Budget 2025 Expectations Live Updates: There is considerable optimism surrounding the upcoming Union Budget for 2025-26, particularly in light of the subdued urban demand experienced over the past year, as noted by Garvit Tiwari, Director and Co-Founder of InfraMantra, a property consulting firm based in Gurugram.
Tiwari believes that the Budget has the potential to "revitalize urban consumption, thereby enabling India to sustain its growth trajectory."
Expectations:
The foremost priority of the Budget should be a reduction in income tax.
A decrease in GST on both construction materials and properties under construction is essential to assist developers in lowering home prices.
Implementing land and labor reforms is crucial to encourage private sector investment in India and facilitate job creation.
Increasing the affordable housing limit to ₹1 crore would attract hesitant buyers into the real estate market and stimulate demand within the sector.
Expect increased travel, advanced infra, and better protection for heritage
Budget 2025 Expectations Live Updates: The Indian tourism sector achieved a GDP contribution of $199.6 billion in 2024, as reported by Rikant Pittie, CEO and Co-Founder of EaseMyTrip.
He highlighted the growth in both outbound and inbound tourism, with India ranking 39th in the World Economic Forum's Travel & Tourism Development Index (2024). Pittie commended government initiatives such as PRASHAD, Dekho Apna Desh, Incredible India, and the E-visa scheme. Additionally, he mentioned that the Centre has allocated ₹2,479 crore to the tourism sector for FY25.
Expectations: Anticipate the dawn of a new era for the nation, characterized by enhanced participation in global travel, improved preservation and development of the country’s cultural heritage, as well as advancements in infrastructure and sophisticated digital resources.
Exemption of customs duty on import of technology should be consideration
Budget 2025 Expectations Live Updates: Vivek Jalan, Partner at Tax Connect Advisory Services LLP, has indicated that the exemption of customs duty on technology imports should be taken into account.
He anticipates:
The removal of customs duty on the importation of technology, machinery, and equipment necessary for the production of Lithium-Ion Cells in India. Given the government's emphasis on electric vehicles, Jalan believes that there is a strong expectation for relief in the manufacturing of electric vehicles and their components, particularly Lithium-Ion Cells (batteries), which constitute the most significant part of electric vehicles. “The industry and various ministries have already made representations to the Finance Ministry regarding the exemption of customs duty on the import of technology, machinery, and equipment for the production of Lithium-Ion Cells in India. This matter should receive due consideration from the Government in the Union Budget 2025," he remarked.
Customs Dispute Settlement Scheme: Currently, over 50,000 customs cases are pending before the Supreme Court, High Court, CESTAT, and Commissioner Appeals. Additionally, more than 5,000 new cases are registered annually. “The implementation of a customs dispute settlement scheme has been long overdue, especially since similar schemes have been introduced in other tax laws. Therefore, it is anticipated that such a scheme may finally be established in customs as well. This would greatly benefit both importers and exporters," Jalan concluded.
FinMin Nirmala Sitharaman to announce Union Budget on Feb 1
Budget 2025 Expectations Live Updates: Good morning and welcome to Livemint's live coverage in anticipation of the forthcoming Union Budget 2025.
Although there has not yet been an official announcement from the Finance Ministry, tradition suggests that the Finance Minister will deliver her Budget address in Parliament at 11 am on February 1, 2025. Additionally, according to official communications, both the BSE and NSE will operate on February 1, 2025, even though it falls on a Saturday, in light of the Union Budget 2025-26.
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