Founder & Chairman, Siddharth Shah, SS Mobile
Incentives for job creation – A special tax regime, rebate, or Production-Linked Incentive (PLI) for businesses and mobile brands that create jobs within India can help tackle rising domestic unemployment while strengthening the retail ecosystem. Many brands sell in India but generate employment elsewhere or function purely online—support should go to those investing in local jobs, ensuring growth benefits the Indian workforce.
Lower MDR (Merchant Discount Rate) on digital payments – This is the fee retailers pay on debit & credit card swipes. If it is lowered from 1.5% to 0.75%, it will ease transaction costs and encourage more businesses to embrace digital payments. Such a move also aligns with the Prime Minister’s vision of a cashless Digital India, because it makes digital transactions more accessible and profitable for small retailers.
Easier access to credit – Collateral-free loans and streamlined financing options will enable retailers to expand their business faster, invest in technology, and contribute to a stronger, more competitive market while also strengthening the economy.
Abhinav Gupta & Esha Bhambri, House of Fett
”As Budget 2025 approaches, the fashion and textile industry anticipates policies that drive growth, enhance competitiveness, and strengthen India’s position in the global market. A more streamlined GST structure for fashion can lower MRPs, boost domestic consumption, and make innovative designs more accessible to a wider audience. Strengthening the ‘Made in India, Sold in India’ ecosystem is essential to ensure homegrown brands compete effectively against international players.
Export incentives will play a crucial role in enabling Indian fashion businesses to expand globally, reinforcing India’s standing as a key player in international markets. Increased investment in textile hubs, particularly in emerging regions, will further enhance production efficiency and streamline supply chains.
Additionally, easier access to credit and lower interest rates under the Production-Linked Incentive (PLI) scheme would help businesses scale operations, invest in technology, and create employment opportunities. Strengthening digital infrastructure especially for startups and MSMEs will be instrumental in driving long term growth by enabling businesses to leverage e-commerce and data driven retail strategies more effectively.
The ongoing political crisis in Bangladesh has disrupted its garment exports, prompting global retailers to seek alternative suppliers.This presents a significant opportunity for India to capture a larger share of the global textile market. To capitalize on this shift, the industry urges the government to implement budgetary measures such as reducing import duties on key raw materials and textile machinery, and providing incentives for local production.  These steps will enhance the competitiveness of Indian textile manufacturers, allowing them to meet the increased demand from international buyers seeking reliable sourcing partners.
By addressing these areas in the upcoming budget, the government can empower the Indian fashion and textile industry to seize emerging opportunities, drive sustainable growth, and establish India as a global leader in textiles and apparel.”
Dr Pratim Sengupta, Senior Nephrologist and MD & CEO, Nephro Care India Limited
Section 80DDB of the Income Tax Act allows taxpayers to claim deductions for the expenses incurred on the treatment of certain critical illnesses including chronic renal failure, neurological disorder, AIDS and malignant cancers. Under this, individuals under 60 can claim deductions up to Rs 40,000, while senior citizens have a higher cap at Rs 1,00,000.
India has been witnessing a steady surge in occurrence of critical illnesses such as renal failure, heart ailments, cancer and stroke among others. The cost of hospitalisation and other medical expenses have been steadily increasing in the past few years adding a huge financial burden on people suffering from such ailments and their families. So, we feel there is a strong case for enhancing the deduction limit for expenses incurred on the treatment of such illnesses so as to provide the much-needed relief to people.
Pradhan Mantri National Dialysis Programme (PMNDP) launched in 2016-17 ensures availability of dialysis services free of cost to Below Poverty Line (BPL) beneficiaries at the district hospitals in the country. However, dialysis does not necessarily require hospitals and can be easily conducted at clinics. So, we expect the extension of this scheme to be made available to stand alone clinics which are conducting dialysis.
Mr.Manoj Agarwal, Chairman and Managing Director, Great Value Realty
“Budget 2025 has the potential to bring transformative changes to the real estate sector. By increasing the income tax deduction limit on home loan interest under Section 24(B), the government can provide much-needed relief to homebuyers, while introducing incentives for green building projects will promote eco-friendly development practices. Simplifying GST rates for under-construction properties and extending better tax benefits for affordable housing and rental schemes could be game changers in making urban housing more accessible to the masses.
Fostering growth in co-working spaces and building world-class Grade A office infrastructure would not only strengthen India’s position as a global commercial real estate hub but also attract substantial investments, driving the sector forward with renewed energy and purpose”
Yashraj Erande, India Leader, Financial Institutions Practice, and Global Leader, Fintech Practice, BCG
“Enhance the bureaus to access real time credit data from lenders. This will address the over leveraging issue. A regulatory environment that supports partnerships between incumbents and fintechs as well as financial Infratech companies. Stronger focus on non-financial risk and compliance. Facilitate easier and greater access to global capital that wants to come to India. Encourage more competition in the banking system which will attract fresh capital and create more efficiency.”
Dr. Sanjeev Kumar, President of ADSEI
“prioritize strategic reforms that will unlock the sector’s full growth potential, in line with the nation’s vision for inclusive and sustainable development.” He further advocates for “tax rationalization measures and a more streamlined compliance framework to improve the ease of doing business for Direct Selling entities and further accelerate the sector’s contribution to India’s economic progress.”
Gautam Bali, MD and Founder, Vestige Marketing Pvt. Ltd
“We are optimistic about tax reforms that could foster a more favourable environment for the industry and measures to enhance personal disposable income, which would drive consumption and spending.” While also adding “The direct-selling industry thrives on innovation and value creation, making it a significant contributor to self-employment and economic empowerment, particularly for youth and women across India.” Gautam anticipates the 2025 Union Budget to “align with India’s vision for economic growth and sustainability while further strengthening the direct selling industry’s contribution to employment generation with ethical business practices. It is time that the sector gets its due with policy and regulatory support that can support the Viksit Bharat agenda.”
Jeevaraj Pillai, Director – Sustainability at UFlex Limited
“The Indian government has undertaken several initiatives to encourage organizations to adopt sustainable business practices. We are hopeful for progressive measures in the Union Budget 2025-26 to bolster sustainability in the packaging industry. Tax incentives on eco-friendly materials and support for a circular economy, such as subsidies for advanced recycling units, and incentives for meeting Extended Producer Responsibility (EPR) targets, could significantly accelerate the transition to greener practices.”
He further elaborated on fund allocation, “Promoting investment in recycling infrastructure is crucial, and this can be achieved through measures like allowing investments in recycling under Corporate Social Responsibility (CSR) provisions and providing interest subvention for loans availed to set up recycling facilities. Fund allocation for the sensitization of solid waste management rules can infuse segregation practices, reducing littering and landfilling. Additionally, increasing the allocation to Urban Local Bodies (ULBs) for investments in Municipal Solid Waste (MSW) automatic segregation and sorting plants will create essential feedstock for recycling infrastructure.”
Mr. Ankur Aggarwal, Managing Director of Crystal Crop Protection Limited
“focused allocations toward driving technology adoption, enhancing productivity, and strengthening storage and supply chain infrastructure. These measures would not only empower farmers, the true ‘annadatas,’ but also benefit agricultural machinery owners and OEMs.”
Mr. Preetam Jena, CMO and Head of Ecommerce at Fixderma
“As we look ahead to 2025, we anticipate continued growth in the Indian skincare market, driven by increasing awareness of skincare needs and innovations. With the market projected to reach USD 10.3 billion by 2025, we expect the government to consider policies supporting the skincare industry’s expansion, particularly in Tier-2 and Tier-3 cities, where accessibility and affordability remain key concerns.”
Mr Dhiraj Narang, Co-Founder at X&Y
The upcoming Union Budget presents an opportunity to strengthen these sectors through thoughtful reforms and investments. By addressing accessibility, sustainability, and infrastructure needs, we can collectively enhance living standards and contribute to India’s long-term economic progress the board.
As the Union Budget approaches, we call on the government to prioritize green and sustainable practices in furniture manufacturing and education infrastructure. Eco-friendly solutions can benefit both the environment and the future of education.
In the furniture industry, using materials like reclaimed wood, bamboo, along with energy-saving manufacturing processes, can help build a greener future. Providing subsidies to manufacturers who choose these practices can encourage more companies to go green.
Incentivizing schools for sustainable designs can make learning spaces healthier and more eco-friendly. Ideas like solar-powered buildings, ergonomic furniture made from sustainable materials, and proper waste management systems can set new standards for green education.
Deepak Kapoor, Director, Gulshan Group
“Even though the real estate sector has performed well in the last few years, a large percentage of the population is not yet close to owning a home. As a result, the sector has tremendous future potential, which is dependent on the government and apart from continuing its thrust on economic and infrastructural development also needs new initiatives. To begin with, we would urge the government to combine home loan principal and interest deductions and raise the limit to 5 lakh. Additionally, reducing the holding period for long-term capital gains exemption to two years and enhancing the Section 54EC exemption to Rs 1 crore would be great moves. Expanding REIT’s migration benefits would also encourage growth and investment in the sector. Other initiatives we hope for are making more land banks available for real estate development and a reduction in GST on input materials.”
Prateek Tiwari, MD, Prateek Group
“The sector pins high hopes on the upcoming budget. Over the years, the sector has become not only a major employment generator but also a key contributor to the nation’s GDP, with its share expected to grow substantially. Therefore, we anticipate the government to address the long-standing demands including a single-window clearance system and industry status. Fulfilling these demands will strengthen the sector, amplify positive market sentiment, and accelerate its transformative impact on the economy.”
Kushagra Ansal, Director of Ansal Housing
The implementation of a single-window clearance system would significantly reduce the approval time for developers. This would result in faster project completions, enabling homebuyers to receive their homes sooner.”
Ankit Kansal, Managing Director 360 Realtors
“GOI should continue to take strong macroeconomic policies to support MSMEs, job creation, infra push, and liquidity injection. This would not just help the overall economy, but will also support real estate demand. Steps such as tax rationalization, favourable financing climate, reduction in repo rates can be effective steps. Meanwhile there is also need to deploy concentrated polices for the real estate sector, so that the industry can become an Iron pillar for Indian economy. Steps to foster affordable homes in India, tax incentives for developers, single window clearance, tax reductions in home loans can go a long way to help the industry thrive & evolve. Likewise, governing bodies should also mull about creating a more conducive environment for proptech ecosystems in India with the help of incentives, subsidies, funding of research activities, facilitating partnership between academia and industry bodies.”
Yash Miglani, Managing Director, Migsun
“NITI Aayog’s projection of the Indian real estate sector achieving a $1 trillion market size by 2030 underscores its immense growth potential and long-term opportunities. To support this trajectory, the sector seeks government intervention to reduce input costs, particularly for materials like steel, cement, and fuel in the forthcoming budget. Additionally, a reduction in the GST rate on cement and targeted initiatives to promote affordable housing through enhanced tax incentives would provide much-needed impetus to the sector’s growth and affordability.”
Sanchit Bhutani, Managing Director Group 108
“Granting industry status to the real estate sector remains a key demand that we urge the government to address in the forthcoming budget. We anticipate the union budget to include fiscal incentives to stimulate demand and supply. The budget could also introduce a tax incentive under Section 80 C for REIT investors. The implementation of a single-window clearance system is equally critical, as it would save valuable time for developers and accelerate project delivery. We also seek measures to cap interest rates and ensure they remain conducive to sustained growth in the sector.”
Ashwani Kumar from Pyramid Infratech
“While the real estate sector is riding high on positive sentiment, one of the primary expectations of the sector from the forthcoming budget is the grant of industry status. Further, we urge the government to address concerns regarding high taxes on key input materials like cement and steel as they continue to inflate construction costs, impacting project viability. The anticipation further extends to implementing a single-window clearance system to streamline approvals. As one of the largest employment-generating sectors in the country, any supportive measures for real estate will create a ripple effect, boosting economic growth and job creation.”
Saurab Saharan, Group Managing Director, HCBS Developments
A key expectation of the sector from the upcoming budget is the long-awaited grant of industry status. As a major employer, particularly of unskilled labor, this move would accelerate growth and strengthen the sector’s contribution to the economy. Additionally, the sector looks forward to the introduction of a single-window clearance system to streamline approvals and policies that further make homes more accessible to millions.
Neeraj Sharma, MD, Escon Infra Realtors
“The Union Budget 2025 is expected to deliver financial measures that directly address key challenges in the real estate sector. Enhancing tax incentives under Section 24(b) to alleviate the financial burden on homebuyers, reinstating input tax credit for under-construction properties to reduce construction costs, and revising the affordable housing definition to extend tax benefits are among the sector’s monetary priorities. Furthermore, granting infrastructure status will improve credit access at lower rates, and allocating funds for sustainable housing initiatives will drive long-term growth. These monetary reforms will not only revitalize the sector but also contribute to the nation’s economic development.”
Vishal Sabharwal, Head Sales, Orris Group
” As a major contributor to India’s GDP, the real estate sector anticipates long-overdue recognition as an industry in the upcoming budget. The sector experienced strong growth in 2024, particularly in luxury housing, reinforcing confidence among affluent buyers. However, industry status and a single-window clearance system remain critical unmet demands for a long time. Addressing these would streamline approvals, accelerate growth, and enhance the sector’s economic contribution. Additionally, reducing input costs such as steel, cement, and fuel, would alleviate construction expenses. Introducing tax incentives for homebuyers and investors could further drive demand and capital inflow, ensuring sustained sectoral growth. These strategic measures would boost expansion across all real estate segments.
Amar Nagaram, Founder and CEO, VIRGIO
As the Union Budget FY25-26 approaches, we at Virgio are eager to see a focus on innovation, sustainability, and inclusive growth, which are essential for shaping the future of India’s entrepreneurial ecosystem. We remain optimistic that the government will continue fostering an environment where businesses like ours can significantly contribute to the nation’s economic and environmental goals.
For D2C start-ups, we hope for initiatives that enhance access to affordable logistics, robust digital infrastructure, and streamlined cross-border trade, enabling international scalability. Expanding tax incentives, simplifying compliance frameworks, and introducing funding schemes to drive innovation in technology and sustainability would be invaluable. Targeted measures to improve credit accessibility, encourage digitization, and reduce the overall cost of operations would be transformative. Encouraging collaborations between MSMEs and larger corporations can further catalyze long-term economic growth.
On the sustainability front, we look forward to policies that incentivize the adoption of green technologies, promote renewable energy investments, and support circular economy initiatives. Such measures will not only help industries align with India’s ambitious climate goals but also ensure a future that is environmentally conscious and economically resilient.
Rohit Mehrotra, Co-founder of Organic Tattva
expects the upcoming budget to include significant support for the organic farming industry, focusing on both financial incentives and infrastructure development. Key recommendations include providing monetary support to certified organic food organizations to facilitate the transition of farmers from conventional to organic farming, along with exemption or reduction of APMC and mandi fees to make organic produce more affordable for consumers. He also calls for capital subsidies for investments in land, buildings, and plant/machinery to strengthen the organic food processing ecosystem. Further, the establishment of dedicated organic food clusters would enhance efficiency in production and distribution, while targeted marketing and advertising support for organic brands in international markets would help boost exports and global competitiveness. These measures are crucial for promoting sustainable practices, improving farmer’s income , and making organic food more accessible to a wider audience.
Mr Udit Garg, Managing Director & CEO, Kundan Green Energy
The forthcoming Union Budget can be a key opportunity to boost India’s movement towards a cleaner and greener future. To maintain this momentum, an encouraging tax policy would be the need of the hour. Increasing tax holiday under Section 80-IA of the Income Tax Act and lowering corporate tax rates for companies engaged in renewable energy to 15% or lower would provide much-needed sustainability to the industry. Moreover, facilitating tax credits on the production of green hydrogen and lowering GST rates for renewable energy products like solar panels and wind turbines would spur investments and innovation opportunities.
Electricity prices volatility necessitates the need for financial instruments in handling effective risk management. The creation of electricity derivatives and consideration of innovative mechanisms including contracts for difference and virtual power purchase agreements will help stabilize the market and boost long-term investments.
Another critical area would be strengthening the corporate bond market. Tax exemptions for investments in the power sector will diversify funding sources and ensure a constant flow of capital for renewable energy projects. Additionally, a well-aligned carbon market with global standards will support India’s decarbonization objectives while positioning the country as a carbon trading leader. Tax incentives to participate in the market will make it more widely adopted by industry.
Lastly, India should utilize its achievements in renewable energy to become a global exporter of green technology. Budget 2025 should introduce incentives for export-oriented manufacturing units and explore bilateral trade agreements with renewable-focused nations. With these key areas addressed, the government can spur economic growth, improve energy security, and establish India as a leader in the global renewable energy landscape.
Mr. Samir K. Modi, Founder and Managing Director, Colorbar Cosmetics
“As the Indian beauty and personal care industry eagerly anticipates the Union Budget 2025-2026, the focus must remain on driving innovation, advancing eco-conscious practices, and improving accessibility. A reduction in GST rates on cosmetics and skincare products from 18% could significantly enhance affordability, boost consumer demand, and accelerate growth across the sector. Similarly, streamlining export duties and introducing tax incentives are vital measures to unlock India’s immense potential in international markets. These initiatives could enable the beauty sector to achieve remarkable export growth, potentially doubling exports by 2026 and firmly positioning India as a key contributor to the global beauty industry’s expansion.
Investments in skill development and digital infrastructure will empower brands to scale effectively, strengthening their competitive edge on the global platform. Support for environmentally friendly packaging, resource-efficient operations, and robust R&D initiatives will further align the industry with the global shift toward conscious consumption. This alignment will drive the premiumisation of both existing and new offerings enabling access to quality ingredients, delivering the best of beauty to each consumer. A business-friendly tax structure will ultimately benefit manufacturers and consumers alike, ensuring consistent growth and fostering sector-wide expansion.”