Mr. Pankaj Panjwani, CEO and Founder, KeenSemi
As we approach the Union Budget 2025, the semiconductor and technology sectors stand at a critical juncture. To propel India towards becoming a global semiconductor hub, it is essential for the budget to introduce comprehensive measures that strengthen the entire value chain—from design and R&D to manufacturing and talent development.
India’s National Supercomputing Mission (NSM) requires additional impetus, including increased funding for the homegrown development of high-performance computing semiconductor chip architecture, design, and ecosystem. In 2015, ₹4,500 crore was allocated to NSM for seven years. This year’s budget is expected to allocate over ₹5,000 crore for the next five years to drive HPC and GPU development in India.
Schemes such as the Design-Linked Incentive (DLI) must be made more attractive by integrating larger imperatives for startups and companies developing designs tailored to indigenous needs and customers.
Enhanced incentives for domestic chip production, along with robust support for advanced research in AI, IoT, microcontrollers, and high-performance computing, will be crucial for achieving this vision.
Investments in digital infrastructure, particularly in the expansion of 5G networks and the establishment of robust data centers, are vital to meet the growing demand for connected devices and services. Additionally, fostering industry-academia collaborations can help bridge the skills gap and ensure a workforce proficient in cutting-edge technologies.
We remain optimistic that the forthcoming budget will establish a strong foundation for sustainable growth, innovation, and self-reliance in India’s semiconductor and technology landscape.
Mr. Srinivas Rao Ravuri, Chief Investment Officer, Bajaj Allianz Life
“Amidst a mixed global and domestic economic environment, India’s financial markets displayed resilience in 2024. While the large cap Nifty 50 index delivered a modest ~9% return during the year, mid and small cap indices delivered ~24% return for the second successive year. Inflation so far this year averaged at ~5%, staying above the RBI’s 4% target, which led the central bank to hold policy rates steady while easing liquidity through a reduction in the cash reserve ratio.
GDP growth for FY24-25 is projected at 6.6%, slightly moderating as inflationary pressures impacted consumption and economic expansion. The consumption sector faced headwinds, with subdued demand growth, while corporate earnings in reflected muted growth amid challenging conditions.
Globally, with inflation moderating in the U.S., the Federal Reserve started cutting rates, providing relief to financial markets and improving sentiment. However, domestic headwinds, including a slowdown in consumption and tepid earnings growth, highlighted vulnerabilities in India’s recovery. Despite these challenges, strong government spending and robust economic fundamentals continue to position India as one of the fastest growing economies, offering long-term potential for wealth creation.”
Gopal Jain, Managing Partner & CO-Founder, Gaja Capital & Co-Chair of Regulatory Affairs Committee, IVCA
“At the pre-Budget consultation with Hon’ble Finance Minister Smt. Nirmala Sitharaman, we emphasized the need to build on the positive policy momentum from the previous Union Budget to further strengthen the Indian alternate capital ecosystem. Additionally, unlocking pools of domestic capital remains critical.
By implementing these measures and modernizing regulatory frameworks, India can pave the way for a robust and globally competitive alternative investment landscape. We remain optimistic about the government’s continued support in the upcoming Union Budget.”
Mr. Pankaj Panjwani, CEO and Founder, KeenSemi
As we approach the Union Budget 2025, the semiconductor and technology sectors stand at a critical juncture. To propel India towards becoming a global semiconductor hub, it is essential for the budget to introduce comprehensive measures that strengthen the entire value chain—from design and R&D to manufacturing and talent development.
India’s National Supercomputing Mission (NSM) requires additional impetus, including increased funding for the homegrown development of high-performance computing semiconductor chip architecture, design, and ecosystem. In 2015, ₹4,500 crore was allocated to NSM for seven years. This year’s budget is expected to allocate over ₹5,000 crore for the next five years to drive HPC and GPU development in India.
Schemes such as the Design-Linked Incentive (DLI) must be made more attractive by integrating larger imperatives for startups and companies developing designs tailored to indigenous needs and customers.
Enhanced incentives for domestic chip production, along with robust support for advanced research in AI, IoT, microcontrollers, and high-performance computing, will be crucial for achieving this vision.
Investments in digital infrastructure, particularly in the expansion of 5G networks and the establishment of robust data centers, are vital to meet the growing demand for connected devices and services. Additionally, fostering industry-academia collaborations can help bridge the skills gap and ensure a workforce proficient in cutting-edge technologies.
We remain optimistic that the forthcoming budget will establish a strong foundation for sustainable growth, innovation, and self-reliance in India’s semiconductor and technology landscape.
Simranjeet Singh, Director, CYK Hospitalities
“The upcoming Union Budget 2025 is quite expected to have reforms for innovation. For start-ups and food and beverage (F&B) sectors, there is also great hope for simplified taxation, namely GST rate cuts on small eateries and essentials-those will ease financial stress. A very strong push has been made towards subsidies on packaging that preserve the environment so that food becomes scarce, aligning it to the perceptions of global sustainability. Increased budgetary support to food processing facilities might as well drive off multiple rural jobs and boost exports. Start-ups are also demanding continued tax exemptions and the removal of angel taxes so as to attract more funding. Investments into Tier 2 and Tier 3 cities will benefit from policy environments that promote digital ecosystems to stimulate innovation, especially in agri-tech, health-tech and green-tech.”
Nidhi Singh, Co-Founder, Samosa Singh
“Being a F&B brand dedicated to prioritizing quality and innovation, we look forward to the Union Budget 2025 reforms that may vicariously fuel the growth of startups pertaining to the former. Swiftly approved policies that would potentially simplify taxation, and promote sustainable business practices can act as promoters for escalating startups like ours. F&B sector being in the focus, stimuli for local sourcing, reduced taxes on essential supplies, facilitated support for cold-chain infrastructure, can result in significantly impacting operational efficiency and product quality in the constructive manner. We hope that implementation of this budget would make provisions for a far more resilient and thriving startup ecosystem, and be the breath of prerequisite fresh air.”
Vikesh Shah, Founder, 99 Pancakes
“At 99 Pancakes, we are committed to redefining the QSR dining experience & we are hopeful about the Union Budget 2025 to address key grown enablers for our F&B Industry. This sector has been brawling with inflating operational & input costs. With a reduction in GST on dining services along with a tax alleviation on sustainability packaging could be of crucial assistance.
Scalability & Market Expansion could be the necessary impact driven from adopting advanced kitchen technologies leading to operational efficiency.
Such robust measures accredit brands like ours to continue striving towards innovation, amplifying customer experience & contributing to our country’s economic momentum.”
MP Ahammed, Chairman, Malabar Group
”The demand for jewellery has strengthened after the gold import duty cut in the Union Budget 2024. Therefore, in the first full budget of NDA 3.0, the jewellery industry expects policy continuity to boost consumer demand for jewellery, thus generating more employment and playing a pivotal role in the economic growth. To boost demand for precious jewellery, the budget needs to propose tax relief measures to boost disposable income and consumption. Some strategic measures to control inflation impact on consumption are also welcome.
In addition, the budget needs to propose measures to make the gold monetisation scheme more attractive to the people. This way, more idle household gold will be mobilised, resulting in reduced gold import bill and decreased current account deficit. The government may propose measures to revise the existing gold monetisation scheme to facilitate participation of recognized and reputed retail jewellers. The budget should also announce measures to curb unaccounted business in the retail jewellery sector.
The budget should also continue with the capital expenditure on infrastructure development so that the organised jewellery retail segment can further enhance its market penetration and discover new demand centres.”
Radhika Koolwal, Co-Founder (Urban Space)
“As we approach the Union Budget 2025, the home decor industry is optimistic about measures that can bolster growth and innovation in the sector. We hope for policies that incentivize domestic manufacturing, such as subsidies on raw materials and machinery, along with tax breaks for MSMEs and startups. A reduction in GST rates on home furnishings and decor items would be a significant step toward making quality products more accessible to the growing middle class.
Additionally, we expect initiatives that encourage sustainable practices, such as tax benefits for brands adopting eco-friendly production processes and using sustainable materials. Expanding financial support for digital infrastructure and e-commerce platforms will further empower businesses like Urban Space to enhance customer experiences and reach underserved markets.
Investments in infrastructure, urban housing development, and affordable housing schemes will also be instrumental in spurring demand for home decor. Moreover, we look forward to enhanced export incentives, which can help Indian brands compete globally and showcase our designs on the international stage.”
Pushpamitra Das, Founder & Director, JUSTO
According to Pushpamitra Das, Founder & Director, JUSTO, India’s real estate sector plays a crucial role in driving economic growth, contributing significantly to GDP and employment. As the 2025 Union Budget approaches, the industry and stakeholders anticipate measures that could drive growth, address challenges, and ensure sustainability.
· Enhanced affordable housing focus through increased PMAY allocation and tax incentives
· Infrastructure status for real estate sector to enable easier financing
· Potential GST rationalization for under-construction properties for commercial and residential segment
· Higher tax deductions on home loan interest
· Provide tax benefits to Real Estate Investment Trusts (REITs) to encourage retail and institutional participation, boosting commercial real estate.
· Reforms in land acquisition policies and single-window clearance system
· Increased focus on rental housing through tax benefits for both owners and tenants and co living assets
· Extension of SEZ benefits to boost commercial real estate
· Green building incentives through additional tax benefitsA balanced and forward-looking budget can unlock the sector’s true potential while aligning it with the nation’s broader economic goals.
Mr. Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited
“We anticipate that the upcoming Union Budget will prioritize infrastructure spending, which will significantly benefit our lending segments, particularly small businesses, contractors, and transporters. This focus on infrastructure is expected to lead to a surge in demand for steel, cement, and other materials, further driving demand in vehicle finance and other sectors reliant on bulk materials. This will not only boost economic activity but also create substantial employment opportunities, especially in semi-urban and rural areas. We foresee new vehicle sales growth in Q4 to be in double digits year-on-year, as we expect government spending on infrastructure to be much higher than previous quarters.”