Budget 2025 expectations LIVE updates: Tax reforms, industry incentives and more

Budget 2025 expectations LIVE updates: Abhyuday Jindal, Managing Director of Jindal Stainless said, “To boost stainless steel demand, we encourage the government to continue prioritising infrastructure spending, with a strong focus on developing mobility infrastructure like inland waterways, rail infrastructure, and coastal shipping. Securing access to key raw materials is another pressing need. We recommend reducing import duties to zero on critical raw materials unavailable in India, such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap, and mild steel scrap. To promote sustainability, we propose making life cycle costing a mandatory criterion for material selection in public procurement. To safeguard the domestic industry from the distortion caused by low-priced imports, we urge the government to raise the basic customs duty on stainless steel products to 15% for all non-Free Trade Agreement countries. These steps will further strengthen the domestic stainless-steel sector and position it as a vital driver of India’s Viksit Bharat@2047 vision.”

Budget 2025 expectations LIVE updates: Prof Mahadeo Jaiswal, Director, IIM Sambalpur said, "With integration of AI in classrooms of IIM Sambalpur, we have realized that AI can evaluate students' understanding through quizzes and structuring discussions around case studies. This helps in preparing students before class discussions begin, ensuring that they are better equipped for advanced interactions. There is no doubt that AI plays a crucial role in the student learning process. As AI assumes a more prominent role, I think government should create provision to integrate AI in elementary education system. This would be a next big step towards preparing next generation for an AI-driven future. This shift will empower educators to dedicate more time to in-depth discussions, research, mentorship, and personalized guidance. Additionally, it will address faculty shortages while enhancing the educational experience. Expanding smart classrooms and e-learning platforms like SWAYAM and DIKSHA, which have engaged over 10 million students; integrating AI can help a great deal."

Budget 2025 expectations LIVE updates: Prof. Ram Kumar Kakani, Director of IIM Raipur said, "As of now, the government spends 4.6% of the GDP on education. Looking at the trajectory of the Indian higher education budget, we hope to achieve the historical target of allocating 6% of GDP to education, as recommended by the Kothari Commission in 1964-66. While IITs enjoy considerable financial backing and greater autonomy to trail their initiatives, IIMs currently function independently without direct government support. Therefore, we believe that equating IIMs with IITs in terms of government support could significantly strengthen the valuable contributions of premier management institutions like IIM Raipur. As an institution recognized for building business owners, greater emphasis on relaxed regulations for collaborations with foreign institutions, along with increased allocation for STAM (A stands for Arts)-based research and micro-credential courses, would significantly enhance our ability to drive innovation and create globally competitive talent."

Budget 2025 expectations LIVE updates: Dr. Ruchi Arora, Associate Professor (Finance) from Birla Institute of Management Technology (BIMTECH), Greater Noida said, “India, with 580 million people aged 5-24 years, offers huge potential for growth in the education sector. According to “The Economic Survey 2023-24” only 51.25% of India's graduates are considered employable, highlighting a significant skill gap. Hence, collaborations between government bodies and private institutions under the Public-Private Partnership (PPP) model are forecasted to nurture digital learning infrastructure and enhance skill-based knowledge. The inclination of international students seeking higher education, also calls for subsidies and support to position India as a pioneer in global higher education. To align with the government’s vision of “Viksit Bharat 2024”, there is a need for an enhanced focus on the “Education 4.0 Revolution,” leveraging Fourth Industrial Revolution technologies to transform learning and bridge inequalities both in India and globally.”

Budget 2025 expectations LIVE updates: Rajneesh Chopra, Managing Director of Amway India said, "India's increasing focus on health and wellbeing aligns with the Government's vision for a healthier nation. The upcoming Union Budget 2025 should also help prioritize preventive healthcare, especially as lifestyle diseases rise, to reduce long-term costs and improve overall health outcomes.

Although awareness around wellness is growing, significant barriers to access the same and affordability remain a concern, particularly when it comes to nutrition and dietary supplements. These challenges hinder the full realization of a healthier, more resilient population. To this end, Amway, the leading company supporting health and wellbeing, has embarked on a mission of empowering individuals to embrace healthy habits, prioritising health span. We believe the Union Budget 2025 has the opportunity to bring transformative change by fostering a culture of holistic well-being. A key step in this direction would be rationalizing the GST from the current 18% on health and wellness products, including dietary supplements. Furthermore, expanding GST exemptions and input tax credits on dietary health and wellness products will help promote holistic wellness across the country. The right support from the Government, aligned with its Swasth Bharath initiative, India can help establish itself as a global leader in wellness, advancing the vision of a healthier, more equitable, and prosperous nation.

As a company empowering individuals to start their own businesses, we urge the government to consider lowering income tax slabs helping direct sellers who are sole proprietors or small businesses. This adjustment would support the spirit of entrepreneurship and contribute to overall economic growth. Furthermore, lowering taxes would improve disposable power, allowing more number of people to invest in their health and wellbeing. We also advocate incentivizing research and innovation by providing fiscal incentives to support R&D initiatives, thereby fostering an environment for technological advancement and enhancing our nation's competitiveness in the global market."

Budget 2025 expectations LIVE updates: Rishab Gupta, Managing Director of Rossell Techsys Limited said, “The Union Budget 2024 outlined a clear pathway to drive growth and innovation within India’s Aerospace and Defence sector. The defence budget allocation of ₹6.21 lakh crore, representing 13.04% of the overall Union Budget, signaled a strong intent to modernize defence capabilities.

While the budget for capital outlay continues to drive essential infrastructure development, we anticipate even greater focus on capital expenditure in the upcoming budget to support long-term capability building in the sector.

The ₹13,043 crore allocation to the Space Sector, along with a ₹1,000 crore venture capital fund for space-tech startups, highlights the government’s commitment to expanding India’s footprint on the global space economy. At Rossell Techsys, we are hopeful that Budget 2025 will further support indigenous manufacturing, strengthen public-private partnerships, and empower the private sector to deliver comprehensive solutions. With the right policy framework, India is on track to become a global leader in aerospace innovation and self-reliant defence manufacturing."

Budget 2025 expectations LIVE updates: Manik Malik, CFO of BPTP said, "As the Union Budget 2025 - 26 approaches, the real estate sector eagerly awaits impactful measures to drive growth and sustainability. With rising housing demand across different locations, tax reliefs for homebuyers and incentives for the housing sector are crucial. Policies promoting sustainable development, infrastructure enhancement will not only help in economic growth but also boost housing demand.

Additionally, more real estate investments, particularly in the housing sectors, can be stimulated by extending the benefits of capital gains and allowing for greater flexibility in reinvestment standards. In addition to accelerating sector growth, a forward-thinking policy framework with these measures will support infrastructure development and job creation, both of which are essential for India's economic future."

Budget 2025 expectations LIVE updates: Rajesh Ganesan, President of ManageEngine said, “With AI becoming an inevitable part of technology services reaching the masses, India needs to invest in making AI work in Indic languages and we believe considerations in the budget for companies innovating in this space will motivate them and make a big difference. This year, there is a stronger pursuit of ESG (Environmental, Social, and Governance) goals. We hope the budget prioritizes sustainability initiatives that strike a balance between technological innovation and environmental responsibility. With AI's rise, there is an increasing need for GPUs, and energy consumption is expected to soar, making it crucial for organizations and the government to collaborate on extending sustainability goals. Policymakers must invest in helping businesses scale AI adoption effectively.

We also hope the budget will emphasize the need for robust cybersecurity, especially when India lacks talent and expertise, leaving us vulnerable to state sponsored and other motivated attacks. Incentives and provisions in the budget specifically for cybersecurity should elevate the nation's cybersecurity posture. By addressing these critical priorities, India can strengthen its global competitive edge while fostering innovation and operational efficiency. We look forward to policies that empower businesses to align with global trends and accelerate growth in an increasingly digital landscape.”

Budget 2025 expectations LIVE updates: Yashank Wason, Managing Director at Royal Green Realty said, "The impending budget offers a critical chance to support the real estate industry, especially in Tier-II cities, which are becoming economic development engines. In order to draw investments and spur urbanization in cities like Indore, Bahadurgarh, Sonipat and others, we want policies that support different housing segment, infrastructure growth, and improved connectivity. We anticipate policies like higher tax deductions on home loan interest and streamlined GST rates across segments to improve housing affordability. Simplified single-window clearance procedures are necessary to cut down on project delays and related expenses. By meeting these goals, the budget may enable Tier-II cities to become independent centers of growth, making a substantial contribution to India's urban transformation and generating strong prospects for the real estate industry."

Budget 2025 expectations LIVE updates: Sudeep Bhatt, Director Strategy at Whiteland Corporation said, "The upcoming budget presents an opportunity to move the real estate sector towards growth and resilience. The industry seeks better tax benefits for homebuyers, particularly a higher deduction limit for home loan interest to boost housing demand. Rationalization of GST rates for under-construction properties and incentives for green and sustainable real estate projects are also likely anticipated. Additionally, policies to enhance liquidity for developers, promote ease of doing business and incorporate private and foreign investments through relaxed FDI norms are crucial. This budget can catalyze the real estate sector’s potential, making it an important element for the country’s economic development and employment generation."

Budget 2025 expectations LIVE updates: Rahul Charkha, Partner at Economic Laws Practice said, "Majority of the Indian startups are contemplating to shift their base to India or do reverse flipping, so that they can list their shares on Indian stock exchanges. Recently, Peppery.com redomiciled to India through Inbound merger of its foreign parent company with Indian subsidiary company. In the NCLT filings of the Peppery Limited, they have clearly mentioned that the reason for Inbound merger is to list on Indian stock exchanges and also to streamline its group structure through amalgamation. Similarly, Groww a Stock broking platform looking for a potential initial public offering completed the flip back of its parent entity to India from the US to facilitate its India listing. Zepto India also participated in the reverse flipping and got NCLT approval for merger of parent entity into its subsidiary. While reverse flipping through inbound merger (not permissible in each foreign jurisdiction where parent company is incorporated) may be tax neutral, however reverse flipping through swap of shares is subject to capital gains tax in India which ranges between 12.5 to 35% plus appropriate surcharge and cess. It is expected that Budget 2025 may amend capital gains tax provisions and make reverse flipping tax neutral for both the scenarios viz. Inbound merger as well swap of shares."

Budget 2025 expectations LIVE updates: Vineet Agarwal, Managing Director at Transport Corporation of India Ltd (TCI) said, “India’s logistics sector is at a fulcrum, where the government’s sustained emphasis on multimodal connectivity, infrastructure and skill development has proven to be transformative. These initiatives are driving down logistics costs as a percentage of GDP while making the sector less carbon-intensive. Building on the momentum of past trends, we are hopeful that the government will increase capital expenditure by 12-15% in the Union Budget for FY'26. This increase will catalyse the economic growth for realizing India’s vision of becoming a $30 trillion economy by 2047.

Additionally, we look forward to incentives for increasing adoption of clean fuels and large commercial EVs through the development of charging infrastructure along major routes, to align with the nation’s climate goals. Continued focus on digitization, simplification of documentation and streamlining policies to ensure seamless goods movement across states will further strengthen supply chains, enhancing India’s global trade competitiveness. Incentives for high value manufacturing, inflation control by focusing on the 360-degree ecosystem for reducing post-harvest losses through cold storage and digitization will further boost the rural economy, leading to bottom-up growth spurt. These steps will position logistics as a key driver of sustainable economic growth.”

Budget 2025 expectations LIVE updates: Devam Sardana, Business Head at Lemonn said, "In the last budget, there was a dual impact of STT increase and LTCG increase (on listed shares) on the users with an increase in trading costs as well as impact on profitability of the users. Given that the revenue generation would have significantly increased with STT, this can potentially be used to revert the LTCG to 10% in order to ensure even higher market participation and incentivise long-term investment which is critical for the users and the capital market stability. This can also address reduction in the flight of capital from India towards global markets and potentially contribute to rupee appreciation as well."

Budget 2025 expectations LIVE updates: Ayush Jhawar, Founder and CEO of Genefied said, "The Union Budget 2025 is approaching and retailers hope to receive a positive push for the sector. These hopes stem from the anticipated move of the Finance Minister to boost customer confidence by putting more discretionary income in their hands. Further, simplifying the existing tax provisions and enhancing the ease of doing business are also among the key expectations of the sector. As the government is expected to renew its push on Capex, the retail industry is banking on the growth of infrastructure development to improve its cost efficiencies. Better connectivity will also aid the supply chains and help retailers boost their sales by covering unchartered territories. Summarily, the sector is looking forward to the upcoming budget and expects the government to boost the sector's growth by creating a favourable policy environment".

Budget 2025 expectations LIVE updates: Achin Goel, Vice President at Bonanza said, "As budget, set to be presented on February 1, 2025, is approaching, the stock market and investors are keenly anticipating measures that will bolster economic growth and enhance investment opportunities. AMFI has released a 15-point proposal for the Budget to be presented by Finance Minister Mrs. Nirmala Sitharaman. One of the primary expectations from the mutual fund industry is the restoration of tax benefits for debt funds. The removal of long-term indexation benefits in budget 2024 has significantly impacted debt fund investors, leading to a decline in participation. Industry leaders argue that reintroducing indexation would help neutralize inflation's impact on capital gains, making debt investments more attractive again. Also, there is a demand for rollback of recent capital gains tax hikes, which deterred retail investors from engaging with mutual funds.

We are also expecting revisions in income tax slabs or increase in deduction. Any tax relief will increase disposable income, particularly for middle-income group and stimulate consumer spending and led to economic recovery. A potential increase in the tax deduction limit under Section 80D for health insurance premium is another area where we are expecting some relief. Expectation for raising tax deduction limits under 80D to Rs.50,000 (Rs.1,00,000 for Seniors) from Rs.25,000 (Rs.50,000 for Seniors) and include section 80D in the new tax regime to promote insurance penetration and will be positive for health insurance companies like Star Health. Expectation is also for increasing the limit under section 24(b) to Rs.2-3 lacs from Rs.1.5 lacs to promote home buying and boost real estate sector.

We are also expecting strong government capital expenditure in the upcoming budget, especially in roads, railways and urban projects, which is likely to drive economic growth and create investment opportunities across sectors. This focus aligns with the broader vision of achieving a 'Viksit Bharat' by 2047. Electric Vehicles industry is anticipating incentives aimed at boosting domestic manufacturing and infrastructure development, including charging stations.

Investors are also keenly aware of global economic trends and their potential impacts on domestic markets. With expectations of lower GDP growth, investors are looking for budgetary measures which will shape India's economic landscape in 2025. Institutional investors normally prioritize a stable regulatory environment that fosters long-term investment strategies. They expect clear guidelines regarding taxation policies and compliance requirements in the budget, which can significantly influence their investment decisions. Institutional investors also monitor macroeconomic indicators and expect the budget to reflect a sustainable economic growth. They are likely looking for measures that enhance GDP growth forecasts, control inflation and stabilize currency rates".

Budget 2025 expectations LIVE updates: Nikhil Sethi, Founder & MD of Zuvomo said, "The Budget 2025 is a critical moment for India to reclaim its leadership in the global tech ecosystem. India ranks #1 in the number of crypto holders and #3 in tech unicorns globally. Yet, we seem to have missed the Web3 tsunami, which doubled its market cap in 2024 and saw DeFi TVL surge by 2000% year-on-year. Ambiguity in crypto compliance and a regressive tax regime have hindered innovation, pushing startups and talent overseas.

The RBI's stance reflects a lack of understanding of decentralization's intrinsic nature—it cannot be banned, only regulated. Meanwhile, nations like the U.S., Singapore, Russia, South Korea, and the UAE are embracing progressive policies to foster crypto innovation. The approval of Bitcoin and Ethereum ETFs in the U.S. in 2024 underlines the importance of forward-looking regulations.

In a country with thousands of tech startups, a thriving ecosystem, and globally leading talent, the crypto industry expects balanced taxation, clear compliance frameworks, and innovation-friendly policies. These are crucial to ensuring India remains in the forefront. The finance ministry and the RBI must mitigate risks without stifling growth. A progressive approach will unlock massive economic potential, create jobs, and solidify India’s position as a global leader in Web3 innovation."

Budget 2025 expectations LIVE updates: Raoul Kapoor, Co-CEO at Andromeda Sales and Distribution Pvt Ltd said, "The upcoming budget carries high expectations, particularly for the middle-income group, which has been grappling with rising household expenses and inflation. Over the years, there have been limited tax benefits for this segment, despite the increasing financial burden.

One area in dire need of attention is the tax deduction limit on home loan interest payments, which has remained unchanged since 2014. The limit was last increased from ₹1.5 lakh to ₹2 lakh, but in the decade since, real estate prices have escalated significantly due to rising demand, land costs, and construction expenses. During the same period, the average home loan ticket size has more than doubled, resulting in higher EMIs and larger interest components.

For many homebuyers, especially in metropolitan areas, the interest portion of their loan repayments far exceeds the current deduction limit. Enhancing the limit to at least ₹5 lakh would provide much-needed relief and encourage homeownership.

Additionally, owning a home is a basic necessity and a lifelong dream for most people. The government should consider allowing a standalone deduction for home loan principal repayment, separate from Section 80C, which is overcrowded with various other investment and saving avenues. Currently, this limits taxpayers' ability to fully benefit from the principal repayment deduction.

However, if increasing the deduction limits is not feasible due to the government’s focus on promoting the new tax regime, we believe an alternative solution could be making income up to ₹10 lakh tax-free. This would address the financial strain on the middle class and fulfill their long-standing expectations."

Budget 2025 expectations LIVE updates: Col Sanjeev Govila (retd), Certified Financial Planner and CEO at Hum Fauji Initiatives said the following:

"1. Higher tax exemption limits under Section 80C: The current limit of ₹1.5 lakh under Section 80C is too narrow, given the variety of eligible investments like EPF, PPF, ELSS, insurance premiums, and home loan principal repayment. Raising this limit to ₹2.5 lakh would provide much-needed relief to taxpayers and encourage long-term savings.

2. Increase in the standard deduction for salaried individuals: With rising inflation, the standard deduction of ₹50,000 feels inadequate. Increasing it to ₹75,000 or ₹1 lakh would help salaried individuals manage their disposable income better and boost consumption.

3. Tax parity between mutual funds and ULIPs: Currently, ULIPs enjoy tax-free maturity benefits under Section 10(10D), unlike mutual funds. The government should aim to create a level playing field for all investment products, promoting fair competition and informed investment decisions. Also, switching between schemes in a ULIP levies no tax while in Mutual Funds, it does which needs to be addressed.

4. Incentives for long-term equity investment: Reintroducing the long-term capital gains (LTCG) tax exemption for equity investments held for more than three years or increasing the threshold limit (currently ₹1 lakh) could motivate retail investors to stay invested in equity markets longer, promoting financial discipline.

5. Reduction in GST on financial products and services: Financial services like mutual fund management fees, insurance premiums, and brokerage charges currently attract 18% GST. A reduction in GST rates for such essential services to 12% or lower could encourage broader participation in organized financial markets which still remains pathetically low.

6. Greater focus on retirement savings: The government should consider:

o Introducing higher tax benefits for NPS contributions, especially for Tier-II accounts.

o Creating a special tax-saving category for retirees who are heavily dependent on fixed-income investments.

7. Enhancements in Sovereign Gold Bond (SGB) schemes: As physical gold remains culturally significant, promoting SGBs with higher interest rates or additional tax benefits for longer-term holdings could encourage financial gold ownership over physical gold.

8. Tax-free income on green investments: To align with India’s sustainability goals, introduce tax-free bonds for green infrastructure projects or offer tax deductions for investing in environmentally friendly funds.

A smart budget lays the foundation for smarter financial decisions—here’s hoping the government crafts a budget that respects our money’s hard work!"

Budget 2025 expectations LIVE updates: Vivek Jalan, Partner at Tax Connect Advisory Services LLP said the following on Customs and GST:

"Customs:

Exemption of Customs duty on import of technology, machines, equipment for manufacturing Li-Io Cells in India - With Electric Vehicle Sector focus area of the Government, relief is expected for manufacturing of EVs and parts of EVs, especially Lithium Ion Celss (batteries), which are the biggest component of EVs. It is understood that technology, machines, equipment for manufacturing Li-Io Cells have to be sourced from out of India as of now as India does not have the requisite capabilities. Customs duty payment on these would lead to cost inefficiencies for Li-Io battery manufacturers in India.

Industry as well as other Ministries have represented to the MoF already regarding exemption of Customs duty on import of technology, machines, equipment for manufacturing Li-Io Cells in India. This should get some consideration from Government in Union Budget 2025.

Settlement of Dispute Scheme in Customs – As per information It is understood that more than 50000 cases of Customs are pending before Supreme Court, High Court, CESTAT and Commissioner Appeals stage. Further more than 5000 cases are registered every year. All kinds of disputes are there ranging from valuation, classification, refunds, interests, penalties, remission of duties, etc. Even the judiciary is clogged and Government’s revenue is also stuck in the genuine cases too.

A Settlement of Dispute Scheme in Customs is long pending now that such Schemes have been rolled out In all other tax laws. Hence it is expected that such a Scheme may see light of day in Customs too. It will help importers/ Exporters

GST:

To bring a much-needed relief for Indian intermediaries like Indian Auctioneers/ E-Auction platforms, E-Commerce platforms serving international markets, textile and other brokers serving international clients, it is expected that the Union Budget would provide a GST exemption on their services when provided to persons out of India. For Eg. Commission received by Indian agents for goods which are supplied as well as received out of India is now sought to be exempt from GST. The same is expected to be done by deleting Section 13(8)(b) of IGST Act 2017, on place of supply for intermediaries."

Budget 2025 expectations LIVE updates: Vivek Jalan, Partner at Tax Connect Advisory Services LLP said the following on taxation:

"Personal Tax :

Scrapping of the Old Regime totally and rationalising the Income Tax slabs under the new regime – It is a fact that today under the new tax regime, Income Tax has become simpler. Further an exemption of Rs.7 Lakhs means that taxpayers have to pay NIL tax on the same level of Income where they were earlier paying tax. Hence, the Government should consider and make the new regime as the only regime as the Income Tax Act goes for a comprehensive review on 1st Feb 2025.

However, they must also consider easing out the tax rate in the new regime considering the Cost of Inflation of approx. 6% pa and the impact on the present value of money.

It is thus expected that the basis exemption/ rebate be extended to Rs.9 Lakhs for putting in more money in the hands of the middle class. Further, for the established taxpayers with an income of over Rs.15 Lakhs, transition to the new scheme would involve a financial hit. It is expected that the Government would also compensate them. Hence there may be a new slab in the new regime of say Rs.15 Lakhs - Rs.18 Lakhs with a tax rate of 25%.

This would mean more disposable income in the hands of people and a push to consumption which would consequently push the GDP of the Country.

Corporate Tax :

Substantially revamping complex, multiple and redundant TDS provisions leading to confusion and litigation for taxpayers. Also, percentage of deduction in some cases is prohibitive – As of now there are 71 Sections under TDS/TCS; Rates of TDS/TCS is still high inspite of rationalisation in last budget; Also there is overlap between TCS and TDS provisions.

A complete overhaul of TDS/TCS provisions have been represented and is expected in Union Budget 2025 as a part of “Substantially revamping of Income Tax Act” as announced by FM in her last budget speech. It is expected that there may be a single comprehensive Schedule of Rates of TDS (just Like the Customs Tariff Act) with Schedule Notes.

Issuance of TDS/TCS certificates may be withdrawn for Ease of compliances, which will help more than 10 Lakh tax-deductors and Taxpayers. Ease of compliances will certainly help bring improve organised sector."

Budget 2025 expectations LIVE updates: Udit Jain, Director of One Group said, "Over the past few years, the prices of land and construction materials have risen sharply, not only in metropolitan cities but across the country. This, coupled with sustained demand, has significantly driven up property prices, making homeownership increasingly challenging for many. As a result, the real estate sector, particularly the housing segment, requires robust government support to make home buying more affordable for aspiring buyers.

Government intervention through targeted incentives could help alleviate the financial burden on homebuyers. One crucial area to address in the upcoming budget is the enhancement of the income tax deduction limit on home loan interest under Section 24(b), which has remained unchanged for over a decade. Increasing this limit would provide much-needed relief, particularly for buyers in high-cost urban markets.

Another key measure is the extension and expansion of the Credit Linked Subsidy Scheme (CLSS). The government should consider raising the property price threshold for affordable housing eligibility, enabling more middle-income families to benefit from this scheme. Such an adjustment would not only boost demand but also encourage developers to focus on affordable housing projects, a segment currently experiencing a downturn in supply.

Additionally, rationalizing stamp duty rates, especially in Tier-II and Tier-III cities, could significantly stimulate housing demand among mid-income and low-income groups. High stamp duty rates often act as a barrier for homebuyers, and reducing them could make homeownership more accessible in these emerging markets.

Another critical issue that the government should address—or guide the respective state governments to resolve—is the disparity between circle rates (also known as collector rates) and prevailing market prices in certain cities such as Bhiwadi and Tijara in Rajasthan, and Agra in Uttar Pradesh. In these areas, circle rates are often higher than actual market prices, leading to challenges in completing transactions between prospective buyers and sellers.

This discrepancy creates significant problems, including tax implications for both parties. The difference between the market rate and the circle rate is treated as notional gains and attracts taxation for both the buyer and the seller, even if no real gains are realized. Rationalizing circle rates to align them more closely with market values would help facilitate smoother transactions and alleviate these issues."

Budget 2025 expectations LIVE updates: Dinkar Agrawal, Founder, CTO & COO of Oben Electric said, "The Union Budget 2025 is a critical opportunity to address key challenges in India’s EV transition. To achieve the ambitious target of 30% EV penetration by 2030, it’s crucial to tackle both manufacturing and consumer-centric challenges.

Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing. Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India’s Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap.”

Budget 2025 expectations LIVE updates: Deepak Verma, MD and CEO of Findi said, "We eagerly anticipate the Union Budget 2025, hopeful that the government will continue to advance initiatives aimed at deepening financial inclusion and strengthening payments infrastructure to ensure seamless access to financial services for all Indians, especially the underbanked in rural areas.

ATMs and Financial Service Centers, as essential pillars of banking services, play a critical role in bridging the digital payment divide between urban and rural communities. We look forward to measures that incentivize investments in scalable and efficient last mile infrastructure (such as an increase in interchange rates) that strengthen public/private partnership in enabling wider access to banking and financial services. Additionally, we hope for broader policies that encourage innovation in digital payments and foster stronger collaboration between financial infrastructure companies and government programs, driving progress toward a more inclusive digital economy."

Budget 2025 expectations LIVE updates: Vaishali Nigam Sinha, Co-founder and Chairperson of Sustainability at ReNew said, "India's 2025 Budget presents an opportunity to drive transformative change through investments in green skilling and gender equality. These areas are pivotal to building a resilient and inclusive future. Empowering women in renewable energy, where they currently comprise just 14% of the workforce, is not only a matter of equity but also an economic necessity. Focused funding for green skilling will ensure India’s workforce is prepared for the clean energy transition. By prioritizing gender-responsive budgeting, we can create a sustainable future that empowers women to lead in renewable energy and STEM fields."

Budget 2025 expectations LIVE updates: Kavita Shirvaikar, Managing Director of Patel Engineering Limited said, “India’s infrastructure is poised for major transformation. Key priorities include increased project funding, stronger central support to states for timely execution, and widespread adopting surety bonds over bank guarantees for bid, performance, and advance securities by government agencies and PSUs to ease financial limits and enable efficient project delivery. Granting special status to major projects could further improve access to affordable financing ensuring timely and successful execution. Establishing a dedicated green energy fund to support hydropower and other sustainable projects would drive India’s sustainable energy transition.

Prioritising sectors like power, roadways, railways, and urban development will spur economic growth, job creation, and foreign investment. Investing in skill development for renewable energy and technology will further prepare the workforce for future demands. By advancing infrastructure and strategic growth, India can unlock its immense economic potential, boost GDP, and solidify its position as a global powerhouse."