As Union Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025 on February 1, anticipation is building across industries that are closely watching for policy measures that could shape their growth trajectories. This will mark Sitharaman’s eighth consecutive budget, and with the country navigating evolving economic challenges and opportunities, stakeholders from various sectors, including startups, media and entertainment, advertising and marketing, technology, and video gaming, are eager to see how the government addresses their pressing concerns.
For the advertising, marketing, and media ecosystem, the budget holds significant weight, influencing everything from consumer sentiment to digital taxation and regulatory frameworks. With digital transformation accelerating and businesses adapting to shifting economic conditions, expectations are centered around measures that could support innovation, ease operational challenges, and stimulate industry growth.
As the budget day approaches, industry leaders are sharing their perspectives on what they hope to see in the upcoming financial roadmap.
Ashwani Singh, Managing Director of 35 North Ventures (SEBI Accredited Firm), an early-stage AIF focused on empowering startups, said that over the past decade, India’s startup ecosystem has evolved into a global powerhouse, driving innovation. As Union Budget 2025 approaches, stakeholders eagerly anticipate policies that will further amplify this momentum.
“I see immense opportunity to address critical pain points such as access to funding, tax inefficiencies and compliance burdens which can be addressed through targeted policy interventions to build a robust startup ecosystem,” he added.
1. Ease of Funding:
Propelling forward with programs like the Startup India Seed Fund Scheme (SISFS) and Fund of Funds for Startups (FFS) to address funding gaps, the introduction of co-investment models, offering private venture capitalists a prospect for alliance with government-backed initiatives, would unlock new funding sources and lessen the barriers to entry for startups in underserved regions.
Globally, similar approaches have demonstrated success such as the “Yozma” program, a government-backed initiative to encourage private investments in startups, which transformed Israel into a “Startup Nation”, Singh mentioned.
2. Tax Inefficiencies:
Furthermore, he added that the current taxation structure, taxing Employee Stock Option Plans (ESOPs) at time of vesting and the high tax burdens on capital gains for Angel Investors, hinder progress in the employee retention and funding landscape.
“In the upcoming budget, I anticipate tax reforms to tackle these hurdles – simplifying ESOP taxation, streamlining capital gains tax structure across asset classes or introducing tax exemptions for angel investors and aligning them with global standards to encourage greater inflows of private capital into the startup ecosystem,” he added.
3. Infrastructure for Innovation:
To foster the economy of ideas, state-backed incubation hubs, innovation clusters, and advanced R&D labs are crucial. Providing affordable workspaces, access to advanced equipment, and mentorship programs can significantly accelerate startup growth. Initiatives like T-Hub in Telangana and Kerala Startup Mission (KSUM) serve as excellent examples that need to be scaled nationwide.
4. Sectoral Incentives:
Sectors such as AgriTech, ClimateTech and DeepTech are set to drive India’s long-term economic and environmental goals in the coming decade. Requiring heavy investment in R&D, targeted grants, subsidies, and tax benefits could spur innovation in these areas.
5. Streamlined Compliance and Regulatory Framework:
Singh said, “Introduction of a unified clearance system and tackling redundancy in administrative filings to ease operational and bureaucratic burdens on startups will bolster growth of SMEs. Estonia’s e-Residency program which simplifies administrative processes for entrepreneurs, allowing them to establish and manage businesses entirely online, is a successful model which India could implement.”
“As I look ahead, I remain optimistic that Budget 2025 will not only address immediate challenges but also lay the foundation for a sustainable and thriving startup ecosystem that resonates with the aspirations of a new India,” he added.
Somdutta Singh, First-Generation Serial Entrepreneur, Founder and CEO Assiduus and Investor with Karma Holdings (Family office invests in direct ventures and external funds), mentioned, “Looking ahead to 2025, I am definitely expecting a historic surge in IPOs, with at least 23 new-age tech startups poised to enter public markets – almost double the number from 2023 when 13 startups went public. This trend not only reflects investor confidence but also indicates a maturation within the ecosystem where early-stage companies are now transitioning into growth and pre-IPO phases.”
Furthermore, he added that the government’s ongoing support through initiatives managed by SIDBI has further bolstered this ecosystem. The Fund of Funds Scheme has disbursed over Rs 10,805 crore to alternate investment funds, which in turn invested Rs 18,000 crore into more than 1,030 startups. Such financial backing is crucial as it empowers startups to innovate and expand their operations beyond metropolitan areas into Tier II and III cities. The Indian startup sector’s journey thus far has been characterised by rapid growth and resilience amidst adversity.
“As we look forward to the Budget, stakeholders are hopeful for measures that will simplify tax structures, enhance access to credit, and promote infrastructure development – all vital components for sustaining this momentum. I am confident, this collective aspirations of entrepreneurs and investors reflect a vision for not only immediate relief but also long-term sustainability that aligns with India’s economic goals of becoming a developed nation by 2047,” Somdutta stated.
Yasin Hamidani, Director, Media Care Brand Solutions stated that they are looking forward to policies that drive inclusive economic growth, encourage innovation, and foster ease of doing business.
“I’m hopeful for reforms that enhance infrastructure, incentivise digital transformation, and provide tax benefits to spur investments and consumer spending. A balanced budget addressing both fiscal discipline and growth-oriented measures will be key to sustaining momentum in India’s journey toward becoming a $5 trillion economy. Additionally, prioritising skilling programs, sustainability initiatives, and support for MSMEs will strengthen India’s economic backbone. Measures to boost green energy adoption and streamline regulatory frameworks can further ensure long-term growth and global competitiveness,” Hamidani added.
“The Media & Entertainment (M&E) industry in India is a key driver of economic growth, cultural influence, and employment. As the government prepares to announce the Union Budget for FY 2025-26, there are a range of expectations aimed at fostering growth, enabling digital transformation, and addressing regulatory hurdles,” she stated.
1. Taxation Reforms
Reduction in GST Rates: The industry seeks a rationalization of Goods and Services Tax (GST) rates, particularly for cinema tickets, which are currently taxed at 18%-28%. A lower rate could boost footfalls and revive the cinema exhibition segment post-pandemic. GST on M&E services like OTT subscriptions and broadcasting, currently at 18%, could also be reduced to make content consumption more affordable.
Tax Relief for Production Houses: Introduction of tax incentives or deductions for investments in domestic content production can encourage regional and high-quality storytelling. This is especially crucial for small and medium-sized production houses.
2. Infrastructure Development
Incentives for Multiplex and Cinema Hall Development: Support for building multiplexes and cinema halls in Tier 2 and Tier 3 cities can expand market access and address gaps in entertainment infrastructure. Interest-free loans or subsidies for such projects can further boost local economies and entertainment access.
Content Creation Ecosystem: Policies encouraging the establishment of state-of-the-art studios, post-production facilities, and animation/VFX hubs across India can position the country as a global content production powerhouse.
3. Support for Digital Transformation
Funding for Digital Media Startups: Government grants or low-interest loans to digital media startups, including OTT platforms and online gaming ventures, can help India strengthen its global position in the digital M&E space.
5G Rollout and Digital Infrastructure: Accelerating 5G implementation and reducing data costs will enhance streaming experiences and encourage digital consumption in rural and semi-urban areas.
4. Boosting Exports and Global Competitiveness
Incentives for Animation, VFX, Gaming, and Comics (AVGC) Sector: The AVGC sector requires export-focused policies, such as tax holidays, grants for skill development, and international collaboration initiatives. This can capitalise on India’s skilled workforce and growing global demand.
Aasif Malbari, CFO, Godrej Consumer Products, said, “The Budget is a great opportunity to create an inclusive and sustainable consumption growth story. Through reforms such as lowering oil import duties, rationalizing GST rates, generating rural employment, and incentivizing investments, the government can unleash the real power of the consumption economy. This would translate into an uplift in consumption and translate to sustained economic growth.”
Ambika Sharma, Founder and Chief Strategist, Pulp Strategy, emphasised that Union Budget 2025 is a defining moment for India’s digital-first economy.
“With AI, Martech, and digital automation becoming central to brand engagement, we anticipate policies that empower businesses to scale innovation, enhance customer experience, and drive ethical, data-driven marketing. Clarity on AI regulations, tax incentives for digital advertising, and support for MSMEs adopting Martech and digital solutions will be key enablers. As India strengthens its digital infrastructure, businesses that embrace digital, tech driven engagement and personalisation will lead the next wave of growth,” she added.
Smitha Shetty, Regional Director – APAC – Achilles Information, mentioned that this budget has the potential to empower businesses, especially MSMEs, to overcome challenges such as limited resources and awareness in adopting green practices like renewable energy adoption, waste reduction technologies, and sustainable supply chain management.
“We hope to see measures such as easier access to green financing for MSMEs, tax benefits for environmentally friendly investments, and the creation of a robust Green Credit and Carbon Market framework to incentivize sustainable investments and enable businesses to offset emissions,” he added.
Additionally, promoting supply chain transparency can support responsible sourcing, reduce environmental impact, and strengthen resilience against future uncertainties—all while advancing India’s Net Zero 2070 vision. We urge the government to introduce practical, actionable policies that empower businesses to transition toward sustainability seamlessly and inclusively, contributing to a greener, more resilient future for India.
Masaharu Morita, Founder and Program Director at NURA, emphasised that the country’s healthcare industry hopes that the government will surely look at launching programmes and policies in the upcoming Budget 2025 that support the growth of the AI ecosystem in India with a clear roadmap to position the country as a global hub for the AI-enabled healthcare services.
“With the help of the government’s industry friendly policies, AI-enabled healthcare companies can channelize more investments in the healthcare sector, particularly in the adoption of AI and advanced technologies. Higher budgetary allocation for healthcare in the upcoming budget particularly in promoting R&D and integration of AI solutions in diagnostics, telemedicine, and personalised healthcare would be very beneficial for the sector as a whole,” Morita said.
To address emerging health challenges, the upcoming budget should focus on investing in preventive care, enhancing care coordination and management, and addressing healthcare gaps, particularly with the help of emerging technologies such as AI and blockchain, Morita stated.
Bijal Sanghvi – Managing Director – Axis Solutions, emphasised that the future of engineering and manufacturing in India holds immense promise as the government continues to prioritize clean energy, sustainable practices, and technology-driven advancements. The Budget 2025 is expected to amplify this trajectory by allocating substantial resources toward renewable energy adoption, waste reduction, and green technology integration.
“Industries in India are poised to make significant strides toward achieving net-zero emissions through eco-friendly collaborations, such as establishing energy-efficient factories and adopting sustainable materials. The government’s focus on initiatives like the National Green Hydrogen Mission, solar energy expansion underscores a commitment to creating a cleaner, greener industrial ecosystem. These measures are anticipated to attract investments, generate green jobs, and position India as a global leader in sustainable manufacturing,” Sanghvi said.
“Simultaneously, the Budget 2025 is expected to foster the digital transformation of India’s manufacturing sector, unlocking the full potential of Industry 4.0 through strategic investments in AI, IoT & IIoT, robotics, and automation. Public-private partnerships will play a pivotal role in driving innovation and integrating cutting-edge technologies into traditional manufacturing processes. Initiatives such as “Digital India,” “Make in India,” and “Skill India” are likely to receive renewed focus, enhancing competitiveness and creating a skilled workforce prepared for the future of work. Furthermore, investments in infrastructure upgrades, advanced logistics, and global trade corridors will ensure inclusive growth, extending opportunities to all stakeholders. Together, these initiatives promise to blend sustainability, innovation, and equitable development, paving the way for a resilient and progressive industrial future for India,” Sanghvi added.
Harsh Somiya, Co- Founder, The Bear House, mentioned, “We are optimistic that the upcoming budget will push the apparel sector on to its next wave of growth and expansion locally and globally. A simpler tax structure, policies to support the fashion industry and promote businesses like ours to expand would all be instrumental in enhancing the competitiveness of Indian brands globally. Announcements to bolster our digital infrastructure and fortify the e-commerce ecosystem would further empower brands like ours to connect with customers nationwide and beyond.”
Amit Sharma, MD and CEO, Tata Consulting Engineers, highlighted that a stronger push for renewable energy, including offshore wind, green hydrogen, and small modular reactors (SMRs), coupled with grid expansion, viability gap funding, and single-window approvals, will accelerate the energy transition. Strengthening nuclear energy through Bharat Small Reactors (BSR) and a contingency reserve for disaster management will bolster long-term energy security.
“Modernising ports, promoting shipbuilding, and developing industrial clusters for semiconductors, EV batteries, and clean technologies will boost self-reliance and export competitiveness. Coastal industrialisation and inland logistics hubs will further drive efficiency and reduce costs. Smart infrastructure, digital twins, AI-driven mining, and integrated water management will be crucial for sustainability,” Sharma said.
Skill development, gender diversity in engineering, and incentives for public-private partnerships will help bridge workforce gaps. Enhanced climate finance, including green bonds, R&D funding for energy storage, and low-interest loans for critical projects, will support India’s journey towards decarbonisation, innovation, and global leadership in engineering and consultancy, he added.
Yogesh Chaudhary, Director at Jaipur Rugs, highlighted that with the upcoming union budget, they are optimistic about the government’s continued focus on empowering the handmade carpet industry.
“We hope to see policies that will not only promote sustainable growth but also strengthen the livelihood of artisans who are the heart of this industry. Supporting skill development, ensuring fair wages, and increasing access to global markets are critical steps toward creating long-term prosperity for these artisans. With a positive outlook, we are confident that the budget will bring forward measures that will elevate the handmade carpet sector, allowing it to thrive and flourish in the years to come,” he said.
“Jaipur Rugs, being one of the few brands from India that has successfully garnered its presence in the global domain, firmly believes in the potential of the handmade carpet industry to shine on the world stage. We see tremendous opportunity in fostering innovation, supporting design development, and enabling digital integration, which will allow artisans to reach new global markets with their exceptional craftsmanship. As a brand committed to preserving traditional craftsmanship while integrating modern techniques, we look forward to policy initiatives that bridge these worlds and enable greater access to financing and technology,” Chaudhary added.
Makarand Kulkarni – CEO – revalyu Resources, said, “We look forward to the upcoming Union Budget addressing key enablers for the manufacturing and recycling sectors. Policies that incentivize investment in advanced recycling technologies, offering tax incentives for sustainable manufacturing facilities, will significantly bolster industry growth. Government of India has mandated for 30% recycled content in rigid packaging from 1st April 2025. Strict implementation of this policy shall not only encourage recycling but place India as an important supplier for food grade recycled packaging.”
“We urge the government to introduce comprehensive guidelines for Extended Producer Responsibility (EPR) that prioritize high-quality recycling methods like chemical recycling. Support for infrastructure development, streamlined approval processes, and skill enhancement programs will play a vital role in scaling up operations and fostering innovation. A robust framework will not only reduce plastic waste but also create a competitive global market for recycled materials, contributing to India’s sustainable development goals,” he added.
Sanjay Choudhari, Chairman, SBL Energy, stated that the industrial explosives sector is a cornerstone for India’s mining and infrastructure ambitions.
“As we look to the Union Budget 2025, we hope for significant investments in large-scale infrastructure projects, especially in sectors like railways, highways, and mining, which directly drive demand for industrial explosives,” Choudhari said.
Furthermore, he went on to say, “The rising cost of raw materials, particularly ammonium nitrate, remains a pressing challenge. Rationalizing import duties or introducing tax incentives on key inputs would provide much-needed relief and enhance competitiveness.
In line with India’s sustainability agenda, the government should encourage innovation in eco-friendly explosives technologies through targeted R&D incentives. This will enable the sector to align with environmental goals while maintaining operational efficiency.”
Choudhari highlighted that reforms aimed at simplifying regulatory frameworks, particularly around licensing and safety compliance, will foster a more conducive business environment. With the right support, the industrial explosives industry is well-positioned to accelerate the country’s industrial and infrastructure growth, contributing significantly to the vision of a self-reliant India.
Anand Jain, Co-Founder and Chief Product Officer, CleverTap said, “With the upcoming budget, it’s crucial to prioritise emerging sectors like SaaS, Web3, and AI. Together, they are transforming industries and positioning India as a global technology leader. Clear regulatory frameworks for digital assets, smart contracts, and SaaS platforms will help foster innovation, attract investment, and enhance competition in these high-growth areas.
“As a SaaS company, we see immense potential in policies that drive the adoption of cutting-edge technologies like AI. Initiatives such as the Centers of Excellence for Artificial Intelligence, the INDIAai mission and the ‘Make AI in India’ programs are commendable. Expanding incentives for AI-driven solutions across governance, education, and healthcare could further accelerate India’s digital transformation and solidify its leadership in the global AI landscape,” Jain said.
At the same time, the reduction in LTCG tax rates for unlisted shares to 12.5% last year was a positive step. Simplifying compliance, stimulating innovation, and ensuring access to funding are essential for empowering startups and MSMEs to create transformative solutions for the world. Additionally, extending the ESOP tax deferment policy to all DPIIT-recognised startups would also help attract and retain top talent, addressing a critical challenge in today’s ecosystem.
“From a broader perspective, revisiting income tax slabs should also be a priority. With rising living expenses significantly reducing disposable income, consumption has slowed, impacting economic momentum. Providing relief through taxation adjustments would help ease financial pressures, encourage spending, and drive growth across sectors. A more progressive framework could further boost demand, benefiting businesses, including startups and MSMEs,” Jain added.
Ishank Joshi, MD and CEO, Mobavenue underscored that the Union Budget 2025-26 must prioritise investments in AI and digital infrastructure to strengthen India’s position as a global leader in technology.
“By championing the ‘Make in India for the Globe’ vision, the government can drive innovation, develop export-ready solutions, and establish India as a hub for emerging technologies and advanced software solutions. We look forward to policies that promote research funding, provide workforce training through tax incentives, and foster partnerships with private enterprises to accelerate the adoption of AI-driven software. Furthermore, upgrading digital infrastructure, democratising access to high-performance computing resources, enhancing digital data ecosystems, and expanding outsourcing capabilities will foster equitable growth. With India’s AI market projected to reach $25 billion by 2030, this budget can lay the groundwork for global influence and inclusive digital and AI transformation,” he added.
Mridu Andotra, Founder and CEO, GeniusMentor, said, “I believe the Indian education system is on the cusp of a technological revolution, and the upcoming budget presents a crucial opportunity to solidify our commitment to integrating AI into the learning experience. While the National Education Policy (NEP) 2020 and its 2024 updates have laid the groundwork for introducing AI in schools and colleges. Although the government allocated INR 10,300 crore to the IndiaAI Mission in the 2024-25 budget, this initiative encompasses broader AI development, not solely education.”
Furthermore, Andotra stated that to truly empower India’s youth and establish the nation as a leader in AI, the upcoming budget must prioritise a dedicated budget allocation for AI in schools and colleges. A significant increase is needed, potentially aiming for 5-10% of the overall education budget, to match the ambitious goals outlined in the NEP 2020. This investment should focus on providing cutting-edge AI infrastructure, including high-speed internet access, advanced digital tools, and dedicated AI labs in schools and colleges.
“It should also include provisions for upskilling educators in AI pedagogy and developing engaging, hands-on AI learning experiences for students. China and the US are investing heavily in AI education and the US government is actively supporting AI integration in K-12 education. India needs to ramp up its investment to remain competitive and ensure its students are equipped for the future. This budget is a chance for the government to show that they’re serious about AI in education, and I sincerely hope they seize it,” Andotra added.
Ram Ramalingam– Founder and CMO, GeniusMentor, “Tech start-ups in India, especially the ones in the education domain, will directly impact the quality of the Indian workforce in the global scene. Thus, I believe it’s high time for the government to “walk the talk” on providing tangible assistance and benefits to the start-ups, like offering a true ease of doing business by lowering the price and the TaT for incorporating LLCs or Pvt. Ltd. for all start ups, and providing financial subsidies, grants and incubation assistance for the ones dabbling in next-gen technologies like AI in key areas like education.”
Alok Dubey – Chief Finance Officer, Acer India and Ganesh Raju – Founder, Turbostart Global, said that the upcoming budget should prioritise India’s digital and technological growth by focusing on key areas such as AI, machine learning, blockchain, and 5G infrastructure. Strengthening these areas will drive innovation and help bridge the digital divide between urban and rural India.
“We anticipate measures to boost R&D, semiconductor manufacturing, and green technologies, which are crucial for enhancing India’s position as a global technology hub. Policies that support startups, MSMEs, and local manufacturing—through refined PLI schemes and targeted subsidies—will play a pivotal role in strengthening the ‘Make in India’ initiative and reducing import dependency. Additionally, simplifying tax structures and investing in skill development will empower the tech ecosystem, driving long-term, sustainable growth. We are optimistic about the government’s continued focus on digital transformation, sustainability, and self-reliance, which align with our commitment to innovation and eco-friendly practices,” he added.
Ganesh Raju, Founder, Turbostart Global, emphasised that the upcoming budget needs to recognise a crucial shift in India’s startup landscape.
“While we have mastered software innovation, the next wave of value creation will come from hard-tech – startups solving complex industrial, agricultural, and healthcare challenges. To enable this, we need more than just tax benefits. We should consider creating specialised funding pools for R&D-intensive startups, particularly those working on deep tech solutions. The government could introduce matching funds for early-stage investments in sectors like semiconductor design, biotech, and advanced materials,” he said.
“This would help de-risk private investment in areas that typically have longer gestation periods but higher impact potential. Additionally, simplifying the process for academic institutions to become startup shareholders could unlock a wealth of untapped innovation. Many breakthrough technologies remain within lab walls due to complex commercialisation pathways. The focus should shift from creating more startups to enabling the right kind of startups – ones that solve India’s core challenges while building for global markets,” he added.
Nikhil Sethi, Founder and MD, Zuvomo, said that the Union 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,” Sethi said.
“The RBI’s stance reflects a lack of understanding of decentralisation’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,” he added.
Sai Pattabiram, Founder and MD, Zuppa Geo Navigation Technologies stated that the demand for secure non Chinese drones is growing the world over and more so in India . India has the opportunity to leverage its own domestic consumption and global reputation as a trustworthy technology partner built by the IT sector to evolve into a global drone hub.
“This can only be achieved by India moving deeper into the component level supply chain from the current assembly of imported components level that it is in today. Drone cybersecurity is turning out to be an absolute must-have for India in particular and global users in general especially after the often quoted electronic warfare threats in Ukraine and the Hezbollah pager attack in Lebanon. The Government should recognise this huge National as well as global opportunity and support companies involved in Component manufacturing , Cyber , Data Security and analysis for drones. A Design linked Incentive (DLI) coupled with a PLI that supports use of only domestically produced components by OEMs will boost the sector in a big way,” Pattabiram said.
“As we await the Union Budget 2025, we anticipate strategic initiatives that will further bolster the industry’s growth. We are optimistic that advancements in this area will not only propel the drone sector forward but also have a positive ripple effect on businesses operating in India,” he added.
Yashoraj Tyagi, CEO, CASHe, emphasised that the lending sector expects some major changes in the upcoming Union Budget. Increased credit fraud, limited access to customer protection tools and cyber scams have temporarily disrupted the digital lending ecosystem. This year’s budget presents opportunities to introduce policies that can strengthen digital infrastructure and enhance access to financial services.
“There is an urgent need to make the lending process more efficient and accessible, which requires government support through targeted regulatory reforms. Establishment of a dedicated India Fintech Credit Fund (IFCF), could be a game-changer in enabling smaller fintech companies to access affordable financing; This initiative shall help establish robust regulation to curb illegal lending, consumer protection, and enhancement,” Tyagi said.
“Besides, the gaps in underserved markets, especially in Tier II and Tier III cities, need to be addressed. The Finance Minister should prioritise financial inclusion to bring more people into the formal financial system and drive equitable growth,” he added.
Amit Khatri, Co-Founder, Noise, underscored that India’s electronics industry has become a pivotal driver of economic growth with domestic production projected to reach $300 billion by 2026. This expansion underscores the sector’s role in shaping India’s global standing, fueled by initiatives like Make in India, Digital India, and Skill India, which position technology as a cornerstone of the country’s economic development.
“To sustain this trajectory, bolstering manufacturing efforts through programs like the PLI scheme, reducing import dependencies and duties, building infrastructure to boost components production, and fostering global partnerships will further enhance India’s competitiveness in the global value chain. For instance, our collaboration with Amber has helped us underscore the impact of local manufacturing capabilities. In addition to this, strategic investments in R&D are essential to spur innovation, enabling the development of advanced solutions that cater to evolving consumer needs,” Khatri said.
“An innovation ecosystem can fuel growth and global leadership, while measures to counter inflation and encourage discretionary spending are imperative. As a leader in smart wearables, we see immense potential in leveraging technologies to transform industries such as finance, and insurance, driving efficiency and convenience for consumers. Innovations like our NCMC-enabled and Tap and Pay smartwatches exemplify this vision by fostering integration across critical sectors and accelerating the shift to a digital-first economy. Strengthening the digital payments ecosystem through increased government support for NPCI initiatives will catalyze adoption. These measures will galvanise the electronics industry and solidify India’s leadership in the global landscape,” he added.
Ketan Kulkarni – Managing Director – Gati Express and Supply Chain, said that aligned with India’s ambitious vision of becoming a $7 trillion economy by 2030, Budget 2025 must prioritise rapid infrastructure development to enable the logistics and transportation sector to realise its full potential as a catalyst for economic progress and sustainable growth.
“We hope Budget 2025 will reflect the government’s commitment to continuity in reforms, stable decision-making, and progressive policies. Such measures can unlock industry potential by promoting breakthrough technological innovations, empowering start-ups to adapt to an evolving landscape, and bolstering the sector’s competitiveness and resilience,” Kulkarni added.
The industry anticipates bold initiatives aimed at improving last-mile connectivity and transformative reforms to strengthen the logistics and transportation ecosystem. A key expectation is the incentivisation of EV charging infrastructure, which is critical to driving sustainability through greater adoption of electric vehicles in logistics operations.
“Furthermore, the budget presents an opportunity to enhance the ease of doing business through initiatives like ‘Jan Vishwas Bill 2.0’ and accelerating digitalisation efforts to optimise regulatory processes. Increasing the collateral-free Mudra loan limit and establishing dedicated e-commerce export hubs would also be significant in fostering the growth of MSMEs, a crucial driver of India’s economy,” Kulkarni said.
“By placing a stronger emphasis on digital transformation, Budget 2025 could significantly improve the efficiency and agility of the logistics sector. This would align the industry with global standards while creating a competitive and future-ready ecosystem that underscores the government’s commitment to a seamless and resilient business environment,” he added.
Akshat Rathee, Co-founder and MD, NODWIN Gaming, stated that looking ahead to the Union Budget, he hopes to see measures that accelerate the growth of India’s gaming and esports industry. Incentives for semiconductor design and manufacturing could bolster the tech ecosystem and elevate gaming hardware standards. Similarly, tax relief for middle-income groups could boost disposable income, creating opportunities for studios to develop India-centric gaming IPs.
“Initiatives supporting AI skills for rapid game deployment and quality assurance would play a pivotal role in keeping pace with global advancements, enabling faster development cycles and enhancing game quality. With the Olympic Esports Games approaching, investments in training infrastructure and coaching for esports athletes can solidify India’s position on the global stage. With the right support, gaming has the potential to drive economic growth and empower the next generation of talent in our country,” he added.
Vishal Parekh, Chief Operating Officer, CyberPowerPC India, mentioned, “As we look forward to the Union Budget 2025-26, we are optimistic about measures that could empower India’s gaming ecosystem. With PC gaming titles likely to be a part of the Olympic Esports Games 2025, there’s an unprecedented opportunity to position India as a global gaming powerhouse. Provisions such as reduced customs duties on gaming hardware, tax incentives to foster growth, and investments in digital infrastructure could enhance accessibility and affordability for gamers across the country. Supporting the adoption of high-performance gaming PCs would not only fuel India’s gaming culture but also boost our chances of securing medals in global esports tournaments.”
“We hope the government continues its progressive approach toward the AVGC and gaming sectors, fostering an environment where innovation and competitive excellence thrive, driving India’s gaming revolution forward,” he added.
Milind D. Shinde, Founder and CEO, 88 Games, emphasised that as the Union Budget 2025-26 approaches, they are optimistic about the government’s continued focus on bolstering India’s video gaming and AVGC XR ecosystem.
“In 2025, we hope to see further incentives for gaming studios, particularly those developing Made-in-India games which reflect our unique culture and stories on a global stage. Enhanced investment in AVGC XR infrastructure, tax benefits for gaming startups, and support for training initiatives in gaming design and development can position India as a global hub for gaming innovation. We believe this year’s budget has the potential to create a roadmap that fosters innovation, empowers local developers, and establishes India as a leader in the global gaming industry,” he added.
Abhinav Kumar, Cofounder, Brand Concepts, highlighted that they hope to see significant measures that address the pressing need for increased disposable income among consumers, particularly through income tax reforms.
“Reducing GST will help ease the financial burden on consumers and enhance their purchasing power, driving retail consumption. Moreover, boosting consumption in Tier 3 cities through targeted incentives, accessibility, and infrastructural development will be crucial for expanding retail markets. Simplifying the ease of business is also key to enhancing growth in this dynamic sector. Specifically, in the handbag category, the right policy framework will help us create high-quality products that meet the evolving needs of consumers, contributing to the continued expansion of India’s retail landscape,” Kumar added.
According to Tejas Patil, Founder, Arbour Investments, the real estate sector, currently contributing approximately 7.3% to India’s GDP and projected to reach 13% by 2025, anticipates reforms to address persistent challenges and unlock its full potential. This sector is also a significant employment generator, supporting over 50 million jobs, underscoring the need for focused policy attention.
“A critical expectation is the granting of ‘Industry’ status to real estate, which can streamline access to institutional finance, potentially reducing borrowing costs and enhancing transparency. Furthermore, increasing the tax exemption limit for housing loans from Rs 2 lakh to Rs 3 lakh could spur demand for residential properties, making homeownership more affordable for the middle-income segment,” Patil said.
Furthermore, he stated that amendments to GST regulations, such as allowing input tax credit on under-construction properties, can reduce costs for developers and end-users. Additionally, reducing the GST rate on cement from the current 28% to 18% would lower construction costs, thereby promoting growth in the housing sector.
“Infrastructure development should remain a priority, with increased budgetary allocations for urban renewal projects and connectivity initiatives. The previous year’s capital expenditure saw a significant increase, and a similar push this year could accelerate growth, particularly in tier 2 and 3 cities. Lastly, fostering private investments through Alternative Investment Funds (AIFs) and offering tax incentives to institutional investors will ensure liquidity and enable ambitious projects. We hope the upcoming budget takes these transformative steps, empowering real estate to remain a cornerstone of India’s growth story,” he added.
Gaurav Dagaonkar, Co-founder and CEO, Hoopr, said, “For music-tech startups like ours, initiatives that further simplify and strengthen intellectual property regulations, provide access to affordable capital, and incentivize innovation in areas like AI and music technology will be crucial. We need a policy framework that not only supports the growth of India’s ₹10,000 crore creator economy but also fosters responsible innovation and empowers creators to thrive.”
“I am hopeful that the upcoming budget will continue to create a conducive environment for the music-tech sector to flourish and contribute significantly to India’s economic growth,” he added.
Sajeev Nair, Founder and Chairman, Vieroots, a health-tech company stated that the focus on preventive healthcare is more crucial than ever. At Vieroots, they believe that the future of healthcare lies in empowering individuals to take charge of their well-being through personalized solutions rooted in genetic and metabolic insights. This approach not only reduces the burden of lifestyle diseases but also enhances the overall productivity and quality of life for millions.
“The upcoming budget presents an opportunity for the government to incentivize this shift towards proactive healthcare. Tax benefits for individuals investing in preventive health programs can encourage widespread adoption. Additionally, targeted support for health-tech innovations, especially in genomics and AI-driven personalized health, can position India as a global hub for cutting-edge wellness solutions. Public awareness campaigns highlighting the importance of personalized wellness can further transform health outcomes at a population level,” Nair said.
He added, “A robust focus on these measures will not only strengthen India’s healthcare ecosystem but also foster a healthier and more resilient society. By aligning policy priorities with the potential of personalized wellness, we can create a sustainable, future-ready healthcare model that serves as a benchmark for the world.”
