Budget 2025 Reactions: From economists, political leaders, corporates to market analysts, how India is viewing FM's announcements

Budget 2025 Reactions: Union Budget signals a strategic move to position India as a global hub for mobile manufacturing, says itel and Tecno's CEO Arijeet Talapatra

The Union Budget 2025 signals a strategic move to position India as a global hub for mobile manufacturing. The proposed tariff reductions on essential assembly components—such as PCBAs, camera modules, USB cables, and display modules—are a welcome measure that will improve cost efficiencies, accelerate localization, and strengthen the Make in India initiative.  This move strengthens India’s position in the global supply chain, especially amidst shifting trade dynamics amongst major economies.

Budget 2025 Reactions: Government's decision to establish new ‘Fund of Funds for Startups’ will provide significant boost to innovation and job creation, says Zypp Electric's Rashi Agarwal

The Union Budget 2025 reaffirms India's commitment to fostering entrepreneurship and empowering the gig economy. The government's decision to establish a new ‘Fund of Funds for Startups’ with an additional Rs 10,000 crore infusion will provide a significant boost to innovation and job creation. This initiative, coupled with the dedicated support for 5 lakh women, SC, and ST first-time entrepreneurs, will drive inclusive growth and encourage diverse participation in the startup ecosystem.

Budget 2025 Reaction: Government’s decision to fully exempt Basic Customs Duty on critical minerals will foster job creation, says Godawari Electric Motors's CEO Hyder Ali Khan

The National Manufacturing Mission is a significant step toward strengthening India’s clean-tech ecosystem, ensuring self-reliance in EV battery and solar panel production. The establishment of five National Centres of Excellence for skilling will further empower our workforce, creating a robust talent pool for the EV industry. Additionally, the government’s decision to fully exempt Basic Customs Duty on critical minerals like cobalt and lithium-ion battery waste will secure essential resources for domestic manufacturing while fostering job creation. The customs duty exemption on 35 capital goods for EV battery manufacturing is another welcome move, as batteries account for nearly 40 per cent of an EV’s cost. Any cost reduction in this segment will directly make EV adoption more affordable for consumers.

Budget 2025 Reactions: Union Budget reflects the government's commitment to an inclusive India, says PB Fintech's CEO Sarbvir Singh

The Union Budget 2025 reflects the government's commitment to an inclusive India. It focuses on four key pillars: youth, farmers (Annadata), women, and the economically disadvantaged. By prioritizing these groups through targeted development measures, the budget sets the stage for a more equitable society and contributes to the broader vision of a 'Viksit Bharat.

Budget 2025 Reactions: Introduction of a small business credit card mark a significant step towards democratising credit access for MSMEs, says Mintoak's CEO Raman Khanduja

The Union Budget 2025 reinforces India’s vision to strengthen the digital payments ecosystem and support startup growth. The Rs 10,000 crore Fund of Funds is a key step in mobilising domestic capital and enabling Indian startups to scale. Focus on enhancing digital infrastructure, including broadband, 5G, and tech innovation, is vital for financial inclusion and business growth. The introduction of a ₹20,000 crore innovation fund and streamlined regulatory processes for high-growth startups further nurtures India’s entrepreneurial spirit.

The doubling of loan cover under the Credit Guarantee Fund Trust for Micro and Small Enterprises and the introduction of a small business credit card mark a significant step towards democratizing credit access for MSMEs. These measures will empower small businesses with the financial agility they need to scale operations, invest in innovation, and drive economic growth.

Budget 2025 Reaction: Union Budget presents a forward-thinking roadmap for strengthening India’s manufacturing ecosystem, says Volkswagen India's Ashish Gupta

Union Budget 2025 presents a forward-thinking roadmap for strengthening India’s manufacturing ecosystem, with a clear emphasis on clean technology, skill development, and infrastructure growth. By prioritising these areas, along with manufacturing, India is advancing toward a circular economy—where investments, innovation, and sustainable practices drive long-term growth. This vision is further reinforced with significant initiatives for the automotive industry, ensuring a more self-reliant and innovative future.

Budget 2025 Reactions: Higher disposable income an opportunity for individuals to reassess  their financial journeys, says Multipl's Vikas Jain

"At Multipl, we see this increase in disposable income as an opportunity for individuals to reassess their financial journeys," says co-founder Vikas Jain.

"With more cash in hand, they can explore diverse investment options for wealth creation and for fulfilling their aspirations in a prudent manner by using 'Spendvesting'. This shift not only empowers individuals but also has the potential to create a dynamic investment landscape across the country," he adds.

Budget 2025 Reaction: A mixed bag for restaurant sector, says NRAI

The National Restaurant Association of India (NRAI) supports the government's initiative to reduce income tax, resulting in an estimated savings of Rs 1 lakh crore for citizens. This move is expected to significantly increase discretionary spending, thereby benefiting the restaurant industry.

The NRAI also commends the government's focus on tourism and its grant of infrastructure status to hotels. However, the restaurant sector, which is an important part of the hospitality industry, has once again been overlooked. NRAI expresses disappointment that the restaurant industry was not classified as a labour-intensive industry, despite being the second-largest employer in the services sector, directly employing nearly 9 million people.

Budget 2025 Reactions: Strengthening domestic production will foster innovation, reduce dependence on imports, and open up new growth opportunities, says Tapfin CEO Aditya Singh

The budget’s emphasis on cleantech manufacturing, including incentives for electric vehicle batteries and the additional 10 GW support for grid-scale batteries, signals a significant shift for India’s electric mobility sector. Strengthening domestic production will foster innovation, reduce dependence on imports, and open up new growth opportunities. At TapFin, we have observed how the right incentives can enable fleet owners and manufacturers to scale sustainably. With India striving towards its green energy goals by 2030, these measures will drive the adoption of electric vehicles, create jobs, and accelerate the transition to clean mobility. As a responsible company, we are ready to help businesses capitalise on these opportunities and lead the way forward.

Budget Reactions 2025: A greener, self-reliant India – Dr. Miniya Chatterji of Sustain Labs Paris

"The Union Budget 2025 takes a significant step toward a greener, more self-reliant India. The focus on domestic production of clean energy technologies like solar PV cells and wind turbines under the National Manufacturing Mission will reduce import dependency and enhance climate resilience. The push for sustainable farming practices through the Prime Minister Krishi Yojana and MSMEs' role as growth engines will also foster employment and manufacturing. Additionally, the target of 100GW nuclear energy by 2047 further accelerates India's net-zero transition, setting the stage for a sustainable economic future."

Budget Reactions 2025: Strengthening Clean Tech & Recycling – Nitin Gupta, CEO & Co-founder, Attero

"The Union Budget 2025-26 takes crucial steps toward strengthening India's clean tech ecosystem. The launch of the National Manufacturing and Clean Tech Missions will accelerate domestic production of sustainable solutions like EV batteries and solar panels. Key proposals, including exemptions on cobalt powder and lithium-ion battery waste, will secure raw materials and build a self-sufficient supply chain. Attero's resource recovery capabilities will benefit from these initiatives, driving sustainability and supporting India's transition to a circular economy. Additionally, the government's push for electronics and GCC development in Tier-2 cities will create new opportunities for skilled professionals and enhance demand for responsible recycling."

Budget Reactions 2025: Real Estate boost with infrastructure push – Mohit Goel, Managing Director, Omaxe

Budget Reactions 2025: Real Estate boost with infrastructure push, says Omaxe's Mohit Goel

"Budget 2025-26 strengthens real estate with a Rs 10 lakh crore asset monetisation plan and a Rs 1 lakh crore Urban Challenge Fund, accelerating urban redevelopment. MSME credit expansion and a Rs 10,000 crore Fund of Funds for Startups will drive demand for office spaces and co-working hubs. The Rs 15,000 crore SWAMIH Fund 2 will fast-track 1 lakh affordable homes, boosting housing accessibility. Tax relief and social security measures for gig workers further support financial inclusion. These initiatives set the stage for sustained growth in real estate, driving economic expansion and urban transformation."

Budget Reactions 2025: Boost to housing, tourism & women entrepreneurship – Amrita Gupta of Manglam Group & CREDAI Rajasthan Women’s Wing

Amrita Gupta welcomed Budget 2025-26 for its strategic emphasis on housing, economic resilience, and tourism-led growth. She highlighted the Rs 15,000 crore SWAMIH Fund 2 as a crucial step in fast-tracking the completion of 1 lakh stalled housing units, restoring liquidity, and boosting homebuyer confidence. The budget’s focus on rental housing incentives and tax benefits for self-occupied homes is expected to drive demand, especially among urban and middle-income buyers. She also emphasised that expanded MSME credit and women-centric entrepreneurship initiatives will strengthen financial independence, fostering both homeownership and commercial real estate growth. Additionally, the government's plan to develop 50 top tourist destinations will create vast opportunities in hospitality, retail, and urban infrastructure, reinforcing tourism as a key economic driver. With infrastructure expansion and significant income tax relief, this budget lays a strong foundation for sustained growth in housing, tourism, and allied sectors, making homeownership and investment more accessible than ever.

Budget Reactions 2025: Nimit Aggarwal of EcoEx, on green technologies & waste management

Nimit Aggarwal, Founder & Managing Director of EcoEx, welcomed the introduction of the National Manufacturing Mission and Clean Tech Mission in Budget 2025-26, emphasising their role in boosting domestic production of green technologies while fostering responsible waste management and recycling. As clean tech manufacturing expands, he stressed the growing importance of robust Extended Producer Responsibility (EPR) frameworks and efficient recycling systems. He also highlighted the significance of the Deep Tech Fund of Funds in driving innovation in sustainable technologies, including advanced recycling solutions and circular economy initiatives. Additionally, he underscored the need to leverage AI for streamlining waste collection, segregation, and processing to efficiently manage India's complex waste ecosystem and accelerate the country’s green transition.

Budget Reactions 2025: Aditya Kushwaha of Axis Ecorp, on luxury real estate growth

Aditya Kushwaha, CEO & Director of Axis Ecorp, highlighted that despite global economic turbulence, India’s luxury real estate sector continues to thrive, driven by resilience, ambition, and growing investor interest. He noted that Budget 2025-26 accelerates this momentum with a strong focus on urban transformation, supported by the Rs 10 lakh crore asset monetisation plan and Rs 1 lakh crore Urban Challenge Fund. Expanding expressways, airports, and smart cities will boost connectivity, making high-end residential and commercial spaces more attractive to investors. Additionally, the government’s initiative to develop 50 top tourist destinations will fuel demand for luxury hotels, branded residences, and premium retail hubs, reinforcing tourism as a key economic driver. Enhanced foreign investment policies and greater NRI participation are set to unlock capital inflows, strengthening India’s position as a premium real estate destination. With infrastructure-led growth and regulatory ease, the sector is poised for sustained expansion.

Budget Reactions 2025: Saket Gaurav, Chairman & MD, Elista, on boosting domestic electronics manufacturing

Saket Gaurav, Chairman & MD of Elista, praised the Union Budget 2025 for reinforcing the government’s push for domestic electronics manufacturing under ‘Make in India.’ He highlighted the revision in Basic Customs Duty (BCD), with a 20% increase on interactive flat panel displays and a reduction to 5% for open cells and other components, as a move to boost local value addition. However, he emphasised the need for greater infrastructure support and phased policy interventions to enable large-scale LED panel manufacturing. Gaurav acknowledged the Production Linked Incentive (PLI) scheme as a strong enabler for investment but stressed that long-term success depends on technology development and supply chain strengthening. On the demand front, he noted that the government’s decision to forego Rs 1 lakh crore in personal income tax could boost consumer durable sales, making advanced electronics more accessible. With strategic incentives and demand-driven growth, he believes India's electronics industry is well-positioned for expansion, provided manufacturing infrastructure evolves alongside policy measures.

Budget Reactions 2025: Water for People India praised Jal Jeevan Mission

According to Bishwadeep Ghose, Country Director, Water for People India, the government’s continued focus on water security through the Jal Jeevan Mission with an enhanced outlay till 2028, which is a critical step towards attaining water security for everybody in India. 

"The ability of Gram Panchayats and rural communities to manage and maintain their own water distribution infrastructure and addressing key issues like source sustainability, water quality and behavior change is critical for long-term sustainability," Ghose said.

Budget 2025 Reactions: This budget boldly addresses the need of the hour, says Edelweiss MF's Radhika Gupta

This budget boldly addresses the need of the hour: putting money into the hands of the middle class through meaningful tax reliefs. This will energise consumption and growth at a critical time for the Indian economy.

Budget 2025 Reactions: Government has its ears to the ground, says Deloitte India's Gokul Chaudhri

The budget proposals are impactful - material tax relief to the middle-class boosting consumption and confidence, “helps, no hurts” outcome for the capital markets and investor community, strong emphasis on tax simplifications and business reforms, all delivered with a sensible slide path for fiscal deficit to 4.4 percent for FY26. The wide-ranging and detailed proposals demonstrate that the Government has its ears to the ground and the resultant roadmap is robust to accelerate the economic momentum.

Budget 2025 Reactions: Budget signals strong government commitment to supporting MSME growth, says Ambit Finvest's Vikrant Narang

The Union Budget introduced several transformative measures for MSMEs, signaling strong government commitment to support their growth. The revised MSME classification will encourage enterprises to scale, while enhanced credit access via increased credit guarantees, customised credit cards for micro-enterprises, and a new Fund of Funds will inject the much-needed growth capital into the MSME ecosystem. The focus on ease of doing business through regulatory reforms, targeted schemes for women entrepreneurs, and export incentives would further strengthen the sector. Direct Tax reforms boosting urban consumption and fiscal prudence also reaffirm the government’s commitment to sustainable and balanced economic growth.

Budget 2025 Reactions: 30% tax rate is now applicable above Rs 24 lakh, says BankBazaar's Adhil Shetty

For higher earners, there is substantial relief going up to Rs 10,400 per month in higher disposable income. In the updated tax reforms, with slabs adjusted for inflation, the 30 per cent tax rate is now applicable above Rs 24 lakh, up from the initial Rs 15 lakh. This change in the 30 per cent slab marks a 60 per cent adjustment. Under the proposed 2025 tax regime, someone earning Rs 25 lakh annually will pay Rs 3.43 lakh in total tax, compared to Rs 4.57 lakh under the 2024 regime.

Budget 2025 Reactions: We are excited about the initiatives to boost domestic manufacturing of EV batteries and components, says Epsilon Advanced Materials's Vikram Handa

At Epsilon Advanced Materials, we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and components. The exemption of crucial materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals from Basic Customs Duty is a significant step. Further incentivising domestic production is the inclusion of 35 additional goods for EV battery manufacturing in the exempted capital goods list, which will help reduce reliance on imports. This provides a powerful impetus for the industry to invest in expanding domestic capabilities. 

Budget 2025 Reactions: We appreciate government’s focus on increasing disposable income through revised income tax slabs, says UFlex Limited's Jeevaraj Pillai

We appreciate the government’s focus on increasing disposable income through revised income tax slabs, which will inject more liquidity into the market. This move is expected to boost the consumption of FMCG, including packaged products, creating a ripple effect that benefits the packaging industry. Packaging, which is essential for preserving the quality and freshness of these goods, may see increased demand for innovative and sustainable solutions.

Budget 2025 Reactions: Budget truly aligns with India's vision of achieving energy security and net-zero future, says ACME Group's Manoj Upadhyay

The Union Budget 2025-26 is a testament to the government’s strong commitment to accelerating India's clean energy transition. The significant focus on renewable energy, including increased funding for solar and wind projects and the continued push for green hydrogen, will pave the way for a sustainable and self-reliant energy ecosystem. 

The incentives for electric mobility and infrastructure development further strengthen India’s position as a global leader in clean energy. 

We appreciate the government’s progressive reforms and policy measures, which will drive innovation, attract investments, and create new opportunities in the renewable sector. This budget truly aligns with India's vision of achieving energy security and a net-zero future.

Budget 2025 Reactions: Union Budget is a visionary and inclusive blueprint for India's economic ascent, says KPMG India's CEO Yezdi Nagporewalla

The Union Budget 2025 is a visionary and inclusive blueprint for India's economic ascent, setting the stage for Viksit Bharat, ready to lead in the global arena. The government's commitment to reducing the fiscal deficit to 4.4 per cent while laying down robust economic foundations for growth of the economy is truly commendable. The emphasis on skilling initiatives, particularly through the establishment of 50,000 Atal Tinkering Labs and the Centre of Excellence in Artificial Intelligence, will empower our youth with the skills needed to excel in a digital economy. 

Budget 2025 Reactions: Bajaj Allianz Life Insurance's Tarun Chugh praised; FDI limit is key measure

According to Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance, a key highlight in Budget 2025 is the FDI limit in the insurance sector from 74 per cent to 100 per cent.

"Greater foreign participation, will accelerate the adoption of global best practices, introduce innovative products, and elevate customer service standards," Chugh adds.

He said the next five years present a significant and exciting opportunity to propel the industry forward onto greater heights.

Budget Reactions 2025: .Vinayak Walimbe, President (Interim) – India Energy Storage Alliance, on energy sector growth  

Mr. Vinayak Walimbe, President (Interim) of the India Energy Storage Alliance (IESA) and Managing Director of Customised Energy Solutions Pvt. Ltd. India, commended the Union Budget 2025-26 for its transformative approach to the energy sector. He welcomed the National Manufacturing Mission, Export Promotion Mission, and duty exemptions on essential raw materials, which will accelerate India’s position as a global hub for energy storage solutions. Walimbe noted that the introduction of reforms in taxation, the financial sector, and the power sector will foster the growth of clean-tech manufacturing, particularly in solar PV cells, EV batteries, and other renewable energy components. The BCD exemption on cobalt and lithium will reduce raw material costs, improving the profitability of domestic manufacturers, while the removal of duties on lithium battery waste and scrap will boost battery recycling. He also praised the expansion of Production-Linked Incentive (PLI) schemes and tariff adjustments, which will strengthen the renewable energy ecosystem and reduce dependency on imported materials, further supporting India’s growth as a leader in the energy storage industry.

Budget Reactions 2025: Amol Bansal, Founder of MyGold, on economic growth & gold sector challenges

Amol Bansal, Founder of MyGold, praised the Union Budget 2025-26 for its strong emphasis on economic growth through reforms in taxation, infrastructure, and support for MSMEs and startups. He welcomed initiatives aimed at boosting entrepreneurship, financial inclusion, and digital transactions, particularly the enhanced credit guarantee schemes and tax reliefs for MSMEs. However, Bansal expressed concerns about the gold industry, noting that while the decision to retain the 6% gold import duty brings stability, a reduction could have curbed unofficial imports. He also pointed out the lack of a regulatory framework for digital gold and policy support for gold leasing, which could unlock the potential of India’s vast idle gold reserves. Bansal urged the government to consider reforms that would modernise India’s gold economy, transforming gold into a productive financial asset and positioning India as a global leader in the sector.

Budget Reactions 2025: Abhay Soi, Chairman of Max Healthcare, on strengthening healthcare ecosystem

Abhay Soi, Chairman and Managing Director of Max Healthcare Institute Limited, commended the Union Budget 2025 for reinforcing India’s path towards achieving a ‘Viksit Bharat.’ He praised the focus on sectors like agriculture, manufacturing, and healthcare, emphasising that a nation’s strength lies in both its soil and its people. Soi highlighted initiatives such as the addition of 10,000 medical seats by next year and plans for 75,000 over five years, aiming to address the doctor-patient ratio. He also welcomed the establishment of 200 cancer centers and the customs duty exemption on critical drugs for cancer and rare diseases, making treatments more affordable. The ‘Heal in India’ initiative, which promotes medical tourism, was also lauded for positioning India as a global healthcare hub. Soi believes continued investment in healthcare infrastructure and innovation will ensure quality care for all, contributing to the nation’s goal of a ‘Viksit Bharat’ in healthcare.

Budget Reactions 2025: Country Head, Pearson India, Vinay Kumar Swamy on strengthening education & skilling

Vinay Kumar Swamy, Country Head of Pearson India, hailed the Union Budget 2025 as a major step towards strengthening India’s education and skilling ecosystem. He highlighted the establishment of National Centers of Excellence for skilling and the investment in AI-driven learning, which align with the government's commitment to preparing a workforce for a dynamic global economy. Swamy emphasised the importance of access to quality learning and continuous upskilling in unlocking opportunities for individuals and businesses. He also welcomed the expansion of digital infrastructure in government schools and the focus on multilingual digital content, making education more inclusive and accessible. Pearson looks forward to collaborating with the ecosystem to bridge skill gaps, empower learners, and support India’s vision for ‘Viksit Bharat’ and ‘Sabka Vikas.’

Budget Reactions 2025: Congress slams government over 'neglect' of MGNREGS

Congress has criticised the government for keeping the MGNREGS budget stagnant at Rs 86,000 crore, accusing it of neglecting a crucial safety net for rural livelihoods. Despite rising rural distress, Congress general secretary Jairam Ramesh pointed out that no additional funds were allocated for 2024-25, even though the actual expenditure for MGNREGS in 2023-24 was Rs 89,153.71 crore. He described the unchanged allocation as a decline in real terms, adjusted for inflation. Ramesh also noted that around 20% of the budget is being used to clear past dues, further reducing the scheme’s impact. This stagnation, he said, prevents wage increases and leaves rural workers stranded, particularly those in drought-affected areas. He also criticised the 7% wage increase for MGNREGA workers, which lags behind the 5% inflation rate, calling it indicative of a wider national wage stagnation crisis.

Budget Reactions 2025: FADA President C S Vigneshwar sees strong push for auto sector

FADA President C S Vigneshwar called the Union Budget 2025-26 growth-focused, supporting middle-class spending, rural prosperity, and MSMEs. The Rs 12 lakh income tax exemption will boost vehicle demand, while schemes like Dhan Dhanya Krishi Yojana and expanded Kisan Credit Card loans will drive rural auto sales.

He welcomed incentives for EVs, solar and clean mobility, along with 100% FDI in insurance, which will improve auto financing. FADA sees the budget as a major push for India’s auto retail sector and sustainable mobility.

Budget Reactions 2025: Rajasthan neglected in Union Budget, Says Congress Chief Dotasra

Rajasthan Congress Chief Govind Singh Dotasra slammed the Union Budget, calling it a disappointment that neglects the state. He criticised the lack of financial support, no national status for ERCP and no special package. He highlighted failures in tackling inflation, unemployment, rural employment, healthcare, education and OPS. He also accused the Centre of delaying the Jal Jeevan Mission and cutting railway allocations. Dotasra concluded that the budget favors Bihar while ignoring Rajasthan.

Union Minister Ashwini Vaishnaw calls Budget 2025 a big gift for middle class taxpayers

Union Minister Ashwini Vaishnaw on Saturday praised the Union Budget for the financial year 2025-26, describing it as a "big gift for the middle class".

The Union Budget 2025-26 will put India on the path of growth and progress, highlighting several initiatives focused on areas such as farmers' productivity, research, and employment, said the Union Minister. These areas are in line with the Prime Ministers vision, he said.

Budget Reactions 2025: BJP's Vishnu Dutt Sharma praised; historical and meant for common man.

BJP State President and Khajuraho MP Vishnu Datt Sharma praised the Union Budget, calling it "historic" and a "budget for the common man."

According to Sharma, this budget includes provisions to empower and enable our poor, youth, farmers, and women, ensuring their growth and development.

Here are key highlights of Sharma's reaction on Budget 2025:

• The PM Dhan-Dhaanya Krishi Yojana will benefit 1.7 crore farmers in 100 districts
• Income up to Rs 12 lakh is now tax-free
• 75,000 new seats in medical education and IITs, and increased loan guarantees for MSMEs
• Special loan schemes for women entrepreneurs, with Rs 2 crore term loans for first-time women entrepreneurs
• Increased credit limits for farmers, and a new urea plant in Assam
• Increased loan limits for urban workers, and a new scheme to boost urban workers' income

Budget Reactions 2025: Budget reaffirms India as innovation, knowledge-centric economy, says SBI Chairman CSSetty 

The Union Budget 2025-26 reaffirms India as an innovation and knowledge-centric economy with a slew of reforms across agriculture, MSME, export centricity, education and healthcare, and balancing skills and AI, says SBI Chairman CS Setty.

The rationalisation of personal tax reforms could unleash a potential consumption boom of at least Rs 3.3 lakh crore spend over baseline. "The fiscal numbers are conservative. The budget has several bold initiatives for the Agri sector aimed at boosting farmers' income through crop diversification, participation in Agri value chains and focus on allied activities," he says. 

Budget 2025 Reactions: AAP leader Sagar Rabari slams no job plan, farmers ignored

Sagar Rabari criticised the budget for lacking job creation plans, stating that expanding MSMEs and stipends won’t boost employment without increasing demand. He urged GST and fuel rate cuts to put money in people's hands. He also slammed the government for ignoring farmers' MSP demands, calling the Rs 5 lakh Kisan Credit Card limit hike inadequate. Rabari termed the makhana sector board a pre-election gimmick for Bihar.

Budget 2025 Reactions: No tax up to Rs 12 lakh, fiscal deficit at 4.4%, capital spend rises (Bajaj Broking Research team)

No income tax up to Rs 12 lakh under the new regime, with benefits of Rs 80,000–1.1 lakh. Fiscal deficit: 4.4% of GDP for FY26 (4.8% for FY25). Capital expenditure: Rs 11.21 lakh crore for FY26 (Rs 10.18 lakh crore revised for FY25).

Budget 2025 Reactions: Highly disappointing that FM's Budget Speech made no mention of releasing funds for census, says Congress 

The Congress said it is "highly disappointing" that Finance Minister Nirmala Sitharaman's Budget speech made no mention of releasing funds for the decadal population census. The party pointed out that the government's failure to conduct the census on time has serious consequences on the state's administrative capabilities.

Budget 2025 Reactions: Tax cuts to aid public capex, boost economy, says Piramal Enterprises' Debopam Chaudhari

The fiscal management of the budget should benefit the debt markets. Despite economic growth in FY 2015 falling short of expectations, the fiscal deficit of 4.8 per cent was better than the targeted 4.9%. Additionally, while the Economic Survey expects a growth rate of 6.8 per cent or lower for FY 2026, the central government's fiscal deficit is estimated to remain at 4.4 per cent. 

After today's announcements, a further 15 basis points reduction in the 10-year government security is expected. No other major economy has been able to reduce its fiscal deficit at this pace post-COVID, strengthening India's position as an emerging economic power. Tax cuts have provided additional income to India's vast middle class and ambitious population, which is expected to help curb slow public capital expenditure in FY 2026 and provide the necessary boost for the Indian economy to emerge from the current slowdown.

Budget 2025 Reactions: 'Make in India for the world' remains key focus, says Mahindra Group's Anish Shah

The theme of "Make in India for the world" remains a key focus in this budget, with efforts to reduce India's manufacturing costs poised to significantly enhance the country's global competitiveness. In addition to providing an immediate stimulus for demand and growth, the budget emphasises long-term growth through substantial infrastructure investments and a strong focus on innovation.

Budget 2025 Reactions: Budget is a game-changer for real estate industry, says Sterling Developers' Ramani Sastri

The government's concentrated efforts on infrastructure development promise to significantly enhance housing demand and benefit around 250 ancillary industries, generating numerous job opportunities and bolstering overall economic growth. The establishment of the India Infrastructure Fund and emphasis on Public-Private partnerships for infrastructure in the budget is also a game-changer for the real estate industry. 

Also, the change announced in Budget 2025 allowing taxpayers to claim the annual value of two self-occupied properties as zero will provide significant tax relief, reduce compliance burdens, and encourage homeownership by making it more affordable for middle-class families, without having to pay income tax on notional rental values of self-occupied homes.

Budget 2025 Reactions: Union Budget 2025-26 seems like a double bonanza, says MyMoneyMantra.com's Raj Khosla

The Union Budget 2025-26 seems like a double bonanza with Finance Minister Nirmala Sitharaman comforting the middle-class taxpayers by reducing the direct tax burden. Eliminating the tax liability for salaried taxpayers with annual income up to Rs 12 lakh is a welcome move as it enhances the disposable income in the hands of consumers.