- ‘Make in India’ mission will help expedite the development of the renewable energy sector, which will help in employment generation, reduce the cost of the panels, and focus on research and development: Vinay Thadani, Director & CEO GREW Solar
- Access to quality, affordable & comprehensive healthcare is one of the key aspects of the government’s Viksit Bharat initiative, and by encouraging medical tourism, the healthcare sector will be able to contribute to this mission; Dr Simmardeep S Gill, Managing Director & CEO of Sterling Hospitals.
- The creation of a High-Level Committee for Regulatory Reforms to review regulations, certifications, licenses, and permissions will strengthen trust-based economic governance: Dr HP Singh, CMD, Satin Creditcare Network Limited
NE BUSIESSS BUREAU
AHMEDABAD, MUMBAI, FEB 3
Union Finance Minister Nirmala Sitharaman presented a record 8th consecutive Union Budget on Saturday for the fiscal year 2025-26.
Reacting to the Modi 3.0 budget, industry leaders said that Finance Minister has presented a clear, growth-driven budget that aligns with the Prime Minister’s vision of fostering a competitive and resilient India with inclusive growth by investing in people, economy and innovation. The budget prioritizes extensive national infrastructure development and accelerates the digitization of the economy. Continuous government investments in infrastructure are set to fuel sustained economic growth.
Here are some of the excerpts:
No-income-tax for earnings up to ₹12 lakh will boost consumption
“The government’s push for Public-Private Partnerships (PPP) in infrastructure, including a 3-year pipeline of state projects and ₹1.5 lakh crore for 50-year interest-free loans, creates strong opportunities for urban development, better infrastructure, and mobility innovations. The further push in EV manufacturing will accelerate growth in multimodal transport, clean energy, and digital infrastructure, helping to accelerate the shift to cleaner, more efficient transport networks. At Chartered Speed, we see significant potential to scale EV adoption and multimodal transport solutions through PPPs and sustainable transit initiatives. Additionally, the proposed no-income-tax slab for earnings up to ₹12 lakh will boost consumption and overall liquidity in the economy, boasting travel spends,” said Sanyam Gandhi, Whole Time Director at Chartered Speed.
Sun shines for renewable energy sector
“The budget for 2025-2026 presented by the finance minister is a testament to the Government’s commitment to move towards renewable energy for Viksit Bharat by 2047. The idea of a new manufacturing mission under the ‘Make in India’ initiative will support small, medium, and large industries through comprehensive policy backing and a detailed framework. The mission aims to create an ecosystem for solar PV cells, electrolysers, and grid-scale batteries. This will help expedite the development of the renewable energy sector, which will help in employment generation, reduce the cost of the panels, and focus on research and development. We are also extremely grateful to FM for simplifying income tax and putting additional money in the hands of the middle class. This will boost the consumption and wheels of the economy,” said Vinay Thadani, Director & CEO GREW Solar.
Medical tourism under ‘Heal in India’ is booster dose for healthcare sector
“The draft Union Budget 2024 has important takeaways for the healthcare industry. In India, the number of cancer cases is expected to increase by 12.8% by 2025. The government’s initiative of establishing daycare cancer centres in all districts will help provide effective cancer treatments nationwide. The finance minister further stated that the government will promote ‘Medical Tourism’ and ease the visa process under the ‘Heal in India’ initiative. This will encourage investment in high-tech medical infrastructure while boosting employment for doctors, nurses, and therapists. Additionally, hospitals and medical service providers can generate more revenue. Access to quality, affordable & comprehensive healthcare is one of the key aspects of the government’s Viksit Bharat initiative, and by encouraging medical tourism, the healthcare sector will be able to contribute to this mission,” said Dr Simmardeep S Gill, Managing Director & CEO of Sterling Hospitals.
India’s research ecosystem set for exponential growth
“The Union Budget takes a holistic approach by expanding higher education, boosting research, and fostering innovation to create a future-ready workforce. It reinforces the government’s commitment to expanding education and research. The increased infrastructure support for IITs and the addition of 10,000 medical seats mark a significant step toward enhancing higher education capacity. Setting up 50,000 Atal Tinkering Labs in schools will nurture scientific curiosity among students. The establishment of a Centre of Excellence in AI for Education with an outlay of Rs 500 crore is a forward-looking initiative that will drive innovation in learning methodologies, skill development, and research. Additionally, broadband connectivity for government secondary schools under BharatNet will help bridge the digital divide, ensuring better access to education and learning resources in rural areas. The enhancement of the PM Research Fellowship scheme, offering 10,000 fellowships in IITs and IISc, will further boost India’s research ecosystem, encouraging technological advancements and innovation-led growth,” said Vishal Chiripal, Managing Director, Shanti Education Initiatives Limited.
Mission for Cotton Productivity promises to revolutionize cotton farming
“The Union Budget 2025-26 sets a transformative course for India’s textile industry, highlighting a commitment to strengthening manufacturing and boosting exports. Key initiatives, such as the Mission for Cotton Productivity, promise to revolutionize cotton farming, enhancing quality and sustainability. This will have a direct positive impact on the textile sector, ensuring a steady supply of raw materials for domestic manufacturers. Additionally, the introduction of ‘BharatTradeNet’ (BTN) provides a unified platform to streamline trade documentation and financing, ensuring smoother integration with global supply chains. With increased investment limits for MSMEs and a simplified tax regime, the budget paves the way for growth and competitiveness. The support for textile exports through export credit, cross-border factoring, and regulatory enhancements will foster international market penetration,” said Vinay Thadani, CEO at Vishal Fabrics Limited.
‘Grameen Credit Score’ framework to help SHGs & NBFCs
“The Union Budget 2025 brings a significant shift in empowering rural India, particularly women entrepreneurs and SHG members. With the introduction of the ‘Grameen Credit Score’ framework, financial institutions will now be able to assess creditworthiness more effectively, even for individuals without formal credit histories. This will expand financial opportunities and help bridge existing gaps for rural populations, especially women, enabling them to grow their businesses and improve livelihoods. Coupled with the launch of customized credit cards for micro enterprises with a ₹5 lakh limit, and the issuance of 10 lakh such cards in the first year, these measures will provide much-needed financial support to the heart of India’s economy. MSMEs, which contribute nearly 30% to India’s GDP and employ more than 11 crore people, will now have the means to expand, driving growth in sectors vital to our GDP. These initiatives will strengthen the SHG model, empower women-led businesses to thrive, and bolster the economic fabric of rural India, advancing Naari Pragati and creating lasting financial independence. In addition, the creation of a High-Level Committee for Regulatory Reforms to review regulations, certifications, licenses, and permissions will strengthen trust-based economic governance and create a more conducive environment for NBFCs to operate efficiently and expand their reach, further fueling financial inclusion,” said Dr HP Singh, CMD, Satin Creditcare Network Limited.
Read also
Experts’ analysis: Union Budget 2025 falls short of expectations amid economic challenges
