Budget 2025 Expectations Highlights: Income tax slabs, capex allocation and GST rationalisation on wishlist

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India Budget 2025 News LIVE: Ashutosh Kumar, Founder & CEO of GrowthJockey, said the upcoming Union Budget should prioritise robust digital infrastructure

“The Union Budget 2025 presents a pivotal moment for India to cement its position as a global leader in venture building and innovation. In 2024, venture capital investments reached $16.77 billion across 888 deals, with technology accounting for $6.50 billion—an impressive 52.5% year-over-year growth. This underscores the immense potential of India's innovation ecosystem,” he said.

“To sustain this momentum, the budget must prioritize building robust digital infrastructure, enabling the seamless adoption of technologies like AI, and simplifying regulatory frameworks to nurture venture creation,” said Kumar. 

“As a venture-building organization, we believe that tax incentives, strategic investments in 5G, and support for new-age entrepreneurs are critical levers to unlocking exponential growth. By aligning fiscal policies with innovation-driven goals, this budget can redefine India's global narrative as the go-to destination for transformative ventures, fostering an ecosystem where startups, enterprises, and industries thrive,” he said. 

Budget 2025 News LIVE: Niraj Kumar, CTO of Onix, expects that the Indian government will dedicate funds and grants to AI startups to uphold the vision of artificial intelligence in the nation. 

“The upcoming Budget 2025-26 is a defining moment to position India as a global AI hub. With the recent discussions emphasizing a national AI policy, including the formation of an AI committee by the Reserve Bank of India to develop a comprehensive framework, we see a clear commitment to enabling responsible and innovative AI adoption," he said. 

“We expect the government to further bolster this vision with dedicated funds and grants for AI startups, enabling them to innovate and contribute significantly to the global AI ecosystem. Addressing the talent gap is equally crucial,” said Kumar. 

“Additionally, the introduction of a regulatory framework for responsible AI development is crucial to ensure that artificial intelligence technologies are developed and deployed ethically, safely, and transparently. Such frameworks help mitigate risks associated with AI, including biases, lack of transparency, and potential misuse,” he said. 

Union Budget 2025 Expectations LIVE: Saket Chirania, Co-Founder of Agrizy, said that the government should prioritise policies that enhance the competitiveness of MSME food processors. 

“The upcoming Union Budget 2025 to drive transformative growth in our sector. We urge the government to prioritize policies that enhance the competitiveness of food processors, especially Micro, Small and Medium Enterprises (MSMEs), which are vital for innovation and job creation,” said Chirania.

“Increased financial incentives and subsidies for sustainable processing technologies will empower businesses to meet both domestic and international quality standards. Additionally, we advocate for dedicated funding for research and development initiatives that promote food safety and product innovation, ensuring that Indian products can compete on a global scale,” he said. 

“Investing in skill development programs tailored to the food processing workforce is essential for building a knowledgeable and capable talent pool,” he said.

“Overall, we believe that a forward-thinking budget can unlock the full potential of India’s food processing sector, driving economic growth, enhancing food security, and positioning India as a global leader in processed foods. Together, let us create a thriving ecosystem that benefits farmers, processors, and consumers alike,” according to Chirania. 

India Budget 2025 News LIVE: Zaiba Sarang, Co-founder, iThink Logistics expects port connectivity and transportation networks to receive increased investments in the upcoming Budget 2025 announcement on February 1. 

“The courier aggregator industry, a backbone of India’s thriving e-commerce sector, is looking to the 2025 Budget with high expectations to supercharge its growth trajectory. Increased infrastructure investment—particularly in port connectivity and transportation networks—could be a game-changer, slashing logistics costs and enabling seamless supply chain operations, even in Tier II and III cities where e-commerce is expanding rapidly,” said Sarang.

“Compliance simplification is a vital need for logistics players. A unified GST slab structure would reduce the compliance burden and operational costs, allowing businesses to focus on scaling their services. Enhanced customs processes and an efficient GST Network would further eliminate trade bottlenecks, unlocking the potential of cross-border commerce, a burgeoning opportunity in the globalized market,” she said. 

“The future lies in skilled manpower and sustainability. Targeted budget allocations for workforce skill development can empower companies to handle rising consumer demand with agility and expertise. Meanwhile, dedicated funds for green logistics—such as electric fleets and sustainable packaging—would future-proof the sector while aligning with India's climate goals,” said Sarang.

Union Budget 2025 Expectations LIVE: In the coming Budget, policymakers should consider the evolving dynamics of domestic and global trade, according to Pushkar Mukewar, Founder and CEO of Drip Capital.

“As India's infrastructure sector continues to grow, leading to a more efficient supply chain ecosystem, it becomes increasingly important to ensure that the costs of key inputs remain competitive,” he added.

Expectation from Budget include:

• Rationalising import duties on scrap metal, as rising input costs directly impact infra development and project costs. 
• Removing import taxes on essential solar components to support both domestic capacity building and the immediate need for cost-effective solar components. 
• We expect the government to lower import taxes on goods that boost local manufacturing and help the economy grow.

Budget 2025 News LIVE: Saurabh Runwal, Director of Runwal Realty feels that India’s real estate sector stands at a transformative crossroads, and the upcoming budget holds the potential to catalyse a phase of unprecedented growth.

With the sector’s current valuation of over $477 billion and its trajectory towards a $1 trillion market by 2030, it’s crucial that the budget addresses both immediate challenges and long-term opportunities, he added.

Expectations:

• Policy measures that enhance liquidity is critical, and this includes reducing long-term capital gains taxes, streamlining REIT regulations, and increasing interest rebates for housing loans. These reforms will drive both domestic and foreign investments, enabling developers to access capital more competitively, and homebuyers to realize their dreams of owning property, especially with the luxury market seeing a 51% growth in demand.
• Granting real estate industry status is vital. It will not only reduce land acquisition costs but also make financing more accessible, leading to more affordable housing.
• Upskilling is paramount, particularly in technology integration and quality control, to ensure that the burgeoning demand for smart, sustainable cities is met with precision.
• The implementation of modern urban governance frameworks, including streamlining approvals and improving land use policies, will be instrumental in speeding up project timelines and ensuring that urban spaces are well-planned and equipped to support the population growth expected in the coming years.

Union Budget 2025 Expectations LIVE: Sumit Pal Singh, Co-Founder & Director, Silver Sickles is anticipating measures that can transform India's supply chain and logistics sector into a global benchmark of efficiency and resilience. "This budget holds the promise of bridging critical infrastructure gaps and fostering technological innovation to drive the nation’s economic growth," he added.

Expectations:

• Investments in rail, road, and port connectivity, particularly through dedicated freight corridors and public-private partnerships, can lay the foundation for a more streamlined and cost-effective logistics network.
• Enhancing first-mile and last-mile connectivity through regional schemes and state road networks is vital to ensure seamless transportation across the country.
• The adoption of advanced digital solutions like GPS, RFID, and IoT must be incentivised to enable real-time visibility and optimization of operations.
• Streamlined regulatory frameworks and targeted support for SMEs and MSMEs, which are the backbone of India’s economy.
• Reforms in AI adoption, cybersecurity, and skill development to align the supply chain sector with global standards.

India Budget 2025 News LIVE: Rishi Anand, MD & CEO, Aadhar Housing Finance feels that for the housing finance sector, the upcoming budget should focus on reviewing and modifying important regulations that take into account the current state of the housing market, which is essential for making homeownership genuinely affordable.

Expectations:

• With property prices having risen in recent years, the current GST concession limit for affordable housing, which is set at ₹45 lakh, should be revised to ₹60-65 lakh. Similarly, the RBI's priority sector definition for housing loans should be updated to reflect this new limit. 
• Given the inflation over the past decade, the definitions for EWS (Economically Weaker Sections) and LIG (Lower Income Groups) also need to be updated. An upward revision from ₹3 lakh to ₹5 lakh for EWS and from ₹6 lakh to ₹9 lakh for LIG will create new demand and broaden the target groups that fall within these classifications. 
• The existing ₹2 lakh income tax deduction for housing loan interest should be increased to ₹4 lakh. Additionally, to support first-time homeowners during the waiting period for possession, this refund should apply to residences that are still under construction, for a maximum of two years. 
• Finally, the notional rent tax on second homes should be exempted when the property is purchased or constructed at a parental place, remains vacant, and does not generate rental income. 
• Furthermore, increasing the corpus for affordable housing funds will ensure refinancing to Housing Finance Companies (HFCs) at concessional rates, helping to expand affordable housing availability across the country.

India Budget 2025 News LIVE: Pranav Rungta, Co-founder and Director of Nksha restaurant and Vice President of NRAI Mumbai noted that the restaurant sector is facing several challenges. 

His expectations from the Union Budget include:

• One of the primary concerns is the restoration of the GST Input Tax Credit, which would provide much-needed relief to the sector by reducing operational costs. 
• Government should consider excluding the recent notification regarding GST on commercial leases through Reverse Charge Mechanism, which has added financial pressure to many smaller businesses. 
• Recommend reintroduction of the Service Export from India Scheme (SEIS).
• Reduction in GST on eco-friendly materials, which would encourage the use of sustainable packaging solutions. 
• Grant the food services industry official "industry" status.
• Create a dedicated ministry or department for food services to ensure more focused policy support, targeted welfare programs for employees, and the development of equitable e-commerce policies that foster growth. 
• Simplifying licensing requirements and extending operating hours would also help contribute to the sector's long-term viability, ensuring its continued success and growth.

Budget 2025 News LIVE: Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech will start at 11 am in the Lok Sabha.

The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV. It will also be streamed on the government's official YouTube channels.

Sitharaman’s Union Budget 2025 speech can be watched live on Livemint.com. And all the latest updates about the Budget 2025, can be tracked on livemint.com Budget live blog.

UnionBudget 2025 Expectations LIVE: It is “imperative” for the Budget to address immediate challenges and lay the groundwork for long-term sustainability in agriculture, feels Dhanashree Mandhani, Founder and CEO of Salam Kisan.

Expectations include: 

• Targeted incentives and subsidies that encourage the widespread adoption of agri-tech. 
• Establishing drone hubs can further support this vision by driving rural employment, enhancing skill development, and building a strong agri-tech ecosystem. 
• Providing structured access to this data and incentivising startups to develop AI-driven tools, we can empower farmers with precision solutions tailored to their specific needs. 
• Rural infrastructure also requires immediate attention. Strategic investments in storage facilities, cold chains, and logistics can significantly reduce post-harvest losses and strengthen market linkages. 
• Measures that improve market access and promote agricultural exports, thereby establishing India as a global leader in agriculture. 
• Promotion of sustainable farming practices. Budget allocations should prioritize water-saving technologies, developing climate-resilient seeds, and R&D in biofuels to align with global sustainability goals. 
• Digital literacy initiatives to ensure that farmers at the grassroots can effectively leverage these technologies. 
• Fostering public-private partnerships will also play an important role in driving innovation and investment in agriculture. 
• Stable and transparent policies are essential for building long-term confidence among farmers and investors. Introducing measures such as low-interest loans, increased PM-KISAN installments, zero-premium crop insurance, and GST exemptions for agricultural machinery, seeds, and fertilizers can provide much-needed relief to farmers. 

Budget 2025 Expectations Live Updates: The Budget provides an opportunity to strengthen financial inclusion across the country by addressing key challenges, feels Amit Nigam, COO of BANKIT. 

What does he anticipate?

• Much-needed GST relaxation on Business Correspondent (BC) services. This adjustment would significantly alleviate operational burdens, enabling wider outreach of banking and financial services, particularly in underserved and unbanked regions, and supporting the nation’s vision of inclusive growth. 
• A reduction of TDS on BC merchant accounts while making transactions to ensure better cash flow and operational efficiency for BC agents. 
• A government-backed fintech skilling program would also be a game-changer for the industry, fostering innovation, nurturing talent, and driving responsible and inclusive growth. 

Budget 2025 Expectations Live Updates: Vikas Bagaria, founder and CEO, Pee Safe said that he hopes the Budget prioritises menstrual health and hygiene through comprehensive and inclusive measures. 

Expectations include:

• Subsidies and tax benefits for domestic manufacturing to encourage local production and reduce dependency on imports. 
• Increased budget allocation for menstrual health awareness campaigns to break taboos and foster education around menstruation. 
• Advocate for the inclusion of menstrual products in government initiatives to ensure access for underserved communities. 
• Special incentives for startups and MSMEs in this sector would drive innovation and scale-up efforts to reach marginalized groups. 
• Tax benefits and funding for sustainable, eco-friendly hygiene products are essential to promote environmental responsibility. 
• Government grants for R&D in menstrual health technologies can help develop advanced solutions, while skill development programs will create employment opportunities in this growing sector. 
• An enhanced focus on public health initiatives addressing menstrual care would ensure that menstrual hygiene becomes a central part of healthcare policies.

Budget 2025 Expectations Live Updates: DS Negi, CEO of the Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), feels that Budget 2025 has the potential to provide the cancer care sector with significant reforms that ensure accessibility, affordability, and quality for all.

“A key highlight of the previous Budget for the sector was inclusion of the HPV vaccine that protects against cervical cancer to protect future generations from one of the most preventable cancers… India has also made remarkable advancements with the launch of its first indigenously developed CAR T-cell therapy for cancer under the ‘Make in India’ initiative… and the first telesurgery in cancer care, performed by the RGCIRC set a new benchmark in remote oncology treatment,” he added.

To build on these successes, Negi expects the Budget must:

• Prioritise digital health solutions such as telesurgery, electronic health records (EHRs), and AI-driven diagnostic tools to improve healthcare delivery.
• Strong focus on enhancing nationwide cancer screening programs and providing access to cutting-edge treatments like immunotherapy and personalized medicine. 
• Increasing healthcare spending to 2.5% of GDP, along with robust policy measures, is essential for creating a resilient healthcare system. 
• Comprehensive support for cancer survivors—through rehabilitation, mental health services, and survivorship programs—will further improve their quality of life. 
• Provide relief from high import duties on medical equipment, which reach up to 36 per cent and significantly increase treatment costs, particularly for mid-sized operators and smaller cities. 
• Support for primary healthcare centres to ensure quality care and allow tertiary hospitals to focus on specialized treatments. 
• Equipping tertiary government hospitals with advanced infrastructure to address the growing cancer burden, along with targeted policies for various cancer types, including rare ones.

Budget 2025 Expectations Live Updates: Dr Kshitiz Murdia, CEO & Co-Founder of Indira IVF feels that India stands at a crucial crossroads in addressing the growing challenge of infertility, which carries significant socio-economic implications. 

He pointed to South Korea and Singapore, who are grappling with record-low Total Fertility Rates (TFR) of 0.72 and 0.97, respectively, while within India, states such as Kerala, Tamil Nadu, and Karnataka report TFRs below replacement levels. “These trends underscore the urgent need for India to act decisively to maintain its demographic stability and provide opportunities for those who aspire to achieve parenthood,” he added. 

Expectations from the Union Budget for 2025-26 are: 

• Integration of fertility treatments, including assisted reproductive technologies (ART), into universal health insurance schemes. 
• Offering tax exemptions or deductions on fertility treatment expenses would provide immediate relief to many couples. 
• To ensure equity in access, investments should also be directed toward establishing ART infrastructure in underserved regions, bridging the geographical divide in reproductive healthcare. 
• Public awareness campaigns to establish infertility as a medical condition that can be treated are essential to combat the stigma surrounding infertility, particularly in Tier 2 and Tier 3 cities, and encourage timely medical interventions. 
• Increased funding for research in reproductive health.

Budget 2025 Expectations Live Updates: Kami Viswanathan, President, FedEx — Middle East, India Subcontinent, and Africa (MEISA) is optimistic about continued government investment in infrastructure, multimodal logistics hubs, and digital platforms. “We also hope to see greater focus on streamlining trade processes and promoting green logistics to accelerate sustainable growth,” she said.

Budget 2025 Expectations Live Updates: Sagar Gupta, Director, Ekkaa Electronics is optimistic about the government’s ongoing efforts to strengthen the manufacturing sector through initiatives like ‘Make in India’. 

Expectations from Budget are:

• We hope the government will further expand and enhance the Production-Linked Incentive (PLI) scheme, which has been instrumental in boosting local manufacturing. 
• Expanding incentives for MSMEs and Startups in the electronics sector could significantly encourage innovation and growth. 
• Additionally, measures to support domestic semiconductor manufacturing, including increased funding for the India Semiconductor Mission, are critical to addressing global supply chain disruptions. 
• Investment in infrastructure, particularly in electronics manufacturing clusters, is equally essential for ensuring efficient production and supply chain management. 
• Focus on reforms that make it easier to do business and create a more supportive environment for domestic production. Strategies around import tariffs, fair taxation, and smooth technology transfer can lay the foundation for a robust ecosystem that nurtures local manufacturing. We are particularly hopeful for initiatives that encourage the production of high-quality electronics within the country, helping India move closer to self-reliance and take its rightful place as a global leader in manufacturing.”

Budget 2025 Expectations Live Updates: Chris George, Co-Founder & CEO of QubeHealth-Pay feels that this Budget holds promise of transformative change for healthcare sector.

“This budget should aim to not only address current systemic challenges but also lay a robust foundation for sustainable, inclusive, and technology-driven healthcare growth across the nation,” George added.

Expectations include: 

• Increased allocation for public health infrastructure.
• Policies encouraging innovation in HealthTech, Healthcare Payments and Finance.
• Incentives to bridge gaps in rural healthcare delivery. 
• Streamlining medical device imports and promoting domestic manufacturing under the Make in India initiative.
• Expanding tax benefits for health insurance and preventive care.
• Transparent frameworks for public-private partnerships, alongside enhanced funding for research and development in biotechnology and pharmaceuticals.

Budget 2025 Expectations Live Updates: Dikshu C Kukreja, Managing Principal at CP Kukreja Architects feels that adequate and targetted investments towards urban planning, waste management, public health and to tackle air pollution is required.

“What does a Viksit Bharat look like if its citizens are compelled to breathe poisonous air all the time? The problem of waste management is equally urgent, since cities are becoming more and more like enormous landfills. In order to revitalize metropolitan areas and protect public health, adequate and targeted investment is essential," he noted.

Thus expectations from the Budget are: 

• Budget can reimagine urban housing through PMAY by prioritising green infrastructure, mixed-use complexes, and intentional densification. 
• Policies promoting green shipping, energy-efficient technologies, and renewable energy adoption are essential for fostering sustainability. 
• Financial incentives for digitalisation and the integration of advanced technologies such as AI, IoT, and Blockchain will accelerate the modernisation of the sector, ensuring resilience and global competitiveness.

Budget 2025 Expectations Live Updates: Puneet Kumar, CFO of Insurancedekho is optimistic that the Budget will provide progressive measures to enhance financial inclusion and make insurance more affordable and accessible for all. 

“With rising healthcare costs, health insurance has become a necessity rather than a luxury. We urge the government to address affordability challenges by reducing the GST on health insurance premiums, ensuring that more individuals and families can benefit from financial protection,” he added.

Expectations from Union Budget 2025 include:

• Increasing the deduction limit under Section 80D to ₹50,000 for individuals and ₹1,00,000 for senior citizens.
• Separate tax concessions for life insurance premium payments and contributions to Health Savings Accounts (HSAs) to help manage escalating medical expenses and enable access quality healthcare without financial strain. 
• Hope for reforms aimed at attracting investments and aligning India’s insurance framework with global standards, fostering innovation and growth.

Budget 2025 Expectations Live Updates: Vivek Jalan - Partner at Tax Connect Advisory Services LLP feels that the coming Budget must substantially revamping the complex, multiple and redundant TDS provisions leading to confusion and litigation for taxpayers. 

He added that the 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 in spite 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,” Jalan said.

It is also expected that there may be a single comprehensive Schedule of Rates of TDS (just Like the Customs Tariff Act) with Schedule Notes. And that issuance of TDS/TCS certificates may be withdrawn for ease of compliances.

Budget 2025 Expectations Live Updates: Priyanka Kanwar, Co-founder and CEO of Falcon feels the Budget should have special funding schemes for female entrepreneurs. She noted, "Innovation thrives on diversity, and yet, access to capital for female entrepreneurs remains a barrier."

Expectations include:

• A dedicated funding program, offering fast-track approvals for capital investments and credit facilities designed specifically for women-led businesses. 
• Earmarking substantial resources and coupling them with tax breaks or interest-free loans for qualifying entities, to foster a new wave of entrepreneurial dynamism. 
• Moreover, these programs should integrate capacity-building efforts such as mentorship and market access, helping female founders access tools to scale impactful and globally competitive companies.

Budget 2025 Expectations Live Updates: Vishal Puri, Co-Founder of Spalba believes that the hospitality industry, a key driver of India’s economic growth and is poised to expand, but needs substantial support to overcome operational challenges.

Expectations from the upcoming Budget include:

Simplifying GST compliance to streamline operations and foster business growth across the sector.

The introduction of mandatory sustainability practices, including energy-efficient construction and waste management, will not only help the industry become greener but also more competitive.

Tax incentives for renewable energy adoption in hotels and resorts would further reduce costs while promoting eco-friendly operations.

India must also prioritise the development of digital infrastructure to bridge existing gaps and drive growth.

Prioritise e-infrastructure technologies, with robust intellectual property protection and their mandated use in government events and projects.

Budget 2025 Expectations Live Updates: Alouk Kumar, CEO and Founder of Inductus feels that Budget 2025 represents a pivotal moment for India's startup ecosystem.

"We need strategic interventions that will transform our entrepreneurial landscape from a promising market to a global innovation powerhouse," he stated.

Key expectations include:

• Extending the tax holiday for startups under Section 80-IAC to five years.
• Simplify FDI norms.
• Create dedicated funds targeting high-potential sectors like AI, climate tech, and deep technologies — like the UK's Enterprise Investment Scheme and Singapore's startup funding mechanisms. 
• Targeted incentives for green startups and gender-specific funds that can drive innovation while ensuring equitable growth. 
• Establishing regional startup hubs in Tier-II and Tier-III cities and providing robust R&D grants, to decentralise innovation and tap into potential.

Budget 2025 Expectations Live Updates: Rahul Attuluri, Co-founder and CEO of NxtWave believes the government’s emphasis on skill development and digital transformation has been crucial in advancing India’s position in emerging technologies.

He hopes this will continue in the coming Budget and expects:

• Allocation of significant resources toward upskilling our youth. 
• With rapid advancements in AI and machine learning, a large-scale AI upskilling initiative, akin to the National Quantum Mission, for “transformative impact”. 
• Encouragement of partnerships between universities, industries, and new-age upskilling programs to adapt curricula to evolving technological demands to prepare a future-ready workforce.

Budget 2025 Expectations Live Updates: The Union Budget is expected to reinforce India's commitment to startups, technology, and digital transformation, feels Meghna Krishna, Group CRO, VideoVerse.

“To truly leverage the transformative power of AI and emerging technologies, it is essential to foster an ecosystem that drives innovation, equips the workforce with future-ready skills, and addresses barriers to high-quality education and job security amid rapid technological change,” she added. 

Expectations include: Introduction of incentives for R&D, skill development, and technology adoption. 

Budget 2025 Expectations Live Updates: Gaurav Baheti, Founder & CEO of Procol feels that the Budget will “empower industries and build a future-ready India”. He is optimistic about the government’s push to tech and supply chain.

Expectations include:

• Hopeful of the government diverting its attention towards digital platforms to help such companies invest better in building robust products that drive business revenues, thus contributing to an economic boost. 
• Increasing internet connectivity and digital literacy across the country. 
• More focus on research and development. 
• Lastly, for AI, R&D is a major requirement. Expected to reach a whopping $17 billion this year, AI research and innovation call for immense support in the coming few years.

Budget 2025 Expectations Live Updates: Priyanka Kanwar, Co-founder and CEO of Falcon believes the Budget can provide tax benefits for banking technology companies.

Noting that “world-class banking technology is no longer a luxury but a necessity” and to aid in the government's ‘Make in India’ initiative, the Union Budget 2025-26 “should create a strategic focus on financial technology innovation through tax benefits and funding support”. 

Expectations include: 

• Tax holidays for Indian companies developing banking infrastructure, 
• Grants for R&D in next-gen financial products, and 
• Capital expenditure subsidies for cloud-native systems. 

Budget 2025 Expectations Live Updates: The government should consider making the new tax regime the only regime, but ease the rate of tax, according to Vivek Jalan - Partner at Tax Connect Advisory Services LLP. He believes that completely scrapping the old tax regime and rationalising Income Tax slabs under the new regime is the way forward.

Jalan pointed that under the new tax regime, Income Tax has become simpler; and an exemption of ₹7 lakh means that taxpayers have to pay NIL tax on the same level of Income where they were earlier paying tax. 

Expectations: 

• The Government should consider and make the new regime as the only regime as the Income Tax Act goes for a comprehensive review on February 1, 2025. 
• However, they must also consider easing out the tax rate in the new regime considering the cost of inflation of around 6 per cent pa and the impact on the present value of money. 
• It is thus expected that the basis exemption/ rebate be extended to ₹9 lakh to put more money in the hands of the middle class. 
• Further, for the established taxpayers with an income of over ₹15 lakh, 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 ₹15-18 lakh, with a tax rate of 25 per cent.

Budget 2025 Expectations Live Updates: Dinkar Sharma, Company Secretary & Partner, Jotwani Associates, recommends rationalizing GST slabs to simplify indirect taxation by technology to increase compliance. 

“We expect the Union Budget 2025-2026 to focus on creating a more business friendly environment by promoting ease of compliance for businesses. We recommend rationalizing GST slabs to simplify indirect taxation and broadening the tax base by leveraging technology for enhanced compliance,” he said. 

“Additionally, targeted incentives for startups and MSMEs, particularly in the tech and green energy sectors, could fuel growth. Emphasizing infrastructure development and tax relief for individuals, especially for those who opt for a new tax regime, would further boost consumption and investment, driving overall economic momentum,” said Sharma.

Budget 2025 Expectations Live Updates: Udit Jain, Director, One Group, said Rationalizing stamp duty rates in Tier 2 and 3 cities can stimulate housing demand in mid & low-income groups. 

“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,” he said. 

“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,” said Jain.

“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,” he said. 

Budget 2025 Expectations Live Updates: Vimal Nadar, Senior Director, Research at Colliers India noted that the Indian taxpayers are gradually shifting towards the new tax regime in a discretionary manner, adding that it thus becomes imperative to rationalise tax slabs in the absence of major deductions and other incentives. 

Expectations: 

• The proposal to introduce an additional tax slab of 25 per cent for income levels between ₹15-20 lakh will provide significant tax relief and increase disposable income. Increased liquidity in the hands of individuals will hold higher potential to spur consumption. 
• Additionally, the proposal to exempt income tax up to ₹10 lakh will scale-up liquidity in the hands of middle-class salaried individuals.

Budget 2025 Expectations Live Updates: Rajat Chopra, Founder & CEO, BankersKlub feels that the Budget can significantly empower India's MSME sector for a truly Viksit Bharat.

Expectations include: Specific provisions for training programs; streamlining compliance processes and improving the education of financial intermediaries; encouraging cash flow-based funding within public sector banks to ensure that MSMEs have the liquidity and support they deserve to flourish.

"These initiatives in the union budget 2025 will play an essential role in strengthening the backbone of our economy—our MSMEs—eventually driving innovation, sustainable growth, and job creation. As India aspires to become a $5 trillion economy, empowering the MSME sector across the nation will be critical in realising this ambitious vision," Chopra added.

Budget 2025 Expectations Live Updates: Amit Uplenchwar, Director at KPIL is optimistic the Budget will drive growth across key sectors, including infrastructure, energy, and construction.

“The government’s continued focus on energy and infrastructure is expected to provide a strong boost to the EPC industry. Investments in green energy initiatives will further enhance India’s competitiveness globally by moving towards net zero carbon emissions,” he added.

Budget 2025 Expectations Live Updates: Praveen Chirania, Founder, Muscle and Strength India believes that the Budget holds significant potential to support the growth of the health and fitness industry. 

Chirania added that the self-care, preventive healthcare and holistic wellness industry has taken centre stage with a growing awareness around nutrition and building immunity among consumers. 

Expectations include: 

• Measures that reduce import duties on high-quality nutritional supplements, making them more accessible to consumers. 
• Hope that the government will cut GST on healthcare supplements from 18% to 5% in the upcoming Union Budget to make these products affordable and accessible for all.
• Additionally, tax incentives for wellness and fitness businesses would stimulate entrepreneurship and encourage a healthier lifestyle among Indians.

Budget 2025 Expectations Live Updates: Piyush Rambhia, partner at Palladian partners has high hopes for the Union Budget.

He noted that 2024 saw a robust recovery in India's real estate sector, with residential demand reaching an 11-year high and office leasing hitting a record 53.3 million square feet. However, affordable housing faced challenges, with its share of sales dropping from 38% in 2019 to just 18%. 

Expectations thus include: Focus on infrastructure status for housing, affordable financing, and reviving the affordable housing segment through reforms like reintroducing the Credit-Linked Subsidy Scheme and revising price caps to reflect market realities.

Budget 2025 Expectations Live Updates: Ashwani Gandhi, CEO of Niraamaya Life hopes that the Budget provides a plan that drives growth, prioritises tourism and healthcare, and supports sustainability. 

Expectations include: 

• Investments in wellness infrastructure, green initiatives, and job creation are key. 
• A reduction in GST from 18% to 12% for hotels with room rates above ₹7,500 to provide a significant boost to both domestic and inbound tourism. 
• We also call for a focus on tourism and infrastructure investments, ease of doing business, enhanced connectivity, and streamlined tax rates. 
• Sustainable tourism initiatives should be incentivised through renewable energy investments and targeted sector-specific policies. 
• Tax relief on operational expenses and improved access to credit will further encourage innovation and business growth.

Budget 2025 Expectations Live Updates: Parag Munot, MD of Kalpataru anticipates initiatives that support economic growth and accelerate infrastructure development. 

“The shift towards urbanisation and incentivised home loans is expected to enhance GDP. We encourage the government to continue investing in infrastructure and streamline the tax framework to benefit capital-intensive sectors like real estate,” Munot added.

Budget 2025 Expectations Live: Shriti Malhotra, Group CEO of Quest Retail, which owns The Body Shop brand, is hopeful that the Budget will have “policies that uplift the retail sector especially fostering youth employment, sustainable practices and inclusivity in hiring”. 

Expectations: 

• Government policies to open up the purse strings of consumers through higher tax exemptions slabs and reducing GST on essential personal care products, which could provide much-needed relief to the middle class. 
• Prioritise incentives for green initiatives, such as incentives to retailers for adopting sustainable packaging and energy-efficient retail operations. 
• Expediting implementation of a National Retail Policy is critical. 
• Simplifying compliance processes, improving logistics in Tier 2 and Tier 3 cities, driving ease of business & providing targeted incentives for small retailers can create a more level playing field. 
• Investments in Retail skill development programs, especially in adopting digital marketing and technology are also essential to building a future-ready retail sector, capable of meeting evolving consumer expectations.

Budget 2025 Expectations Live Updates: According to Vivek Jalan, Partner at Tax Connect Advisory Services LLP, the Union Budget is expected to provide a GST exemption on services of Indian intermediaries such as auctioneers/ e-auction platforms,  and e-commerce platforms serving international markets.

“For example, for 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,” Jalan noted.

Budget 2025 Expectations Live Updates: The Indian government should find more ways to encourage citizens to take part in equity markets, feels Bruce Keith, CEO and Co-Founder of InvestorAi.

Keith expects 2025 to be “dominated by global geopolitics” which will add to ongoing market volatility and short-term pain. “I see India as a destination of choice for overseas investors. However, the Indian government should find more ways to encourage citizens to take part in equity markets — realising that your savings are being eaten by inflation in real terms usually happens too late and tends to disadvantage the lower income strata of society,” he noted. 

Budget 2025 Expectations Live Updates: Nikhil Sethi, Founder & MD, Zuvomo feels that 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, according to Sethi, who added that despite these impressive numbers, India seem to have missed the Web3 tsunami — which doubled its market cap in 2024 and saw DeFi TVL surge by 2000 per cent year-on-year (YoY). 

“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,” he added.

Expectations from Budget include: 

• Balanced taxation, clear compliance frameworks, and innovation-friendly policies. 
• The RBI must mitigate risks without stifling growth. 

Budget 2025 Expectations Live Updates: Yogesh Chaudhary, Director of Jaipur Rugs is optimistic about the government’s continued focus on empowering the handmade carpet industry in the coming Budget.

Expectations include: 

• 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. 

“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,” Chaudhary added. 

Budget 2025 Expectations Live Updates: Sushant Roy, Co-founder COO, and CBO at Alyve Health feels that it is essential to spotlight the transformative role of comprehensive health plans in promoting proactive healthcare ahead of the Union Budget. 

For the Budget, expectations include: 

• Strengthening Digital Health Infrastructure: Ensuring access to personalised health plans and data-driven insights for better adherence and outcomes. 
• Standardising Annual Health Assessments: Promoting early detection and preventive care as a national priority. 
• Expanding Access to Underserved Regions: Leveraging technology to bridge healthcare disparities. 
• Improving Access to Immediate Expert Consultation and Health Education: Empowering individuals with timely advice and the knowledge needed to make informed health decisions.

Budget 2025 Expectations Live Updates: This Union Budget must maintain India’s growth, and initiate reforms to increase attractiveness as investment destination, feels Peush Jain, MD-Commercial Leasing and Advisory at Anarock Group.

Jain noted that the office sector growth is expected to stay buoyant with supply to touch a billion sq.ft. by the end of the 2025, due to record leasing activity led by GCCs and flex space operators. 

Expectations: 

• Budget must focus on not just maintaining India’s growth momentum but also initiating reforms that will aid India’s attractiveness as an investment destination for both domestic and foreign companies. 
• Input tax credit on fit-outs. 
• Review of depreciation and amortisation rates for assets on the backdrop of larger adoption or AI.
• Incentivising new technology sectors to fuel the office demand evenly across the country.

Budget 2025 Expectations Live Updates: Ankur Jalan, CEO, Golden Growth Fund (GGF) believes that alternate investment funds (AIFs) are a tool for wealth diversification that is preferred choice of affluent individuals. To this, to noted that real estate contributed the highest share of investment from AIFs at over ₹75,400 crore in the first half of FY25 with participation from both domestic and foreign investors. 

“Real estate focused AIFs have huge opportunity to tap the untapped potential of the vast real estate landscape in the country by opening up not only funding avenues for development but also wealth creation for investors,” Jalan added. 

What are the expectations from the Budget? 

• Must endeavour to achieve parity in capital gains on listed and unlisted instruments so as to make it more attractive for both domestic and foreign investors. 
• Also ‘gains from investment’ must be classified on similar lines across instruments so that AIFs too enjoy the benefit.

Budget 2025 Expectations Live Updates: A “lot of hope” is being pinned on the coming Union Budget 2025-26 amid the weak urban demand over the past year, according to Garvit Tiwari, Director & Co-Founder, InfraMantra, a Gurugram based property consulting firm.

Tiwari feels that the Budget can “help revive urban consumption so that India maintains its growth trajectory”. 

Expectations: 

• Income tax cut must be the Budget’s top priority. 
• Reduction in GST on both construction material and under-construction properties to help developers reduce home prices.
• Land and labour reforms to nudge private sector investment in India and to help create jobs. 
• Raising the affordable housing limit to ₹1 crore will help bring fence-sitters into the real estate market and drive demand in the sector.

Budget 2025 Expectations Live Updates: The Indian tourism industry reached $199.6 billion GDP contribution in 2024, according to Rikant Pittie, CEO and Co-Founder of EaseMyTrip.

He noted that India saw a rise in outbound tourism and inbound tourism and secured the 39th position in the World Economic Forum's Travel & Tourism Development Index (2024); and laued the government's initiatives such as PRASHAD, Dekho Apna Desh, Incredible India and the E-visa scheme. He also noted that the Centre allocated ₹2,479 crore to the tourism industry for FY25.

Expectations: Expect to see a new era being for the country with an increased involvement in global travel, better protection and development of the country’s heritage, and an even advanced infrastructure and high-tech digital assets. 

Budget 2025 Expectations Live Updates: The exemption of customs duty on import of technology should get consideration, according to Vivek Jalan — Partner at Tax Connect Advisory Services LLP.

He expects: 

• Exemption of Customs duty on import of technology, machines, equipment for manufacturing Li-Io Cells in India.

With the govt focus on electric vehicles, Jalan feels that relief is expected for manufacturing of EVs and parts of EVs, especially Lithium Ion Cells (batteries), which are the biggest component of EVs. “Industry and other ministries have represented to already made representations to the Finance Ministry 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,” he added.

• Settlement of Dispute Scheme in Customs: Over 50,000 customs cases are pending before Supreme Court, High Court, CESTAT and Commissioner Appeals stage. And more than 5,000 such cases are registered every year. 

“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 and exporters,” Jalan added.