Union Budget 2025 : Post Budget Reaction / Quote from Market Leaders

  • Manoj Gaur, CMD, Gaurs Group & Chairman, CREDAI National
    “Budget 2025 underlines the Central government’s commitment to economic expansion, infrastructure advancement, and financial stability, thereby fostering a conducive environment for real estate growth. Measures supporting start-ups and job creation, coupled with much needed reductions in income tax slabs, are set to enhance liquidity and stimulate demand in the sector. While the focus on overall growth is encouraging, we look forward to further initiatives that will accelerate affordable housing development, ensuring inclusive progress for the country.”
  • Amit Modi, Director, County Group
    For real estate buyers, the proposal to value two self-occupied properties at nil for tax purposes brings much-needed relief—particularly for middle-class professionals in metro cities who also possess a self-occupied second home in their villages or hometowns. Similarly, raising the TDS threshold on rental income from Rs 2.5 lakh to Rs 6 lakh will benefit those dependent on rental earnings. Furthermore, the revision in tax slabs—exempting income tax up to Rs 12 lakh—places more disposable income in the hands of the middle-class planning for future real estate investments.
  • Rajjath Goel, Managing Director, MRG Group
    The allocation for infrastructure development, urban transformation, and SWAMIH Fund 2 along with tax reforms that will improve liquidity lays the foundation of country’s continued economic progress. Steps such as nil tax for two self-occupied properties and rental income upto Rs. 6 lakh will enhance the lucrativeness of real estate investments. We are hopeful that these measures will lead to sustained real estate expansion, benefiting homebuyers and investors alike.
  • Gurpal Singh Chawla, Managing Director, TREVOC
    The budget effectively balances development priorities with financial stability. The emphasis on infrastructure growth, including the Rs 1 lakh crore Urban Challenge Fund, lays a strong foundation for long-term progress. Additionally, key tax revisions enhance market liquidity ultimately creating an optimistic roadmap for the real estate sector.
  • Yash Miglani, MD, Migsun Group
    Prioritizing private sector investments and uplifting household sentiments is set to strengthen homeownership and commercial expansion, fostering sustained momentum in the real estate sector. Measures aimed at empowering the middle class, including tax relief for individuals with annual incomes of up to ₹12 lakh, will provide significant relief and boost disposable income. These initiatives will reinforce a strong foundation for a resilient, future-ready economy and drive investment in the real estate sector, bolstering confidence and contributing to its growth.
  • Pawan Sharma, MD, Trisol RED
    The revised tax slabs and increased rebate limits under the new tax regime will significantly boost disposable income, leading to higher savings and greater investment in real estate. With no income tax payable up to ₹12 lakh and reduced tax slabs, we anticipate a stronger inclination towards homeownership, particularly in the mid-income segment. Additionally, the extension of tax benefits for investments in infrastructure and real estate will further strengthen capital inflows into the sector.”
  • Ravindra Gandhi, Founder and Managing Director of Tirasya Estates,
    “The revised tax slabs, which offer increased rebates and lower tax rates, will enhance disposable income, encouraging greater investment in the overall real estate sector, particularly in second homes and vacation properties. The extension of tax benefits for investments in infrastructure and real estate further strengthens Goa’s position as a lucrative destination for both domestic and international investors.
  • Uddhav Poddar, CMD, Bhumika Group
    The government’s emphasis on infrastructure development and economic prudence sets the stage for sustained real estate growth. A key highlight is the focus on enhancing the role of Public-Private Partnerships (PPP) in India’s infrastructure development, which will boost the country’s commercial projects while ensuring long-term progress. Moreover, the tax slab revision exempting income tax up to Rs 12 lakh will leave the middle class with more money to consider investing in real estate.
  • Saurab Saharan, Group Managing Director, HCBS Developments
    The Union Budget 2025-26 introduces key measures that will strengthen the real estate sector. Raising the TDS threshold on rental income to ₹6 lakh simplifies tax compliance, benefiting the housing market. Additionally, the decision to value two self-occupied properties at Nil for tax purposes offers homeowners greater financial flexibility, encouraging property investments. The exemption of income tax up to ₹12 lakh further makes homeownership more attainable, driving demand in the sector. Furthermore, the ₹1.5 lakh crore allocation for 50-year interest-free loans to states is a crucial step that will drive urban infrastructure, connectivity, and real estate growth, creating new opportunities for residential developments
  • Ashwani Kumar, Pyramid Infratech
    The Union Budget’25 announcements reflect the constructive growth plan chalked out by the government. The emphasis given to the PPP model for infrastructural development and proposing an outlay of 1.5 lakh crore for the 50-year interest-free loans to states for capital expenditure will create various opportunities for private players to contribute to the economic development significantly. Besides, we applaud the government’s decision to revise the tax slab and make the annual income of Rs 12 lakh tax-free. This is a great relief for salaried middle-class income as they will have increased purchasing power and will be able to own their dream home.
  • Salil Kumar, Director (Marketing & Business Management) of CRC Group
    The Union Budget 2025-26 is a pivotal step in accelerating the growth of India’s real estate sector. By increasing the TDS threshold on rental income and exempting income tax on earnings up to ₹12 lakh, it creates an environment that encourages homeownership, especially among the middle class. The allocation of ₹1.5 lakh crore for interest-free loans to states will support urban development and infrastructure, further boosting demand for both residential and commercial properties. This budget brings a renewed sense of optimism, laying a strong foundation for sustained growth in the real estate market.
  • Harinder Singh Hora, Founder Chairman, Reach Group
    “This budget demonstrates the government’s proactive approach towards economic decentralization, with a special focus on promoting the development of GCCs in emerging Tier-II cities. This forward-thinking initiative not only nurtures regional growth but also opens doors for talent acquisition, industry partnerships, and innovation. The creation of a dedicated fund for urban development will reshape our cities, providing the infrastructure and workforce required to attract national and international companies. With these reforms, we foresee a significant boost in inclusive economic growth, making these cities key players on the global stage.”
  • Harsh Gupta, CEO, Sundream Group
    The Union Budget’s focus on urban development and infrastructure is a major milestone for the commercial real estate sector. The boost in investments towards smarter cities, improved connectivity, and strategic infrastructure upgrades sets a strong foundation for the growth of commercial spaces. Annual incomes of up to ₹12 lakh will provide significant relief and boost disposable income, while the urban development fund promises to transform India’s cities into thriving hubs of sustainability and modernity.”
  • Sanjay Sharma Director, SKA Group
    In the Union Budget 2025, the government has made commendable efforts for the country’s economic growth, with a focus on tax rationalization and infrastructure expansion. The revised tax slabs and offering zero tax up to Rs. 12 lakh will boost disposable incomes and drive demand for housing, especially among first-time homebuyers. Further, an increase in the TDS threshold limit on rent from ₹2.4 lakh to ₹6 lakh is a significant boost for the rental housing market. In addition, the ₹1 lakh crore Urban Challenge Fund will play a pivotal role in transforming cities into vibrant growth hubs, ensuring balanced real estate development. These policies will propel the country’s development and drive real estate growth at the same time.
  • Prakash Mehta, Chairman and Managing Director, Ocus Group
    The 2025 budget reflects a continued focus on strengthening urban infrastructure, which is crucial for overall real estate growth. By reducing the tax burden, the government is directly boosting consumer confidence, encouraging greater spending, and ultimately stimulating demand in the commercial sector. In addition, the announcement of a national framework for GCCs will decentralize business operations, enhance local talent pools, and drive infrastructure development.”
  • Ajendra Singh, Vice-President, Sales and Marketing, at Spectrum@Metro
    The Union Budget 2025 outlines a transformative vision for India’s commercial real estate sector, with a clear focus on strengthening urban infrastructure. The government’s investments in smarter cities, better connectivity, and sustainability will directly benefit commercial spaces. The reduction in income tax and the establishment of a national framework for Global Capability Centers are poised to drive demand for premium commercial spaces, attracting global businesses and fueling growth in cities across India.
  • Ambika Saxena, CEO, TWH Hospitality
    This year, the government has presented a well-balanced and growth-oriented budget, specifically supporting the tourism and hospitality sectors. The modified Udaan scheme will open doors for the hospitality sector by bringing new tourist destinations into the spotlight. Hotels, resorts, and homestays in unexplored regions will see a surge in demand, encouraging further investment and development. With the government’s push for connectivity and including new 120 destinations, we expect a stronger pipeline in the hospitality sector, catering to both business and leisure travellers in emerging tourism hotspots
  • Neeraj Sharma, MD, Escon Infra Realtors
    “The Union Budget 2025-26 presents a transformative opportunity for the real estate sector with its focus on tax rationalization, infrastructure expansion, and housing sector reforms. The revised tax slabs, offering zero tax up to ₹12 lakh, will boost disposable incomes and drive demand for housing, particularly in the mid-income and affordable segments. Additionally, the ₹1.5 lakh crore interest-free loans to states and the ₹10 lakh crore Asset Monetization Plan will accelerate urban development, unlocking new growth corridors for real estate investment and expansion.”
  • Vishal Sabharwal, Head Sales, Orris Group,
    “The Union Budget 2025–26 sets a progressive tone for the real estate sector, ensuring that housing remains a key driver of economic growth. The government’s substantial allocation of ₹ 1.5 lakh crore towards infrastructure development will accelerate urban expansion and create new investment hubs. The increase in the no-income-tax limit to ₹12 lakh and revised tax slabs will boost disposable income, enhancing homebuyers’ purchasing power. Additionally, the launch of the Urban Growth Initiative will further support planned city expansions and smart infrastructure, making real estate investment more attractive and sustainable.”

 

  • Sumeet Group Enterprises

    We are encouraged by the Union Budget’s strong focus on healthcare, particularly the initiative to establish day-care cancer centres in all district hospitals. We also applaud the commitment to medical tourism, which can position India as a global healthcare destination. The budget’s emphasis on strengthening manufacturing, especially support for MSMEs through increased investment and turnover limits, is vital. The focus on skilling, particularly in AI, is crucial for empowering youth and driving the ‘Make in India, Make for the World’ vision. Continued focus on innovation and infrastructure development through public-private partnerships is essential for a sustainable future. This budget lays a solid foundation for a ‘Viksit Bharat’ with zero poverty, quality education, and comprehensive healthcare. The government’s decade-long commitment to ‘Ease of Doing Business’ and a modern, flexible regulatory framework are also crucial for continued progress.” – Summit Salunke, Vice Chairman, at Sumeet Group Enterprises

    Mr. Tushar Choudhary, Founder & CEO, Motovolt Mobility
     
    “The recent budget has delivered a promising outlook for India’s electric vehicle (EV) industry, especially with the reduction in Basic Customs Duty (BCD) on capital goods related to EV manufacturing. This move will help lower production costs, making EVs more affordable for consumers and encouraging higher sales. Aligned with the National Manufacturing Mission, the budget’s focus on rationalizing customs tariffs signals the government’s intent to localize high-value production and reduce dependency on imports. Additionally, the exemption on critical minerals like lithium is a significant step toward easing the supply of vital components for EV batteries, further lowering costs and boosting domestic manufacturing. The commitment to enhancing EV infrastructure, particularly in charging stations and battery swapping networks, is another much-needed development. This will improve the user experience and drive the adoption of EVs across the country. Efforts to localize EV components like batteries, motors and controllers will help reduce upfront costs which would further strengthen India’s EV ecosystem giving the EV sector the ability to penetrate the Indian markets.”
  • MR. Sajja Praveen Chowdary , Director , Policybazaar For Business

    The Union Budget 2025 put forward a strong growth agenda for the start-up and MSME ecosystem. The newly-proposed National Manufacturing Mission sets the stage for a more competitive and self-reliant industrial base. Access to credit has been significantly expanded, providing a major boost to MSMEs and startups. Micro and small enterprises now have double the credit guarantee cover, which ensures stronger financial backing for innovation. Startups in key sectors benefit from higher limits and reduced guarantee fees, while well-run exporter MSMEs can access larger term loans. These measures will enhance liquidity, encourage investment and also strengthen India’s Make In India initiative. The decision to allow 100% FDI in insurance is another landmark reform, which will bring global investments, better capital influx and promote healthier competition. These measures cement India’s thriving entrepreneurial spirit and make way for a more resilient economy.

  • Shivendra Nigam, CFO, Cantabil Retail Expert said:
     
    “The Union Budget 2025-26 presents a strong push for consumption growth through significant tax reforms. The increase in tax exemption limit to Rs 12 lakh under the new regime, coupled with rationalized TDS rates and thresholds, will put more disposable income in consumers’ hands.
    We anticipate that these measures will stimulate consumer spending and boost retail sector growth. The focus on tourism development across 50 destinations and increased employment opportunities through various initiatives will further create positive momentum for retail consumption. These reforms align perfectly with our expansion plans,” 
  • Commenting on the Union Budget 2025-26, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., said, “The Union Budget 25-26 fosters inclusive growth by prioritizing rural development, MSMEs, and financial inclusion. Initiatives like the ‘Grameen Credit Score’ and ‘Rural Prosperity and Resilience’ program will enhance credit access, skilling, and employment. Muthoottu Mini supports these reforms, which empower entrepreneurs, boost consumption, and drive India’s economic momentum.”
  • Bruce Keith, Co founder CEO, InvestorAi says,

“While the Budget started with a big bang quite literally, the Honourable Finance Minister has announced a string of boosters for the Indian startup sector. The extensions to the loan programs make sense in the context of micro enterprises. However, the crucial fund of funds of Rs 10,000 crore will play a key role in boosting domestic capital in the startup sector. The announcement on deep tech fund, while details are awaited, it should be viewed through the DeepSeek lens of what can be done with relatively small amounts of capital when provided to agile and creative teams. We expect the VC ecosystem to bring velocity and momentum into funding these enterprises.

I was especially delighted to hear about the enhancing the “spirit of curiosity and innovation “ with IIT expansions of capacity and centres of excellence for AI education – talent availability is a necessary part of continuing our growth”.

  • Sridhar Parthasarathy, Co-Founder & General Partner at Bluehill.VC Says, The government’s announcement of a another Fund of Funds (FoF) worth ₹10,000 crore in the budget is strong commitment to cultivate an entrepreneurial ecosystem and an acknowledgement of Alternative Investment Funds (AIFs) in channeling these resources effectively.

While equity funding through AIFs is essential, there is an urgent need for debt financing for startups. The introduction of a credit guarantee will help startups achieve a balanced mix of equity and debt funding, making their growth more sustainable.

Additionally, the plan for a new Deep Tech Fund of Funds is a crucial step towards advancing deep tech innovation in India. This signals a clear intent from the govt to position India strongly in the global AI race, which is much needed boost for deep tech startups specially in AI and space tech”.

  • Ankur Mittal, CO-Founder, Inflection Point Ventures says, “Our ask was a better credit platform and framework for startups and to that extent this is a welcome step. This will allow them to grow and build sustainable businesses and not be dependent on just equity infusion to grow. Their capacity to attract follow-on growth capital will be further strengthened by the additional cash, which will also help them make important investments in operations, personnel, and technology. This action boosts job creation, accelerates startup growth, and creates long-term value in the ecosystem by resolving financial limitations”.
  • Mr. Amarjeet Singh Tak, Head of Research Microscopy Solutions, India and Neighboring Markets, ZEISS Group

“We commend the Union Budget 2025-26 for its strong focus on advancing education, research, and skill development. The establishment of National Centres of Excellence, expansion of medical college seats, and infrastructure upgrades at IITs are commendable steps that will significantly enhance academic and research capabilities. The emphasis on Artificial Intelligence through dedicated Centres of Excellence and global skilling partnerships will empower the youth with future-ready skills, positioning India as a global leader in innovation. These initiatives will not only drive scientific and technological advancements but also create a robust ecosystem for young talent to thrive. This forward-thinking approach will undoubtedly accelerate India’s journey towards becoming a knowledge powerhouse on the global stage

  • Dr. Krishna Prasad Chigurupati Chairman & Managing Director, Granules India Limited”

Exempting 36 life-saving pharmaceuticals from basic customs duty and adding six essential medicines under a concessional 5% duty will significantly enhance access to critical therapies. Extending full exemption and concessional tariffs to bulk drugs used in their manufacturing will further improve affordability and availability. The expansion of medical education with 10,000 additional seats and the establishment of 200 daycare cancer centers in FY 2025-26 will strengthen healthcare infrastructure, enabling early diagnosis and treatment. Additionally, the establishment of five National Centers of Excellence for Skilling, along with global skilling collaborations, will equip India’s workforce with the expertise needed to drive pharmaceutical innovation and manufacturing. These strategic initiatives reinforce India’s commitment to providing accessible and cost-effective healthcare solutions said Dr. Krishna Prasad Chigurupati Chairman & Managing Director, Granules India Limited”

  •  Mr. Yatharth Tyagi, Director, Yatharth Group of Hospitals

The Union Budget 2025-26 is a well-thought and strategic move, laying a transformative foundation for an inclusive and resilient healthcare ecosystem. The establishment of 200 daycare cancer centers with a three-year district hospital rollout plan is a welcome intervention. This initiative, along with customs duty exemption on 36 life-saving drugs and 13 new patient assistance programs, will improve access to specialized treatment and reduce the financial burden of cancer care. The commitment to add 10,000 medical seats, aiming for 75,000 in five years, and the establishment of five National Centers of Excellence for skilling are strategic steps to address critical workforce gaps in healthcare delivery. At Yatharth Hospitals, our recent expansion, particularly in advanced cancer care infrastructure, positions us well to leverage these progressive reforms. These policy measures align perfectly with our mission to make quality healthcare accessible to every Indian, supporting the government’s vision of ‘Viksit Bharat.'”

  •  Arjun Juneja, Chief Operating Officer, Mankind Pharma Limited and Chairman, Pharma Committee, FICCI

“The Union Budget 2025-26 lays a solid foundation for India’s pharmaceutical sector and enhances healthcare accessibility. The exemption of Basic Customs Duty on 36 life-saving drugs makes critical treatments, especially for oncology and rare diseases, more affordable, aligning with the government’s vision of a self-reliant India. The establishment of Day Care Cancer Centres and expansion of Patient Assistance Programs (PAPs) will further improve patient access to essential treatments. The budget’s focus on 5% concessional duties on essential medicines and bulk drug exemptions will optimize production costs, boost domestic manufacturing, and drive innovation. The commitment to adding 75,000 medical college seats and the creation of a Centre of Excellence in AI further strengthens the healthcare ecosystem. The ‘Heal in India’ initiative, combined with streamlined medical tourism policies, positions India as a global healthcare hub, driving demand for high-quality, affordable medicines. These reforms are a significant step toward making India a global leader in pharmaceuticals, and we at Mankind Pharma are excited to support and contribute to this transformation.”

  •  Mr Saumyajit Roy, CEO and Co-Founder, Emoha

“The 2025 Budget’s commitment to expand medical education with 10,000 additional seats and the goal of adding 75,000 seats in the next 5 years is a critical step toward addressing India’s healthcare workforce needs. With our rapidly aging population, this expansion isn’t just about numbers – it’s about building a healthcare ecosystem that understands and responds to the unique needs of our seniors.

The announcement of a ₹10,000 crore Fund of Funds scheme for startups is particularly significant for healthtech innovation. This fresh capital injection will catalyze the development of specialized solutions for elderly care, especially as we see increasing intersection between healthcare delivery and technology. For those of us building in the senior care space, this represents both validation and opportunity to scale our impact.

I’m particularly encouraged by the initiative to establish Day Care Cancer Centers in all District Hospitals, which will significantly improve accessibility to specialized care for our elderly population. As someone deeply involved in senior care innovation, I see this as a game-changing move that aligns perfectly with the evolving healthcare needs of our aging demographic.

However, while expanding medical education and infrastructure is crucial, the quality of care ultimately depends on the quality of carers. More needs to be done to promote and support organizations that supply trained carers, ensuring that our seniors receive the compassionate, skilled assistance they deserve.”

  • Mr. Rajeev Taneja, Global Care , CEO (Medical Consultancy)

India’s medical tourism industry is rapidly expanding, driven by government initiatives focusing on affordable healthcare and medical value travel (MVT). The establishment of advanced facilities, including 200 cancer centers, and the exemption of 36 life-saving drugs from customs duties aim to enhance accessibility and affordability for international patients, positioning India as a leading destination for medical care.

  • Balasubramanian A, Senior VP and Business Head at TeamLease says, “The Finance Minister’s announcements will give a strong push to India’s tourism, healthcare, and aviation sectors, creating jobs and driving economic growth. Easier visa norms under ‘Heal in India’ will attract more medical tourists, boosting hospitals, hospitality, and foreign exchange earnings. Opening up PM GatiShakti data to private players and developing 22 key destinations in partnership with states will strengthen tourism infrastructure and local economies. The expansion of UDAN to 120 new destinations and new greenfield airports in Bihar will improve regional connectivity, making air travel more accessible to the middle class while supporting trade and investment. These steps position India as a key global destination for tourism, healthcare, and aviation-driven growth.”
  •  By Meena Kapoor Co- founder and CEO of Astroyogi 
    “The government’s Rs 2-crore term loan scheme for first-time women entrepreneurs is a game-changer, empowering more women to turn their aspirations into thriving businesses. Access to capital has long been a barrier, and this initiative will provide the much-needed financial push to foster innovation, self-reliance, and economic inclusion. As a woman entrepreneur, I see this as a strong step towards building a more diverse and resilient business ecosystem in India
  • ~ Mr. Ravi Mittal, Founder and CEO of QuackQuack
Mr. Ravi Mittal, Founder and CEO of QuackQuack, believes that the Union Budget 2025-2026 takes a strong step toward strengthening India’s startup ecosystem with the additional ₹10,000 crore Fund of Funds. Access to capital remains one of the biggest obstacles for emerging businesses, and this fresh infusion of funds will provide critical support for startups to innovate, expand, and create jobs. Additionally, the new scheme for first-time women, SC, and ST entrepreneurs is a commendable move toward fostering inclusivity and diversity in the entrepreneurial landscape. At QuackQuack, we understand the challenges of building something from the ground up, and we believe such initiatives will empower more founders to take bold steps toward their dreams. This is a positive push toward making India a global hub for innovation and entrepreneurship.
  • Mr. Roshan Aslam, Co-founder & CEO of GoSats
Mr. Roshan Aslam, Co-founder & CEO of GoSats, believes the Union Budget 2025 offers a unique outlook for the growth of Indian startup ecosystem, as he said, “The Union Budget 2025 outlines a clearly defined future for India’s growing startup ecosystem by extending critical policies. The announcement of an additional ₹10,000 crore Fund of Funds will be a critical boost for the growth of India’s startup ecosystem in FY 25-26. As the investment limit for MSME classifications are made 2.5 times and the turnover limits doubled, this will help the financial viability of startup businesses in the country. As easier credit lines are extended to MSMEs, it will provide the essential confidence to grow and generate employment opportunities, directly contributing towards the growth of the Indian Economy.”

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