Pre-Budget Quotes from Industry Leaders
The gems and jewellery sector: Quote for Union Budget 2025 Expectations by Suhani – Co-founder of Nishani, a jewellery brand
“The gems and jewelry sector in India is at an exciting crossroads, driven by the growing demand for personalized and modular designs that resonate with today’s consumers. To build on this momentum, I hope the upcoming Union Budget introduces measures that support small and emerging brands like Nishani, which are reimagining how jewelry is designed, worn, and experienced.
With the industry projected to grow at a CAGR of 8.34% between 2023 and 2028, initiatives such as reduced import duties on raw materials, tax incentives for domestic manufacturers, and enhanced support for skill development programs could significantly strengthen India’s position as a global leader in jewelry innovation. Furthermore, investments in e-commerce infrastructure and digital transformation will empower brands to scale and connect with a broader audience, both locally and internationally.
At Nishani, we’re passionate about celebrating individuality through customizable jewelry. A budget that fosters creativity and entrepreneurship would go a long way in enabling brands like ours to continue redefining the jewelry experience for modern consumers.”
Technology and Geospatial Sector: Quote for Union Budget 2025 Expectations by Swayambhu Mohanty, Co-Founder of Airace:
“As we approach the Union Budget 2025, Airace is optimistic about the government’s commitment to a technology-driven economy. The geospatial sector, projected to reach ₹25,000 crore by 2025, is vital for innovation and infrastructure development. We look forward to budgetary measures that focus on technology adoption, innovation, and ecosystem building.
Key expectations include:
Funding for geospatial and satellite technologies to drive R&D in GNSS, AI, and IoT, supporting industries like agriculture, construction, and disaster management.
Streamlined regulatory frameworks to ease geospatial technology deployment, such as simplifying licensing and high-resolution mapping restrictions.
Investment in skilling initiatives to build a workforce skilled in cutting-edge technologies, integrating geospatial education into curriculums.
Focus on digital infrastructure to support technologies like 5G, cloud computing, and real-time data analysis.
Public-private partnerships to drive projects like Smart Cities and precision agriculture, positioning India as a leader in geospatial innovation.With the right support, the geospatial sector can thrive, creating opportunities for start-ups, MSMEs, and large enterprises alike. At Airace Technologies, we are committed to building affordable, advanced geospatial solutions that contribute to India’s digital transformation and global tech leadership.”
Finance sector Pre Budget Quote by S Anand, Founder and CEO of PaySprint, a fintech venture:
“India stands at a pivotal moment in its fintech revolution, with 2025 promising to be a landmark year for innovation, inclusion, and economic growth. The Union Budget offers a unique opportunity to shape the trajectory of the fintech ecosystem, which has already positioned India as a global leader in digital payments and financial technology.
In 2024 alone, India processed over 12 billion UPI transactions monthly, a testament to the growing trust and adoption of digital financial tools across urban and rural landscapes. At PaySprint, with over 5,000 partners and a robust suite of API-driven solutions, we’ve witnessed firsthand how technology can empower businesses and drive financial inclusion. However, to sustain this momentum, we need supportive policies that bridge existing gaps and fuel the next wave of innovation.
One critical area for focus is enhancing the infrastructure for open banking and API-driven platforms. A recent study by BCG indicates that India’s fintech sector could contribute $200 billion to GDP by 2030, but achieving this requires interoperability, seamless integrations, and policies that encourage collaboration between banks, fintechs, and regulators. The budget could incentivize these efforts by promoting API standardization and allocating funding for ecosystem-wide development.
Financial inclusion must remain at the heart of this vision. While over 80% of Indian adults now have a bank account, thanks to initiatives like Jan Dhan Yojana, only about 23% of rural users actively engage in digital transactions. Bridging this gap requires targeted investments in digital literacy programs, internet infrastructure expansion in underserved regions, and subsidies for SMEs to adopt digital payment systems. Empowering small businesses is especially critical, as they contribute nearly 30% of India’s GDP and are key drivers of employment.
Additionally, the government has an opportunity to support fintech startups and RegTech innovations through tax relief and funding programs. According to NASSCOM, India is home to over 2,300 fintech startups, yet many face challenges in scaling due to high compliance costs and limited access to capital. Incentives for early-stage innovators could unleash a wave of transformative solutions in areas like fraud detection, automated compliance, and data security.
Lastly, cybersecurity and data privacy must remain a top priority. With digital payments surpassing ₹20 lakh crore monthly, trust in secure platforms is non-negotiable. Budget provisions that establish national cybersecurity frameworks and offer grants for fintechs to invest in advanced data protection technologies will ensure that users can transact with confidence.
At PaySprint, we are committed to driving financial inclusion and delivering innovative solutions that simplify banking and payments for all. The 2025 Union Budget has the potential to catalyze the fintech sector’s growth, ensuring that India remains at the forefront of the global digital economy. Together, with the right policies and collective effort, we can build a more inclusive, secure, and prosperous future for millions of Indians.”
Real Estate Pre-budget expectation quote on behalf of Jash Choraria, Vice President – Investments & Credit and Chief of Staff, Crest Ventures Limited:
“As we gear up for the Union Budget 2025-26, the real estate sector anticipates crucial reforms that can accelerate growth, enhance affordability, and solidify its role as a key contributor to India’s economic development. The government has already demonstrated its commitment to infrastructure and housing, and I firmly believe that this year’s budget can take decisive steps to address some of the most pressing challenges in our sector.
One of the most impactful measures would be an increase in the tax deduction limit on housing loan interest payments. The current cap of ₹2 lakh has not been revised for several years, despite rising property prices and interest rates. A higher limit—say ₹5 lakh—would not only provide significant relief to homebuyers but also stimulate demand, particularly in the mid- and upper-income housing segments. This step would make homeownership more accessible and could drive momentum in the residential market.Another key expectation from the budget is the long-awaited granting of infrastructure status to the real estate sector. This move would lower borrowing costs for developers and attract institutional investments, enabling the industry to deliver affordable housing on a larger scale. Coupled with a robust focus on urban infrastructure, this reform could catalyze growth and strengthen the foundation for sustainable city planning.
We also hope for the introduction of a single-window clearance mechanism for real estate projects. Currently, developers face a labyrinth of approvals that often result in delays and higher costs. A streamlined process would not only enhance ease of doing business but also translate to more timely delivery of projects—benefiting both developers and homebuyers.
In addition, the affordable housing segment requires targeted incentives to bridge the demand-supply gap. Reducing GST rates or providing subsidies for affordable housing projects would encourage developers to cater to this critical market while ensuring affordability for buyers. The government’s focus on ‘Housing for All’ can be bolstered through such initiatives, addressing the aspirations of urban and rural populations alike.
Finally, liquidity and access to finance remain vital concerns. Measures such as reducing the cash reserve ratio (CRR) and other monetary policy interventions can inject liquidity into the system, allowing banks to offer more competitive home loan rates. This would directly benefit homebuyers and sustain the growth trajectory of the housing sector.
The real estate sector is integral to India’s economic engine, contributing significantly to GDP and employment. At Crest Ventures, we are committed to creating spaces that inspire and uplift communities while driving sustainable urban development. We look forward to a budget that empowers stakeholders across the value chain—developers, homebuyers, and investors—paving the way for a resilient and prosperous future.”
Retail Industry: Pre Budget Quote: Vikram Kankaria, Co-Founder & CEO, Fashor
“As we approach the Union Budget 2025, I am optimistic about the government’s continued focus on empowering the retail and fashion industry, a sector that not only contributes significantly to the economy but also reflects the aspirations of millions of Indians. With the Indian apparel market poised to grow at a CAGR of over 10% and expected to reach $100 billion by 2030, it is imperative to provide the right fiscal and policy support to sustain this momentum.
Key areas of focus should include reducing GST rates on fashion and apparel to enhance affordability for consumers, especially in the ethnic and fusion wear segments that cater to a wide demographic. Currently, GST rates at 12% or 18% on apparel over ₹1,000 act as a constraint for many brands, particularly those targeting Tier 2 and Tier 3 markets, where price sensitivity is high. A reduction in GST could accelerate demand and unlock significant growth potential across these regions.
Additionally, the industry would benefit immensely from incentives for D2C brands to establish offline footprints, particularly in underserved markets. As Fashor plans to open 100 exclusive brand outlets (EBOs) in the next few years, we look forward to policies that support infrastructure development and reduce operational costs, such as rent subsidies or interest rate concessions for retail-focused businesses.
On the manufacturing side, the budget could consider enhanced Production Linked Incentives (PLI) for apparel and textile sectors, emphasizing sustainability. Globally, consumers are gravitating toward eco-conscious fashion, and providing support for green manufacturing practices would enable Indian brands to compete on an international scale.
Lastly, digital transformation remains the backbone of modern retail. A push for greater investments in logistics and e-commerce infrastructure, coupled with incentives for technology adoption, can help brands like ours expand our omnichannel presence and improve customer experiences.
At Fashor, we’re committed to empowering the modern Indian woman through affordable, stylish fashion. We hope the budget sets the stage for a more inclusive and competitive retail landscape, enabling Indian brands to thrive both domestically and globally.
OTT and Entertainment Sector Pre Budget Quote_Kaushik Das, Founder & CEO of AAO NXT
“As we approach the Union Budget 2025, I am hopeful that the government will continue to recognize the growing influence of the OTT industry in driving India’s digital transformation. The Indian OTT market is expected to surpass $13 billion in value by 2026, with regional content playing a key role in that growth. Platforms like AAO NXT are at the forefront of this shift, offering diverse and culturally rich content that resonates with audiences across India and beyond.
I am optimistic that the government will introduce measures that further support the digital content creation ecosystem, particularly through incentives for regional and independent content creators. This could include tax breaks or grants for regional OTT platforms producing high-quality, original content, which would not only support the creative economy but also drive job creation in media, technology, and distribution.
Another area of focus could be the expansion of digital infrastructure, particularly in rural and semi-urban regions. As internet penetration increases, we are witnessing a rising demand for localized content. Improved connectivity can unlock vast new audiences for regional platforms like AAO NXT, positioning Indian content as a key player in global entertainment.
Additionally, with skill development being a priority across sectors, I believe targeted initiatives to train a new generation of content creators, technicians, and digital media professionals will help India maintain its competitive edge in the OTT landscape. This aligns with the growing trend of upskilling in digital media, which has seen significant investments in the past few years.
At AAO NXT, we are committed to bridging regional culture with cutting-edge technology, and we hope that the budget will provide the necessary support to fuel further innovation and growth in this space, ensuring that Indian OTT platforms continue to thrive and contribute to the nation’s cultural and economic development.”
Technology & IoT sector Pre budget Quote: Jani Vehkalahti – SVP, Smart Grids, Wirepas, a leader in wireless connectivity solutions.
“The Indian Union Budget presents a pivotal opportunity to position the nation as a global leader in the energy transition. To achieve this, we at Wirepas strongly urge the government to prioritize significant investment in accelerating large-scale adoption of IoT-enabled solutions in smart metering deployments. This forward-thinking approach promises substantial payback, first to utilities and ultimately to consumers, through lower fees and more sustainable infrastructure.
Smart meter rollouts in Europe, originally introduced for billing purposes, have proven to be a key solution in supporting the growth of renewable energy production. They also enable existing electricity infrastructure to handle the rising demand from air conditioners and electric vehicles. Notably, the implementation of dynamic tariffs for consumers has successfully reduced consumption peaks across Europe, ensuring energy availability at all times.
Mesh networks, unlike cellular-based solutions, offer a remarkable 30-50% reduction in communication costs, making them a cost-effective and ultra-reliable option. Their longevity—outlasting cellular networks prone to 10-year lifespans—ensures a smart metering network that can serve India’s needs for the decades to come.
Additionally, by emphasizing design transfer and skill development, investing in mesh not only strengthens domestic expertise but also creates new revenue streams with export opportunities, cementing India’s position as a hub for advanced, sustainable technologies.”
IT Industry Perspective Pre budget Quote: Pradyumn Sharma, CEO of Pragati Software
As Union Budget 2025 approaches, I’m optimistic about the government’s continued focus on strengthening India’s digital economy and skill development. With India set to become a $1 trillion digital economy by 2028, this budget presents a vital opportunity to invest in the nation’s future and address the reskilling needs of over 65% of the workforce in areas like AI, machine learning, and blockchain.
The IT sector expects policy measures that enhance India’s position as a global technology leader. As a key contributor to GDP and employment, this budget can fuel innovation, foster talent, and further develop the digital ecosystem.
A priority is increased support for upskilling and reskilling programs. Funding for industry-relevant training, in partnership with initiatives like Skill India and Digital India, will help bridge the talent gap and improve India’s global competitiveness. Tax reforms encouraging R&D investment in emerging technologies would stimulate innovation and position Indian companies as global tech leaders.
Investments in digital infrastructure, particularly in Tier 2 and Tier 3 cities, are also crucial. Improving connectivity and internet access will unlock new talent pools, decentralize growth, and support the growing work-from-anywhere trend.
I also hope for greater incentives for tech startups, particularly those in AI, SaaS, and cybersecurity. Simplifying compliance and offering funding opportunities will accelerate growth in the startup ecosystem. Finally, promoting public-private partnerships in education and skill development will help create a sustainable pipeline of professionals equipped for the future. In summary, I look forward to a budget that fosters digital inclusion, innovation, and skill development, ensuring India remains a global technology leader.
