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Post Budget 2025: Comments by Experts

business Feb 1, 2025

 Mr. Anirudh A. Damani, Managing Partner, Artha Venture Fund

“The announcement of a ₹20,000 crore investment to drive private sector-led research, development, and innovation is a game-changer for India’s deeptech ecosystem. Finance Minister Nirmala Sitharaman’s focus on fostering cutting-edge startups through a potential Deep Tech Fund is a step in the right direction. Given the capital-intensive and long-gestation nature of deeptech ventures, we hope this fund is structured as a Fund of Funds (FoF), allowing experienced deep tech-focused fund managers to deploy capital effectively. The initial ₹10,000 crore FFS commitment mobilized over ₹91,000 crore in startup funding—this deeptech initiative could catalyze ₹1-1.5 lakh crore in new investments into India’s most transformative sectors, from space tech to AI and advanced manufacturing. India’s deeptech boom is just getting started, and with the right funding mechanisms in place, we are poised to create globally competitive deeptech giants.

The renewal of the ₹10,000 crore commitment to the Fund of Funds for AIFs is a significant step forward for the Indian startup and investment ecosystem. The initial ₹10,000 crore commitment catalyzed ₹91,000 crore in investments, and I fully expect this fresh infusion to attract an additional ₹1 lakh to ₹1.5 lakh crore in capital. This initiative will provide much-needed growth capital to early-stage startups, further strengthening India’s position as a global innovation hub. We are supremely excited about this development and look forward to actively participating in this next wave of investment momentum.”

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. Sachidanand Upadhyay, MD, Lord’s Mark Industries Limited

 “The National Manufacturing Mission announced in the Union Budget 2025 is a significant step towards bolstering India’s clean tech manufacturing ecosystem. By enhancing domestic production of EV batteries, solar PV modules, wind turbines, and grid-scale batteries, this initiative will reduce dependency on imports and strengthen India’s position in the global renewable energy supply chain. The move complements the existing PLI schemes and will encourage backward integration, enabling Indian manufacturers to scale up operations efficiently. At the Renewable Energy arm of Lord’s Mark Industries, we are committed to leveraging these policy-driven opportunities to accelerate innovation, localize clean energy solutions, and contribute to India’s transition towards a sustainable and self-reliant future. Aligning with India’s commitment to achieving net-zero emissions by 2070, Lord’s Mark Industries is contributing significantly to this vision, recently securing a project to set up 300 MW of grid-connected rooftop solar projects in Uttar Pradesh.”

 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.”

Mr. Bhaskar Majumdar, Managing Partner, Unicorn India Ventures

“Given that deeptech is being seen as an area for growth at the national level, with a China +1 macro and creation of the PLI/DLI schemes of the government, this is a great step. The Government has created this FoF for deeptech to enable funds to invest in deeptech and back highly innovative startups that can put India in a competitive global AI race. Hand in hand, in continuation of the R&D fund of last year, the Government has enhanced the same for enterprises to enable technology innovation. This shows that the Govt realises the future innovation is the heart of economic growth as the global wars are fought around AI and Semiconductors”

Mr. Mayuresh Raut, Managing Partner, Seafund

“The increase in credit guarantee for startups from Rs 10 crore to Rs 20 crore is a much needed demand that has been finally accepted. This will not only enable startups to have access to debt capital it will also help them scale faster with less equity dilution. Hence, it will lead to a virtuous cycle of higher top line, less equity dilution, better valuation and better fundraise. As the budget commenced, the FM highlighted that they would like to see 70% women participation in economy building, thus, the addition to credit guarantee will ensure a timely boost as more women entrepreneurs is the need for our ecosystem.

With regards to the earlier 3 Centers of Excellence, this along with Krishi Dhan Dhanya program will bring the best of AI practices to the agri-tech startups ecosystem and breed further innovation. Our view is that this requires large patient capital, but aligns us with the renaissance and renewed interest in nuclear energy that is happening all over the world, led by the US. Definitely opens the sector to private investors. Push for data centres consuming huge powers will need nuclear power which will further fuel our AI aspirations”

Mr. Pavan Choudary, Chairman, Medical Technology Association of India (MTai)

“The government has already taken a target of exporting 300,000 health care workers per annum. Its initiative to establish five large skill development projects – assuming Healthcare skilling will be a good part of it – seems a coherent step towards this objective.”

Ms. Shreya Mishra, Co-Founder, SolarSquare

Domestic solar cell manufacturing will be at the heart of India’s energy independence vision. The Finance Minister’s announcement to support cell manufacturing in this budget is a highly welcome step. Currently, India’s PM Suryaghar scheme mandates the use of solar panels made with domestically manufactured cells. While this has led to a surge in demand for solar panels, supply has struggled to keep pace.

Mr. Mukesh Pandey, Director of Rupyaa Paisa

MSMEs are strengthened by the Union Budget 2025-26 through major tax and credit reforms, which also induce growth and employment creation. The increased MSME credit guarantee from ₹5 crore to ₹10 crore is expected to generate another ₹1.5 lakh crore in credit over five years. Investment and turnover limits for MSME classification have also doubled, thus enlarging the benefits. With MSMEs providing 45% of exports with 75 million workers, the introduction of customized credit cards and the extension of the Fund of Funds would enhance capital accessibility and solidify India’s stance as a global manufacturing powerhouse.

 Mr. Vivek Jalan, Partner Tax Connect Advisory Services LLP:

The Union Budget is for Manufacturing, Middle Class and MSMEs. As expected income tax TDS/ TCS provisions have been revamped and rationalised. Customs duty on capital goods and raw material imports have been rationalised to promote manufacturing, especially on lithium Ion batteries. MSMEs have also been a special focus in this budget. The Biggest big bang change of course is the exemption of Income Tax for middle class with income upto Rs 12 Lakhs.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

“The Union Budget 2025 is a game-changer, reinforcing India’s commitment to inclusive and sustainable urban growth. The SWAMIH Fund 2 with ₹15,000 crore will accelerate the completion of stalled housing projects, bringing relief to over one lakh homebuyers. The ₹1 lakh crore Urban Challenge Fund will play a pivotal role in transforming cities into vibrant growth hubs, ensuring balanced regional development.

The masterstroke of direct tax reform—exempting income up to ₹12 lakh—will significantly boost disposable income, increasing affordability for homebuyers and driving real estate demand. Additionally, the government’s thrust on PPP-driven infrastructure with a structured three-year project pipeline will accelerate urban expansion, unlocking new opportunities for real estate and housing. These progressive reforms align with India’s vision of ‘Sabka Vikas’, fostering a robust ecosystem for homebuyers, developers, and investors alike.

Mr. Kishor Lodha, Chief Financial Officer at UGRO Capital.

The Union Budget 2025 has once again established the Government’s continued support for the MSME sector. And there are few takeaways for the sector, the limits for MSME classification have been enhanced from 2 to 2.5 times, which will benefit the sector. The guarantee scheme for micro and small enterprises has been expanded from a maximum limit of ₹5 crore to ₹10 crore, which will increase credit flow to this segment. Additionally, 10 lakh credit cards will be issued to MSMEs, helping them manage working capital more effectively. Several measures have also been announced for startups, further strengthening the Startup India mission. These initiatives will elevate the program to new heights by providing for easing compliance norms, and increasing funding opportunities. With sector-specific support in areas such as artificial intelligence, green energy, and biotechnology, these efforts will boost employment and position India as a global startup hub. Overall, this Budget reinforces the Government’s commitment to empowering MSMEs and startups, driving sustained economic growth and job creation.