Mr. Aasif Malbari, Chief Financial Officer – Godrej Consumer Products Ltd.
“The Union Budget 2025 takes a balanced approach by strengthening rural infrastructure, manufacturing, and consumer spending—three critical pillars for the FMCG sector. Investments in rural development and job creation will boost economic activity and drive higher consumption, opening new opportunities for market expansion. The National Manufacturing Mission is a strong step toward enhancing domestic production, reducing import dependencies, and improving cost efficiencies. Additionally, tax reforms benefiting the middle class will increase disposable income, further fueling demand across essential and aspirational FMCG categories.
Overall, the Budget lays a strong foundation for a more consumption-driven economy, creating significant growth opportunities for the FMCG industry.”
Mr Girish Tanti, Vice Chairman of Suzlon
“The Government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.”
“The key word is Eco-System : the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers. It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms. And for national security, we need to build this expertise locally, requiring the build-out of all these industries at scale. We are happy that this budget recognises this need. Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”
Mr. TS Kalyanaraman, Managing Director, Kalyan Jewellers
“The Union Budget 2025-26, presented by Finance Minister Smt. Nirmala Sitharaman has a laser sharp focus on boosting economic growth. With definitive steps in infrastructure investment and key support for agriculture, manufacturing and urban development, there is a deep commitment to continue on the growth momentum. As brands continue their growth in the real Bharat, the Centres of Excellence for Skilling, coupled with global skilling partnerships, will add to the available talent pool. The tax reforms proposed in the Budget will ensure that the consuming class will have enhanced discretionary income in their hands leading to a significant demand stimulus. This Union Budget will definitely energise the market sentiment and is another key step to realising our combined vision of a Viksit Bharat!”
Mr. Sagar Shah, Head – Domestic Markets, RBL Bank
The budget continues on its roadmap of fiscal consolidation. The Government walked the path of fiscal prudence and lowered next year’s fiscal deficit target to 4.4 % vs current year’s 4.8% without loosing focus on growth.
Along with that focus on consumption to promote growth and tax simplifications are the biggest highlights of this budget. Much wanted consumption boost for the middle class has been provided to support growth.
Overall, a highly constructive budget with a new tax code will take care of the tax payer’s concerns.
Mr Gautam Singhania, Chairman & Managing Director, Raymond Group
The decision to exempt income tax up to ₹12 lakh is a game-changing reform that boosts India’s middle class by increasing disposable income. This is expected to drive household spending—an essential growth engine for sectors like retail and real estate. Higher discretionary spending signals economic vitality, fueling consumption-led growth and strengthening market dynamics. The Union Budget 2025-26 builds on this reform with targeted measures to fortify manufacturing, MSMEs, and domestic consumption. Enhanced credit access, sector-specific incentives for textiles and apparel, and streamlined compliance are set to boost industrial output. With the middle class now driving nearly 60% of domestic consumption, rising purchasing power is likely to accelerate demand for aspirational and premium products. This holistic strategy positions the economy for sustained expansion by creating a strong synergy between consumer spending, industrial growth, and workforce empowerment.”
Mr. GP Hinduja, Chairman, Hinduja Group
“Boost Consumption to Revive Demand, Yet Remain Fiscally Responsible en route to Viksit Bharat
The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand is the Brahmastra FM has fired. Kudos to her for doing so while remaining fiscally responsible by targeting a fiscal deficit of 4.4%. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100% in Insurance and special impetus to the Renewables, including energy storage systems, are clear positives. It would have helped if the EV charging infrastructure could have been given an industry status. Maintaining Capex levels while lowering taxation is huge but needs more details. With all these moves, the government remains laser-focused on Viksit Bharat by 2047″.
Mr. Bharat Puri, Managing Director, Pidilite Industries Ltd.
“This budget stimulates consumption by enhancing consumer purchasing power, providing a significant impetus to the consumer sector. The sustained emphasis on infrastructure development, coupled with a three-year project pipeline under the PPP model and state-backed incentives for capital expenditure, lays the groundwork for sustained long-term economic expansion. Overall, this is a prudent and growth-oriented budget.”
Mr. Manoj Bhat MD & CEO Mahindra Holidays & Resorts India Limited
“The Union Budget 2025 continues the momentum from the last year by prioritizing infrastructure development, investments, and employment generation. The collaboration with state governments to develop the top 50 tourist destinations, support for skilling the workforce, push for enhanced connectivity will further strengthen the sector. These measures are a clear indication that the sector will attract more investment and will result in job creation thus boosting local economies.
The revised tax slabs under the new income tax regime will add to the purchasing power of the salaried class, increasing disposable income. This is expected to drive higher consumer spending, fueling sustained industry expansion.”
Mr. Adeeb Jamal, Founder of A’raf
“The Union Budget 2025-26 is a significant boost for India’s startup ecosystem, with the ₹10,000 crore Fund of Funds and a dedicated scheme for 5 lakh women, SC, and ST first-time entrepreneurs. These initiatives will unlock new opportunities, providing much-needed financial support and mentorship to aspiring business owners. As a PR firm and a startup, we understand the challenges of building a business from the ground up. This move not only fosters innovation but also ensures inclusivity, allowing diverse entrepreneurs to thrive in India’s growing economy. With increased accessibility to capital, startups can scale faster, contribute to job creation, and enhance India’s position as a global leader in entrepreneurship. A’raf PR is excited about the future this budget envisions and looks forward to supporting brands that drive meaningful change in the business landscape”
“The Union Budget 2025 shows an improved focus on strengthening India’s healthcare system. The push towards better infrastructure, medical research, and public health programs will always be a step in the right direction for improving overall well-being. The ‘Heal in India’ initiative, backed by a ₹20,000 crore boost for tourism, is a smart move as it will not only attract medical tourists but also showcase India as a hub for affordable, high-quality healthcare, which has been the foundational vision of Leeford Healthcare in making healthcare accessible and affordable in every corner of the country.”