Industry hails Budget 2025 as progressive, transformational and growth oriented
Policy

Industry hails Budget 2025 as progressive, transformational and growth oriented

The Budget reflects a clear intent to create new opportunities for farmers, youth, women, and agri-entrepreneurs, ensuring inclusive growth across the agricultural sector

  • By ICN Bureau | February 01, 2025

Union Finance Minister Nirmala Sitharaman delivered her eighth consecutive Union Budget today. Sitharaman announced a six-year mission to achieve self-reliance in pulses. Loan limit for Kisan credit cards were also increased to Rs 5 lakh to extend support to farmers.

"The government will undertake Dhan Dhanya Yojana in partnership with state, to enhance productivity, crop diversification, augment post-harvest storage, improve irrigation, facilitate short and long term credit to help 1.7 crore farmers," Sitharaman said.

Sitharaman also announced the setting up of urea plant with annual capacity of 12.7 lakh metric tons at Namrup, Assam. This, she said will further augment urea supply and help to achieve Atmanirbharta in urea production, along with the recently reopened three dormant urea plants in the Eastern region.

The Budget proposes to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing to the list of exempted capital goods. “This will boost domestic manufacture of lithium-ion battery, both for mobile phones and electric vehicles”, FM stated in her speech.

The Budget also proposes to fully exempt Basic Customs Duty on cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals. Finance Minister said that this will help secure their availability for manufacturing in India and promote more jobs for our youth. This is in addition to the 25 critical minerals fully exempted of BCD in July 2024 Budget.

Experts feel that this Budget reflects a clear intent to create new opportunities for farmers, youth, women, and agri-entrepreneurs, ensuring inclusive growth across the agricultural sector.

ICN collates views of industry leaners on Union Budget 2025-26:

Ajay S. Shriram, Chairman & Senior Managing Director, DCM Shriram 

“The Finance Minister Nirmala Sitharaman has presented a responsible and balanced budget which meets the conflicting demands of tax concessions and yet spending for long term benefit. She has resisted profligacy and bettered the target for fiscal deficit. It ticks the boxes on all fronts - exports, rural prosperity, agriculture, and spurring consumption. This augurs well for the long term growth of the economy. From the perspective of agriculture, Finance Minister Nirmala Sitharaman rightly called it the first engine of development. The range of areas identified for attention are all significant, ranging from crop diversification to yield improvement and growth in pulses and increase in irrigation. I am delighted at the importance given to the National Mission on High Yielding Seeds and Mission on Cotton Productivity.

It is well acknowledged that agriculture research gives a much higher return on investment. The full benefit of such an initiative will accrue when there is greater collaboration between public research and private sector research, adoption of uniform policies across states, and a time bound approval of new seeds. This is critical that India is not left behind in the race for advanced technology.”

S. K. Chaudhary, Chairman, Safex Chemicals

“The Government has tabled a visionary document capturing the roadmap to pivot India’s role as an economic global superpower. We applaud the bold and strategic reforms that draw global attention to India’s coming of age in critical areas of food, critical resources, and energy security. The focus on improving ease of doing business through regulatory reforms and a state-specific index will enhance competitiveness and attract greater investment, both foreign and domestic, thus promising to reignite the capex cycle. The fiscal prudence demonstrated in setting FY26 fiscal deficit target at 4.4% reinforces India’s commitment to economic stability.

The emphasis on increasing agricultural productivity, supporting farmers with enhanced credit, and promoting sustainable practices aligns well with the needs of the industry. The PM Dhan-Dhaanya Krishi Yojana’s focus on 100 low-productivity districts and Nafed-NCCF’s four-year pulse procurement plan signal a decisive push for agricultural resilience. The launch of a six-year programme for ‘Aatmanirbharta’ in pulses, along with initiatives to boost vegetable, fruit, and cotton production, will strengthen food security and farmer incomes. 

On the industrial front, the National Manufacturing Mission, with dedicated policy and execution support, will accelerate India’s cleantech leadership. Enhanced investment and turnover limits for MSMEs, term loans of up to Rs. 20 crore for export-oriented enterprises, and a balanced approach to labor flexibility and worker rights will ensure inclusive growth. The commitment to skill development for future-oriented sectors will equip India’s workforce to drive the next phase of economic transformation, especially in niche sectors such as advanced Chemicals, CDMO, and APIs. 

The government’s push towards self-reliance in pulses and edible oils under the ‘Mission for Aatmanirbharta in Pulses’ is a commendable step towards reducing dependency on imports and ensuring food security.”

Vimal Kumar Alawadhi, Managing Director, Best Agrolife

“The Budget has outlined multiple measures that will make inclusive development and accelerated growth a ground reality, realising the government’s mission of Sabka Vikas. The four-pronged focus on the poor, farmers, the youth and women is also most welcome. The initiatives will speed up agricultural productivity and growth, increasing prosperity in rural regions. The second four-pronged approach via agriculture, MSME, investments, and exports will also drive reforms with an inclusive spirit.

Agriculture will receive a big boost through the PM Dhan-Dhaanya Krishi Yojana as it will improve irrigation in 100 districts that have moderate crop intensity and low productivity. A partnership between the centre and states, this programme will benefit 1.7 crore farmers by increasing rural prosperity. The availability of both short-term and long-term credit will be a big boost for rural regions.

Other commendable moves are the planned launch of a six-year mission for self-reliance in pulses along with a comprehensive programme for vegetables and fruits. Establishing a Makhana Board in Bihar and the focus on tur, urad and masoor dal are the other good measures. Further, launching a National Mission on high-yielding seeds and a five-year cotton productivity mission will help augment India’s research ecosystem. Targeted development of seeds (including commercial availability of 100-plus seed varieties) with pest resistance, high yield and climate resilience will also enhance overall productivity. The higher Kisan Credit Card limit from Rs. 3 lakh to Rs. 5 lakh to facilitate short-term loans will also benefit farmers.

Moreover, the support for fertilisers and cooperatives is laudable. Reviving three dormant fertiliser units in the eastern region and the establishment of a new urea plant in Assam will give a fillip to domestic production. Finally, the additional support for cooperatives via the National Cooperative Development Corporation should boost economic stability in rural areas.”

Balram Singh Yadav, Managing Director, Godrej Agrovet Limited

“The budget proposals showcase a comprehensive strategy to strengthen India's agricultural sector, positioning it as a key driver in our journey towards Viksit Bharat. By addressing critical growth levers such as high-yielding, climate-resilient seeds, boosting cotton productivity, and achieving self-sufficiency in pulses, the budget lays a robust foundation for a resilient agri-economy.

The enhanced loan limit under the Modified Interest Subvention Scheme—from Rs. 3 lakh to Rs. 5 lakh—for Kisan Credit Card loans will provide vital financial support to small fisheries and dairy farmers, empowering them to scale operations. India’s position as the second-largest global producer of fish and aquaculture is further bolstered by the reduction in basic customs duty on a key input material for feed, strengthening competitiveness and sustainability in the sector.

The budget’s strategic push for self-reliance in pulses and edible oils, coupled with the new integrated program for fruits and vegetables, ensures both nutritional security and agricultural sustainability. With targeted initiatives like crop diversification and sustainable marine sector development, these measures not only enhance productivity but also reinforce the central role of farmers in driving India’s growth story.”

Vishal Sharma, Executive Director and Chief Executive Officer, Godrej Industries (Chemicals)

“In our journey to Viksit Bharat, the budget proposals announced today effectively triggers domestic consumption, production, and capability development across both urban and rural sectors.

The focus on enhancing agricultural productivity and targeted support for specific cash crops will significantly boost farming incomes. Combined with tax slab modifications at the lower end, the resulting increase in spending power of the consumers will be highly impactful.

The nuanced credit facilities for the MSME sector, along with the emphasis on enhanced upskilling opportunities for the young workforce, have the potential to be game-changers. Strengthened education facilities from high school onwards are a vital step toward building a capable and future-ready population.             

While more could have been done on customs duty rationalization and funding for technology and R&D, the controlled fiscal deficit target of 4.4% reflects a balanced approach. With strong execution and efficient delivery of programs, our GDP growth target of 6.5-7% is well within reach—and with some luck, perhaps even higher."

Ravi Annavarapu, President, FMC India

“This budget presented by the government today has a progressive, growth-focused vision to transform the Indian agriculture sector. The PM Dhan Dhanya Krishi Yojana and the Six-Year Atmanirbharta Programme for pulses are welcome initiatives that promise significant benefits for farmers and increased productivity in the long run.

The introduction of climate-resilient, high-yield crops and the establishment of the Makhana Board in Bihar demonstrate a dedication to supporting farmers in adapting to a changing climate. Integrating six crore farmers into a digital registry via enhanced digital public infrastructure will improve transparency, democratize access to digital agricultural services, and pave the way for precision agriculture.

We also support the government's commitment to fostering collaboration with the private sector and experts to enhance agricultural innovation, while the increased Kisan Credit Card loan limit to Rs. 5 lakh will further support farmers' financial needs.

The focus on developing local vegetable production and empowering Farmer Producer Organizations (FPOs), cooperatives, and startups to build efficient supply chains will benefit both farmers and consumers. Furthermore, the commitment to modernizing the sector through technology and R&D is highly encouraging.

In conclusion, this budget lays a strong foundation for a more resilient, productive, and sustainable agricultural sector. We are committed to work closely with the government in its efforts to transform Indian agriculture, improve farmer livelihoods, and strengthen the nation's food security.”

Susheel Kumar, MD & Country Head, Syngenta India

“The Union Budget 2025 reaffirms the government’s intention and commitment to revitalizing rural India and addressing the urban-rural divide. This Budget reflects a clear intent to create new opportunities for farmers, youth, women, and agri-entrepreneurs, ensuring inclusive growth across the agricultural sector.

By focusing on infrastructure, innovation, and self-sufficiency, the Budget presents a transformational roadmap for India’s rural economy. The launch of PM Dhan Dhanya Krishi Yojana will enhance crop diversification, irrigation, storage facilities, and credit access.

I find it encouraging that the Budget will likely benefit a large segment of our youth population of 345 million, especially those in the rural areas. It is evident that by fostering agri-entrepreneurship, skill development, and technology adoption, the government is leveraging India's demographic dividend, ensuring that the next generation plays an important role in shaping the future of agriculture. Hopefully, this can help rural youth to be more engaged in agricultural activities and balance the rural-urban divide.

Additionally, targeted interventions like the six-year self-reliance mission for pulses and oilseeds will reduce import dependency, while investments in fruit and vegetable production align with evolving dietary patterns, securing better incomes for farmers. The National Mission on High-Yielding Seeds and Cotton Productivity Mission will further accelerate research and innovation, reinforcing India’s leadership in sustainable agriculture.

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman deserve recognition for their visionary approach, ensuring that agriculture remains the backbone of India’s economy while creating new avenues for rural prosperity and national growth.”

Vikram Handa, Managing Director, Epsilon Advanced Materials & Chair - India Battery Manufacturing & Supply Chain Council (IBMSCC), IESA

“The Union Budget 2025's clear focus on clean technology, particularly the launch of the Clean Tech Mission, is incredibly encouraging. The emphasis on EVs and battery technologies aligns perfectly with India's ambition to create a sustainable mobility ecosystem. At Epsilon Advanced Materials, we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and components. The exemption of crucial materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals from Basic Customs Duty is a significant step. Further incentivizing domestic production is the inclusion of 35 additional goods for EV battery manufacturing in the exempted capital goods list, which will help reduce reliance on imports. This provides a powerful impetus for the industry to invest in expanding domestic capabilities. The budget's overall thrust towards fostering a robust clean tech ecosystem is highly commendable and positions India for leadership in the global clean energy transition. We are ready to play a key role in this exciting growth story.”

Mihir V. Shah, Executive Director, Vipul Organics Limited

“It is a fabulous budget which focuses on meeting the aspirations of the booming middle class. The Manufacturing Mission that the minister has set up will further the cause of Make in India and boost domestic manufacturing. Extending the Credit Guarantee Scheme for facilitating term loans for purchase of machinery and equipment without collateral or third party guarantee to the MSMEs for up to Rs. 100 crore, is a welcome step and will ease the credit requirements of the sector. Structural reforms that focus on ease of doing business, especially with regards to the time limit for provisional assessments and TCS/TDS compliances are also a welcome step.”

Dr KC Ravi, Chief Sustainability Officer, Syngenta India

“The Union Budget 2025 is a well- structured set of opportunities for Indian agriculture, laying out a practical, holistic, forward-looking, and revitalizing roadmap that strengthens farmers, improves productivity, and drives self-sufficiency. Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have ensured that agriculture remains the first engine of growth, unveiling initiatives addressing not only the gaps but also tapping the opportunities to uplift rural India.

A significant highlight is the PM Dhan Dhanya Krishi Yojana, which focuses on 100 low-productivity districts, just like the Aspirational Districts Programme. The need of the hour is crop diversification, better storage facilities at the Panchayat level, improved irrigation, and access to credit, ensuring that there is uniform agriculture growth across the country making farming a more sustainable and profitable venture. The six-year self-reliance mission for pulses and oilseeds, focusing on tur, urad, and masoor, will not only further reduce import dependency but also ensure that farmers get stable prices through structured procurement agreements with NAFED and NCCF. Focus on vegetables cluster will allow farmers the flexibility to go for different options.

I especially welcome the National Mission on High-Yielding Seeds and the Cotton Productivity Mission, which will help in strengthening research in climate-resilient and pest-resistant seeds, driving long-term innovation. We are hoping the private sector will play a vital role in this as it has scaled up its R&D capabilities and look forward to working with government more proactively to be able to script a strengthened agriculture ecosystem. This Budget has the potential to be a game-changer, ensuring that farmers, agribusinesses, and rural communities thrive together in a rapidly evolving agricultural landscape.

The agrochemical industry which plays a critical role in protecting crops from pests and diseases was looking forward to some long-standing demands in GST rationalization, enhancing of weighted deduction to 200 per cent and extending Production Linked Incentive (PLI) scheme to agrochemicals sector that have not been announced. The Jan Vishwas Bill 2.0 which aims to decriminalize more than 100 provisions in various laws, promoting a more trust-based and people-friendly governance framework is welcome, and we hope this reform will be extended to the crop protection industry as well.”

Sanjiv Kanwar, Managing Director, Yara South Asia

"The Union Budget 2025's strong emphasis on the agriculture sector is a transformative step towards a brighter future for Indian farmers.

This strategic focus on crop diversification, improved irrigation, and better credit availability is essential for the sustainable growth of our agriculture sector.

Furthermore, the comprehensive programme for fruits and vegetables, aimed at promoting production, supplies, processing, and better remunerative prices, is a forward-thinking move that will benefit both farmers and consumers, while taking the country towards a better nutritional future.

Special focus on targeting 100 districts with low productivity, is a radical initiative that will significantly enhance agricultural productivity and support 1.7 crore farmers. The emphasis on empowering rural women, young farmers, and marginal farmers underscores the government's dedication to inclusive growth and sustainable development in agriculture. By focusing on empowering farmers through these initiatives, the government is laying the foundation for a resilient and prosperous agricultural sector.

Overall, the budget's focus on innovation, investment, and sustainability in agriculture is a bold move that will undoubtedly lead to a thriving and self-reliant agricultural future for India."

S Sunil Kumar, Country President, Henkel Adhesive Technologies India

“The Union Budget 2025, with its emphasis on inclusive development, accelerated growth, and private sector investments, marks a pivotal moment in strengthening India’s industrial and economic foundation. The rationalization of customs tariffs will enhance India’s global competitiveness, particularly benefiting manufacturers, while the focus on MSMEs—crucial contributors to India’s GDP and exports—will empower them to diversify offerings and expand internationally. The strategic and forward-thinking approach fosters a pro-business environment that encourages both FDI and domestic investment.

The ambitious 100 GW nuclear target represents a bold commitment to sustainable growth, driving investments in infrastructure, technology, and human capital, while positioning India as a leader in clean energy on the global stage. Honourable Finance Minister Nirmala Sitharaman has also emphasized the government’s commitment to strengthening the domestic electronics equipment industry, creating significant opportunities for youth.

The government's emphasis on skill development across industries, particularly in the nuclear and footwear sectors, will not only create thousands of jobs but will also build a robust workforce prepared to meet future challenges. With the footwear sector alone employing over 4 million people, the focused scheme will drive significant job creation and enhance India’s position in the global supply chain.

Lastly, the restructuring of income tax slabs will enhance disposable income, providing greater purchasing power to consumers. By directly benefiting the middle class, this policy will act as a catalyst for broader consumption, supporting businesses and driving momentum across key sectors."

Dhiren Jatakia, Head - Accounts & Finance, Covestro (India)

The budget paves the way for sustainable growth, innovation, and a stronger manufacturing ecosystem in India. With key reforms in the power sector, MSME support, and maritime development, the budget fosters a business-friendly environment that enhances competitiveness on a global scale. It has touch based some key areas like transfer pricing, R&D, tax etc. Covestro (India) applauds the government’s commitment to boost manufacturing and long term economic development and looks forward to contributing through our social growth. 

Anand V S, Managing Director, NOCIL

"With the Union Budget 2025-26, the Indian government has reaffirmed its commitment to simplify and enhance the ease of doing business this is expected to have a positive impact on attracting investments. The emphasis on infrastructure development, with an allocation exceeding ₹11 lakh crore, will significantly enhance supply chain resilience and the growth of direct and indirect sectors.

A strong push on the demand side through the personal income tax changes in a fiscally responsible manner is expected to boost consumption and is expected to have a positive impact for rubber chemicals. 

Support for the 'Make in India' initiative will empower domestic manufacturers to increase their market share and export potential, helping to position India as a global leader in chemicals. Overall, these measures are expected to drive growth in the sector and contribute positively to India's economic goals."

Anurag Choudhary, CMD, Himadri Speciality Chemical

"The Budget 2025 is a progressive and strategic blueprint that demonstrates the government’s commitment to infrastructure development, innovation, and the vision of Viksit Bharat. The proposal to fully exempt basic customs duty on lithium-ion battery (LiB) scrap, along with critical minerals such as Lead and Zinc, is a transformative policy intervention. This move will not only streamline cost-efficient recycling processes, and ensure a steady supply of essential raw materials, but also enhance their accessibility for domestic manufacturers. Together, these measures will serve as levers to further localize LiB component manufacturing in India, and contribute to the government’s Make in India mission. By fostering a circular economy, this initiative will significantly reduce import dependency, create employment opportunities for India’s youth, and drive the nation closer to self-reliance in EV battery manufacturing.

The inclusion of 35 capital goods for EV battery manufacturing and 28 for mobile phone battery manufacturing to the list of capital goods eligible for customs tax exemptions is a decisive step toward strengthening India’s domestic lithium-ion battery production capabilities. This will not only position India as a competitive player in the global EV and electronics supply chain but also catalyze innovation in energy storage technologies, a critical enabler for the clean energy transition.

The Budget’s emphasis on Clean Tech manufacturing, particularly EV batteries, along with the allocation of Rs. 20,000 crore for private sector-driven R&D and innovation initiatives is a much-needed move. It will accelerate technological advancements, reduce reliance on foreign know-how, and create indigenous innovation ecosystems. This is particularly significant for industries like ours, where cutting-edge research and development are key to maintaining global competitiveness."

Nikhil Mansukhani, Managing Director, Man Industries

"The Union Budget 2025 prioritizes India’s infrastructure and manufacturing sectors with strategic initiatives like the National Manufacturing Mission and 'Make in India,' aimed at enhancing domestic production capabilities. The ₹1.5 lakh crore interest-free loan for infrastructure and PPP projects will improve logistics, reduce bottlenecks, and boost multimodal connectivity, which is crucial for industries such as steel, oil & gas, and heavy engineering.

The introduction of Bharat Trade Net and easier export credit access will streamline international trade, making Indian manufacturers more competitive in global supply chains. However, to fully capitalize on these opportunities, it is essential to ensure faster execution, sector-specific incentives, and continuous policy support. With India’s manufacturing sector set to contribute 25% of GDP by 2030, these initiatives are key to driving long-term growth and positioning India as a global manufacturing leader.”

A. K. Tyagi, Founder, Chairman & Managing Director of Nuberg Engineering

“I congratulate the government on a forward-looking Union Budget 2025-26 that prioritizes energy security and sustainability. The ambitious Nuclear Energy Mission (100 GW by 2047) and the 500 GW renewable energy goal by 2030 reinforce India’s green future. Increased incentives for green energy, MSME solarization, and domestic manufacturing will boost industries and job creation.

The budget’s emphasis on hydrogen as a clean fuel aligns with India’s energy strategy. Nuberg EPC, a leader in EPC services for hydrogen projects, will play a key role in scaling up green hydrogen production, industrial decarbonization, and ammonia-based solutions. Investment in infrastructure and emerging technologies will further accelerate the energy transition. With strong policies and financial backing, this budget sets the stage for India’s leadership in sustainable energy.”

Ashish Bhandari, MD & CEO, Thermax 

“The Union Budget’s strong push towards manufacturing and Make in India initiative reaffirms the nation’s commitment to becoming a global manufacturing powerhouse. The newly announced National Manufacturing Mission, with its comprehensive policy support and execution roadmap, will streamline the sector and drive exponential growth. Equally important is the focus on green and clean development—supporting clean tech manufacturing will be a game-changer in advancing energy efficiency and accelerating our journey towards sustainability. Additionally, strengthening workforce skills through global skilling partnerships will help bridge critical gaps and position India as a key player in the global supply chain. With these strategic initiatives, India is well on its way to achieving sustainable, inclusive, and technology-driven industrial growth.”

Manoj Upadhyay, Chairman, ACME Group and Member, IESA

“The Union Budget 2025-26 is a testament to the government’s strong commitment to accelerating India's clean energy transition. The significant focus on renewable energy, including increased funding for solar and wind projects and the continued push for green hydrogen, will pave the way for a sustainable and self-reliant energy ecosystem. The incentives for electric mobility and infrastructure development further strengthen India’s position as a global leader in clean energy. We appreciate the government’s progressive reforms and policy measures, which will drive innovation, attract investments, and create new opportunities in the renewable sector. This budget truly aligns with India's vision of achieving energy security and a net-zero future.”

Dhiman Roy, CEO and Director, GreenH Electrolysis

“An interesting budget focussed on accelerating growth, securing inclusive development and invigorating private sector investment. The support for clean tech manufacturing, which includes domestic manufacturing of electrolysers under the National Manufacturing Mission, to further “Make in India”, could be seen as a positive step for India in its energy transition efforts. The easing of import duties on critical minerals not available in India is expected to boost the manufacturing sector and create new job opportunities for our youth.

While the industry had hoped for subsidies and mandates for green hydrogen in blending & purchase obligation for some sectors which would have created demand, we remain confident in the value proposition of green hydrogen in India’s clean energy landscape and look forward to continued support from the government.”

Rajat Verma, Founder & CEO, Lohum & Chair, India Reuse & Recycling Council (IRRC), IESA

“The 2025 budget marks a watershed moment in India's journey toward clean energy sovereignty and circular economy leadership. The government's strategic vision for domestic manufacturing and critical minerals recycling demonstrates remarkable foresight in securing our sustainable future. The elimination of import duties on lithium-ion battery scrap, cobalt powder, and an array of critical mineral wastes unlocks unprecedented opportunities. Coupled with the duty exemption expansion to 63 additional capital goods for EV and mobile battery production, this creates a robust foundation for India's manufacturing renaissance.

The landmark Rs. 20,000 crore investment in private-sector R&D for emerging technologies signals a transformative shift in building a sustainable critical minerals ecosystem. At Lohum, where innovation drives our mission, we recognize this as a catalyst that will revolutionize India's technological capabilities. The introduction of a comprehensive policy for critical minerals recovery from tailing epitomizes the government's commitment to Atmanirbhar Bharat through circular innovation. This strategic initiative, alongside the National Critical Mineral Mission and an Economic Survey that deeply examines climate adaptation, charts a clear course toward India's energy independence. We extend our appreciation to the government and stakeholders who have orchestrated these visionary reforms. This demonstrated commitment to excellence positions India as a global leader in energy transition and climate action. At Lohum, we stand ready to amplify this momentum and drive India's sustainable future forward.”

Saurabh Dhanorkar, Managing Director, Finolex Industries

The Union Budget’s strong emphasis on infrastructure development, particularly through the extension of the Jal Jeevan Mission until 2028, reflects a firm commitment to sustainable water management and rural development. The focus on enhancing the quality of infrastructure and improving operation and maintenance of rural piped water supply schemes through Jan Bhagidhari is a critical step toward ensuring long-term water security. The signing of separate MoUs with states and UTs to promote citizen-centric water service delivery further reinforces this commitment.

Additionally, initiatives like the Prime Minister Dhan Dhanya Krishi Yojana, aimed at improving irrigation facilities, will indirectly support the growth of water infrastructure across agricultural regions. Together, these measures create significant opportunities for the piping industry to contribute to the development of robust, sustainable solutions that will benefit both rural communities and the broader infrastructure ecosystem.

Girish Aggarwal, Managing Director, APM Terminals Pipavav

The Union Budget 2025-26 shows strong support for India’s ports, shipping, and logistics sectors. Extending customs duty exemptions on shipbuilding materials for 10 more years and offering tax benefits to inland vessels will boost local shipbuilding and promote inland water transport. The Rs. 25,000 crore Maritime Development Fund is a big step towards providing long-term financial support, fostering healthy competition, and encouraging sustainable growth in the maritime industry. This budget is a commendable step towards strengthening India's position in global trade and logistics.

The government’s focus on boosting exports through measures like the Export Promotion Mission, simplification of customs procedures, and extended export timelines for handicrafts and leather sectors will significantly enhance India's trade footprint. These steps, coupled with rationalized customs tariffs and reduced duties, will drive both export growth and domestic consumption. Transforming India Post into a large public logistics network with 1.5 lakh rural post offices will improve last-mile delivery and connect rural businesses to broader markets. Providing private companies access to PM Gati Shakti data will simplify project planning and strengthen public-private partnerships. This budget lays a strong, forward-looking foundation for growth in the maritime and logistics sectors. 

Shashi Kant Singh, Partner – Agriculture and Food, PwC India

"With the allocation of Rs. 1.7 lakh crore towards agriculture, this year’s budget builds on the long-term vision for the agriculture sector. The sector could get a fillip through the Dhan Dhanya Krishi Yojana for 100 districts. The crop specific initiatives on productivity enhancement and crop diversification along with a curated push towards high yielding seeds (HYS) is another welcome step. Continued support towards empowering cooperatives and farmer producer organisations (FPOs) as well as focused initiatives for fisheries reinforces the Government’s commitment towards inclusive and sustainable growth for the agriculture sector."

Vikram V., Vice President & Co-Group Head, ICRA Limited

“The Union Budget continued its focus on clean energy with measures such as nuclear energy mission with 100 GW capacity target by 2047, increased allocation to the PM Surya Ghar Muft Bijli Yojana and national manufacturing mission to promote the manufacturing of solar PV cells, wind turbines, grid scale batteries and electrolysers. The increased allocation to rooftop solar schemes will aid the renewable capacity addition in the country. Moreover, incentive of additional borrowing of 0.5% of GSDP to states for distribution sector reforms is a positive for the sector, though Implementation remains key.”

Dilip Sawhney, Managing Director, Rockwell Automation India

“We commend the Union Budget 2025 for its strategic focus on empowering Micro, Small, and Medium Enterprises (MSMEs), which are crucial to India's growth narrative. With more than 5.7 crore MSMEs contributing 36% of the nation's manufacturing output and 45% of exports, these businesses play a vital role in enhancing India's status as a global manufacturing hub. The budget paves the way for a significant overhaul of India’s industrial and logistics landscape. This bold initiative will significantly benefit manufacturing, warehousing, and supply chain sectors. Furthermore, the National Manufacturing Mission's emphasis on clean technology manufacturing, including the domestic production of electric vehicle (EV) batteries and solar panels, is a progressive initiative.

Supporting domestic manufacturing and focusing on Industry 4.0 can have a transformative impact on India's manufacturing landscape. The decision to establish five National Centres of Excellence will enhance AI-based research and development while addressing the growing need for skills in technology-driven manufacturing. The announcement of global skilling partnerships is also a welcome step, ensuring that India cultivates a highly skilled workforce that strengthens its role in the global manufacturing ecosystem. The establishment of a national guidance framework to assist states in supporting Global Capability Centers (GCCs) further demonstrates the government’s commitment to promoting innovation and enhancing global competitiveness. The allocation of Rs. 20,000 crore to implement a private sector-driven Research, Development, and Innovation initiative is a significant move that will stimulate technological advancements and drive industrial transformation.

These initiatives will undoubtedly accelerate India’s journey toward becoming a sustainable, digitally enabled, and globally competitive manufacturing powerhouse.”

Jay Deepak Shah, CEO & MD, Jay Wood Industry

The Union Budget 2025 introduces transformative measures to bolster India's MSME sector, reinforcing its pivotal role in establishing India as a global manufacturing hub. The allocation of Rs. 1.5 lakh crore over the next five years, along with term loans up to Rs. 20 crore and sector-specific financial support, will enable MSMEs to scale operations, invest in technological advancements, and drive employment generation.

At Jay Wood Industry (JWI), we commend these initiatives, especially the emphasis on technology adoption and sustainability, which are essential for advancing India's circular economy. The expansion of financial avenues, including customized credit solutions, empowers MSMEs like ours to innovate in green manufacturing and enhance product quality to meet global standards. Given that MSMEs contribute 45% to India's exports, this budget underscores the nation's commitment to self-reliance and global competitiveness.

As India strengthens its position in global trade, the demand for sustainable packaging solutions is poised to rise. Ensuring that MSMEs can meet international environmental standards through green innovation will be key to unlocking new export opportunities and reinforcing India's leadership in responsible manufacturing. We are optimistic that these reforms will accelerate sustainable industrial growth, ensuring that Indian MSMEs continue to lead in quality manufacturing, employment generation, and economic resilience.”

Vinayak Walimbe, President (Interim), India Energy Storage Alliance & Managing Director, Customized Energy Solutions

“We welcome the initiatives and support provided by the government towards the battery manufacturing and recycling industry. IESA has been working for more than 10 years towards the growth of these sectors and it’s encouraging to see our recommendations are considered positively towards sector growth. The Union Budget for 2025-26 has introduced reforms in six key areas: Taxation, financial sector, power sector, urban development, mining, and regulatory reforms. This budget presents a transformative approach to the energy sector.

The National Manufacturing Mission aims to promote clean tech manufacturing and enhance domestic value addition, while also fostering development of an ecosystem for solar PV cells, EV batteries, motors & controllers, electrolyzers, wind turbines, and grid-scale batteries. Solar energy continues to be the dominant contributor to India’s renewable energy growth, making up 47% of the total installed renewable energy capacity.

The BCD exemption on essential raw materials such as cobalt and lithium will help reduce raw material costs, improve manufacturers' profit margins, and enhance the cost-effectiveness of domestically produced lithium components, cells, and electric vehicles. Exempting duties on lithium battery waste and scrap will support battery recyclers in importing feedstock materials to India and enhance metal processing capabilities. This will reduce dependency on imports of freshly mined lithium and encourage domestic cell manufacturers to procure recycled lithium. Furthermore, the expanded Production-Linked Incentive (PLI) schemes and tariff adjustments for critical minerals are expected to strengthen the entire renewable energy ecosystem significantly."

Shivam Narang, Managing Director, Khalsa E-Vehicles

"The Union Budget 2025 laid a strong foundation for India's EV future. By fostering domestic manufacturing, easing battery costs, and promoting clean technology, the government has set the stage for long-term, sustainable growth. The focus on grid-scale batteries will help stabilise the renewable energy grid, ensuring that EVs can be powered by clean energy sources.

The exemption of basic customs duty on lithium-ion battery scrap is another commendable move. It promotes a circular economy by making battery recycling more viable, reducing reliance on fresh raw material imports, and decreasing production costs and environmental impact.

However, to ensure widespread EV adoption, further policy interventions around charging networks, financing models, and end-user incentives will be crucial. If these aspects are addressed in parallel, India has the potential to become a global leader in EV innovation and clean mobility solutions."

Raghavan Sampathkumar, Executive Director, Federation of Seed Industry of India (FSII)

“The Union Budget 2025-26 demonstrates a strong commitment to agricultural growth and farmer welfare. Finance Minister Nirmala Sitharaman has presented a comprehensive and forward-looking budget that prioritizes rural prosperity, self-sufficiency, and technological advancement in the agricultural sector.

National Mission on High-Yielding Seeds: This new initiative, along with the Cotton Productivity Mission, demonstrates India's investment in cutting-edge agricultural research and the promotion of climate-resilient, high-yield seed varieties. Restoration of 200% income tax deduction on R&D expenditures would certainly help the industry contribute significantly to this mission and we are hopeful that the Government will consider it positively.

PM Dhan Dhanya Krishi Yojana: This transformative initiative will target 100 low-productivity districts, improving crop intensity, credit access, irrigation, and post-harvest storage at the Panchayat level. The program is expected to benefit 1.7 crore farmers, leading to higher yields, better market access, and increased rural employment opportunities.

Self-Reliance Mission for Pulses and Oilseeds: I especially welcome the six-year mission focusing on tur, urad, and masoor. It will strengthen domestic food security and reduce import dependency. This initiative aims to create a stable and predictable pricing framework for farmers

This Budget sets a strong foundation for a prosperous agricultural sector, benefiting millions of farmers while driving India towards food self-sufficiency and economic resilience. The focus on technological advancements, sustainable practices, and targeted interventions demonstrates the government's commitment to transforming Indian agriculture.”

Ramakrishnan M., Managing Director, Primus Partners

“Budget announcement of a focused initiative of dhan dhaanya Krishi yojna, leveraging aspirational district framework to improve crop diversification and improving agriculture productivity is very welcome. The implementation has to ensure that the initiative is taken up in conjunction with cooperative movement and FPOs. Timely implementation and clear outcome framework could have significant positive impact for the Indian Farmers.

Comprehensive program for vegetables and fruits including remunerative prices for farmers announced in the budget. Typically, MSP support is provided only for staples. How the government ensures good prices in fruits and vegetables for farmers will be something to watch out for.”

Ankit Kedia, Founder and Lead Investor, Capital-A

India’s manufacturing sector is at a pivotal moment, and the Union Budget 2025 takes a much-needed step in the right direction with the National Manufacturing Mission. A well-defined policy and execution framework is essential to unlocking the sector’s full potential—especially for small and mid-sized enterprises that often struggle with scale and efficiency.

At Capital-A, we see manufacturing startups as one of India’s most overlooked but highest-potential opportunities. The budget’s focus on supply chain resilience and domestic value addition is critical, but for real impact, we need more than just intent. Faster implementation of incentives, easier access to cutting-edge technology, and a financial ecosystem that supports long-term scaling will be the difference between incremental progress and transformative growth.

‘Make for India, Make for the World’ is not just a slogan—it’s an economic necessity. The faster we enable execution on the ground, the sooner we turn this vision into reality!"

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