🌟 Industry Leaders React to Budget 2025-26: A Vision for Growth and Innovation 🌟
The unveiling of Budget 2025-26 has sparked a wave of reactions across industries, with leaders weighing in on its potential impact on the economy, businesses, and society. Here’s what some of the brightest minds had to say.
Mr. , Director – Videotex
“The Union Budget 2025 marks a significant push toward supporting the electronics manufacturing sector, but some key areas could have been more impactful. The drop in Basic Customs Duty (BCD) from 2.5% to 0% on parts of the panel is a welcome move, though it should be noted that there is only one facility in India with limited capacity to process these parts. This change will primarily benefit that facility and those sourcing from it. The ongoing reliance on imported open cells, due to a lack of local manufacturing capacity, remains a critical challenge. A more substantial reduction in BCD—perhaps on more components—could have better supported the sector’s growth. While this adjustment can be seen as a long-term strategy to attract more key players and build local facilities, the challenges of significant investments and resource tie-ups for localization persist.
Furthermore, the decision not to reduce GST on televisions in this budget is disappointing, as such a move could have been a game-changer in boosting TV sales. On a positive note, the enhanced income tax slabs provide a potential boost to the disposable income of middle-class families, which could help drive demand and offer a much-needed uplift to the sector“
Mr. Imran Kagalwala, Co-Founder at UNIX India
“The Union Budget 2025 sends a strong message about the central role of MSMEs in driving India’s electronics manufacturing sector. By prioritizing MSME growth, the government is laying the foundation for a more resilient domestic production ecosystem. While the anticipated anti-dumping duty on final products like mobile accessories was not introduced, revisions in Basic Customs Duty (BCD) on raw materials are expected to strengthen the domestic supply chain and reduce import dependency.
A key highlight is the government’s commitment to fostering innovation and supporting both private-sector R&D and MSMEs. To further enable growth, investment and turnover limits for MSME classification have been increased by 2.5 times and 2 times, respectively, improving access to capital and mitigating technology obsolescence. Additionally, the National Manufacturing Mission, aligned with the Make in India initiative, is set to accelerate local production, enhance competitiveness, and position India as a strong player in global electronics manufacturing. Together, these measures signal a forward-looking approach that promotes sustained growth, technological advancement, and a more self-reliant electronics industry in India“.
Mr. Ashok Rajpal – Managing Director – Ambrane India
“The government’s reduction in import duties on key components in the electronics sector, coupled with the attractive PLI scheme for the hardware industry, will significantly strengthen production capabilities in India in the short run. Additionally, with the planned roadmap focusing on long-term growth, including substantial investments in semiconductor manufacturing and the launch of the National Manufacturing Mission, we are optimistic about the future of the manufacturing sector in India“.
Mr. Nimit Aggarwal, Founder & Managing Director,
“The introduction of the National Manufacturing Mission and the Clean Tech Mission in the Union Budget 2025-26 will boost domestic production of green technologies while fostering an enabling environment for responsible waste management and recycling. As clean tech manufacturing scales up, the need for robust Extended Producer Responsibility (EPR) frameworks and efficient waste recycling will become even more critical. The announcement of a Deep Tech Fund of Funds to support next-generation startups is a welcome move, as it will drive innovation in sustainable technologies, including advanced recycling solutions and circular economy initiatives. Leveraging technology like AI to streamline waste collection, segregation, and processing will be essential for efficiently managing India’s complex waste ecosystem, and driving India’s green transition.“
Mr. Saket Gaurav, Chairman & MD, Elista says,
“The Union Budget 2025 reinforces the government’s push for domestic electronics manufacturing under the ‘Make in India’ initiative. The revision in Basic Customs Duty (BCD)—increasing duty on interactive flat panel displays to 20% while reducing it to 5% for open cells and other components—is a step towards encouraging local value addition. However, to truly build a self-sufficient ecosystem, greater infrastructure support and phased policy interventions will be essential for large-scale LED panel manufacturing in India.
The Production Linked Incentive (PLI) scheme remains a strong enabler for investment in this sector, but long-term success will require sustained efforts in technology development and supply chain strengthening. On the consumption front, the government’s decision to forego ₹1 lakh crore in personal income tax is expected to spur demand in consumer durables, making advanced electronic products more accessible to Indian consumers.
With a mix of strategic incentives and demand-driven growth, India’s electronics industry is well-positioned for the next phase of expansion, provided manufacturing infrastructure continues to evolve in tandem with policy measures.“
Mr. Ritesh Goenka, Managing Director of Damson Technologies.
“Finance Minister Nirmala Sitharaman’s announcement of the National Manufacturing Mission in the 2025 Union Budget is a commendable step towards strengthening India’s manufacturing sector. By providing policy support and a structured framework, this mission is poised to enhance domestic production and self-reliance, aligning seamlessly with our objectives at Damson Technologies.
The emphasis on Micro, Small, and Medium Enterprises (MSMEs) as pivotal growth engines, responsible for 45% of India’s exports, is particularly encouraging. The introduction of customized credit cards for micro-enterprises and the enhancement of classification limits for MSMEs will undoubtedly facilitate greater financial inclusion and operational expansion.
Damson Technologies is a leading OEM and manufacturer of computer peripherals, accessories, and lifestyle products. Our flagship brand, JUST CORSECA, embodies innovation and quality. With a ₹200 crore investment, our state-of-the-art Ahmedabad facility produces high-quality audio systems and smart accessories, reducing import dependence and meeting domestic demand.
The government’s focus on clean technology manufacturing and attracting investments across various sectors resonates with our vision of integrating advanced innovations, including AI-powered products and app-based controls, into our offerings.
We are optimistic that these budgetary measures will nurture a more robust manufacturing ecosystem, enabling companies like ours to thrive and contribute significantly to India’s economic growth and global competitiveness.“
Aashish Kumbhat, Managing Director, URBAN
This Union Budget 2025 aims to promote economic resilience, fiscal discipline, and industrial growth through tax reforms, infrastructure development, and investment in key sectors. The proposed National Manufacturing Mission will assist the Make in India Initiative and build India into a global manufacturing powerhouse and in turn, will create a lot of job opportunities
India’s demographic advantage is a big plus in building the next global manufacturing hub. Here are a few things we should continue to strive for as we walk towards becoming a global Manufacturing powerhouse:
- Focus on Infrastructure and logistics Modernization, including developing industrial corridors, upgrading ports, and improving road and rail connectivity.
- Promote ease of doing business by simplifying the compliance & taxation system; also incentivising & supporting the manufacturers to encourage them
- Enhance the Supply Chain Resilience by encouraging local sourcing of raw materials and reducing import dependency.
- Work to build technology R&D infrastructure to be future-ready; also increase public-private investment in advanced manufacturing, automation, and AI-driven production.
- Last but not least, start training and developing skills to create a next-generation workforce that can drive technological advancements.
This will immensely help the electronic industry – it will reduce the cost, enhance quality, make new technology accessibility easier & faster and fuel the much-needed innovation drive.
Mr. Avneet Singh Marwah, CEO, SPPL, a Kodak and Blaupunkt brand Licensee

Ms. Pallavi Singh, Country Representative, JVC TV India

Vivek Gupta, Founder & Customer Custodian, ServeXplus

Mr. Hemant Kumar, Director of Operations, Indochin – Fast Charging Expert
Union Budget 2025-26: Driving Battery Manufacturing & ‘Make in India’
The Union Budget 2025-26 delivers a strong push for battery manufacturing and reinforces the Make in India initiative, aiming to transform India into a global hub for clean energy and advanced manufacturing.
Key Highlights:
✅ Basic Customs Duty (BCD) removed on critical minerals like cobalt powder, lithium-ion battery waste, lead, zinc, and 12 others, lowering production costs.
✅ BCD exemption on 35 capital goods for EV battery manufacturing, including advanced machinery for coating, winding, electrolyte injection, and cooling systems.
✅ BCD exemption on 28 capital goods for mobile phone battery production, promoting local value addition.
✅ National Manufacturing Mission launched to provide policy support, execution roadmaps, and governance frameworks for clean-tech industries like EV batteries, solar PV cells, and energy storage.
✅ Strong push for ‘Make in India’, reducing import dependence, boosting industrial growth, and creating a future-ready workforce through skilling initiatives.
This budget is a game-changer for India’s battery manufacturing and clean energy ecosystem, driving economic growth, job creation, and self-reliance while cementing India’s position as a global leader in sustainable technology and advanced manufacturing.
Nikita Kumawat, MD, Brandworks Technologies Pvt Ltd
One of the key highlights of Budget 2025 is the reduction of basic customs duty (BCD) on essential inputs and components for electronics manufacturing. The government has eliminated the 2.5% BCD on parts such as printed circuit board assemblies (PCBA), camera modules, connectors, and USB cables.
this will help reduce your cost of imports. good news for manufacturer
“Charge EV without getting supercharged with custom duties” – Abhijeet Sinha
Budget 2025-26 introduced tax incentives, including full exemption from Basic Customs Duty (BCD) on key materials like cobalt powder, lithium-ion battery waste and scrap, lead, zinc, and twelve other critical minerals. This decrease in operational expenses will stimulate the expansion of India’s EV battery industry and enhance domestic production capabilities. It’s expected to result in cheaper EV batteries, making electric vehicles more affordable.
Further 35 additional items used in EV battery production and 28 items for mobile phone battery manufacturing have been made duty-free. The reduction in custom & duty complements the existing PLI schemes and will encourage backward integration, enabling Indian manufacturers to scale up operations efficiently.
However, missing Climate Financing outlays and a clear roadmap for expanding charging infrastructure limits the immediate impact on adoption. Funding to finance 25% of the cost of bankable projects upto ₹10 K crore for 2025-26 with ₹1.5 lakh crore additional interest-free loans and Urban Challenge Fund have the potential to support e-mobility initiatives, but a focused green transition fund would have boosted electric mobility differently.
MODINOMICS effects seems working as withing a 3 year timeframe from its launch PM Gati Shakti National Masterplan (2021) unfolded dynamic wings in Budget2025 with potential DATA offerings to private sector to integrate and develop top 50 tourist destinations with multimodal logistic and connectivity in partnership with state govt, hotels, mobility and logistic players.
Electric Mobility need to achieve faster adoption that warrants immediate action is needed in the form of stronger incentives for fleet electrification and a rapid expansion of charging networks. The industry expected beyond PM E-Drive from budget to a proactive measure to position India as a competitive global player in the EV market. Recent guidelines on charging infrastructure and battery swapping could have taken mission mode with increase investor confidence and accelerate the transition to EVs.
Mr. Arijeet Talapatra, CEO of itel and TECNO
“The Union Budget 2025 signals a strategic move to position India as a global hub for mobile manufacturing. The proposed tariff reductions on essential assembly components—such as PCBAs, camera modules, USB cables, and display modules—are a welcome measure that will improve cost efficiencies, accelerate localization, and strengthen the Make in India initiative. This move strengthens India’s position in the global supply chain, especially amidst shifting trade dynamics amongst major economies.
The decision to raise the income tax exemption limit upto ₹12 lakh will substantially increase disposable income, providing a significant financial boost to taxpayers, leading to increased consumer spending on electronics. As purchasing power of consumers rises, the demand for smartphones and other digital devices is expected to rise, further fueling the growth of India’s electronics industry. The establishment of five National Centres of Excellence for Skills and global skilling cooperation would equip young people for global opportunities. The Make in India campaign and streamlined trade policies are consistent with the government’s goals of driving growth, promoting investment, and encouraging women workforce participation.“
Gururaj, Managing Director, Optiemus Electronics,said,“The Union budget has rightfully given impetus osn boosting the purchasing power of a large population with Tax relaxation and support to Agriculture and farming community. We firmly believe that with more money in hands farmers’ capability to adopt new technologies like Drones significantly improves and helps grow the market faster. For electronics manufacturing, the relaxation in Basic Custom duties for certain components is a positive step and a continuation of earlier policy initiatives and will boost indigenous manufacturing. We welcome the union budget in letter and spirit as both developments positively impact the Optiemus Group. We look forward to continuing to support the growth of our economy with our efforts.”

Agendra Kumar, Managing Director, Esri India
“A big thank you to our Hon. Finance Minister for announcing several programs as part of the budget for 2025-26 to give a boost to the geospatial sector. The most important one is the setting up of the National Geospatial Mission to develop foundational geospatial infrastructure and data to facilitate land records modernization, urban planning, and infrastructure design. The users in the government, private sector, and the industry have lived with the lack of good foundational data for a very long time. I believe this announcement will provide the necessary resources to create geospatial data that will serve as a foundation for social and economic development. By improving productivity across sectors such as agriculture, natural resources, energy generation and distribution, rural and urban initiatives, and governance, this effort will drive meaningful progress. Investment in research and development fuels economic growth, improves quality of life, and shapes the future. Rs 20,000 crore investment to drive private sector-led R&D and innovation, funds for Deeptech research, 10,000 fellowships under the PM Research Fellowship Scheme, and Rs 500 crore investment for a CoE in AI for education, are transformative steps to make India more competitive at the global level in terms of innovation and IP creation. Overall, the budget has set strong grounds for equipping India with the skills and resources necessary to navigate the evolving global landscape and achieve its vision of being a technologically advanced and prosperous nation.”
Dr. Sanjay Gupta, Vice Chancellor, World University of Design said, “The Union Budget underscores the crucial role of AI and the need for upskilling, with the establishment of a National Centre of Excellence in AI being a pivotal step. This focus on AI will particularly benefit the design and creative sectors, propelling them to new heights and driving progress toward a ‘Vikshit Bharat.’ Additionally, the increase in seats for technological research, as announced in the budget, will strengthen the academic landscape and pave the way for groundbreaking innovations across various industries.”
Lt. Gen. AK Bhatt, Director General, Indian Space Association (ISpA),
“The announcement of the National Geospatial Mission shows the growing commitment of the government to use the downstream capabilities of the space tech sector. We welcome the announcement in the Union Budget to facilitate the modernization of land records, urban planning, and design of infrastructure projects under this crucial mission it is good to see how the industry and the government have realized the importance of these emerging technologies. Even the Ex-ISRO Chairman Shri S. Somanath last year stressed the need to focus on developing downstream capabilities to generate demand and attract investments in upstream activities like satellite development and launch services in India’s space sector. According to the ISpA-nasscom-Deloitte report, the market for the downstream space tech segment is expected to reach ~USD 610 billion by 2031.
The Budget’s focus on setting up National CoE for skilling is an exciting announcement which would help in upskilling our growing youth talent which is in dire need of these measures to compete on a global level. Also, the announcements around New Fund of Funds (FoF) for startups, setup of 50,000 Atal Tinkering Labs, an enhanced Credit Guarantee Scheme for Startups and the DeepTech Fund of Funds will give further push to the growing startup ecosystem including the space startups which are at a nascent stage.”
Krishanu Acharya, CEO, Suhora Technologies said, “It’s heartening to notice the emphasis given to Geospatial services in the Union Budget, we welcome the launch of a National Geospatial Mission to develop spatial data aimed at modernizing land records across the country. This is expected to give a flip to Geospatial services, expand market and its potential. The decision to grant the private sector to access PM GatiShakti essential data and maps, facilitating better planning and infrastructure development is path path-breaking step and has the potential to transform the sector. Suhora looks forward to working more closely with the government and our customers to bring Geospatial insights for further growth of our country and economy.”
As a co-founder of SERVIZ, a dedicated after-sales service provider, I found the budget promising; however, greater emphasis on strengthening the consumer durables sector in FY 2025-26 would have been beneficial. Reducing taxes and offering subsidies on electronics and home appliances could not only boost consumer demand but also create a ripple effect across the entire ecosystem-spanning Tier 1 and Tier 2 cities while accelerating growth in emerging Tier 3 and Tier 4 markets. Such measures would drive employment generation, expand after-sales service opportunities, and contribute to overall economic growth. By implementing targeted incentives, the government can foster sustainable industry development, benefiting both businesses and consumers.”Mr. Aarush Dhawan, Co-founder-SERVIZ
Archana Jahagirdar, Founder & Managing Partner, Rukam Capital said, “When startups are included in the central government’s annual budget planning, it is a moment to celebrate. We commend the Hon’ble Finance Minister for recognizing securities held by AIFs as Capital Assets—a decision that strengthens the case for CAT I & II by ensuring that gains from securities are treated as capital gains and that GST on security sales remains outside the framework. Additionally, the launch of the new ₹10,000 crore round under the Fund of Funds for Startups (FFS) scheme reaffirms the government’s dedication to fostering innovation and entrepreneurship. This renewed fund which aligns with the Startup India Action Plan and initiatives like the Startup Mahakumbh has played a pivotal role in driving India’s startup boom since its inception. We believe that increased financial support from the government, alongside efforts to reduce capital constraints and collaboration with industry will further accelerate the growth of Indian startups.”
Joyshree Das Verma, National President, FICCI FLO said, “As we analyze the proposed measures in the Union Budget, we applaud the government’s focus on empowering the less-recognized segments of our society, particularly women and marginalized communities. The introduction of term loans for 5 lakh women from SC/ST communities is a commendable step toward financial inclusion, providing critical resources for entrepreneurship. The Saksham Anganwadi and Poshan 2.0 programs will significantly improve nutrition for vulnerable children, mothers, and adolescent girls, laying the foundation for healthier future generations. The scheme for first-time entrepreneurs, especially women, SC/STs, presents immense potential for fostering innovation and economic growth. This budget reflects the government’s commitment to building an inclusive, self-reliant India, and at FICCI FLO, we are eager to collaborate in turning these initiatives into impactful successes. The Budget also offers strong support for MSMEs, with enhanced credit availability, new credit cards for micro-enterprises, and schemes to foster growth and job creation in labor-intensive sectors like footwear, toys, and food processing. I am truly optimistic about the transformative impact these measures will have on our economy and society.”
J S Gujral, Managing Director, Syrma SGS Technology “The Union Budget 2025-26 presents a balanced approach to strengthening India’s manufacturing and electronics sector. The National Manufacturing Mission announced, along with policy support for clean technology manufacturing, will further solidify India’s position as a global manufacturing hub. The government’s focus on domestic value addition, with a focus on manufacturing of EV batteries, solar PV cells, and electronics, is a step towards enhancing self-reliance and sustainability.
The emphasis on skill development through initiatives such as establishing National Centers of Excellence aligns with the need for a highly skilled workforce in Industry 4.0. This, along with targeted policies for MSME growth and global supply chain integration, will create new opportunities for businesses like ours.
Additionally, the push for R&D and innovation with dedicated financial support will help drive advancements in emerging technologies. The government’s continued commitment to improving ease of doing business through a modern, trust-based regulatory framework is a welcome move. Streamlining approvals, updating outdated regulations, and reducing compliance burdens will enable faster innovation and greater competitiveness for industries like electronics manufacturing.
While certain duty revisions will require careful industry evaluation, the overall budget signals a strong commitment to long-term industrial growth. We look forward to leveraging these opportunities to expand our capabilities and contribute to India’s growing role in global electronics manufacturing.”
Arjun Naik, Founder & CEO, Scandron
“With agriculture set to play a key role as part of the Dhan Dhanya Krishi Yogana and government laying special emphasis on the role of technology in achieving the objectives, new-age and emerging farming value chain elements such as drones have opportunity for a higher order of contribution to enhance agri-productivity as well as storage. Additionally, though not explicitly laid out in the Union Budget, however the farming community also have new livelihood avenues in form of farm technicians that can own the use of drones in the productivity value chain.
Overall, the Union Budget 2025 reinforces India’s commitment to “Make in India” and “Viksit Bharat,” with a strong push for manufacturing and MSME growth. With over 1 crore MSMEs driving 36% of manufacturing and 45% of exports, enhanced investment and turnover limits will empower them with scale, technology, and capital access. The National Manufacturing Mission will provide policy support and execution roadmaps, fostering an ecosystem where companies like Scandron can thrive.”