Saurabh Dhanorkar, Managing Director, Finolex Industries Limited
“Infrastructure is the backbone of our economy, and with India’s infrastructural transformation at a critical juncture, the Union Budget 2025-26 presents an opportunity to drive sustainable growth by focusing on urban development and modernization. Enhanced allocations for affordable housing under the Pradhan Mantri Awas Yojana will significantly boost urban housing projects, increasing the demand for reliable plumbing infrastructure and durable PVC pipes and fittings.
Strengthening initiatives like Har Ghar Jal will play a pivotal role in ensuring every household has a functional tap connection, delivering safe and adequate drinking water. Investments in advanced water infrastructure and smart urban facilities are essential to building a future-ready ecosystem that supports growth in multiple sectors. While efficient irrigation systems remain vital for agricultural progress, urban infrastructure advancements hold immense potential to unlock substantial opportunities for industries.
At Finolex Industries, we are committed to contributing to the nation’s vision of building resilient, modern, and sustainable infrastructure that meets the needs of both urban and rural communities.”
Bruce Keith,CEO Cofounder, InvestorAI
2025 is expected to be dominated by global geopolitics and this will cause ongoing market volatility and short-term pain. With the currency already depreciating, I see the immediate impact of Trump Tariffs as being reduced and giving the Government space to re-energise their infrastructure investment. I see India as a destination of choice for overseas investors. However, the Indian government should find more ways to encourage citizens to take part in equity markets – realising that your savings are being eaten by inflation in real terms usually happens too late and tends to disadvantage the lower income strata of society. Budget being once in a year event may not please everyone, but whatever happens, all of us will benefit in the long term from infrastructure especially as demographics defines destiny.
Pankit Desai,CEO Cofounder, Sequretek
“The finance minister must prioritize cybersecurity in the upcoming budget. Given India’s alarming rank among the top four global victims of deepfake and digital arrest attacks, raising awareness about these threats is more important than ever. As the Prime Minister highlighted with “Digital Arrests,” increasing public and industry consciousness is key.
Despite policies, local cybersecurity ecosystems face significant hurdles and need more governmental support, particularly in procurement processes that impede Indian-origin companies from effectively bidding for government contracts. These policies must be revised to foster a more inclusive environment for domestic cybersecurity firms.
The other one is that, while educational institutions have made strides in offering cybersecurity courses, practical skills remain underdeveloped. By supporting educational initiatives to provide hands-on experience, the government can ensure that students graduate with the practical skills required to bolster India’s cybersecurity defenses. More investment in cybersecurity infrastructure at educational institutions can enhance real-world readiness. With strategic investments, India can reinforce its cybersecurity defenses and talent.”
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
As we gear up for Budget 2025, India’s rural heartland, Bharat, stands at the forefront of fostering equitable economic development. The journey towards a $7 trillion economy hinges on transforming these rural areas, driven by groundbreaking financial and digital solutions from leading fintech players. At PayNearby, we remain committed to strengthening our infrastructure to ensure the last-mile delivery of essential financial and digital services, including banking, credit, assurance (insurance + assets), and e-commerce, making them accessible to Bharat. However, for these services to reach citizens at the last mile, technology, security, trust, and Government support are crucial.
Towards this goal, in Budget 2025, we urge the consideration of:
A waiver of GST on all financial services offered at BC outlets, which serve as the backbone of rural banking in India, would ease the financial burden on last-mile agents and encourage more retailers to participate in delivering seamless banking services to underserved communities.
Additionally, we urge tax benefits on total expenditure for fintechs operating in rural regions, which can improve cash flow and ensure smooth operations. This includes a dedicated 5% GST rate for startups focused on last-mile empowerment, enabling essential financial and digital services for citizens. Simplified and supportive tax policies will boost sustainable growth and encourage more agents to deliver seamless services to everyone, everywhere. “
Ashish Goyal, Co-founder & CFO, Fibe
“India’s economy slowed to a seven-quarter low of 5.4% between July-September 2024 with it witnessing a slowdown in consumer demand. Also, there is a slowness in street up investment as well as new technologies investment. This presents an opportunity for the Government to address the challenges faced by individuals especially the middle-income group and startup ecosystem alike in the upcoming Union Budget. This Budget should prioritize inflation as a critical factor and the Finance Ministry must consider increasing tax slabs. This will provide significant relief to salaried individuals, leaving them with increased disposable income and giving a boost to consumer spending.
Another key focus should be the treatment of ESOPs. Currently, the difference between the market price and the exercise price is considered to be a prerequisite, which is taxed as salary in the hands of the employees. Shifting taxation from perquisite to capital gains would reduce the tax burden for employees given that employees hold ESOPs for long-term wealth generation. Overall, this reform would enhance the attractiveness of ESOPs as a key tool to attract and retain talent, thereby empowering startups to scale sustainably.
In addition, given the evolution of new technologies in AI space and chips, India shall invest and provide fiscal impetus to startups working in that area.”
Nilay Patel, Founder & Managing Director, Easy Pay
“As we approach this year’s budget, we anticipate continued positive developments for the e-commerce sector, particularly in light of last year’s impactful changes. We hope the government will further build on the reduction in the TDS rate from 1% to 0.1% for e-commerce operators, potentially extending additional support to enhance liquidity and simplify compliance processes. We also expect continued focus on promoting entrepreneurship and small businesses, possibly through expanded initiatives like Mudra Loans, which have proven vital for grassroots economic growth.
Furthermore, we foresee the government recognizing the need for stronger collaboration between fintech entities and traditional banks. This partnership could enhance financial inclusion, especially for the 70 million micro-scale businesses that are integral to non-farm employment. With fintech playing a major role in extending financial services to rural and underserved areas, we anticipate the budget addressing this by offering incentives for fintech companies to create products tailored to these regions. The government can foster innovation in the fintech sector by establishing AI Centres of Excellence or offering grants for research and development, which will contribute to building a stronger and more competitive fintech industry.
With the growth of networks like ONDC, we remain optimistic that the budget will further empower digital entrepreneurs, drive innovation, and contribute to more inclusive economic growth.”
Sundeep Mohindru, Promoter and Director, M1xchange
“As we approach Budget 2025, the government’s continued focus on the MSME sector is encouraging. This year, we expect an even stronger thrust on fostering MSME growth to achieve our $5 trillion economic vision.
To address the persistent credit gap for MSMEs, the budget should prioritize expanding the reach of collateral-free credit financing platform and reduce borrowing costs for small businesses.
Few enablers for this objective can be
· Enabling seamless trade financing through policy support for trade credit insurance to boost working capital access for SMEs thereby enhance financial inclusion.
· Enable TReDS to integrate with GST portal for validation of genuinety of invoice uploaded on TReDS by MSMEs and ease the Factoring of receivables of SMEs with out dependence on Buyers for approval.
Fasten the process of TReDS integration with GEM portal for expanding the reach of TReDS credit lines to MSMEs working for Government and Public sector companies.”
Shahzad Nathani, Head of Operations & Partnerships, Shardeum
“India stands on the brink of becoming a global Web3 hub, leveraging its strong digital economy and addressing challenges across sectors through blockchain innovation. To accelerate this transformation, we hope the Government will introduce tax breaks for Web3 startups, fostering innovation and growth in progressive technologies. Dedicated funds for blockchain projects and initiatives to attract top tech talent can provide the much-needed boost to this burgeoning industry. Clear regulatory reforms, tax incentives, and skill development programs will be critical in driving adoption and retaining domestic talent, enabling India to lead in Web3 and blockchain advancements globally.”
Deepak Chand Thakur, Co-founder and CEO, NPST
Favorable Macroeconomic Impact: An increase in discretionary spending can have a beneficial impact on UPI transaction volumes. Any relief to stimulate personal spending capacity in the upcoming Union Budget FY 2025-26 will be welcomed by the fintech industry
Introduction of MDR Regime for UPI Payments: Today, one in three digital payments is a UPI transaction. With growing investment in payments infrastructure, fraud management, compliance, and security — and the associated cost of processing transactions — participating entities need to monetize UPI. A rethinking of MDR for UPI transactions above Rs 2,000 can create a sustainable revenue model, benefiting all stakeholders in the UPI ecosystem
Democratizing Data through AI Policy : The data landscape offers potential for shared intelligence solutions. AI-driven collaboration could strengthen fraud prevention network-wide, particularly benefiting smaller players who need government support for intelligence sharing
Anish Srikrishna, CEO, TimesPro
“The forthcoming Union Budget presents a crucial opportunity to bolster private sector participation by integrating EdTech into the online and distance learning ecosystem within higher education, paving the way for transformative policies.
A forward-looking approach could allocate funding for emerging disciplines such as Artificial Intelligence (AI), Machine Learning (ML) and other cutting-edge fields. Subsidising course fees for both freshers and professionals would encourage greater participation in lifelong learning and upskilling. Such initiatives, when offered through premiere institutions like IITs and IIMs, would foster an inclusive and competitive workforce. Aligning these measures with national missions like ‘Make in India’ and ‘Skill India’ would reinforce India’s global leadership in innovation and manufacturing. Investments in upskilling across technological and non-technological domains are key to advancing the vision of Viksit Bharat.
Reducing GST on EdTech services to 5% or eliminating it would make education more affordable, broadening access to upskilling programmes and engaging diverse learners.
Recognising and accrediting short-term, stackable micro-credential programmes from EdTech providers for academic credits would bridge skill gaps and boost employability. Similarly, subsidising professional development courses for faculty would raise teaching standards, aligning institutions with global benchmarks. By implementing these measures, the Union Budget can cultivate a skilled, future-ready workforce, driving India’s sustained growth and global leadership.”
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