With the Union Budget 2025-26 just days away, India awaits Finance Minister Nirmala Sitharaman's eighth consecutive presentation of the nation’s financial roadmap. Slated for February 1, this budget comes amid global economic uncertainties and domestic aspirations for growth, innovation, and inclusivity. Here's a comprehensive look at what various sectors and industry leaders expect from the upcoming budget.
Higher Education: Driving Research and Innovation
Vinay Maheshwari, Executive Director at Mohan Babu University, underscores the need for a robust budget allocation towards higher education. His recommendations focus on:
- Fostering Research: Increased funding for emerging areas like artificial intelligence and machine learning.
- Industry-Academia Collaboration: Creating employable graduates through targeted skill-building initiatives.
- Infrastructure Development: Upgrading facilities to attract global talent and foster a knowledge-driven economy.
Hospitality: Unlocking Tourism Potential
K B Kachru, President of the Hotel Association of India, highlights critical reforms for the hospitality sector, including:
- Infrastructure Status: Recognition of hospitality under infrastructure to attract investments.
- Simplified Taxation: Rationalizing GST to improve competitiveness.
- Visa and Licensing Reforms: Streamlined processes to boost inbound tourism.
- State-Level Incentives: Encouraging state governments to drive localized investment in tourism.
Luxury Furniture: A Case for PLI Scheme Inclusion
Kapil Chopra, Founder of DIVIANA, advocates for extending the Production Linked Incentive (PLI) scheme to the luxury furniture sector. His vision involves:
- Boosting Exports: Encouraging Indian furniture to compete globally in design and quality.
- Empowering Artisans: Providing skilled workers with better opportunities through focused clusters like Tamil Nadu’s Thoothukudi Furniture Park.
- Innovation in Craftsmanship: Combining traditional techniques with modern technology to carve a niche in luxury markets.
IT and Startups: Fueling Tech Growth
NASSCOM, representing India’s IT and startup ecosystem, has outlined specific expectations:
- Deeptech Support: Creation of a central fund and grant frameworks for fostering deeptech innovation.
- Tax Reforms: Expanding ESOP tax deferment benefits to all DPIIT-recognized startups.
- Safe Harbour Adjustments: Simplifying policies for global capability centres to boost competitiveness.
Sustainable Luxury: Green Business Policies
Ricky Vasandani, CEO of Solitario, emphasizes the growing role of sustainable luxury in shaping consumer trends. He recommends:
- Eco-Friendly Incentives: Policies supporting lab-grown diamonds and environmentally responsible manufacturing.
- Simplified Regulations: Reducing red tape for luxury brands promoting sustainable practices.
- Consumer Awareness: Government-backed campaigns to promote eco-conscious choices.
Sports: Preparing for Global Competitions
Dr. Vipul Lunawat, Founder and Director of ISST, Pune, advocates for increased sports funding to nurture athletes for international platforms like the 2036 Olympics. Expectations include:
- A budget allocation rise to Rs 3,600–3,800 crore.
- Development of grassroots sports facilities and training programs.
- Investment in infrastructure to cement India’s position as a leading sports nation.
Broader Economic Focus: Tax and Fiscal Policy
Leading analysts project significant fiscal strategies, including:
- Tax Reforms: Changes in income tax slabs to boost disposable income and consumption.
- Capex Investments: Increased allocation towards infrastructure sectors like railways, defence, and capital goods.
- Customs Duty Adjustments: Strategic moves to counter global trade pressures.
Barclays and Nomura predict a balanced budget prioritizing fiscal prudence alongside growth, setting the stage for potential RBI rate cuts in February.
The Union Budget 2025-26 is poised to address a wide spectrum of expectations, from empowering industries and supporting sustainable practices to investing in education and sports. As India charts its path toward becoming a $5 trillion economy, the emphasis on innovation, inclusivity, and fiscal responsibility will be pivotal in shaping the nation’s economic narrative.
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Akanksha Sinha
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