Economy

Union Budget 2025-26: 26 Industry Leaders Reveal Their Boldest Expectations

What’s next for India’s economy? 26 CEOs, startup founders, and policy leaders share their biggest expectations from Union Budget 2025-26, covering tax reforms, real estate, and healthcare.

Pre-Budget Analysis | What Business Leaders Expect from Finance Minister Smt Nirmala Sitharaman | From Real Estate to Startups, Finance to Healthcare – Will This Budget Deliver?

As India gears up for the Union Budget 2025-26, industry leaders from real estate, finance, healthcare, oil & gas, insurance, manufacturing, startups, retail, and education are eagerly anticipating policy reforms that will drive economic growth, sustainability, and digital transformation. With sectors ranging from affordable housing and AI-driven automation to healthcare expansion and MedTech innovation, business leaders have laid out a comprehensive roadmap for India’s economic future. The following insights highlight the key budget expectations from leaders across various industries, reflecting their hopes for tax reforms, infrastructure development, and strategic government investments that will shape India’s next phase of growth.

The real estate sector: A key contributor to India’s GDP


Prashant Sharma, President, NAREDCO Maharashtra: Expanding Housing Affordability
Affordable housing remains the foundation of India’s real estate sector. The government must increase budgetary allocations for Pradhan Mantri Awas Yojana (PMAY-U) and enhance credit-linked subsidies to make homeownership more accessible. Additionally, raising the home loan interest tax deduction from ₹2 lakh to ₹5 lakh under Section 24(b) will bring significant relief to middle-income homebuyers, encouraging homeownership and boosting demand in the housing sector.


Lachman Ludhani, CMD, Evershine Group: Industry Status and GST Rationalization
The long-standing demand for industry status for real estate must be granted in Budget 2025. This will allow easier access to institutional funding, reducing borrowing costs, particularly for mid-segment and affordable housing developers. Additionally, rationalizing GST on under-construction properties and reinstating input tax credit for developers will eliminate inefficiencies in the taxation system, making housing more affordable for buyers.


Kuldeep Jain, Founder & CEO, Build Capital: Incentives for Green & Sustainable Real Estate
Sustainable construction should be a major focus area in this budget. The government must provide tax rebates and incentives for green-certified buildings, renewable energy integration, and eco-friendly construction materials. These measures will not only promote environmental sustainability but also reduce operational costs for homeowners while aligning with India’s net-zero targets.


Vijay Jain, MD, Star Estate: Strengthening Infrastructure & First-Time Homebuyer Benefits
Expanding metro rail networks, smart city projects, and national highway development will open up new real estate corridors and drive investment in emerging urban and suburban areas. Additionally, subsidized loan schemes for first-time homebuyers and tax incentives for rental housing can enhance accessibility and affordability in the housing market.


Navin Makhija, MD, The Wadhwa Group: Encouraging REITs & Institutional Investments
Real Estate Investment Trusts (REITs) have been a game-changer for India’s commercial real estate sector. Budget 2025 must introduce tax incentives for REITs and Infrastructure Investment Trusts (InvITs) to attract global investors and increase liquidity in the market. Lowering stamp duty and registration charges on affordable housing can also incentivize more buyers, ensuring sustainable growth.


Rohan Khatau, Director, CCI Projects: Simplifying Home Loan Taxation & GST Structure
Home loan affordability remains a crucial issue. The government must increase tax deductions on home loan interest under Section 24(b) to provide financial relief to homebuyers. Additionally, streamlining GST rates on under-construction properties will bring more clarity to the taxation system, improving market confidence and transaction volumes.


Vikas Sutaria, Founder, Iraah Lifespaces: Growth in Luxury Housing & Second Homes
India’s luxury housing segment and second-home market in locations like Alibaug and Lonavala are seeing rapid growth. Budget 2025 should introduce targeted incentives for luxury real estate investments while ensuring sustainable development through green building certifications and stricter environmental norms.


Shraddha Kedia-Agarwal, Director, Transcon Developers: ESG & Sustainable Development in Real Estate
With the rising focus on Environmental, Social, and Governance (ESG) principles, real estate developers should receive tax benefits for adopting green building practices. Additionally, the government should incentivize the adoption of solar energy, rainwater harvesting, and waste management systems in residential and commercial projects.


Samyak Jain, Director, Siddha Group: First-Time Homebuyers & Affordable Housing Incentives
The government should reinstate tax benefits for affordable housing projects under Section 80-IBA to encourage developers to build more budget-friendly homes. Also, lowering GST on raw materials like cement and steel will make housing construction more cost-effective, ultimately reducing property prices for buyers.


Govind Krishnan Muthukumar, MD & Co-founder, Tridhaatu Realty: Infrastructure-Led Real Estate Growth
Infrastructure investment plays a key role in unlocking real estate potential. The government must increase budgetary allocations for metro rail expansions, high-speed corridors, and urban connectivity projects. This will create new housing hubs and promote economic development in Tier 2 and 3 cities.


Abhishek Jain, COO, Satellite Developers (SDPL): Supporting Rental Housing & REITs
Rental housing can solve urban housing shortages. The government should introduce tax incentives for rental housing projects and support institutional investments in REITs and fractional ownership platforms, making it easier for investors to participate in the real estate market.

Finance & Insurance: Digital Growth & Tax Reforms


Jude Gomes, MD & CEO, Ageas Federal Life Insurance
Life insurance penetration in India is still low, and Budget 2025 can help change that. Introducing a separate tax exemption for life insurance premiums under Section 80C will encourage more families to secure insurance coverage. Additionally, creating a Digital Insurance Repository System will simplify policy management and claims processing, making the industry more efficient and transparent.


V.P. Nandakumar, MD & CEO, Manappuram Finance
With inflationary pressures still present, reducing consumer taxes on essential goods will directly benefit households and increase disposable income. Additionally, investing in AI-driven financial infrastructure will modernize India’s financial sector, ensuring more efficient credit access for MSMEs and individual borrowers.

Oil & Gas: Expanding Energy Security & Public-Private Collaboration


Dr. Kapil Garg, MD, Asian Energy Services Limited
India’s oil and gas sector is evolving, but policy reforms are needed to sustain growth. The passage of the Oilfield (Regulation and Development) Amendment Bill will streamline approval processes for hydrocarbon exploration and attract fresh investments, particularly in unconventional energy reserves like shale and coalbed methane. Additionally, bringing oil & gas under GST will simplify taxation, reduce pricing distortions, and improve cost efficiency.

Healthcare: Expanding Public Health Coverage & MedTech Innovation


Jasdeep Singh, Group CEO, CARE Hospitals
Expanding Ayushman Bharat to cover outpatient care, diagnostics, and preventive health programs will ensure more comprehensive healthcare access. Additionally, reducing customs duties on essential medical devices like LINACs will make advanced cancer treatment more affordable, especially in underserved regions.


Dr. Kshitiz Murdia, CEO, Indira IVF
Infertility is a growing concern in India, and access to fertility treatments remains limited. Integrating IVF procedures into universal health insurance and offering tax exemptions on fertility treatments will make reproductive healthcare accessible to a larger population. Investments in ART (Assisted Reproductive Technology) infrastructure will further bridge the gap between demand and availability of quality fertility care.


Dhaval Radia, CFO, ZEISS India
The healthcare sector needs higher public health spending, ideally increasing to 4% of GDP. Additionally, reducing GST on medical devices and services (currently at 5-18%) will make healthcare more affordable for millions. Strengthening skill development in medical manufacturing and healthcare technologies will create a future-ready workforce and enhance India’s position as a global healthcare hub.

Manufacturing & Startups: AI-Led Growth, Digital Transformation & PLI Expansion


Neelakantan Sridhar, MD, Titan Engineering & Automation
For India to compete globally, we need expanded PLI incentives for semiconductors, AI-driven automation, and clean energy manufacturing. Strengthening domestic R&D capabilities and offering tax breaks for industrial robotics and AI-powered automation will drive innovation and reduce dependency on foreign technology.


Ganesh Sonawane, CEO, Frido
Startups, especially in health and ergonomic solutions, need easier access to R&D tax incentives and streamlined GST compliance. Encouraging Make in India for global markets will position India as a leader in wellness and AI-driven innovation.

Retail & Luxury: Policy Support for Growth & Sustainable Business

Ricky Vasandani, CEO, Solitario
Lab-grown diamonds represent a sustainable future for the luxury sector. The government should introduce favorable policies and reduced import duties to make Indian brands globally competitive. Simplifying compliance for sustainable businesses will encourage more brands to adopt ethical and eco-friendly practices.

Shrishti Yadav & Shubham Godara, Co-founders, SCINQ Neurocosmetics
The beauty and skincare industry faces complex GST structures. A more uniform and streamlined tax framework will lower costs for both businesses and consumers. Policies supporting e-commerce-driven beauty brands will accelerate the sector’s digital transformation and global reach.

Aji Nair, CEO, Hitchki
The F&B sector needs urgent reforms. Restoring the GST Input Tax Credit (ITC) will significantly lower operational costs for restaurants. Additionally, revising GST on commercial leases under the Reverse Charge Mechanism will ease financial burdens and improve business efficiency.

Education & CSR: Future-Ready India & Social Impact Initiatives

Ajay Singh, Principal, The Scindia School
Education funding should be a top priority, with increased budget allocations for STEM initiatives, digital learning, and faculty training. Encouraging global collaborations will further innovation in the sector and prepare Indian students for international competitiveness.
Shaina Ganapathy, Head of CSR, Embassy Group
Budget 2025 should focus on green infrastructure, sustainability, and education funding. Increased investments in renewable energy, waste management, and digital literacy programs will drive long-term social and environmental benefits.
Final Thoughts: A Budget That Shapes India’s Growth Path
With high expectations across real estate, finance, healthcare, energy, and manufacturing, the Union Budget 2025-26 will play a defining role in India’s economic, technological, and industrial progress.
Industry leaders are looking for policy clarity, fiscal incentives, and structural reforms to ensure sustainable development, job creation, and digital inclusion. Whether it’s boosting home affordability, incentivizing AI-driven automation, or expanding healthcare access, this budget has the potential to unlock new opportunities and solidify India’s position as a global powerhouse.

What are the biggest expectations from Union Budget 2025-26?

Industry leaders are looking forward to tax reforms, higher infrastructure investments, and financial incentives for real estate, startups, and healthcare. Key expectations include:
Home loan tax benefits for middle-class buyers
GST rationalization for businesses
PLI scheme expansion for AI-driven manufacturing
Healthcare funding for Ayushman Bharat & medical devices

How will Budget 2025 impact real estate and banking?

The real estate sector is expecting lower interest rates on home loans, simplified GST for under-construction properties, and industry status for easier financing. Banking leaders are calling for tax exemptions on life insurance premiums and pension schemes.

What tax reforms are expected in the Union Budget 2025?

Experts predict an increase in income tax deduction limits, rationalization of GST rates, and corporate tax relief for startups and MSMEs to boost economic growth.

How will India’s healthcare sector benefit from Budget 2025?

Healthcare professionals expect lower GST on medical equipment, expanded insurance coverage for fertility treatments, and greater public healthcare spending.
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