Kiran Majumdar-Shaw called the Union Budget 2025 'reassuring', praising the finance minister for focusing on the four pillars of the country’s economic model: "Consumption, investment, innovation and employment"
Union Finance Minister Nirmala Sitharaman presented her eighth consecutive Budget. (Pic/PTI)
Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on Saturday at the Lok Sabha.
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The budget focused on various sectors aiming to initiate transformative reforms across taxation, power sector, urban development, mining, financial sector, and regulatory reforms.
Here are reactions from key industry leaders:
Harsh Goenka, Chairperson of RPG Enterprise
In a post on X, Goenka praised the financial statement by terming it a “Champions budget” and said, “Just like the men in blue, FM Sitharaman has announced a Champions budget that Deep(ly) Seeks to institute structural reforms, Trumps consumption woes, putting money in the hands of middle class. India does a 'shahi snan', cleansing itself from structural issues and transforming towards a truly Viksit Bharat.”
Just like the men in blue, FM Sitharaman has announced a Champions budget that Deep(ly) Seeks to institute structural reforms, Trumps consumption woes, putting money in the hands of middle class. India does a 'shahi snan', cleansing itself from structural issues and transforming…
— Harsh Goenka (@hvgoenka) February 1, 2025
Kiran Majumdar-Shaw, Executive Chairperson of Biocon Limited
In a series of posts on X, Shaw called the Union Budget 2025 “reassuring”, praising the financial minister, on focusing on the 4 pillars of the country’s economic model “Consumption, investment, innovation and employment.”
The Union Budget for FY25-26 is reassuring, as it instils confidence that India is investing in the right areas to drive stable and inclusive economic growth.
— Kiran Mazumdar-Shaw (@kiranshaw) February 1, 2025
Consumption, investment, innovation & employment are the 4 pillars of our economic growth model and FM @nsitharaman has focused on all aspects of these segments.
— Kiran Mazumdar-Shaw (@kiranshaw) February 1, 2025
Vikram Handa - Managing Director of Epsilon Advanced Materials
Handa shared a positive response to the exemption of crucial materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals from Basic Customs Duty by calling it a “significant step.”
Handa said, “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.”
He mentioned that the company is looking forward to boost its manufacturing of EV batteries and other components across India.
"At Epsilon Advanced Materials, we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and components,” he said.
The Epsilon MD further said, “Incentivising 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. We are ready to play a key role in this exciting growth story.”
Sanjay Choudhari, Chairman, SBL Energy
Choudhari hails the government’s decision to focus on manufacturing and energy sectors terming it a “ transformative shift for India’s industrial landscape”
He pointed out that the launch of the National Manufacturing Mission under ‘Make in India’ program is a “much-needed” move that will strengthen industries.
“The National Manufacturing Mission under the Make in India initiative is a timely and much-needed move that will strengthen small, medium, and large industries. We see this as a crucial step toward building a robust supply chain for mining and infrastructure, enhancing domestic production of critical materials, and reducing import dependency.”
He said, “The Nuclear Energy Mission, with its ambitious target of 100 GW capacity by 2047, is a bold move toward energy transition. The ₹20,000 crore investment in small modular reactor R&D and incentives for capacity augmentation will create opportunities for energy-intensive industries, including mining and explosives.”
Adding that reliable and scalable power sources are key to driving industrial growth.
“Reliable and scalable power sources are fundamental to driving industrial growth, and this initiative is a step in the right direction.”
Jatin Mahajan, Secretary, Association of Diagnostics Manufacturers of India (ADMI)
Maharajan welcomed the decision of no income tax till Rs 12 lakh as it “puts more money in the hands of the individuals”, a part of which will also be spent on preventive healthcare.
ADMI Secretary, however, stated that the Union Budget 2025 does not specifically address the IVD-MedTech industry and any of its numerous grouse-points. Thus, there is no direct positive impact on this industry. “But various announcements made by the FM will have a positive impact on the IVD-MedTech industry as part of the overall Indian ecosystem,” he said.
Mahajan stated the budget allocates additional funds for R&D in the healthcare sector, which can foster innovation in IVD technologies.
He added that the government must address issues such as fast-track approvals for new diagnostic technologies, public-private partnerships for research and infrastructure, etc. since they are “pivotal in driving innovation, improve accessibility, and ensure quality healthcare for its citizens.”
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