Union Budget 2025: With Finance Minister Nirmala Sitharaman all set to table the Union Budget 2025 in the Lok Sabha on February 1 at 11:00 am, citizens and industry leaders across segments are betting on a slew of measures to be announced that would set the country on a path of sustainable growth. However, an official statement from the central government is still pending. This would be the second full budget of Modi 3.0, and the eighth straight Budget to be presented by Nirmala Sitharaman.
Income tax relief is one of the key announcements that most are looking forward to, besides the demand for tax holidays and GST exemption by a host of industries. The insurance sector, meanwhile, is calling for key reforms aimed at improving penetration of health insurance and making it more affordable. Industry leaders are pushing for reductions in GST on health insurance premiums, increased tax exemptions, and the establishment of a dedicated health regulator to combat rising medical costs.
FM Nirmala Sitharaman is also facing the challenge of balancing fiscal prudence with the need to address key voter demographics.
The finance minister, on January 6, finished her month-long consultations with industry and sector stakeholders that started on December 6, 2024. “The consultations started on December 6, 2024. In the course of the in-person consultations, more than 100 invitees across 9 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings,” said a Finance Ministry statement.
Budget 2025 Expectations Live Updates: Opportunity to transform India’s EV landscape, says industry leader
Vikram Gupta, Managing Director of Supreme Smart Power, emphasised the critical role of the upcoming Union Budget 2025 in redefining India’s electric vehicle (EV) and automotive sectors.
Highlighting the nation’s potential for transformative growth, Gupta outlined key expectations to accelerate the transition to sustainable mobility.
“We anticipate bold steps toward incentivizing EV adoption—through enhanced subsidies, particularly for startups, reduced GST on EVs, and incentives for fleet electrification,” Gupta said. He also stressed the importance of robust infrastructure development, including widespread charging networks, to ensure the seamless integration of EVs into daily life.
Budget 2025 Expectations Live Updates: NRAI seeks industry status for food services sector
The National Restaurant Association of India (NRAI) on Wednesday urged the government to grant industry status to the food services sector and implement an equitable e-commerce policy to ensure a level playing field. The association emphasized protecting restaurants, delivery partners, and consumers from potentially exploitative practices by online platforms.
In its pre-Budget recommendations, the NRAI advocated for several measures to support the sector's growth. These include permitting restaurants to operate for extended hours, introducing targeted subsidy schemes, and improving access to debt financing for small and medium enterprises (SMEs).
The NRAI highlighted that such initiatives are essential to bolster the food services industry, which significantly contributes to the economy but continues to face challenges in a highly competitive landscape.
Budget 2025 Expectations Live Updates: Major reshuffle ahead of Budget
In a significant reshuffle within the Finance Ministry, senior IAS officer Arunish Chawla has been appointed as the new Secretary of the Department of Investment and Public Asset Management (DIPAM). Chawla, who previously served as Revenue Secretary, will now oversee India’s asset monetization and investment initiatives.
Tuhin Kanta Pandey, currently serving as the DIPAM Secretary and Finance Secretary, will succeed Chawla as the new Revenue Secretary. The changes were announced through an official order issued by the Personnel Ministry.
This reshuffle comes just three weeks before the Union Budget presentation on February 1, marking a critical period for the Finance Ministry. The move is seen as a strategic realignment aimed at bolstering leadership and ensuring seamless preparations for the upcoming budget.
Budget 2025 Expectations Live Updates: Expectations on crypto policies
Raj Karkara, COO, ZebPay, said, “It is pivotal for India to align its crypto policies with the global regulatory framework to fully harness the industry’s potential. We are hoping that the Union Budget 2025 will introduce progressive measures such as revisiting the 30% tax on crypto income and the 1% TDS mechanism. Simplified tax structures can encourage wider participation while boosting liquidity and trading volumes. Recognition of crypto as a formal asset class, with clear classifications is another critical step. This clarity, coupled with robust regulatory guidelines, will not only safeguard investors but also provide a stable foundation for the industry’s growth. Additionally, we look forward to policies that incentivise innovation, such as subsidies or tax breaks for blockchain and Web3 startups. Such measures will position India as a global hub for decentralised finance, digital identity solutions, and asset tokenisation.”
Budget 2025 Expectations Live Updates: Expectations from ESDM sector
Josh Foulger, President (Electronics), Zetwerk Manufacturing Businesses, said, “I believe the Indian ESDM sector is poised for explosive growth, potentially mirroring the success of the Indian IT sector. While initiatives like PLI are crucial, a two-pronged approach – enhancing value addition and aggressively targeting export markets – is essential to unlock its true potential.
He further added, “This export-driven strategy, coupled with the significant growth potential within the domestic market, particularly in areas like IT hardware, consumer durables, and smart home devices, can propel the Indian ESDM sector to $500 billion annual revenue. We applaud MEITY's efforts in creating an enabling environment for this transformation and believe that a strong focus on innovation and collaboration will be key to realizing this ambitious vision.”
Budget 2025 Expectations Live Updates: Logistics industry anticipates Budget 2025 to prioritize efficiency and innovation
Gayomard Driver, Executive Director & Group Chief Financial Officer, Jeena and Company, said, “As a key driver of India's economic growth, the logistics industry anticipates The Union Budget 2025 to prioritize efficiency and innovation. Simplifying GST, accelerating multi-modal logistics parks, and incentivizing green logistics are essential to align with the National Logistics Policy. While technology will continue to be the transformative power revolutionizing logistics operations and enhancing connectivity; it is equally important to focus on the training and skill development of aspiring professionals to remain competitive in the digital era.”
Budget 2025 Expectations Live Updates: Expectations for restaurant industry
Rajat Agrawal, CEO, Barista Coffee Company, said, “The restaurant industry has been long waiting at the doors without much being granted to the kitty, would expect the following as part of this budget:
A single-window policy for faster restaurant openings, uniform licensing across states, and seamless renewals;
Availability of input tax credit on Opex and capital spending will assist in passing on GST benefits to customers, and reducing operational expenses will encourage the opening of new restaurants, thereby creating more jobs and revenue;
Easy permissions & licensing for 24*7 operating formats;
Incentives based on business scale and workforce deployed;
Relaxed lending policy for retailers to have credit availability basis scale and without collateral.”
Budget 2025 Expectations Live Updates: Will Budget make announcements ensuring growth of real estate industry?
Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra, said, “Looking at the ongoing development, we expect Budget 2025 to introduce measures that will further strengthen the real estate industry. Increasing tax slabs, particularly for individuals earning Rs 12-15 lakh annually, will enable more citizens to invest in homeownership. Additionally, revising tax regulations for developers and stabilizing raw material prices will help manage construction costs and maintain housing affordability. These initiatives will not only boost the real estate sector but also contribute to India’s broader economic and housing goals, fostering sustainable growth nationwide.”
Budget 2025 Expectations Live Updates: Will Budget announce measures to make health insurance affordable for citizens?
Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “As India advances toward financial inclusivity and universal healthcare, Budget 2025 offers a pivotal opportunity to further strengthen the health insurance sector. Anticipated policy measures include enhancing accessibility, simplifying tax benefits, and encouraging innovation in insurance products. Initiatives such as Bima Sugam, designed to achieve the goal of ‘Insurance for All’ by 2047, are expected to receive regulatory and fiscal support to address the protection gap. Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure.”
Budget 2025 Expectations Live Updates: Deloitte’s expectations from Budget for retail sector
Per Deloitte, the upcoming Budget is expected to focus on three key areas for the retail sector. These included introduction of higher income tax exemptions to boost disposable income, reduction of GST rates on mass-consumption FMCG products, and providing targeted tax incentives for rural market development and innovation.
Budget 2025 Expectations Live Updates: Education sector demands for more govt expenditure in the sector
Praneet Mungali, Trustee and Educationist Sanskriti Group of Schools, Pune, said, “The total budgeted expenditure on education as a percentage of the GDP is less than 4% and this needs increase to 6% especially because the centre bears only one fourth of the total government spending on education, whereas the rest three-fourth of the spending comes from the States.”
This increase in budgetary outlay, he added, must be geared towards increased spending on R&D as well as incentivizing the private sector to increase the spending on R&D.
Budget 2025 Expectations Live Updates: Maintain thrust on investments, says FICCI
The thrust laid by the government on capex over the last few years aided recovery and ensured support to the growth momentum. Given the uncertainty amidst persisting global headwinds, FICCI maintained, the government's thrust on public capex on physical, social and digital infrastructure will be important to maintain the growth momentum. “The capital outlay in Union Budget 2024-25 was budgeted at Rs 11.11 lakh crore. The quality of the fisc has improved over time with revenue expenditure being contained and productive capital expenditure being prioritized. We propose the government to consider increasing capex in FY26 by 15 percent over 2024-25,” it said.
Budget 2025 Expectations Live Updates: Real estate sector betting on tax rebate on housing loan interest
Madhur Gupta, CEO, Hero Realty, said, “As the Union Budget 2025 approaches, we are optimistic that the government will introduce measures to propel growth in the real estate sector further. We advocate for increasing the tax rebate on housing loan interest to a minimum of Rs 5 lakh.” This initiative, he added, would provide substantial relief to homebuyers, easing their financial burden and encouraging greater investment in the real estate sector.
Additionally, the real estate industry urges the government to implement a single-window clearance mechanism. “This new system is critical to expediting the multi-approval process, ensuring greater efficiency and transparency. Such a reform would be transformative, boosting the ease of doing business and attracting further investments into the industry,” Madhur Gupta said.
Budget 2025 Expectations Live Updates: Key takeaways from Budget 2024
In the previous Union Budget, Finance Minister Nirmala Sitharaman focused on employment, skilling, MSMEs, and the middle class and for all-around prosperity. The last Budget also detailed nine priorities for generating opportunities for all and to move towards the vision of ‘Viksit Bharat’.
Budget 2025 Expectations Live Updates: ‘Increasing public healthcare spending to at least 2.5% of GDP is crucial’
Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare Ltd, said, “As we approach the Union Budget of 2025, it is imperative that we prioritize strategic initiatives that enhance the accessibility and sustainability of India's healthcare sector. Increasing public healthcare spending to at least 2.5% of GDP is crucial for strengthening our infrastructure and ensuring universal coverage. Furthermore, enhancing the Section 80D limit on health insurance premiums will encourage broader participation in health insurance schemes, expanding coverage for all citizens.”
He further urged the government to reduce customs duties on essential medical equipment and consumables to lower healthcare costs significantly. “Providing IT rebates and tax holidays will allow healthcare providers to reinvest in critical infrastructure and technology, ultimately improving patient care. Additionally, establishing fair reimbursement rates under government schemes is vital for maintaining the financial viability of our institutions,” he added.
Budget 2025 Expectations Live Updates: What is NBFC sector expecting from Budget 2025?
AM Karthik, Senior Vice President & Co-Group Head - Financial Sector Ratings, ICRA Limited, said, “The NBFC sector is going through a phase of growth-consolidation, and confidence building with various stakeholders, especially post the series of regulatory constrictions and proscriptions. The sector is key for providing credit to the small enterprises and the economically weaker sections of the society. A stable and permanent refinance window for the sector shall significantly boost lender/investor confidence. Initiatives towards deepening and widening of the capital markets and facilitation of overseas funding shall support funding diversification. Affordable housing and infrastructure shall continue to remain in focus this fiscal too, however, steps to boost consumption shall help in borrower cash flows and uphold sector asset quality.”
Budget 2025 Expectations Live Updates: Hospital industry leaders' expectations
According to Dr. Suneeta Reddy, Managing Director, Apollo Hospitals, “The Union Budget 2025 must build on last year’s momentum to address the growing incidence of NCDs. Budget 2024 emphasized on cancer treatment with reduced customs duties on essential medicines. This initiative should be extended to include targeted therapy drugs as well as advanced cancer treatment equipment like Radiotherapy machines and Robotics most of which have ~37% in customs duties and are primarily technologies offered by Global medtech companies. Rationalizing the duty structure on these will help lower cancer treatment costs in the country.”
Read More: Hospital industry leaders demand reduced custom duties on targeted therapies, increased allocation
During their customary pre-budget meeting with the Finance Minister on Monday, trade union leaders proposed the introduction of a super-rich tax and an increase in corporate tax to finance social security for informal workers. The Bharatiya Mazdoor Sangh (BMS), a trade union affiliated with the Rashtriya Swayamsevak Sangh (RSS), presented several key recommendations.
Among their demands, the BMS called for raising the income tax threshold to Rs 10 lakh, while retaining the current exemptions. They also urged the government to promptly notify the Code on Wages, 2019, and the Code on Social Security, 2020, emphasizing the importance of these measures for labor welfare.
Read More: Trade unions seek hike in I-T exemption limit to Rs 10 lakh
Budget 2025 Expectations Live Updates: Healthcare sector and specialist shortages
As the Union Budget 2025 approaches, healthcare industry leaders are calling for critical measures to drive sector growth. Abhay Soi, President of NATHEALTH and Chairman & Managing Director of Max Healthcare Institute Limited, emphasizes that the upcoming budget presents a unique opportunity to address long-standing systemic challenges.
Key issues identified by Soi include the acute shortage of medical specialists, rising cancer care costs, and insufficient hospital infrastructure to keep pace with the needs of a growing population.
Read More: Healthcare industry leaders demand strategic reforms, standardised practices
Budget 2025 Expectations Live Updates: Jewellery industry expects policy continuity to boost consumer demand for jewellery
The demand for jewellery has strengthened after the gold import duty cut in the Union Budget 2024. MP Ahammed, Chairman, Malabar Group, said, “In the first full budget of NDA 3.0, the jewellery industry expects policy continuity to boost consumer demand for jewellery, thus generating more employment and playing a pivotal role in the economic growth. To boost demand for precious jewellery, the budget needs to propose tax relief measures to boost disposable income and consumption. Some strategic measures to control inflation impact on consumption are also welcome.”
In addition, he added, the budget needs to propose measures to make the gold monetisation scheme more attractive to the people. This way, more idle household gold will be mobilised, resulting in reduced gold import bill and decreased current account deficit. “The government may propose measures to revise the existing gold monetisation scheme to facilitate participation of recognized and reputed retail jewellers. The budget should also announce measures to curb unaccounted business in the retail jewellery sector,” he said.
Sanjaya Mariwala, President of the IMC Chamber of Commerce and Industry, said, “The Union Budget should focus on continuity in its policies—frequent changes can disrupt confidence and long-term planning. Therefore, it is imperative to maintain 98% of the existing framework and communicate to the world about the consistency maintained. In fact, the Budget should focus on improving internal governance—diverting resources towards more impactful initiatives and eliminating redundant schemes. Necessary changes should be made wherever required with supporting rationale.” He further stated that the approach will also create a business-friendly environment.
Budget 2025 Expectations Live Updates: Demand for rationalisation of Capital Gains Tax
There are expectations that the Budget will prioritise investor confidence and deepen and address key tax-related concerns, Venkat Nageswar Chalasani, Chief Executive of AMFI believes that "restoring indexation benefits for debt funds and rationalizing the capital gains tax regime, as well as the introduction of a Debt-Linked Savings Scheme, can significantly bolster long-term savings and develop the Indian bond market."
Budget 2025 Expectations Live Updates: Will FM deliver on 8th Pay Commission hopes?
With the Union Budget to be presented on February 1, central government employees and pensioners are hopeful that Finance Minister Nirmala Sitharaman will address their demand for setting up the 8th Pay Commission.
The 7th Pay Commission was set up in February 2014 by the UPA government, and the tenure of the current pay commission will conclude on December 31, 2025.
Budget 2025 Expectations Live Updates: List of budget documents presented to the Parliament
Here is a list of Budget documents that are presented to the Parliament, besides the Finance Minister’s Budget speech:
A. Annual Financial Statement (AFS)
B. Demands for Grants (DG)
C. Finance Bill
D. Statements mandated under FRBM Act:
i. Macro-Economic Framework Statement
ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
E. Expenditure Budget
F. Receipt Budget
G. Expenditure Profile
H. Budget at a Glance
Budget 2025 Expectations Live Updates: A Saturday Budget presentation
This year, the Budget will be presented on a Saturday. Under the Modi government, there have been other times as well when the Union Budget was presented on a Saturday and the trend has been followed to facilitate smooth parliamentary discussions and avoid weekday disruptions. Here are two such instances:
Union Budget 2015-16: The first instance of the Modi government presenting the Union Budget on a Saturday was on February 28, 2015. Finance Minister Arun Jaitley had tabled this budget as part of the second term of the Modi government.
Union Budget 2016-17: The next instance of a Saturday budget presentation occurred on February 27, 2016. Again, Finance Minister Arun Jaitley had presented this budget, continuing the trend of having the budget announced on a Saturday.
Budget 2025 Expectations Live Updates: Date and time of Budget presentation
Finance Minister Nirmala Sitharaman is likely to present the Union Budget 2025 on February 1, at 11:00 am. However, the central government is yet to release an official confirmation on the same.
Typically, the Union Budget is presented on the first day of February each year. Till the mid-90s, the Union Budget was presented on the last working day of February. Later in 2017, Finance Minister Arun Jaitley moved the date of the budget presentation to February 1.
Budget 2025 Expectations Live Updates: Welcome to this live blog
Greetings! We, at FinancialExpress.com, welcome you to this live blog. With Finance Minister Nirmala Sitharaman all set to present the Union Budget 2025 on February 1, we are receiving pre-Budget expectations from across industries including retail, healthcare, real estate, education and fintech, among others. Through this live blog, we will continuously bring to you all the updates around Budget 2025.