Ravi Kunwar, VP and CEO, HMD India and APAC
The Union Budget 2025-26 presents encouraging prospects for the technology and digital infrastructure sector. We applaud the Indian Government for reinforcing India’s vision for self-reliance and innovation-driven growth in electronics manufacturing. Reducing BCD to 5% on open cell components and including 28 additional capital goods for mobile battery fabrication will strengthen local manufacturing and further generate employment in the sector. The formation of the National Manufacturing Mission and investment in skilling initiatives will contribute to India’s global competitiveness and facilitate the commitment to climate-friendly development. These measures, coupled with tax reforms and incentives, create a strong foundation for sustainable growth in India’s electronics ecosystem.
Alok Dubey, Chief Finance Officer, Acer India.
The Union Budget 2025 takes a decisive step toward strengthening India’s economy with a strong focus on innovation, digital transformation, and manufacturing excellence. The significant tax cut, with exemptions up to ₹12 lakh under the new regime, will provide much-needed relief to the middle class, boosting disposable income and driving greater consumer spending, savings, and investments. Additionally, the government’s continued push for technology and infrastructure development will create new opportunities for businesses while reinforcing India’s position as a global manufacturing and technology leader. At Acer, we welcome these forward-looking initiatives and remain committed to supporting India’s vision for self-reliance and sustainable economic growth.
Rajesh Sethi, Group Chief Financial Officer, Lava International Limited
The Union Budget presented by the Honorable Finance Minister today, reiterates the government of India’s focus on inclusive growth and development. The measures under the manufacturing mission mark a decisive step forward in strengthening the nation’s infrastructural capabilities. With its strategic focus on domestic value addition, enhanced consumer spending power, and rationalized import duties, the budget aligns seamlessly with the vision of a self-reliant India.
Particularly in the electronics and smartphone segment, exemption of customs duties on critical components, including lithium-ion battery scrap, cobalt powder, and other essential minerals will be a significant boost for the industry. Furthermore, the expansion of capital goods exemptions to include 28 new items for mobile phone battery production demonstrates a clear commitment to positioning India as a global smartphone manufacturing hub.
Empowering the middle-class with increased purchase power through targeted economic measures is expected to catalyze smartphone adoption across the country. This enhancement in consumer spending capacity, coupled with strengthened domestic manufacturing capabilities, creates a powerful synergy that will accelerate the success of the Make in India initiative.
Puneet Chandok, President, Microsoft India & South Asia said
“It’s heartening to see the government’s vision of building Viksit Bharat by 2047 with AI and technology in the Union Budget 2025. We welcome the hon’ble Finance Minister’s announcements of establishing a Centre of Excellence for AI in Education and creating a deep tech fund to catalyze future startups. As the Economic Survey 2025 highlights, India must capitalize on AI opportunities and leverage its young and dynamic population to create a tech-forward workforce for India and for the world. This resonates deeply with Microsoft’s work in the country and our commitment to put AI in the hands of everyone. We recently announced our plans to equip 10 million Indians with essential AI skills by 2030. This includes an MoU with IndiaAI to skill 500,000 individuals, including students, educators and women entrepreneurs, by 2026. Moreover, with our strategic investments, such as the recently announced US $3 billion commitment to cloud and AI infrastructure in India, we aim to drive innovation that enhances productivity, accessibility and trust. There is no doubt AI has the potential to transform every sector of the Indian society, from boardrooms to classrooms, commerce to communities, and finance to farmers. At Microsoft, we are committed to helping India lead in an AI-centric world for its benefits to translate into ‘Sabka Saath, Sabka Vikas’.”
Manish Sharma, Chairman, Panasonic Life Solutions India & SA
“Overall, a progressive and structured budget focusing on India at 2047 to drive the inclusive GDP growth which we need to get there. There has been a clear focus to providing tax relief to provide more money in hands of people thereby driving consumption. Focusing on the ten broad areas aimed at GYAN (Garib, Yuva, Annadata, and Nari Shakti) Union Budget 2025 paves way for the well-being of end-users, leaving more cash at hand thus, helping drive consumption for the Indian economy. Amongst several benefits, one of the most awaited news for the common man, both for middle class and senior citizens, are the income tax reliefs – which will boost consumer spending and reduce the compliance burden for the businesses.”
Mr. Rajesh Doshi, Co-founder & Director at Zebronics
The Union Budget 2025’s introduction of the National Manufacturing Mission will bolster the ‘Make in India’ initiative significantly along with the reforms for MSMEs and start-ups which will greatly encourage employment opportunities including women workforce, across all spectrums. Additionally, the revised New Income Tax regime, with no tax on income up to ₹12 lakh, underscores increase in disposable income, stimulating consumer spending and economic growth.
Mr. Girish Wagh, Executive Director, Tata Motors
The Union Budget 2025 lays out a clear roadmap for long-term transformation, driving India closer to its vision of a ‘Viksit Bharat’ with progressive policies and reforms that foster modernization, economic growth, and inclusive development. The continued allocation of over Rs. 11 lakh crore in capital expenditure, alongside targeted initiatives to boost consumption, support ‘Make in India’, and promote agricultural growth, is set to create a more dynamic economic environment. The removal of basic customs duties on key materials for battery manufacturing is a strategic move to boost domestic EV production, foster a sustainable ecosystem, and drive India’s transition to a greener economy. As infrastructure projects gain momentum and consumption picks up, improved roads, connectivity, and logistics will undoubtedly drive increased demand for freight and commercial transport solutions driven by both domestic demand and broader economic recovery.
Mr. Satish Shukla, Co-founder, Addverb
“This year’s budget is a significant step toward making India a global hub for innovation and advanced manufacturing. The Deep Tech Fund and ₹1.5 lakh crore credit guarantees will empower MSMEs and startups to embrace automation, while expanded PLI schemes and the National Manufacturing Mission will strengthen India’s industrial backbone.
The push for AI-led skilling through Centres of Excellence and Atal Tinkering Labs aligns with the need for a future-ready workforce. At Addverb, we see this as a moment of transformation-one that reinforces our commitment to automation and robotics, driving India’s journey toward Viksit Bharat.”
Mr. Niranjan Nayak, MD, Delta Electronics India
The Union Budget 2025-26 lays down a strong foundation for India to transition towards becoming a sustainable, technology-driven, and self-reliant economy. The emphasis of the government on green energy, EV infrastructure, AI-led innovation, and digital transformation closely resonates with Delta’s aim to deliver energy-efficient, smart solutions that power the future.
This would place India on further accelerated net-zero emission paths and spur technological leadership for the country simultaneously. Higher penetration of clean mobility will be facilitated through investments in modernising smart grids and EV charging infrastructure.
Delta is placed to help since it leads the market for an EV charging and power solution. The PLI incentives for R&D and manufacturing under the scheme will further cement India’s position as a world manufacturing hub.
Mr. Arijeet Talapatra, CEO of itel and TECNO
The Union Budget 2025 signals a strategic move to position India as a global hub for mobile manufacturing. The proposed tariff reductions on essential assembly components—such as PCBAs, camera modules, USB cables, and display modules—are a welcome measure that will improve cost efficiencies, accelerate localization, and strengthen the Make in India initiative. This move strengthens India’s position in the global supply chain, especially amidst shifting trade dynamics amongst major economies.
The decision to raise the income tax exemption limit upto ₹12 lakh will substantially increase disposable income, providing a significant financial boost to taxpayers, leading to increased consumer spending on electronics. As purchasing power of consumers rises, the demand for smartphones and other digital devices is expected to rise, further fuelling the growth of India’s electronics industry. The establishment of five National Centres of Excellence for Skills and global skilling cooperation would equip young people for global opportunities. The Make in India campaign and streamlined trade policies are consistent with the government’s goals of driving growth, promoting investment, and encouraging women workforce participation.
Anand Dubey, CEO, Indkal Technologies
For the upcoming year, our budget will prioritize strategic investments in product innovation, manufacturing scalability, and market expansion. We’re dedicating resources to R&D for next-gen electronics and consumer durables, enhancing production capabilities, and improving supply chain efficiency. The proposed increase in Basic Custom Duty on interactive flat-panel displays from 10% to 20%, along with the reduction on open cells to 5%, is a positive step in addressing the inverted duty structure, which will encourage domestic manufacturing of electronics like LED TVs and support the broader consumer electronics sector.
These initiatives, coupled with better access to credit and sector-focused investments, will bolster India’s position as a global manufacturing hub and accelerate the adoption of sustainable technologies. With a forward-looking approach, this budget paves the way for India to become a leader in next-gen electronics and consumer tech manufacturing.
Avneet Singh Marwah CEO SPPL Exclusive brand licensee of THOMSON
FM has presented a game changer budget and one most important one in the last 8 years. From last couple of years industry have been candidly requesting FM to increase household consumption, we need to reduce taxes. This is a big boost for the consumer durable industry which has been struggling for the last two years.
For the smart tv industry the government has taken unfavourable steps, by exempting basic custom duty only on open cell manufacturing. There are only one or two manufacturers in India which have bonding facilities, by this it will not be an equal playing field for other television manufacturers. The world is dependent on China for open cells and there are only 5 open cell manufacturers out of which 3 have their own retail brands, this policy will only be favourable for Chinese brands and other OEM brands which will manufacture in their plants. This step will definitely hurt Indian smart tv manufacturing plants and it will encourage grey market activities like under invoicing etc.
Ashish Singhal, Co-founder CoinSwitch and Lemonn
Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 introduces significant measures aimed at boosting economic growth and providing relief to taxpayers — especially the middle class.
Zero income tax for up to Rs 12 lakh of earnings, and further rebate in taxes, is a major relief for the middle class, and we welcome it. It could improve disposable income, stimulating consumer demand and contributing to overall economic momentum.
The rationalization of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) thresholds is a commendable step towards simplifying the tax regime, reducing compliance burden for individuals and businesses alike.
These initiatives reflect a balanced approach to fiscal policy, addressing both the need for revenue generation and the importance of taxpayer welfare.
Manoj Nair, Head of Applications, Fujitsu GDU and Head of Fujitsu India GDC
Today’s Union Budget 2025, themed around transformative growth and a ‘Viksit Bharat,’ offers compelling opportunities for the Indian IT sector. The significant investments in skilling and upskilling are particularly noteworthy. The establishment of five National Centers of Excellence, leveraging global partnerships to deliver cutting-edge curriculum and training, will directly address the burgeoning demand for skilled professionals in areas crucial for ‘Make in India’ and global competitiveness. The expansion of IITs and the new AI Center of Excellence for education will further bolster the talent pipeline, ensuring India possesses the expertise needed to lead in emerging technologies. Beyond education, the budget’s provisions for a Deep Tech Fund of Funds and the PM Research Fellowship scheme are game changers. These initiatives will provide crucial support for next-generation startups and research institutions, fostering a vibrant ecosystem of innovation and attracting top talent. The simplification of merger procedures and the national framework for Global Capability Centers in tier-2 cities will create a more agile and attractive business environment, encouraging both domestic and foreign investment. Finally, the streamlining of GST processes for Health and Wellness startups and improved access to funding are welcome additions, fostering growth in this vital sector. This strategic approach to infrastructure development and regulatory reform will not only accelerate the growth of the IT sector but also contribute significantly to the broader economic transformation of India, ensuring a more inclusive and prosperous future for all.
Dr. Pawan Munjal, Executive Chairman – Hero MotoCorp
The Union Budget 2025 outlines a bold vision for Viksit Bharat, focused on eradication of poverty, quality education, affordable healthcare, and women’s empowerment. By prioritizing rural prosperity and establishing India as a global agricultural powerhouse, the budget fosters inclusive growth that reaches all corners of the nation. A bold push towards manufacturing excellence, supported by strategic investments in infrastructure, EV technology, and MSME growth, strengthens India’s industrial backbone. This people-centric vision strikes a perfect balance between fiscal discipline and sustainable economic growth.
The elimination of income tax for individuals earning up to ₹12 lakh will spur economic activity and unlock consumer potential, while simplified tax regulations foster ease of doing business. Meanwhile, green energy investments and EV policy support accelerate India’s shift to a clean, sustainable economy, positioning it as a leader in innovative mobility.
The automobile sector stands poised for a significant leap forward, with substantial investments in green energy and a clear policy framework to support energy storage solutions. These measures will accelerate India’s transition to a clean mobility future, reinforcing its commitment to sustainability and technological innovation.
In essence, this budget is a bold fusion of foresight, strategy, and ambition, perfectly aligned with Prime Minister Modi’s vision for a developed India by 2047—a nation leading in innovation, inclusive growth, and global influence. It’s not just a financial plan, but a transformative blueprint for national progress and the empowerment of every citizen.”
Rajeev Singh, Managing Director, BenQ India and South Asia
“We are encouraged by the government’s announcement of the National Manufacturing Mission, which represents a significant step towards enhancing the ‘Make in India’ initiative. This mission’s focus on supporting small, medium, and large industries, along with its emphasis on clean technology manufacturing, aligns perfectly with our commitment to sustainability and innovation.
Further, the decision to increase the basic customs duty on interactive flat panel displays is a crucial step in addressing the inverted duty structure. This move will foster local manufacturing and support the growing demand for advanced educational technologies, ultimately enhancing innovation in learning environments.
Moreover, the announcement of five National Centers of Excellence for Skilling as well as the setup of 50,000 adult tinkering labs in government schools presents a significant opportunity to integrate advanced technologies, such as interactive flat panel displays (IFP), into the educational framework. These centers will not only equip our youth with essential skills required for manufacturing under the ‘Make in India’ initiative but also leverage global expertise to design curricula that meet industry needs.
The establishment of a Centre of Excellence for AI in education with a ₹500 crore investment is another vital step towards preparing our youth for future challenges. By fostering skills in AI and related technologies, we can enhance employability and drive innovation across various sectors.
Thus, we believe that with the right policy support and a robust ecosystem for electronic components, India can establish itself as a global hub for advanced technologies. We look forward to collaborating with the government and industry stakeholders to capitalize on these opportunities and contribute to India’s digital transformation.”
Ashish P. Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.
We welcome the progressive Union Budget 2025-2026, which has a future roadmap to steady reforms. It has a booster dose for India’s technology ecosystem. This is a growth-oriented budget with significant relief for the middle class. The Union Budget has sparked interest in the video security industry and its key stakeholders. The key announcements and provisions relevant to the video security industry are getting positive feedback.
The budget proposes establishing a Centre of Excellence in Artificial Intelligence for education, with an outlay of ₹500 crore. This initiative could have positive implications for AI-powered video security solutions. The Union Budget aims to boost domestic semiconductor manufacturing through incentives and investments. This could lead to advancements in video security technology, such as improved camera sensors and processing capabilities. The budget proposes exempting customs duties on critical minerals, including lithium-ion battery scrap, which could benefit the manufacturing of security devices. The budget plans to expand broadband connectivity to rural schools and health centers, which could create new opportunities for video security solutions in these areas. The incentives for ‘Make-in-India’ initiatives can help the electronic security industry to expand and grow further.
Vikram Gulati, Country Head and Executive Vice President – Corporate Affairs and Governance – Toyota Kirloskar Motor
“Toyota Kirloskar Motor commends the Union Budget 2025-26 for its focus on reforms, infrastructure development, reinforcing fiscal discipline, rationalising taxation, and fostering domestic manufacturing – all aimed at driving holistic development.
The increased allocation for capital expenditure demonstrates the government’s persistent commitment towards infrastructure modernisation, a crucial factor in accelerating growth across industries and improving their competitiveness including automotive sector.
Lowering of taxation through Income Tax measures and the PM Dhan Dhyan Krishi Yojana for the farming community will significantly benefit the common man and enhance consumption and create demand leading to faster economic growth.
Continued and strong support to MSMEs, with special focus on labour-intensive sectors and first-time entrepreneurs will spur innovation and growth, aligning well with India’s ambition of becoming a manufacturing major.
Further, the inclusion of 35 additional capital goods for EV battery manufacturing is an important step towards localizing lithium-ion battery production which will help in lowering import dependency, and further strengthening India’s energy security goals. This will not only accelerate clean technology adoption but also create a robust supply chain supporting India’s Carbon Neutrality goals for 2070.
Alok Nigam, Managing Director, Brother International India Pvt. Ltd.
“The Union Budget 2025-26 brings great opportunities for the consumer electronics and durable goods industry. With strong support for local manufacturing, easier credit access for MSMEs, and incentives for clean-tech production, the government is making it easier for businesses like Brother India to grow and innovate. These steps will help us offer high-quality, affordable products while boosting India’s self-reliance in electronics manufacturing.
The tax relief for the middle class is another big win. More disposable income means higher demand for home and office electronics like printers and label makers. This will drive growth across the industry as people invest more in technology for work and everyday use.
The government’s focus on simplifying exports through initiatives like BharatTradeNet will also help Indian brands expand globally. Easier trade processes and better financial support will open up new markets for businesses like ours. However, the increase in import duties on some electronic components could raise costs. While this presents a challenge, it also encourages businesses to explore local sourcing and take advantage of government incentives for domestic manufacturing.
Overall, this budget supports businesses, boosts manufacturing, and puts more money in consumers’ hands. At Brother India, we are excited about these developments and look forward to contributing to India’s growth.”
Mr. Angshu Mallick, MD & CEO – Adani Wilmar
“The Union Budget 2025 reflects a strong commitment to strengthening India’s agricultural ecosystem, with a clear focus on enhancing productivity, promoting crop diversification, and improving post-harvest infrastructure. The focus on tax reliefs and measures aimed at increasing disposable incomes, especially for the middle class; is a positive move that will strengthen purchasing power and drive demand for quality food products.
The launch of Prime Minister Krishi Yojana targeting low-productivity districts is a progressive step that will not only boost farm incomes but also support the growth of allied sectors like edible oils and food processing. The Budget takes encouraging steps toward improving agricultural productivity and boosting consumer well-being. Support for oilseed cultivation and food processing will enhance domestic production, while tax reforms and rural development efforts are expected to drive consumer demand.
We are also seeing a growing awareness of nutrition, with more people making healthier food choices. As incomes rise, particularly within the expanding middle class, the demand for nutritious foods is increasing, making the government’s focus on improving the accessibility and affordability of essential food items a welcome move.
Additionally, the enhancement of cost norms for nutritional support programmes like Saksham Anganwadi and Poshan 2.0 will strengthen efforts to improve the nutritional status of children, women, and adolescent girls. We welcome this move, as at Adani Wilmar, we are equally dedicated to combating malnutrition and promoting healthier lifestyles through initiatives like Fortune SuPoshan.
At Adani Wilmar, we remain committed to providing high-quality, nutrition-rich products. By working together, the industry and the government can ensure that healthier choices are accessible to people, contributing to a better-nourished society.”
Mr. Niranjan Nayak, MD, Delta Electronics India
The Union Budget 2025-26 lays down a strong foundation for India to transition towards becoming a sustainable, technology-driven, and self-reliant economy. The emphasis of the government on green energy, EV infrastructure, AI-led innovation, and digital transformation closely resonates with Delta’s aim to deliver energy-efficient, smart solutions that power the future.
This would place India on further accelerated net-zero emission paths and spur technological leadership for the country simultaneously. Higher penetration of clean mobility will be facilitated through investments in modernising smart grids and EV charging infrastructure.
Delta is placed to help since it leads the market for an EV charging and power solution. The PLI incentives for R&D and manufacturing under the scheme will further cement India’s position as a world manufacturing hub.
Delta continues to utilize its prowess in industrial automation, power electronics, and smart infrastructure for contribution to the development of India. We are hopeful that together with industry stakeholders and policymakers, these budgetary allocations will take on a shape where the vision is turned into an actual path leading to a sustainable, digitally empowered, and future-ready India.
Ms. Pallavi Singh, Country Representative, JVC TV India
“We applaud the Honourable Finance Minister for initiatives like the Ministry of Skill Development and Entrepreneurship’s support for female micro-entrepreneurs through incubation and acceleration programs. These efforts are crucial for empowering women-led enterprises and fostering a more diverse, inclusive business landscape, ultimately contributing to India’s long-term manufacturing growth. However, we are concerned about the recent reduction in customs duties on open cells and components, which only benefits industries with bonded manufacturing plants, creating an uneven playing field and disadvantageous to other TV manufacturers. We believe these benefits should be extended more broadly across the sector to ensure true and sustainable growth. Additionally, the reduction in income tax up to Rs 12 lakh and the formation of a high-level committee for regulatory reforms are vital steps towards improving spending power and helping the common man fight rising inflation.”
Sindhu Gangadharan, MD, SAP Labs India
“The 2025 Budget underscores India’s commitment to strengthening its digital and innovation ecosystem through strategic investments in AI, skilling, and talent development. The ₹500 crore allocation for a Centre of Excellence for AI in Education is a transformative step toward integrating AI-driven solutions into learning frameworks, and equipping the workforce of tomorrow with future ready capabilities. It is encouraging to see AI increasingly recognized as a core driver of productivity and competitiveness, and this investment will accelerate India’s position as a global leader in AI innovation.
The establishment of five National Centres of Excellence for Skilling, in collaboration with global expertise, is another critical move that will strengthen India’s workforce for ‘Make in India’ and ‘Make in India for the World.’ As digital adoption surges, specialized skills in cloud, AI, and enterprise technology will be critical to sustaining India’s leadership in the global technology economy. With over 1.9 million professionals employed by GCCs in India, continued investment in skilling initiatives will not only drive business growth but also contribute to broader societal progress.
At SAP Labs India, we believe that a strong partnership between industry, academia, and policymakers is essential to translating these initiatives into tangible impact. By advancing AI-driven education, deepening SaaS expertise, and cultivating a globally competitive talent pool, India is poised to shape the future of enterprise technology and digital transformation on the world stage.”
Mr. Yug Bhatia – Founder and CEO, Control Z
“The Union Budget 2025 presented by the Finance Minister marks another reforms-led budget in India’s economic journey. The strategic focus to boost domestic mobile battery manufacturing, coupled with the new fund of funds for start-ups, the exemption of 28 mobile battery goods from BCD, will have a positive impact on the technology sector. The National Manufacturing Mission further strengthens the Make in India initiative, while enhanced support for domestic electronic equipment manufacturers will boost our export capabilities. This multi-pronged approach positions India as a dominant force in global electronics manufacturing.”
CP Khandelwal, CEO, PR Innovation, Brand Custodian of Amazfit India
“The Budget 2025’s tech-forward policies signal India’s ambition to dominate the global electronics value chain. Eliminating BCD on open-cell components for displays isn’t just a tariff tweak—it’s a strategic unlock. By making India a cost-competitive hub for advanced display manufacturing, we’re poised to cut reliance on imports for LCD/LED panels, which currently account for 80% of the $7 billion display market. This will catalyze local R&D in next-gen technologies like OLED and MicroLED, critical for smartphones, wearables, and smart TVs.
Equally transformative is the lithium-ion battery push. Adding 28 capital goods for mobile batteries will fast-track domestic cell manufacturing, addressing a critical gap where India imports 90% of its lithium-ion needs. For the wearables and smartphone ecosystem, this means shorter supply chains, faster innovation cycles, and sustainable cost efficiencies. India’s future will be driven by innovation, self-reliance, and a bold vision to lead the global tech revolution.”
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Ujjwal Sarin, Founder – Nu Republic
“The Union Budget’s National Manufacturing Mission is a pivotal step in strengthening ‘Make in India’ through policy support and clean tech innovation. With a strong focus on domestic manufacturing of solar PV cells, EV batteries, and high-voltage equipment, India is set to lead in sustainable technology.
Addressing the inverted duty structure, the increase in customs duty on interactive flat panel displays will boost local production and investment in advanced display technologies. Additionally, the establishment of five National Centers of Excellence for Skilling and a ₹500 crore AI Centre of Excellence in education will bridge the industry-academia gap, fostering a future-ready workforce.
These initiatives reinforce India’s path to becoming a global leader in advanced manufacturing and digital innovation. We welcome these efforts and look forward to collaborating with stakeholders to drive technological self-reliance and growth.”
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