Union Finance Minister Ms Nirmala Sitharaman presented the Union Budget 2025 on February 1, 2025. Here is a progressive compilation of reactions expressed by industry captains to the Union Budget 2025, the first full-year budget of NDA 3.0. Please revisit the page for more updates. (Featured photograph is a video-freeze sourced from Sansad TV)
Reinforcing “Viksit Bharat”
“The Union Budget 2025 has built on its previous focus areas, reinforcing the foundations for a ‘Viksit Bharat’ through inclusive development. The budget’s multi-pronged approach, from elevating infrastructure standards in tier-2 and tier-3 cities to building resilient rural economies, is complemented by strong incentives for the private sector—across micro, MSME, and large-scale manufacturing through the National Manufacturing Mission. Several initiatives foster greater state-center collaboration, exemplifying the leadership we expect from the Union, including PLIs for tourism infrastructure and the enhancement of electricity transmission capacity. The forward-looking policies on climate-resilient agriculture, clean-tech, deep-tech funds, exemptions for the electronics sector, and support for start-ups lay the groundwork for future leadership. These proposals are further strengthened by capital expenditure plans that will localize and enable core infrastructure in agriculture, connectivity, and power—crucial steps towards maturing as an economy.”
—Venu Nuguri, MD & CEO – India & South Asia, Hitachi Energy
Strong emphasis on renewable energy
“We applaud the 2025 Union Budget for its strong emphasis on renewable energy, solar power, and infrastructure development. The government’s commitment to expanding clean energy solutions, including support for solar projects, aligns with Sharika Enterprises’ vision for a sustainable future. Additionally, the focus on enhancing infrastructure and supporting MSMEs will strengthen India’s renewable energy sector, create more opportunities for innovation, and drive economic growth, making this Budget a crucial step towards a greener and more self-reliant India.”
—Rajinder Kaul, Chairman & Managing Director of Sharika Enterprises
Strengthening the manufacturing ecosystem
“The Union Budget 2025-26 has taken a commendable step towards strengthening India’s manufacturing ecosystem by removing the Basic Customs Duty (BCD) on critical materials such as cobalt, lithium-ion battery scrap, and lead. These materials are essential for the production of lithium batteries, which are the backbone of the electric vehicle and clean energy industries. By eliminating these duties, the government is not only reducing the cost of production for manufacturers but also accelerating the transition towards more affordable and sustainable technologies.”
—Uday Narang, Founder and Chairman of Omega Seiki Pvt. Ltd.
Reforms-oriented Budget
Budget is in line with the Governments aspirations towards the Developed India by 2047. Capex provision of Rs.11.2 trillion for next year is in positive direction, it could have been increased but is this is also a significant for the country. Reform Initiatives by the Government in the power sector, 100 GW initiatives for nuclear power, Infra and other sector reforms are very good for the capital goods sector. Governance initiatives in this budget are very critical for the economy and Road towards Developed India.
—Jitendra Mamtora, Managing Director, Transformers & Rectifiers (India) Ltd
Advancing India’s RE sector
“The Union Budget 2025 significantly advances India’s renewable energy sector with the launch of the Clean Tech Mission, focusing on Solar PV, EVs, and Batteries, alongside the National Manufacturing Mission. The announcements underscore the government’s dedication to strengthening ‘Make in India’ and becoming Aatmanirbhar in generation as well as storage of clean energy. This approach aims to reduce import reliance and build a robust domestic industry.
From a Solar and Last Mile e-mobility category perspective, the budget with reduction in the BCD for cells and modules prioritizes scaling up of the domestic manufacturing capacities for key components for Solar. The addition of 35 capital goods related to Lithium batteries for EV reduces capital expenditure for setting up manufacturing plants thereby stimulating growth.
These strategic measures set India on a path to achieve its 500 GW renewable energy target by 2030, paving the way for energy independence and a cleaner more sustainable future.”
—Shekhar Singal, Managing Director, Eastman Auto & Power Ltd
Towards India’s decarbonization goals
The budget announcements mark a progressive step toward India’s decarbonization goals, creating opportunities for the industry working in decarbonization, sustainability service providers, and the broader climate economy. The Make in India National Manufacturing Mission will accelerate clean tech manufacturing, enhancing domestic capabilities in solar PV cells, EV batteries, electrolysers, and wind turbines, all critical to a net-zero future. The Nuclear Energy Mission, with a Rs 20,000 crore investment in Small Modular Reactors (SMRs), will support clean baseload power, further reducing dependence on fossil fuels. The government’s commitment to amending laws to enable private sector participation in nuclear energy opens up new investment channels for clean energy projects.
—Manish Dabkara, Chairman & Managing Director, EKI Energy Service
Committed to sustainable energy
“We welcome the 2025 Union Budget’s commitment to sustainable energy and employment generation. The announcement of a policy document on energy transition pathways is a crucial step towards a greener and self-reliant India. By emphasizing sustainability and job creation, the government is paving the way for innovation and growth in the renewable energy sector. Additionally, the exemption of 35 more capital goods for EV lithium-ion battery manufacturing from customs duty will significantly boost local manufacturing and support the transition to clean energy. This initiative will accelerate clean energy adoption, strengthen local manufacturing, and create new opportunities in the power ecosystem.”
—Sanchit Sekhwal Goyal, Director, SuKam Power Systems Ltd
Unlocking opportunities
This budget provides a decisive push for clean energy, focusing on the critical pillars of “Make, Innovate, and Expand.” It effectively addresses core challenges while unlocking immense opportunities in the sector. A key highlight is the focus on clean tech supply chains, with a manufacturing mission for building domestic ecosystem for all critical clean technologies including transmission equipment. Duty exemptions for essential minerals like cobalt powder, lithium-ion battery scrap, and lead, alongside capital goods exemptions for 35 additional EV battery components, will strengthen domestic value chains. The Nuclear Energy Mission, with relaxed regulations and civil liability norms, is a game-changer for clean energy growth and India’s decarbonization ambitions.”
—Anvesha Thakker, Partner, Business Consulting and National Lead for Clean Energy at KPMG in India
A catalyst to RE sector investment
“It seems that the budget was favorable to the clean energy sector.Make in India mission will establish India as a global renewable energy hub by reducing import dependence, creating jobs. Crucially, the budget emphasizes power sector reforms, incentivizing states to modernise distribution and transmission infrastructure i.e essential for seamlessly integrating RE sources into the grid and ensuring a stable power supply. The proposed PPP model for infrastructure development, coupled with substantial interest-free loans, will catalyse investments in RE projects. The announcement of the Nuclear Energy Mission, with its focus on SMR R&D and a target of 100GW by 2047, demonstrates a balanced approach to clean energy. While solar, wind, and green hydrogen will be key, nuclear energy can play a complementary role in providing baseload power.”
—Bikesh Ogra, MD&CEO, Jakson Green
A forward-looking budget
“I congratulate the government on a forward-looking Union Budget 2025-26 that prioritizes energy security and sustainability. The ambitious Nuclear Energy Mission (100 GW by 2047) and the 500 GW renewable energy goal by 2030 reinforce India’s green future. Increased incentives for green energy, MSME solarization, and domestic manufacturing will boost industries and job creation. The budget’s emphasis on hydrogen as a clean fuel aligns with India’s energy strategy. Support for green hydrogen production, industrial decarbonization, and ammonia-based solutions will drive innovation and sustainability. Investment in infrastructure and emerging technologies will further accelerate the energy transition. With strong policies and financial backing, this budget sets the stage for India’s leadership in sustainable energy.”
—AK Tyagi, Founder & CMD, Nuberg Engineering Ltd
Committed to renewable energy
“The budget for 2025-2026 presented by the Finance Minister is a testament to the Government’s commitment to move towards renewable energy for Viksit Bharat by 2047.
The idea of a new manufacturing mission under the ‘Make in India’ initiative will support small, medium, and large industries through comprehensive policy backing and a detailed framework. The mission aims to create an ecosystem for solar PV cells, electrolysers, and grid-scale batteries. This will help expedite the development of the renewable energy sector, which will help in employment generation, reduce the cost of the panels, and focus on research and development.
We are also extremely grateful to FM for simplifying income tax and putting additional money in the hands of the middle class. This will boost the consumption and wheels of the economy.”
—Vinay Thadani, Director & CEO GREW Solar
Game-changer budget
“The Budget 2025 announced by Finance Minister Nirmala Sitharaman marks a transformative step for India’s renewable energy sector. We applaud the government’s commitment to the ‘Make in India’ initiative and the new clean tech manufacturing policy, which will augment development of solar PV cells, batteries, and other sustainable technologies locally in India.
The push towards achieving 100 GW of nuclear energy by 2047 will solidify India’s position as a global energy leader. Additionally, reforms to improve electricity distribution and transmission, along with incentives for states to modernize infrastructure, will empower power companies nationwide. The ₹20,000 crore investment in research for Small Modular Reactors (SMRs) aligns perfectly with India’s long-term energy goals.
At SAEL, we thank our Honorable FM for this “Game Changer Budget”, and we are committed to contribute towards the nation’s clean energy journey while fostering sustainable economic growth.”
—Dushyant Chachra, CFO, SAEL
Strong foundation for sustainable urban growth
“The Union Budget 2025 lays a strong foundation for sustainable urban growth, infrastructure modernisation and a thriving investment climate. The National Manufacturing Mission under Make in India will create a robust framework for industries across solar PV, electrolysers, and grid-scale batteries. The expanded Rs.10,000 crore Fund of Funds will provide a vital boost to startups, driving innovation and entrepreneurship. The Rs.1 lakh crore Urban Challenge Fund and enhanced infrastructure support will catalyse economic activity and improve liveability in cities. Initiatives like Atal Tinkering Labs, National Centres of Excellence, and IIT expansion will equip India’s youth with future-ready skills.
Exemptions on basic customs duty for EV components and critical minerals, along with a model Bilateral Investment Treaty, reinforce India’s commitment to self-reliance and global competitiveness. Overall, this budget marks a decisive step towards positioning India as a global powerhouse in manufacturing, mobility, and clean technology.”
—Sunjay J Kapur, Chairman, Sona Comstar & Deputy Chairman, CII Northern Region
Immense transformative potential
“The Union Budget 2025 marks a pivotal moment for India, laying the foundation for a truly ‘Viksit Bharat.’ The National Manufacturing Mission, focused on cleantech and ‘Make in India for the World,’ holds immense potential to transform our manufacturing landscape.
The government’s commitment to infrastructure is evident, emphasizing outcome-driven projects and the Urban Challenge Fund addressing critical needs like airport connectivity and clean water access. I particularly applaud the focus on modernizing the power grid and scaling renewables through robust PPP models. This is crucial for a sustainable energy future.
Skill development is paramount for India to thrive in the Fourth Industrial Revolution. The establishment of national centers of excellence will empower our workforce with the skills needed for the future economy.
At Schneider Electric, we are excited by these developments. We will leverage our expertise in digitalization, automation, and sustainability to support India’s journey. We will collaborate with the government and industry to accelerate the adoption of clean energy solutions, enhance grid resilience, and build a truly sustainable and inclusive future. Through our brand, Lauritz Knudsen Electrical & Automation, we are excited to proliferate technological advancements within the agriculture sector and make the best use of the initiatives announced today.”
—Deepak Sharma, Zone President- Greater India and MD & CEO, Schneider Electric
Accelerating clean energy
“The Union Budget 2025 lays the groundwork for accelerating India’s clean energy transition and building a robust domestic manufacturing ecosystem. The announcement of a National Manufacturing Mission with execution and policy support for clean-tech manufacturing is a much-needed boost that will enhance India’s competitiveness in the global renewable energy supply chain. The government’s continued focus on strengthening domestic manufacturing of solar cells, modules, and grid-scale batteries aligns with Saatvik Green Energy’s vision of making India self-reliant in solar technology and reducing dependency on imports.
Additionally, the support for wind turbines and electrolysers will further boost India’s leadership in the renewable energy sector. These initiatives will not only drive large-scale investments but also generate employment and technological advancements in the industry. The launch of the Nuclear Energy Mission, along with proposed amendments to key legislation and the focus on Small Modular Reactors (SMRs), signals a diversified and forward-thinking approach to clean energy. While nuclear power has its role in India’s long-term energy security, I believe that solar energy remains the most scalable and cost-effective solution to achieve near-term decarbonisation goals. We look forward to collaborating with stakeholders to ensure that solar energy continues to be at the forefront of India’s clean energy transition.”
—Abani Jha, CFO, Saatvik Green Energy
Bolstering innovation
“Bansal Wire Industries Ltd welcomes the initiatives outlined in the Budget 2025, recognizing and appreciating the government’s commitment to empowering MSMEs and enhancing domestic manufacturing. The proposed Rs 10,000 crore funds for MSMEs will significantly bolster the capacity to innovate and scale up the growth of the overall sector. Additionally, the emphasis on mining sector reforms and critical minerals will ensure a sustainable supply chain, further strengthening the industry’s resilience. Furthermore, a collective push through the manufacturing mission to establish India as a hub for small, medium, and large-scale industries will undoubtedly act as a major catalyst for overall economic growth. Adopting Industry 4.0 principles is in line with our vision of strengthening India’s manufacturing ecosystem, helping the nation achieve its goal of becoming a global manufacturing powerhouse.”
—Pranav Bansal, MD & CEO, Bansal Wire Industries Ltd
Strong foundation for energy transition
“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.”
—Niranjan Nayak, MD, Delta Electronics India
Clean energy self-reliance
“The Union Budget 2025 has strengthened India’s pledge to clean energy self-reliance by prioritizing domestic manufacturing, backward integration, skilling, and research & development. The announcement of the National Manufacturing Mission, along with enhanced PLI schemes and tariff rationalization for critical minerals will support the rapid growth of the entire renewable energy ecosystem. The inclusion of lithium-ion battery manufacturing incentives and duty exemptions on key raw materials like cobalt and lithium will accelerate India’s emergence as a global hub for energy storage solutions, furthering the EV and solar industries. The focus on clean-tech is heartening, as it reinforces the long-term relevance of renewable energy in India’s economic and environmental future.
Additionally, the establishment of the National Centre of Excellence in Skilling, coupled with the PM Research Fellowship and industry-driven initiatives, will empower a wider segment of India’s youth with industry-relevant expertise. The five engines of growth outlined in the budget are well-thought-out, ensuring inclusive and progressive development.”
—Dr. Amit Paithankar, Whole-time Director & CEO, Waaree Energies Ltd
Driving clean-tech manufacturing
“The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, prioritizes sustained reforms in manufacturing, mining, power, and skill development along with improving ease of doing business to advance the ‘Viksit Bharat’ vision. These sectors will be key drivers of growth, infrastructure development, governance improvements, and sustainable development for the country. We welcome the government’s move towards accelerating India’s manufacturing sector. Over the past decade, structural reforms have drawn global attention, and the announcement of a National Manufacturing Mission is a significant step in strengthening the Make in India initiative. This will drive clean-tech manufacturing, bolstering the ecosystem for solar cells, EV batteries, wind turbines, and more.”
—Vivek Bhatia, MD & CEO, TKIL Industries Pvt Ltd
Balancing clean energy with energy security
“The Union Budget 2025 highlights the government’s strong commitment to meeting rising energy demands while staying aligned with its climate goals. Apart from key focus on strengthening electricity distribution, the budget plans to incentivize states to adopt critical reforms, such as smart metering much required towards a sustainable and equitable energy future. In addition, the continued support for PLI schemes for solar energy and contributions from nuclear energy will be pivotal in achieving renewable energy targets, ensuring a sustainable future for all.
Overall, this announcement signals a major shift toward a diversified energy strategy, balancing clean energy with energy security. It reflects the government’s ambition to make India a global leader in sustainable energy while leveraging private sector innovation to accelerate the transition.”
—Visweswara Reddy, CMD, Shirdi Sai Electricals Ltd Group (SSEL Group)
Strengthening “Make in India”
“The Union Budget 2025 further strengthens the ‘Make in India’ initiative, which is pivotal to the government’s vision of making India a global manufacturing hub. As the country aims to become a manufacturing powerhouse, the duty exemption on capital goods used in lithium-ion battery production presents significant opportunities for growth.
Furthermore, the boost for digitization in today’s Budget will act as a catalyst for power management solutions and play a key role in ensuring sustained growth, skill development, and the realization of ‘Viksit Bharat.’
With strong government policy support, effective governance and monitoring provide the necessary impetus to boost local industries. The establishment of National Centers of Excellence for training—leveraging global expertise and partnerships—will equip our youth with the skills required for “Make for India, Make for the World,” paving the way for long-term manufacturing sustainability.”
—Meenu Singhal, Regional Managing Director, Socomec Innovative Power Solutions, Greater India
Boosting talent availability
“The Union Budget’s focus on strengthening India’s manufacturing sector, particularly in electrical products. The government’s push to enhance infrastructure and establish a national framework for global capability centers in tier-II cities is an exciting development. This initiative will boost talent availability and infrastructure and facilitate collaboration between industry and states, fostering innovation in energy-efficient lighting and electrical solutions. Equally importantly income tax benefits will kickstart consumption or savings. Both are desirable outcomes.
—Rakesh Zutshi, Managing Director Halonix Technologies
Pathway to transformation
“This Budget lays a strong foundation for India’s next phase of growth, with a sharp focus on agriculture, infrastructural expansion, digital transformation, and sustainable development. The reforms on personal income tax are going to drive consumption. The vision of Sabka Vikas over the next five years will be instrumental in driving balanced growth across industries and steering India towards its larger goal of becoming a developed nation 100 years after independence in 2047.
The thrust to further ‘Make in India’ through a National manufacturing mission, building national centres of skilling, and centre of excellence for AI, are progressive measures. Encouraging private-public partnerships in building the infrastructure is commendable. Continued attention to enhance connectivity across the country through operationalisation of new airports will boost the economy. The urban challenger fund would create new city growth hubs.
The budget sets a confident path for India’s transformation. The initiatives will not only strengthen India’s position as a global economic force but also enable a smarter, more connected, and more inclusive urban landscape. It offers a clear roadmap—one that ensures India is not just preparing for the future but actively shaping it.”
—Sebi Joseph, President, Otis India
Critical steps towards clean technology
The Union Budget 2025 is overall futuristic and forward-looking, focused on establishing India as a global hub for tech and innovation, along with supporting the nation’s backbone – MSMEs. We particularly commend the focus on Deeptech, with the Finance Minister assuring critical steps towards clean technology and building India’s ecosystem for solar photovoltaic cells, EV batteries, wind turbines, amongst others. As part of the National Manufacturing Mission, clean tech manufacturing will gain further momentum, contributing towards indigenous development of EV batteries and solar panels. Furthermore, proposed exemptions in Basic Customs Duty (BCD) on cobalt powder and lithium-ion battery waste, scrap, and other critical elements, will certainly boost indigenous manufacturing and job creation in India. Furthermore, the FM’s nod of INR 535 crore to National Green Hydrogen Mission is a significant & futuristic move, building the nation for the future. The Union Budget also allocates INR 10.18 lakh crore to CAPEX. While continuing CAPEX investments is a commendable move, the overall CAPEX investment has reduced by 8.4% To counter the same, the government should consider making the tendering process friction-less and offering performance-linked incentives for the successful execution and completion of infrastructure-based projects within the given timelines.
—Piyush Goyal Co-Founder & CEO, Volks Energie
Towards better RE grid integration
“The Government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.”
—Girish Tanti, Vice Chairman, Suzlon
Redefining India’s global standing
“This budget is not just a policy announcement; it is a blueprint for India’s industrial and economic transformation. It signals a shift from incremental progress to structural acceleration, creating a business environment where companies are not just surviving but scaling to global benchmarks.
For MSMEs, the true impact is not just in credit access or compliance simplifications—it is in breaking barriers to scale. Indian businesses must stop thinking small. With enhanced investment and turnover limits, this is the moment for MSMEs to go beyond survival mode and become global players. The future belongs to those who innovate, embrace automation, and integrate with international markets. This budget gives them the tools to do just that.
Infrastructure is no longer just about roads and railways—it is about building the foundation for India’s industrial dominance. Large-scale electrification, power transmission upgrades, and rural connectivity will generate unprecedented demand for advanced electrical solutions, high-efficiency cables, and resilient grid networks. Companies that position themselves in these high-growth sectors today will dictate the market tomorrow.
The real game-changer, however, is green energy. The world is moving away from traditional energy sources, and India must lead, not follow. The Rs/1.5 lakh crore investment in renewables and the removal of duty barriers on critical minerals is a direct call to action for businesses—if you’re not pivoting towards sustainability, you’re already behind. The next decade will belong to companies that can integrate clean energy, smart grids, and energy-efficient solutions into their business models.
This budget is a signal to Indian businesses: Think bigger. Move faster. Build for the future. The government has laid the foundation; now it is up to the industry to seize the opportunity and redefine India’s place in the global economic order.”
—Vijay Karia, Chairman Managing Director at Ravin Group
