​India: Budget 'Fosters A Self-Reliant Economy'

Yusuff Ali M.A., chairman of Lulu Group, says:“This budget clearly empowers the middle class and fosters a vibrant, self-reliant economy. The decision to expand Foreign Direct Investment, particularly in the insurance sector, is a forward-thinking move poised to attract greater global investments.”

PNC Menon, founder of Sobha Realty Group, says:“For the real estate sector, the budget delivers both direct and indirect benefits, acting as a catalyst for growth. It also seeks to stimulate rural consumption - an essential step toward unlocking India's economic potential.”

Dr Azad Moopen, founder & chairman, Aster DM Healthcare, says:“The budget 2025 strengthens India's commitment to a more resilient and inclusive healthcare system, ensuring accessibility, affordability, and quality care for all. The addition of 75,000 new medical seats will address the long-standing healthcare workforce shortage.”

Sunny Varkey, founder and executive chairman GEMS Education Group, says: The budget proposes a series of initiatives to reshape India's educational landscape with an emphasis on technology integration, skill development, and inclusivity.”

G. P Hinduja, chairman of the Hinduja Group, says:“The Middle Class gets a significant tax relief after a decade to boost consumption and eventually revive demand. A special focus has been on human-intensive sectors that will generate employment. FDI limit to 100 per cent in Insurance and special impetus to renewables.”

Paras Shahdadpuri, chairman, Nikai Group, says: "The reduction in personal income tax rates and the elevation of the non-taxable income threshold to Rs1.28 million are poised to invigorate middle-class spending, thereby stimulating the broader economy. The government's dedication to fiscal prudence is equally noteworthy."

Faizal Kottikollon, chairman of KEF Holdings, says:“The reduction in the prices of life-saving medicines is a positive step, and the proposal to establish cancer care centers in district hospitals is an important initiative for healthcare.”

Siddharth Balachandran, executive chairman & CEO - Buimerc Corporation, says:“The budget is truly a very significant one. Tax relief for the large middle class population is very impactful and will definitely spur the economy in terms of spending and investment. This will definitely bring more quality individuals into the regulated investment space and also result in more consumer spending.”

According to KV Thomas, chairman of Thomsun Group:“The budget is reform-centric with the government planning to reduce the fiscal deficit to 4.4 per cent --0.4 per cent lower than last year. This sets the stage for potentially reducing the deficit even further to 3.0 per cent by 2029.”

Adeeb Ahamed, MD, LuLu Financial Holdings, says:“It is commendable that FDI in the insurance sector will be raised from 74 per cent to 100 per cent, a move that will attract foreign capital, enhance competition, and drive innovation in the sector.”

Kamal Vachani, group director & partner, Al Maya Group, says:“Full tax exemption for income up to Rs1.2 million is a major step that will benefit middle income taxpayers in a big way. It could lead to increased financial stability for a large portion of the population, particularly those in the middle-income brackets.”

Dr. Dhananjay Datar, chairman & MD, Adil Group of Supermarkets, says: "The 2025 budget is a welcome move with tax relief measures set to boost consumer spending and drive demand for Indian products worldwide. The government's commitment to fiscal stability further reinforces confidence in long-term growth.”

According to V. Sivaprasad, chairman, Condor Developers:“Zero income tax for individuals earning up to INR 12 lakh annually, providing a major consumption boost. This move is also expected to strengthen demand for affordable housing.”

Dr Sahitya Chaturvedi, secretary general, IBPC Dubai, says:“We view this Budget as a Balance Sheet Budget, one that strategically targets revenue while also accounting for the necessary risk provisions."

K V Shamsudheen, founder director, Barjeel Geojit Financial Services, says:“In 2024, India received an estimated $129.1 billion in remittances-the highest ever for any country in a single year. However, I regret to say that the Finance Minister has completely neglected the NRI community.”

Vikas Sutaria, founder, Irah Lifespace, says: "The budget once again misses the opportunity to introduce dedicated incentives for NRIs and HNIs, who play a crucial role in the luxury housing segment. Streamlining taxation policies and easing investment norms for these investors could have significantly boosted investments in this segment.”

CA Harikishan Rankawat, Managing Partner of RNG Auditors and President of RBPG, says: "The Indian Budget 2025-26 underscores the government's commitment to fostering inclusive growth through strategic investments in infrastructure, green technologies, and digital innovation. It aims to stimulate job creation, boost agricultural and industrial productivity, and reduce the fiscal deficit, ensuring a sustainable, equitable economic future for all citizens. This budget also proposes targeted relief for the middle class through reduced income tax rates, aiming to boost disposable income and economic growth."

Rohan Khatau, director, CCI Projects, says: "The increased infrastructure spending and PPP initiatives are welcome moves that will facilitate urban development. While the rationalization of TDS and higher exemptions for the middle class will provide liquidity, a more direct stimulus to the sector could have accelerated investment and demand.”

Thank you. It's mentioned KED holdings instead of KEF.