Thursday, February 13, 2025

Industry Leaders Share Expectations for Growth and Development in Union Budget 2025-26

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With Finance Minister Nirmala Sitharaman set to present the Union Budget for 2025-26 on February 1, industry leaders are eagerly awaiting policies that could shape India’s growth. Here’s what key voices in mobility and tech are anticipating for the future.

Mr. Ravi Kunwar, VP and CEO, HMD India and APAC
Mr. Ravi Kunwar, VP and CEO, HMD India and APAC

Mr. Ravi Kunwar, VP and CEO, HMD India and APAC

“As we approach the Union Budget 2025, we see immense potential for policies that could strengthen India’s position in the global mobile manufacturing landscape. The Production Linked Incentive (PLI) scheme has been a game-changer for domestic manufacturing and, we believe providing a boost to the PLI scheme with a focus on increasing local value addition to more than 18% is indispensable. Simultaneously, initiatives like these could support the localization of critical smartphone and feature phone components, as this aligns with both our business strategy and India’s vision of technological self-reliance is something we as a brand are anticipating.

The upcoming budget has the potential to strengthen domestic component manufacturing, particularly in the mobile segment. We look forward to policies that will boost indigenous production and create a more robust supply chain.

Our commitment to ‘Make in India’ remains firm, and we look forward to policy frameworks that could help us to deepen our manufacturing footprint in the country. We are optimistic that the budget will introduce measures to support technological innovation and sustainable growth in the mobile manufacturing sector.”

Mr. Arijeet Talapatra, CEO of TECNO Mobile India
Mr. Arijeet Talapatra, CEO, itel India

Mr. Arijeet Talapatra, CEO, itel India

“The upcoming Union Budget holds immense potential to accelerate growth in the electronics and smartphone manufacturing industries. Expanding the PLI program to include semiconductors, high-capacity batteries, and display technologies will strengthen India’s value chain, reduce imports, and enhance our global competitiveness. Focused R&D grants for emerging technologies such as AI and IoT will be a much-needed boost – a significant step towards making India a Vishwaguru in the electronics ecosystem.  

The growing aspirations of India’s youth, driven by their pursuit of innovation, entrepreneurship, and a digital-first future, underscore the urgent need for robust cybersecurity measures and cutting-edge 5G infrastructure. Prioritizing investments in 5G infrastructure and cybersecurity will further support Digital India’s growth by enabling innovation, safeguarding critical systems, and unlocking opportunities across sectors like healthcare and smart cities.” 

Ms. Pallavi Singh, Country Representative, JVC TV India
Ms. Pallavi Singh, Country Representative, JVC TV India

Ms. Pallavi Singh, Country Representative, JVC TV India

“I urge the Finance Minister to reduce the GST on televisions from 28% to 18%. Televisions should not be treated as luxury items, and the current tax rate is excessive. Raw materials are taxed at 18%, while finished products like televisions are taxed at 28%, creating an imbalance and burdening importers. Aligning tax rates would simplify the structure and reduce costs for manufacturers and consumers.

With the weakening rupee, rising import bills, and inflation, simplifying the tax system would ease financial pressures. In this economic climate, balancing spending power and savings is crucial for growth. Additionally, streamlining approval processes for businesses is essential. Despite initiatives like the one-window clearance system, approval procedures remain cumbersome. Simplifying these processes would promote economic growth and benefit citizens. The Finance Minister’s leadership can drive progress and shared prosperity.”

Mr. Imran Kagalwala, Co Founder at UNIX India
Mr. Imran Kagalwala, Co Founder at UNIX India

Mr. Imran Kagalwala, Co Founder at UNIX India

“As we approach the Union Budget 2025, local MSME in the electronics manufacturing sector are hopeful for policies that create a level playing field, enabling them to compete with the foreign brands. The Budget should focus on labour-skilling initiatives to address the talent gap in the manufacturing and technology sectors. It should also prioritize boosting R&D and innovation through targeted incentives, especially for businesses not benefiting from PLI schemes. Policies promoting production incentives will foster growth and enhance the global competitiveness of Indian businesses.”

Mr. Ashok Rajpal, Managing Director, Ambrane India

Mr. Ashok Rajpal, Managing Director, Ambrane India

“As we approach Union Budget 2025, we are optimistic about continued government focus on electronics and semiconductor sectors. Previous budgets have shown strong commitment to semiconductor development through increased funding for the Ministry of Electronics and Information Technology (MeitY), highlighting India’s push for self-reliance and global competitiveness. The mobile accessory manufacturing sector, heavily reliant on semiconductors, stands to benefit greatly from enhanced domestic production. By reducing dependency on imports, a robust semiconductor ecosystem can streamline supply chains, lower costs, and foster innovation in products like power banks, chargers, and cables.

We anticipate that the upcoming budget will strengthen initiatives like the Production Linked Incentive (PLI) scheme and skill development programs. These steps will accelerate India’s technological evolution, generate employment, and boost exports, propelling the country closer to its goal of becoming a global electronics manufacturing hub. India is poised for an electronics revolution, and the government’s efforts to equip the workforce with advanced skills and promote domestic production are critical. At Ambrane, we are ready to align with India’s vision, leveraging these developments to innovate, grow, and contribute to the nation’s self-reliant future”.

Mr. CP Khandelwal, CEO PR Innovations and Brand Custodian, Amazfit India
Mr. CP Khandelwal, CEO PR Innovations and Brand Custodian, Amazfit India

Mr. CP Khandelwal, CEO PR Innovations and Brand Custodian, Amazfit India

“As we approach the 2025 Union Budget, we hope for policies that further accelerate the growth of the technology and wearable industry. This sector thrives on innovation, and initiatives such as incentivizing R&D, reducing import duties on key components, and offering tax benefits for companies investing in advanced technologies could drive significant progress. Additionally, measures to promote digital adoption and skill development in tech will ensure India remains a leader in the global wearable market. We look forward to a budget that fosters innovation and positions the technology sector as a cornerstone of India’s economic growth.”

Mr. Dinkar Agrawal, Founder, CTO & COO, Oben Electric

Mr. Dinkar Agrawal, Founder, CTO & COO, Oben Electric

The Union Budget 2025 is a critical opportunity to address key challenges in India’s EV transition. To achieve the ambitious target of 30% EV penetration by 2030, it’s crucial to tackle both manufacturing and consumer-centric challenges.

Simplifying the GST structure with a uniform 5% tax across EVs, components, and charging infrastructure is essential to reducing costs and fostering growth. Additionally, resolving the inverted GST structure on raw materials will ease working capital pressures and encourage sustainable manufacturing. Performance-linked incentives for battery innovation and indigenous component manufacturing can further strengthen India’s Make-in-India push, positioning the country as a global leader in EV technology. On the consumer front, initiatives like reduced interest rates on EV loans and targeted subsidies can make electric vehicles more accessible, bridging the affordability gap.”

Mr. Akshat Rathee, Co-founder and MD, NODWIN Gaming
Mr. Akshat Rathee, Co-founder and MD, NODWIN Gaming

Mr. Akshat Rathee, Co-founder and MD, NODWIN Gaming

“Looking ahead to the Union Budget, we hope to see measures that accelerate the growth of India’s gaming and esports industry. Incentives for semiconductor design and manufacturing could bolster the tech ecosystem and elevate gaming hardware standards. Similarly, tax relief for middle-income groups could boost disposable income, creating opportunities for studios to develop India-centric gaming IPs.

Initiatives supporting AI skilling for rapid game deployment and quality assurance would play a pivotal role in keeping pace with global advancements, enabling faster development cycles and enhancing game quality. With the Olympic Esports Games approaching, investments in training infrastructure and coaching for esports athletes can solidify India’s position on the global stage. With the right support, gaming has the potential to drive economic growth and empower the next generation of talent in our country.”

Mr. Kishan Jain, Director at Goldmedal Electricals
Mr. Kishan Jain, Director at Goldmedal Electricals

Mr. Kishan Jain, Director at Goldmedal Electricals

“As we approach the Union Budget 2025-26, there is increased interest in policies that would promote infrastructural growth, support technical advancements, and promote energy-saving solutions. This Budget has the potential to consolidate India’s status as a global manufacturing hub by implementing policies to encourage innovation and sustainability across industries. With infrastructure development serving as the foundation for economic growth, it is critical to prioritize investments in smart technologies like automation, and IoT. Policies that promote local production and streamline regulations can increase efficiency, reduce reliance on imports, and provide job opportunities. The Budget also provides an important chance to address sustainability issues by encouraging the use of environmentally friendly technologies and energy-efficient practices. These initiatives, which encourage innovation and correspond with global best practices, can ensure long-term growth while also constructing a robust and future-ready economy.”

Mr. Rajesh Jain, CFO at RR Kabel

Mr. Rajesh Jain, CFO at RR Kabel

“As we approach the Union Budget 2025-26, there is great anticipation for policies that can shape a forward-looking roadmap for India’s economic growth. This Budget has the potential to catalyze infrastructure development, support the transition to sustainable energy solutions, and enhance the competitiveness of domestic manufacturing under initiatives like ‘Make in India.’ The electrical and electronics sector plays a critical role in driving safety, efficiency, and sustainability across residential, commercial, and industrial applications. Measures that simplify tariff structures, expand the scope of Production Linked Incentive (PLI) schemes, and encourage investment in energy-efficient infrastructure will be instrumental in strengthening India’s position as a global manufacturing hub. We are optimistic that the Budget will prioritize these areas, creating a robust foundation for innovation, economic growth, and environmental sustainability. Such initiatives will pave the way for a more resilient and self-reliant India, benefiting industries and consumers alike.” 

Mr. Bodhisattwa Sanghapriya, founder and CEO of IG Drones
Mr. Bodhisattwa Sanghapriya, founder and CEO of IG Drones

Mr. Bodhisattwa Sanghapriya, founder and CEO of IG Drones

“As one of the leading and research-driven drone solutions platforms in the country, we expect Budget 2025 to take the emerging drone sector to new heights with a focus on innovation, R&D, training, and investment. At the same time, we anticipate more focus on ‘Make in India’ in the Defence sector to have indigenous solutions and reduce dependence on foreign imports. In addition, we expect the technological prowess of drones in sectors like agriculture and farming to attract the Government’s attention so that more funding can be generated for R&D. This will boost the already existing drone solutions in these sectors and further pave the way for accelerating the vision of making India a hub for drones by 2030. Apart from that, the much anticipated Production-Linked Incentive (PLI) scheme for drones in the upcoming Union Budget marks a significant step towards fostering a self-reliant and robust drone ecosystem in India. This initiative will provide a much-needed boost to local manufacturers, incentivizing the development of indigenously built drones and components, and aligning with the vision of ‘Make in India.’ We believe that such policy support is crucial for taking R&D to the next level and driving innovation in cutting-edge technologies like 5G-enabled drones. Expanding the PLI scope to include areas such as leasing, coding, and anti-drone systems will further enhance the value chain, attract high-value investments, and empower Indian enterprises to deliver innovative solutions across sectors while bolstering our exports to global markets.”

Mr. Sanchit Sekhwal Goyal, Director of Su-Kam Power Systems Limited

Mr. Sanchit Sekhwal Goyal, Director of Su-Kam Power Systems Limited

“We are eager for the Union Budget 2025 to include measures that support the transition to green energy, such as subsidies for adopting renewable energy. Additionally, we hope to see a greater allocation of funds for research and development in energy storage solutions. Incentives for solar power will also be vital for reaching energy independence. We anticipate that these requests will be addressed in the upcoming Union Budget 2025.”

Covered By: Mobility India / Union Budget

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