Industry experts react to Union Budget 2025

Finance Minister Nirmala Sitharaman presented the Union Budget 2025 on Saturday at the Lok SabhaThe budget focused on various sectors aiming to initiate transformative reforms across taxation power sector urban development mining financial sector and regulatory reformsHere are reactions from key industry leadersHarsh Goenka Chairperson of RPG EnterpriseIn a post on X Goenka praised the financial statement by terming it a ldquoChampions budgetrdquo and said ldquoJust like the men in blue FM Sitharaman has announced a Champions budget that Deeply Seeks to institute structural reforms Trumps consumption woes putting money in the hands of middle class India does a shahi snan cleansing itself from structural issues and transforming towards a truly Viksit BharatrdquoJust like the men in blue FM Sitharaman has announced a Champions budget that Deeply Seeks to institute structural reforms Trumps consumption woes putting money in the hands of middle class India does a shahi snan cleansing itself from structural issues and transforminghellipmdash Harsh Goenka hvgoenka February 1 2025Kiran MajumdarShaw Executive Chairperson of Biocon LimitedIn a series of posts on X Shaw called the Union Budget 2025 ldquoreassuringrdquo praising the financial minister on focusing on the 4 pillars of the countryrsquos economic model ldquoConsumption investment innovation and employmentrdquoThe Union Budget for FY2526 is reassuring as it instils confidence that India is investing in the right areas to drive stable and inclusive economic growthmdash Kiran MazumdarShaw kiranshaw February 1 2025Consumption investment innovation amp employment are the 4 pillars of our economic growth model and FM nsitharaman has focused on all aspects of these segmentsmdash Kiran MazumdarShaw kiranshaw February 1 2025Vikram Handa Managing Director of Epsilon Advanced MaterialsHanda shared a positive response to the exemption of crucial materials like cobalt powder lithiumion battery scrap lead zinc and 12 other critical minerals from Basic Customs Duty by calling it a ldquosignificant steprdquoHanda said ldquothe exemption of crucial materials like cobalt powder lithiumion battery scrap lead zinc and 12 other critical minerals from Basic Customs Duty is a significant steprdquoHe mentioned that the company is looking forward to boost its manufacturing of EV batteries and other components across IndiaAt Epsilon Advanced Materials we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and componentsrdquo he saidThe Epsilon MD further said ldquoIncentivising domestic production is the inclusion of 35 additional goods for EV battery manufacturing in the exempted capital goods list which will help reduce reliance on imports We are ready to play a key role in this exciting growth storyrdquoSanjay Choudhari Chairman SBL EnergyChoudhari hails the governmentrsquos decision to focus on manufacturing and energy sectors terming it a ldquo transformative shift for Indiarsquos industrial landscaperdquoHe pointed out that the launch of the National Manufacturing Mission under lsquoMake in Indiarsquo program is a ldquomuchneededrdquo move that will strengthen industriesldquoThe National Manufacturing Mission under the Make in India initiative is a timely and muchneeded move that will strengthen small medium and large industries We see this as a crucial step toward building a robust supply chain for mining and infrastructure enhancing domestic production of critical materials and reducing import dependencyrdquoHe said ldquoThe Nuclear Energy Mission with its ambitious target of 100 GW capacity by 2047 is a bold move toward energy transition The 20000 crore investment in small modular reactor RampD and incentives for capacity augmentation will create opportunities for energyintensive industries including mining and explosivesrdquoAdding that reliable and scalable power sources are key to driving industrial growthldquoReliable and scalable power sources are fundamental to driving industrial growth and this initiative is a step in the right directionrdquoJatin Mahajan Secretary Association of Diagnostics Manufacturers of India ADMIMaharajan welcomed the decision of no income tax till Rs 12 lakh as it ldquoputs more money in the hands of the individualsrdquo a part of which will also be spent on preventive healthcareADMI Secretary however stated that the Union Budget 2025 does not specifically address the IVDMedTech industry and any of its numerous grousepoints Thus there is no direct positive impact on this industry ldquoBut various announcements made by the FM will have a positive impact on the IVDMedTech industry as part of the overall Indian ecosystemrdquo he saidMahajan stated the budget allocates additional funds for RampD in the healthcare sector which can foster innovation in IVD technologiesHe added that the government must address issues such as fasttrack approvals for new diagnostic technologies publicprivate partnerships for research and infrastructure etc since they are ldquopivotal in driving innovation improve accessibility and ensure quality healthcare for its citizensrdquo