On Monday, Finance Minister Nirmala Sitharaman concluded her month-long consultations with various stakeholders, including representatives from both the industry and social sectors, as part of the budget preparation process.
The consultations, which began on 6 December 2024, involved over 100 invitees across nine stakeholder groups. These included experts and representatives from farmer associations and agricultural economists, trade unions, the education and health sectors, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as the infrastructure, energy, and urban sectors.
Citizens Invited to Submit Suggestions on MyGov Platform
Starting from 10 January 2025, citizens are invited to contribute their ideas and suggestions for the Union Budget 2025-26 on the MyGov platform. This initiative, part of the government's efforts to foster public participation in the budget-making process, reflects the spirit of ‘Jan Bhagidari’ (people's participation).
The Ministry of Finance, in collaboration with MyGov, is encouraging individuals to submit innovative and constructive proposals to help shape policies that address the nation’s priorities and challenges. Citizens are encouraged to participate actively to ensure the budget is more reflective of public aspirations.
To submit suggestions, citizens can visit the MyGov platform (www.mygov.in) and contribute towards the vision of a Viksit Bharat (Developed India).
Sector-specific expectations for the upcoming budget
Advertising Industry
“As the advertising landscape continues to transform, greater investments in digitalisation and infrastructure development will be crucial for advancing both digital and traditional advertising channels. I believe the government will focus on accelerating digital adoption, empowering advertisers and brands to connect more seamlessly with wider audiences.” – Sandiip Kapur, Founder & President, Promodome Group.
Real Estate Sector
“With the Union Budget 2025 approaching, the real estate sector is hoping for progressive reforms that could benefit homebuyers and the industry. This year, the focus should extend beyond the usual demands of single-window clearance and industry status, as these measures could unlock financial advantages and streamline project approvals. The government should consider raising the deduction limit for home loan interest payments from the current Rs 2 lakh per year to Rs 5 lakh, which would provide a significant boost to the housing sector. Additionally, expanding the definition of affordable housing would enable greater benefits for homebuyers, boosting end-user demand.” – Ramani Sastri, Chairman & MD, Sterling Developers Pvt. Ltd.
Taxation Debate
As India's economic growth slows, the question of who will fund potential tax cuts looms large. At this stage, it remains unclear where the additional revenue will come from to meet the increasing demands.
Insurance Sector Expectations
The Union Budget 2025 is expected to introduce reforms aimed at supporting the growth and accessibility of the insurance sector in India. With the industry experiencing growth in recent years, experts are hoping for measures that will enhance financial inclusion and security.
Healthcare and Med-Tech Expectations
India’s healthcare sector is at a defining crossroads, offering both challenges and opportunities. The Union Budget presents an unprecedented chance to address systemic issues such as the shortage of medical specialists, rising cancer care costs, and inadequate hospital infrastructure, all of which are critical as the population continues to grow.
Startup Sector Expectations
“As we look towards the Union Budget 2025-26, we hope to see continued improvements in India’s startup and technology ecosystem. Startups play a vital role in promoting economic growth and innovation, and several measures are being proposed to strengthen this sector. There is also an emphasis on new technologies such as AI, IoT, and quantum computing, which could create an environment conducive to entrepreneurship and innovation.” – Advait Kumar, Founder, Boon.
Union Minister of State for Finance Pankaj Chaudhary, Finance Secretary Tuhin Kanta Pandey, Economic Affairs Secretary Ajay Seth, Financial Services Secretary M. Nagaraju, Chief Economic Adviser V. Anantha Nageswaran, and senior officers from the Ministry of Finance also participated in the consultations.
The Union Budget 2025-26 is expected to be presented in Parliament on 1 February 2025. This will mark Finance Minister Nirmala Sitharaman’s eighth consecutive budget and the second full budget of the Modi 3.0 government, which is focused on achieving the goal of a Viksit Bharat (Developed India) by 2047.
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