Industry leaders across sectors continue to voice their priorities and expectations from the Union Budget 2025 to strengthen India’s economic and technological growth. From banking and financial services to emerging technologies and MSME empowerment, here’s a look at what leaders anticipate:
Banking, Financial Services, and Sustainability
Jaya Vaidhyanathan, CEO, BCT Digital: “With uncertain global economic conditions there is a need in India to boost domestic drivers for economic productivity and that’s going to come from two areas. One is to boost domestic consumption and the second is to look at the investment landscape. So, from an investment landscape there are a few things that we, practitioners in the banking sector, are aspiring for from the Union Budget 2025. GST data is going to have an immense potential for precise credit assessment and risk monitoring. Passing the Data Protection Bill will ensure data sharing among regulators, financial institutions and key stakeholders. Over-reliance on credit guarantees and loan-waivers is bound to undermine our lending practices. The transition to cashflow-based lending will create a more robust credit ecosystem. To meet global climate goals, sustainable finance is crucial. The government must first establish a comprehensive ‘climate taxonomy’ that defines what constitutes ‘sustainable investment.’ This would facilitate the allocation of incentives and benefits to projects that align with these criteria. Finally, the PLI programmes have successfully revitalised select segments of the manufacturing industry. However, scaling these initiatives is vital. We must enable supply chain partnerships through corporate partnerships that will empower SMEs and accelerate sectoral growth.”
Technology and Innovation
Leela Kaza, Founder and Co-CEO, Bounteous x Accolite: “As India approaches the presentation of 2025 Union Budget, we stand at a crucial juncture to shape a Viksit Bharat by integrating technological advancements with foundational development. We hope to see a budget emphasizing digitalization and investing in transformative technologies such as artificial intelligence, quantum computing, biotechnology, and semiconductor manufacturing. Equally critical are investments in skill development, AI-focused R&D, and incentives to modernize industries/sectors like healthcare, manufacturing, retail, and agriculture— which should be the key to unlocking India’s $1 trillion digital economy vision. This budget provides a unique opportunity to expand innovation hubs in tier-2 and tier-3 cities, foster public-private partnerships, and enhance access to advanced infrastructure. The nation can drive inclusive growth by empowering businesses across conventional and emerging sectors to innovate and scale. We are optimistic that the budget will balance fostering cutting-edge technologies with addressing core developmental needs, solidifying India’s position as a global leader in technology and innovation.”
Crypto and Web3
Nikhil Sethi, Founder and MD, Zuvomo: “The Budget 2025 is a critical moment for India to reclaim its leadership in the global tech ecosystem. India ranks #1 in the number of crypto holders and #3 in tech unicorns globally. Yet, we seem to have missed the Web3 tsunami, which doubled its market cap in 2024 and saw DeFi TVL surge by 2000% year-on-year. Ambiguity in crypto compliance and a regressive tax regime have hindered innovation, pushing startups and talent overseas. The RBI’s stance reflects a lack of understanding of decentralization’s intrinsic nature—it cannot be banned, only regulated. Meanwhile, nations like the U.S., Singapore, Russia, South Korea, and the UAE are embracing progressive policies to foster crypto innovation. The approval of Bitcoin and Ethereum ETFs in the U.S. in 2024 underlines the importance of forward-looking regulations. In a country with thousands of tech startups, a thriving ecosystem, and globally leading talent, the crypto industry expects balanced taxation, clear compliance frameworks, and innovation-friendly policies. These are crucial to ensuring India remains in the forefront. The finance ministry and the RBI must mitigate risks without stifling growth. A progressive approach will unlock massive economic potential, create jobs, and solidify India’s position as a global leader in Web3 innovation.”
Drone Technology and Cybersecurity
Sai Pattabiram, Founder and MD, Zuppa Geo Navigation Technologies Pvt. Ltd.: “The demand for secure non Chinese drones is growing the world over and more so in India . India has the opportunity to leverage its own domestic consumption and global reputation as a trustworthy technology partner built by the IT sector to evolve into a global drone hub. This can only be achieved by India moving deeper into the component level supply chain from the current assembly of imported components level that it is in today. Drone cybersecurity is turning out to be an absolute must-have for India in particular and global users in general especially after the often quoted electronic warfare threats in Ukraine and the Hezbollah pager attack in Lebanon. The Government should recognise this huge National as well as global opportunity and support companies involved in Component manufacturing , Cyber , Data Security and analysis for drones. A Design linked Incentive ( DLI ) coupled with a PLI that supports use of only Domestically produced components by OEMs will boost the sector in a big way. As we await the Union Budget 2025, we anticipate strategic initiatives that will further bolster the industry’s growth. We are optimistic that advancements in this area will not only propel the drone sector forward but also have a positive ripple effect on businesses operating in India.”
MSME Growth and Cybersecurity
Rajarshi Bhattacharyya, Co-Founder, Chairman and MD, ProcessIT Global: “The Union Budget 2025-26 should further ease policies to promote the growth of the MSME sector, which is considered the foundation of the Indian economy. These organizations should have easy access to credit from financial institutions, and benefit from a reduction in high interest on loans and related requirements to produce personal collateral with the complexities in the process also getting eliminated, making it much simpler. The government should empower MSMEs by enabling skill development and entrepreneurship. Secondly, in today’s interconnected digital landscape, cybersecurity and data privacy are key and the government should focus on robust digital infrastructure, cybersecurity, and data protection, and strengthen its cybersecurity framework. The government should allocate significant funds to develop strong cybersecurity infrastructure and promote best practices across Government/PSUs, Healthcare, and Financial Organizations, among others. There should also be an increased focus on investments in R&D, cutting-edge technologies, and security measures in addition to skill development in the domain.”
Cybersecurity and AI
Chetan Jain, Founding Executive Director & MD, Inspira Enterprise: “Some early thoughts on the Union Budget, to help promote innovation and growth in the cybersecurity space. This year will be crucial to boosting the adoption of secure AI solutions. To achieve this, the government should introduce incentives in the Union Budget to encourage homegrown cybersecurity firms to invest in R&D and implementation of secure AI technologies. Secondly, cyberbullying is presenting itself as a fast-growing threat to online safety and security, especially with cyber criminals targeting senior citizens and young adults. To address this issue there should be dedicated funds in the Union Budget for creating awareness among citizens in India besides investing in strengthening prevention mechanisms for the well-being of the people. Such measures would strengthen the country’s cybersecurity framework and ensure protection against emerging threats.”
Semiconductor and Quantum Computing
Gaurav Sahay, Practice Head, Fox Mandal & Associates LLP: “India’s pre-budget preparations should aim to address emerging challenges, boost economic growth, and align with its long-term strategic goals in the key areas.
Semiconductor Manufacturing and Chip Design, wherein the global semiconductor shortage underscored India’s need for self-reliance in this critical area. India must focus on to increase funding under the Production-Linked Incentive (PLI) scheme for semiconductors, foster collaborations with global semiconductor giants, invest in skill development for VLSI design and manufacturing and harness public private partnership to boost robust development and research with guided implementation in required areas such as defence, computer and peripheral equipment, consumer and industrial electronics and telecommunication equipment.
If given the right perspective, Quantum Computing can revolutionize sectors like cryptography, drug discovery, and logistics. Government must allocate funds for quantum research and build state-of-the-art quantum labs, partner with global leaders to accelerate research and workforce training and launch a “National Quantum Mission” with clear deliverables.
Skill Development and Digital Literacy : India needs a workforce equipped to handle rapidly advancing technologies. India must deliberate in enhancing Skill Development and Digital Literacy to expand skilling programs under Skill India to include AI, blockchain, and IoT. The program must partner with global tech companies for specialized training that would increase focus on women’s participation in tech sectors.”
Data Privacy and Identity Security
Rohan Vaidya, Area Vice President, CyberArk: “As Data Privacy Day approaches, discussions often focus on rising cyber threats and exposed data. However, India has made significant progress, notably with the Digital Personal Data Protection (DPDP) Act, which establishes robust frameworks for securing data privacy. It is a concrete step in our nation’s commitment to forging the right path towards data privacy and security. However, formidable challenges still remain to be tackled. This year’s theme, “Take Control of Your Data,” implies the shared responsibility of individuals and organisations to protect data privacy. Identity security is a key element of this commitment. Robust workforce identity management and credential protection help minimise risks and prevent breaches. As human and machine identities continue to proliferate, data privacy is no longer just a policy, it’s a principle we should all abide by. Whether it’s ensuring that data is encrypted, access is restricted, or that automated systems respect privacy rights, the priority must be the same: trust is paramount. The need to put privacy first has never been more critical. When privacy is prioritised, we empower individuals and organisations alike to thrive safely in this age.”