Budget 2025 Reactions LIVE: From economists, political leaders, corporates to market analysts, how India is viewing FM’s announcements

Nirmala Sitharaman -Minister of Corporate Affairs and Finance of India -Photo (FILE)

Indian Union Budget 2025 Reactions: Following the budget announcement, reactions have been mixed. Some are praising it, while others are criticising . Here’s how industry experts, political leaders, and market analysts are reacting to the Finance Minister’s announcement:

India Union Budget 2025 Reactions: Under the Narendra Modi 3.0 government, Finance Minister Nirmala Sitharaman presented her record eighth consecutive Union Budget in Parliament on February 1, 2025. From taxpayers and farmers to middle-class citizens, this year’s budget offers something to everyone. Some of the key announcements include: Zero tax for annual income up to Rs 12 lakhFDI limit for the insurance sector raised to 100 per centA new Income Tax Bill to be introduced next weekA new Fund of Funds scheme for startups, and much moreThe Modi government views the next five years as a unique opportunity to stimulate growth, with India emerging as the fastest-growing economy among developing nations, as stated by the Finance Minister.Following the budget announcement, reactions have been mixed. Some are praising it, while others are criticising it. Here’s how industry experts, political leaders, and market analysts are reacting to the Finance Minister’s announcement:

Latest Updates

_{Sat, February 1, 2025, 19:52 PM IST}

Budget 2025 Reactions: AAP leader Sagar Rabari slams no job plan, farmers ignored

Sagar Rabari criticised the budget for lacking job creation plans, stating that expanding MSMEs and stipends won’t boost employment without increasing demand. He urged GST and fuel rate cuts to put money in people’s hands. He also slammed the government for ignoring farmers’ MSP demands, calling the Rs 5 lakh Kisan Credit Card limit hike inadequate. Rabari termed the makhana sector board a pre-election gimmick for Bihar.

_{Sat, February 1, 2025, 19:50 PM IST}

Budget 2025 Reactions: No tax up to Rs 12 lakh, fiscal deficit at 4.4%, capital spend rises (Bajaj Broking Research team)

No income tax up to Rs 12 lakh under the new regime, with benefits of Rs 80,000–1.1 lakh. Fiscal deficit: 4.4% of GDP for FY26 (4.8% for FY25). Capital expenditure: Rs 11.21 lakh crore for FY26 (Rs 10.18 lakh crore revised for FY25).

_{Sat, February 1, 2025, 19:22 PM IST}

Budget 2025 Reactions: Highly disappointing that FM’s Budget Speech made no mention of releasing funds for census, says Congress 

The Congress said it is “highly disappointing” that Finance Minister Nirmala Sitharaman’s Budget speech made no mention of releasing funds for the decadal population census. The party pointed out that the government’s failure to conduct the census on time has serious consequences on the state’s administrative capabilities.

_{Sat, February 1, 2025, 19:12 PM IST}

Budget 2025 Reactions: Tax cuts to aid public capex, boost economy, says Piramal Enterprises’ Debopam Chaudhari

The fiscal management of the budget should benefit the debt markets. Despite economic growth in FY 2015 falling short of expectations, the fiscal deficit of 4.8 per cent was better than the targeted 4.9%. Additionally, while the Economic Survey expects a growth rate of 6.8 per cent or lower for FY 2026, the central government’s fiscal deficit is estimated to remain at 4.4 per cent. 

After today’s announcements, a further 15 basis points reduction in the 10-year government security is expected. No other major economy has been able to reduce its fiscal deficit at this pace post-COVID, strengthening India’s position as an emerging economic power. Tax cuts have provided additional income to India’s vast middle class and ambitious population, which is expected to help curb slow public capital expenditure in FY 2026 and provide the necessary boost for the Indian economy to emerge from the current slowdown.

_{Sat, February 1, 2025, 19:01 PM IST}

Dr Anish Shah, Group CEO & MD, Mahindra Group on Budget 2025

The theme of “Make in India for the world” remains a key focus in this budget, with efforts to reduce India’s manufacturing costs poised to significantly enhance the country’s global competitiveness. In addition to providing an immediate stimulus for demand and growth, the budget emphasises long-term growth through substantial infrastructure investments and a strong focus on innovation.

_{Sat, February 1, 2025, 18:59 PM IST}

 Budget 2025 Reactions: Budget is a game-changer for real estate industry, says Sterling Developers’ Ramani Sastri

The government’s concentrated efforts on infrastructure development promise to significantly enhance housing demand and benefit around 250 ancillary industries, generating numerous job opportunities and bolstering overall economic growth. The establishment of the India Infrastructure Fund and emphasis on Public-Private partnerships for infrastructure in the budget is also a game-changer for the real estate industry. 

Also, the change announced in Budget 2025 allowing taxpayers to claim the annual value of two self-occupied properties as zero will provide significant tax relief, reduce compliance burdens, and encourage homeownership by making it more affordable for middle-class families, without having to pay income tax on notional rental values of self-occupied homes.

_{Sat, February 1, 2025, 18:18 PM IST}

Raj  Khosla Founder & MD MyMoneyMantra.com

The Union Budget 2025-26 seems like a double bonanza with Finance Minister Nirmala Sitharaman comforting the middle-class taxpayers by reducing the direct tax burden. Eliminating the tax liability for salaried taxpayers with annual income up to Rs 12 lakh is a welcome move as it enhances the disposable income in the hands of consumers.