New Delhi, January 28, 2025.
Corporate India is seeking tax reforms, lower GST rates, regulatory updates, and anticipating various capex allocation announcements in Finance Minister Nirmala Sitharaman’s eighth Budget speech on February 1, 2025. Taxpayers are keenly watching for some relief for the middleclass amid the current economic situation.
The first part of the Parliament’s Budget session is confirmed to begin from January 31 till February 13, 2025. And the second part of the session will commence on March 10 and conclude on April 4, 2025.
Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech will start at 11 am in the Lok Sabha.
This will be Sitharaman’s second full-fledged Budget in Modi 3.0, and her overall her eighth budget presentation in Parliament. She has presented six annual and two interim budgets under the NDA government’s consecutive terms in power at the Centre.
While there has been official statement from the Finance Ministry yet, as per convention over the past years, the finance minister is expected to give her Budget speech in Parliament at 11 am on February 1, 2025. Further, as per official circulars, the BSE and NSE will remain open on February 1, 2025, despite it being a Saturday due to the Union Budget 2025-26.
Rishi Anand, MD & CEO, Aadhar Housing Finance feels that for the housing finance sector, the upcoming budget should focus on reviewing and modifying important regulations that take into account the current state of the housing market, which is essential for making homeownership genuinely affordable.
DS Negi, CEO of the Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), feels that Budget 2025 has the potential to provide the cancer care sector with significant reforms that ensure accessibility, affordability, and quality for all.
“A key highlight of the previous Budget for the sector was inclusion of the HPV vaccine that protects against cervical cancer to protect future generations from one of the most preventable cancers… India has also made remarkable advancements with the launch of its first indigenously developed CAR T-cell therapy for cancer under the ‘Make in India’ initiative… and the first telesurgery in cancer care, performed by the RGCIRC set a new benchmark in remote oncology treatment,” he added.
To build on these successes, Negi expects the Budget must:
- Prioritise digital health solutions such as telesurgery, electronic health records (EHRs), and AI-driven diagnostic tools to improve healthcare delivery.
- Strong focus on enhancing nationwide cancer screening programs and providing access to cutting-edge treatments like immunotherapy and personalized medicine.
- Increasing healthcare spending to 2.5% of GDP, along with robust policy measures, is essential for creating a resilient healthcare system.
- Comprehensive support for cancer survivors—through rehabilitation, mental health services, and survivorship programs—will further improve their quality of life.
- Provide relief from high import duties on medical equipment, which reach up to 36 per cent and significantly increase treatment costs, particularly for mid-sized operators and smaller cities.
- Support for primary healthcare centres to ensure quality care and allow tertiary hospitals to focus on specialized treatments.
- Equipping tertiary government hospitals with advanced infrastructure to address the growing cancer burden, along with targeted policies for various cancer types, including rare ones.
Mr. Vikram Gulati, Country Head and Executive Vice President – Corporate Affairs and Governance, Toyota Kirloskar Motor Said’ “Government’s commitment towards modernising infrastructure through sustained investments has boosted economic growth and helped lower logistic costs. The Production Linked Incentive (PLI) Schemes by the Government have facilitated investments in key sectors and cutting edge technologies. This has helped enhance efficiencies and gain economies of scale thereby contributing to improving Indian industry’s global competitiveness. These measures have been accompanied by continued focus on maintaining prudent fiscal discipline.
In the upcoming budget, we hope for sustained focus on infrastructure spending and enhancing the scope of PLIs. With regards to the automotive sector, India is now on the verge of achieving the target of E20 (20% ethanol blending) in the shortest timeframe, globally. This will substitute significant fossil fuel imports with indigenous Biofuel (Ethanol) sourced from our farmers and result in lower carbon emissions. Further, the sales of electrified technologies are also increasing rapidly. Moving ahead, we request the Government for appropriate merit-based policies that support and help in popularising full range of greener technologies and alternative fuels thereby helping in faster and greater adoption of multiple sustainable mobility solutions. Further, measures to encourage the scrappage of old vehicles through the budget will also boost demand for newer generation vehicles and eliminate the polluting ones.
