As India braces for the Union Budget 2025, to be presented today, CFOs from across India Inc. are eagerly awaiting Finance Minister Nirmala Sitharaman’s proposals. With high hopes for measures that will spur economic growth, simplify tax structures, and foster innovation, CFOs are hoping the budget addresses the needs of businesses, promotes inclusive growth, and strengthens sustainability.

emphasized the importance of reforms for startups and fintech companies. He called for streamlining ESOP taxation by shifting tax collection to the time of share sale, which would ease cash flow challenges for employees and help fintech companies attract and retain talent. He also advocated for simplified withholding tax rates and changes to ease compliance for international operations.

expressed hope that the government would continue its commitment to fostering innovation and entrepreneurship. He highlighted the need for strategic investments in technology-driven solutions and infrastructure to drive industry growth and create a sustainable future.

is hopeful that the budget will include measures to accelerate India’s journey toward becoming a global digital innovation hub. He stressed the importance of reducing taxes for individual taxpayers and simplifying tax procedures to boost consumption and stimulate growth. Additionally, he urged the government to invest in digital infrastructure and reskilling programs for the workforce.

expressed optimism for a focus on domestic manufacturing. He called for the introduction of a production-linked incentive (PLI) program and suggested reducing income tax rates or raising tax slabs to increase spending power, which could stimulate demand in the consumer durables sector.

stressed the importance of a balanced fiscal policy that promotes growth while maintaining fiscal prudence. He recommended simplifying corporate tax structures, reducing GST on critical raw materials, and incentivizing R&D to drive innovation. He also advocated for reducing personal income tax rates to enhance purchasing power and boost public savings.

pointed out the need for simplified tax filings and the introduction of an automatic IT filing system. He also called for addressing GST mismatches and input tax credit (ITC) availability issues that continue to create compliance challenges for businesses.

hopes the budget will focus on reducing the tax burden on lower-income groups to increase disposable income, thereby stimulating demand and driving economic growth. He also advocated for a simplified tax structure to reduce complexities in tax calculations and compliance.

highlighted the need for GST rationalization and increased capex allocation for job creation. He also recommended reducing income tax rates to boost disposable income, which would support broader economic activity.
emphasized the importance of modernizing logistics infrastructure and promoting public-private partnerships to improve operational efficiencies. He also suggested providing tax incentives for environmentally sustainable technologies, such as solar panels and electric vehicles (EVs), to mitigate costs and support sustainability.

expressed hope for increased funding for renewable energy initiatives, particularly in wind and solar energy. He recommended extending the sunset of Section 115BAB for renewable energy companies to attract investment and stimulate growth, alongside subsidies for energy storage and smart grid technologies to ensure grid stability.

advocated for widening the tax net and simplifying tax slabs to bolster market sentiment. She also called for increased infrastructure spending, particularly in energy, roads, railways, and urban development, to stimulate growth and development.


Dharmesh Dattani, CFO of Vishal Fabrics Limited, emphasized the need for tax reforms to support mid-sized enterprises. He proposed reducing corporate tax rates and rationalizing GST rates, along with continued investments in infrastructure to lower costs and improve efficiency in manufacturing.

Empowering MSMEs and Simplifying Trade Financing

Vivek Singh Bhakuni, CFO of M1xchange, called for expanded credit guarantee schemes and simplified tax processes for MSMEs. He also highlighted the need for targeted incentives for technology adoption to enhance business competitiveness, enabling platforms like TReDS and ONDC to better support MSMEs.

Promoting Inclusive Growth and Women’s Entrepreneurship

Manoj Agrawal, CFO of Satin Creditcare Network, stressed the importance of promoting inclusive growth through a robust credit guarantee framework and policies that support women’s entrepreneurship. He also recommended fiscal measures to enhance digital infrastructure and improve resource access for businesses.

AI Infrastructure and Skill Development

Jagriti Kumar, CFO of NLB Services, urged the government to prioritize investments in AI infrastructure to support digitalization across industries. She recommended policies to streamline data compliance and improve AI adoption, along with skill development programs to address skill gaps in emerging technologies.

Tax Relief on Oil for Consumer and Industrial Support

Rishabh Jain, CFO of Bikaji Foods International Ltd, called for the rationalization of oil taxes, which have seen substantial hikes in recent years. He emphasized that reducing these taxes would ease financial burdens on both consumers and industries that rely on oil as a key input.

Renewable Energy and Tax Reforms for Clean Energy

Shyam Sharma, CFO of O2 Power, echoed the need for continued support for the renewable energy sector, particularly through lower GST rates on solar modules, wind turbines, and battery energy systems. He also called for targeted programs to support research, development, and technology adoption in renewable energy.