Union Budget Reaction Quotes | 1st February 2025
“Toyota Kirloskar Motor commends the Union Budget 2025-26 for its focus on reforms, infrastructure development, reinforcing fiscal discipline, rationalising taxation, and fostering domestic manufacturing – all aimed at driving holistic development.
The increased allocation for capital expenditure demonstrates the government’s persistent commitment towards infrastructure modernisation, a crucial factor in accelerating growth across industries and improving their competitiveness including automotive sector.
Lowering of taxation through Income Tax measures and the PM Dhan Dhanya Krishi Yojana for the farming community will significantly benefit the common man, enhance consumption and create demand leading to faster economic growth.
Continued and strong support to MSMEs, with special focus on labour-intensive sectors and first-time entrepreneurs will spur innovation and growth, aligning well with India’s ambition of becoming a manufacturing major.
Further, the inclusion of 35 additional capital goods for EV battery manufacturing is an important step towards localizing lithium-ion battery production which will help in lowering import dependency, and further strengthening India’s energy security goals. This will not only accelerate clean technology adoption but also create a robust supply chain supporting India’s Carbon Neutrality goals for 2070.
At Toyota Kirloskar Motor, we stand firmly with the government’s vision of a self-reliant, sustainable, and globally competitive automotive industry. Our unwavering commitment to advancing clean energy technologies, deepening investments in local manufacturing, skilling and contributing to India’s ‘Viksit Bharat’ vision reflects our dedication to driving economic growth while upholding environmental responsibility.”
Vikram Gulati, Country Head and Executive Vice President – Corporate Affairs and Governance – Toyota Kirloskar Motor
“The Union Budget has struck the right chord balancing the fiscal prudence with supporting the slowdown in private demand. The re-emphasis on fiscal consolidation roadmap over the next few years too remains comforting for the markets.”
Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank
“The Union Budget strikes a balance between fiscal prudence and growth, with a focus on boosting middle-class consumption, savings, and investments through direct tax measures. The commitment to higher capital expenditure at Rs 11 lakh crore, alongside a reduction in fiscal deficit to 4.4%, is a welcome move. Additionally, the budget’s emphasis and measures on the ‘engines of growth’ MSMEs, Agriculture, Investment, Exports and ease of doing business is crucial to stimulate private sector investments. While ‘accelerating growth’ remains a key focus, the balance between fiscal discipline and growth measures will be critical for sustaining India’s economic momentum.”
Shanti Ekambaram , Deputy Managing Director, Kotak Mahindra Bank
“Budget 2025: Firmly continuing the course, with a surprise twist! The Union Budget 2025 is quite balanced and directionally positive for the medium and long-term and will consolidate the growth pillars. While the core drivers remain the same as last budget; Agriculture, MSMEs, Investments and Exports, the sustained focus on Financial Inclusion (both, urban and rural), Grow in India, Make in India, ease of compliance and ease of doing business clearly support the vision to create a Viksit Bharat. The fiscal prudence, pegging the fiscal deficit for FY26 at 4.4%, lower than 4.8% for FY25 without dropping the ball on capex (with a Rs 11.21 lakh crore outlay – up 10% YoY), is equally impressive. But the big twist or the “tadka” of Rs 1 lakh cr – through the income tax rationalisation – will certainly provide a huge fillip to the lagging private consumption.”
Manish Kothari, Head – Commercial Banking, Kotak Mahindra Bank
