Budget 2025: Power industry reaction 

 The industrialists share their views on the budget declaration, let us hear them.

Vivek Bhatia, MD & CEO- TKIL Industries

“The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, prioritizes sustained reforms in manufacturing, mining, power, and skill development along with improving ease of doing business to advance the ‘Viksit Bharat’ vision. These sectors will be key drivers of growth, infrastructure development, governance improvements, and sustainable development for the country. We welcome the government’s move towards accelerating India’s manufacturing sector. Over the past decade, structural reforms have drawn global attention, and the announcement of a National Manufacturing Mission is a significant step in strengthening the Make in India initiative. This will drive clean-tech manufacturing, bolstering the ecosystem for solar cells, EV batteries, wind turbines, and more.”

Amit Paithankar, Whole-Time Director & CEO- Waaree Energies Ltd.

“The Union Budget 2025 has strengthened India’s pledge to clean energy self-reliance by prioritizing domestic manufacturing, backward integration, skilling, and research and development. The announcement of the National Manufacturing Mission, along with enhanced PLI schemes and tariff rationalisation for critical minerals will support the rapid growth of the entire renewable energy ecosystem. The inclusion of lithium-ion battery manufacturing incentives and duty exemptions on key raw materials like cobalt and lithium will accelerate India’s emergence as a global hub for energy storage solutions, furthering the EV and solar industries. The focus on clean-tech is heartening, as it reinforces the long-term relevance of renewable energy in India’s economic and environmental future.”

Ashish P. Dhakan, Managing Director & CEO – Prama Hikvision India Pvt. Ltd.

“We welcome the progressive Union Budget 2025-2026, which has a future roadmap to steady reforms. It has a booster dose for India’s technology ecosystem. This is a growth-oriented budget with significant relief for the middle class. The Union Budget has sparked interest in the video security industry and its key stakeholders. The key announcements and provisions relevant to the video security industry are getting positive feedback. The budget proposes establishing a Centre of Excellence in Artificial Intelligence for education, with an outlay of ₹500 crore. This initiative could have positive implications for AI-powered video security solutions.” 

Sambitosh Mohapatra, Partner and Leader – Sustainability, Energy and Climate-  PwC India 

“The Union Budget 2025 marks a pivotal step in India’s sustainable future with the launch of the Nuclear Energy Mission, targeting 100 GW of nuclear power by 2047. Finance Minister Nirmala Sitharaman highlighted the crucial role of nuclear energy in reducing carbon emissions and boosting energy security. Amendments to the Atomic Energy Act will encourage private sector involvement, while a ₹20,000 crore investment in small modular reactors (SMRs) showcases the government’s commitment to innovation.”

Vikas Gaba, Partner and National Head, Power and Utilities- KPMG in India

“Budget 2025 continues the momentum set in the previous year, focusing on clean-tech manufacturing, nuclear energy, electricity distribution reforms and intra-state capacity expansion. A new mission for clean-tech manufacturing covering solar PV cells, electrolysers, EV batteries, and high-voltage transmission equipment will accelerate India’s path to Atmanirbharta. The push for nuclear energy remains strong, with a 100 GW target by 2047 and a 20,000 Cr R&D mission for Small Modular Reactors (SMRs), alongside necessary legal reforms and promotion of private participation. SMRs offer a scalable, cost-effective, and safer path for energy transition and can be a game changer in the long-run. Distribution reforms and intra-state capacity augmentation also receive a boost, with additional financial incentives tied to their implementation.”

Anvesha Thakker, Partner, Business Consulting and National Lead for Clean Energy- KPMG in India

“This budget provides a decisive push for clean energy, focusing on the critical pillars of “Make, Innovate, and Expand.” It effectively addresses core challenges while unlocking immense opportunities in the sector. A key highlight is the focus on clean tech supply chains, with a manufacturing mission for building domestic ecosystem for all critical clean technologies including transmission equipment. Duty exemptions for essential minerals like cobalt powder, lithium-ion battery scrap, and lead, alongside capital goods exemptions for 35 additional EV battery components, will strengthen domestic value chains. The Nuclear Energy Mission, with relaxed regulations and civil liability norms, is a game-changer for clean energy growth and India’s decarbonisation ambitions. It provides a stable baseload alternative, essential as wind and solar expansion can eventually scalability challenges.”

Naresh Mansukhani, CEO-  Juniper Green Energy

“The Union Budget 2025-26 provides a comprehensive roadmap for India’s transition to a sustainable energy future, with a clear focus on expanding clean energy capacity. The ambitious target of 500 gigawatts of non-fossil fuel energy by 2030, coupled with significant support for solar and wind energy, is a much-needed push for the sector. The government’s focus on incentivising states to reform electricity distribution and improve intrastate transmission is equally crucial, especially given the challenges faced by regions like Rajasthan, Gujarat, and Uttar Pradesh. These measures will not only enhance power reliability but also create a more resilient energy infrastructure, which will be vital as we scale our clean energy projects.”

Anupam Kumar, Co-Founder and CEO- MiniMines Cleantech Solutions

“The Union Budget 2025-26 marks a transformative step toward a cleaner, greener future and for companies like MiniMines, it presents a wealth of opportunities. With the government’s strong push for clean energy, the demand for critical materials such as lithium-ion is set to rise. The Finance Minister’s proposal to provide a full exemption of Basic Customs Duty (BCD) on cobalt powder, lithium-ion battery waste, scrap, and 12 other critical minerals is a major boost for the sector. This move will secure the availability of these essential materials for domestic manufacturing. Additionally, the customs duty reduction on lithium batteries will drive increased consumption, further benefiting the battery recycling industry. The reduction of BCD from 5% to 2.5% is expected to accelerate EV adoption, creating a ripple effect that will increase the demand for battery recycling and rare metal recovery.”

Deepak Sharma, Zone President- Greater India and MD & CEO- Schneider Electric 

“The Union Budget 2025 marks a pivotal moment for India, laying the foundation for a truly ‘Viksit Bharat.’ The National Manufacturing Mission, focused on cleantech and ‘Make in India for the World,’ holds immense potential to transform our manufacturing landscape… I particularly applaud the focus on modernising the power grid and scaling renewables through robust PPP models. This is crucial for a sustainable energy future.” 

Parag Sharma, CEO & Founder of O2 Power & President – WIPPA

“The Union Budget for 2025-26 reaffirms India’s commitment to clean technology manufacturing with particular focus on building India’s own ecosystem for solar PV cells, EV batteries, electrolysers, grid scale storage, and wind turbines… It is evident that the government wants to significantly reduce dependence on imports in the coming years and boost manufacturing of clean energy equipment. This measure now needs to be backed by action on ground as the share of renewable energy in our overall energy mix rises steadily.”

Abani Jha, CFO- Saatvik Green Energy

“The Union Budget 2025 lays the groundwork for accelerating India’s clean energy transition and building a robust domestic manufacturing ecosystem. The announcement of a National Manufacturing Mission with execution and policy support for clean-tech manufacturing is a much-needed boost that will enhance India’s competitiveness in the global renewable energy supply chain. The government’s continued focus on strengthening domestic manufacturing of solar cells, modules, and grid-scale batteries aligns with Saatvik Green Energy’s vision of making India self-reliant in solar technology and reducing dependency on imports.”

Pranav Bansal—MD and CEO- Bansal Wire Industries Limited

“Bansal Wire Industries Limited welcomes the initiatives outlined in the Budget 2025, recognising and appreciating the government’s commitment to empowering MSMEs and enhancing domestic manufacturing. The proposed Rs 10,000 crore funds for MSMEs will significantly bolster the capacity to innovate and scale up the growth of the overall sector. Additionally, the emphasis on mining sector reforms and critical minerals will ensure a sustainable supply chain, further strengthening the industry’s resilience. Furthermore, a collective push through the manufacturing mission to establish India as a hub for small, medium, and large-scale industries will undoubtedly act as a major catalyst for overall economic growth. Adopting Industry 4.0 principles is in line with our vision of strengthening India’s manufacturing ecosystem, helping the nation achieve its goal of becoming a global manufacturing powerhouse.”

Varchasvi Gagal, MD & CEO- Datta Power Infra

    “The Union Finance Minister’s initiative to promote solar cell manufacturing in the Union Budget 2025 is a strategic step towards building a robust manufacturing ecosystem in India, supported by the PLI scheme. This initiative will have a two-fold impact. Firstly, it will enhance India’s self-reliance in solar cell production, aligning with the government’s vision of Atmanirbhar Bharat. Secondly, it will significantly accelerate the country’s progress towards achieving its ambitious 500-gigawatt renewable energy target by 2030. By promoting in-house module assembly and cell manufacturing, India can reduce its dependence on imports and develop a sustainable renewable energy ecosystem.”

Vinay Thadani, Director & CEO- GREW Solar

“The budget for 2025-2026 presented by the Finance Minister is a testament to the Government’s commitment to move towards renewable energy for Viksit Bharat by 2047. The idea of a new manufacturing mission under the ‘Make in India’ initiative will support small, medium, and large industries through comprehensive policy backing and a detailed framework. The mission aims to create an ecosystem for solar PV cells, electrolysers, and grid-scale batteries. This will help expedite the development of the renewable energy sector, which will help in employment generation, reduce the cost of the panels, and focus on research and development. We are also extremely grateful to FM for simplifying income tax and putting additional money in the hands of the middle class. This will boost the consumption and wheels of the economy.” 

Sanchit Sekhwal Goyal, Director- Su-Kam Power Systems Limited 

“We welcome the 2025 Union Budget’s commitment to sustainable energy and employment generation. The announcement of a policy document on energy transition pathways is a crucial step towards a greener and self-reliant India. By emphasising sustainability and job creation, the government is paving the way for innovation and growth in the renewable energy sector. Additionally, the exemption of 35 more capital goods for EV lithium-ion battery manufacturing from customs duty will significantly boost local manufacturing and support the transition to clean energy. This initiative will accelerate clean energy adoption, strengthen local manufacturing, and create new opportunities in the power ecosystem.”

Nishanth Dongari, Founder and MD- PURE EV

“The Union Budget 2025 is a growth-oriented and forward-looking blueprint that strengthens India’s commitment to clean technology and energy self-reliance. The exemption of lithium-ion battery capital goods, along with 35 new exemptions for EV battery manufacturing, will drive faster localisation and technological advancement, furthering India’s push towards becoming a global hub for electric mobility. The National Manufacturing Mission’s emphasis on clean tech manufacturing, including EV batteries, motors, controllers, and grid-scale storage, will enhance domestic value addition and build a robust ecosystem for sustainable mobility. The focus on Grid Scale (ESS) Batteries is particularly significant as it will support the growth of solar and wind energy while accelerating the much-needed infrastructure for EVs. The ₹10,000 crore Fund of Funds for Startups is also a welcome step that will provide vital capital to entrepreneurs at various stages, reducing dependence on foreign funding and encouraging homegrown innovation. Also, the Nuclear Energy Mission, with its 100 GW target by 2047 and ₹20,000 crore allocation for Small Modular Reactors (SMRs), further reinforces India’s clean energy ambitions.”

Meenu Singhal, Regional Managing Director- Socomec Innovative Power Solutions, Greater India 

“The Union Budget 2025 further strengthens the ‘Make in India’ initiative, which is pivotal to the government’s vision of making India a global manufacturing hub. As the country aims to become a manufacturing powerhouse, the duty exemption on capital goods used in lithium-ion battery production presents significant opportunities for growth. Furthermore, the boost for digitisation in today’s Budget will act as a catalyst for power management solutions and play a key role in ensuring sustained growth, skill development, and the realization of ‘Viksit Bharat.’” 

Vijay Karia, Chairman and Managing Director- Ravin Group of Companies.

“This budget is not just a policy announcement, it is a blueprint for India’s industrial and economic transformation. It signals a shift from incremental progress to structural acceleration, creating a business environment where companies are not just surviving but scaling to global benchmarks. For MSMEs, the true impact is not just in credit access or compliance simplifications—it is in breaking barriers to scale. Indian businesses must stop thinking small. With enhanced investment and turnover limits, this is the moment for MSMEs to go beyond survival mode and become global players. The future belongs to those who innovate, embrace automation, and integrate with international markets. This budget gives them the tools to do just that. The real game-changer, however, is green energy. The world is moving away from traditional energy sources, and India must lead, not follow. The ₹1.5 lakh crore investment in renewables and the removal of duty barriers on critical minerals is a direct call to action for businesses—if you’re not pivoting towards sustainability, you’re already behind.” 

Gaurav Bawa, Senior Vice President- WIKA India

“As the Senior Vice President of WIKA India, I am pleased to announce our strategic response to the Union Budget 2025. In light of the government’s initiatives to boost the manufacturing sector and reduce reliance on imports, WIKA India will be expanding our local production capabilities. We will be investing in state-of-the-art manufacturing facilities and technology to enhance our production efficiency and quality. This move aligns with our commitment to supporting India’s ‘Make in India’ initiative and contributing to the nation’s economic growth.”

Rajiv Ranjan Mishra, Managing Director-  Apraava Energy

“The Union Budget 2025 builds on the strong foundation built by its predecessors for accelerating India’s energy transition, boosting domestic manufacturing capabilities, and streamlining regulatory policies to promote ease of doing business. Further push to the Revamped Distribution Sector Scheme and the proposed incentives for States to enhance electricity distribution and intrastate transmission capacity will boost the financial health and operational efficiency of discoms. The incentive of additional borrowing allowance will encourage States to ensure rapid and efficient implementation of these projects.”

Chirag Nakrani, Founder and Managing Director- Rayzon Solar

“Budget 2025 represents a significant milestone in India’s journey toward a greener and more sustainable future. Rayzon Solar welcomes the government’s focus on solar power, particularly through the development of the solar ecosystem. In line with this vision, Rayzon Solar is committed to expanding its capabilities by establishing solar cell production and scaling up solar module manufacturing capacity. These initiatives, coupled with increased support for domestic manufacturing, skill development, and R&D, will drive the widespread adoption of solar energy and strengthen India’s renewable energy sector. At Rayzon Solar, we remain committed to supporting India’s ambitious goal of achieving 500 GW of renewable energy capacity by 2030, leading with innovation, efficiency, and sustainability.”

Simarpreet Singh, Executive Director & CEO- Hartek Group

“India’s dedication to renewable energy and manufacturing is emphasized in the Union Budget 2025-26, which places a high priority on solar, battery storage, and grid-scale electrification. An important step toward achieving energy independence is the emphasis on cleantech production of wind turbines, solar cells, and electrolysers. Further, the budget talks about building an ecosystem for high voltage transmission equipment. While the fine print is awaited, this is a welcome announcement since this may lead to commencement of manufacturing of HVDC in India.”

Rajeev Kashyap, SVP and General Manager- Nextracker India Middle East and Africa

“We welcome the Budget 2025-26, a significant step towards cementing India’s leadership in clean technology. The focus on boosting domestic manufacturing of key components like grid-scale batteries, electrolysers, and solar cells is a critical enabler for the renewable energy sector. This will not only reduce dependence on imports but also drive down costs, making clean energy more accessible. The government’s parallel focus on strengthening the electricity grid, including enhanced intrastate transmission capacity, is equally critical for ensuring the success of these renewable energy goals by driving operational efficiency and financial stability within the power sector. At Nextracker, we are excited by the emphasis on solar innovation, particularly solar trackers, which are critical for maximizing energy yield and accelerating the growth of renewable energy. With our robust R&D capabilities, including the newly inaugurated Centre for Solar Excellence in Hyderabad, and our firm commitment to ‘Make in India,’ we are uniquely positioned to contribute to this vision. We are ready to play a pivotal role in supporting India achieve its ambitious target of 500 GW of renewable energy by 2030.”

Pratik Agarwal, Managing Director- Sterlite Power & Chairman- Serentica Renewables

“The budget’s focus on deregulating Nuclear power and encouraging indigenous Small Modular Reactors (SMRs) is a big step in the right direction. With enough efforts in R&D, India can strive for global leadership in Nuclear Power Capital goods. While there is continued focus on domestic manufacturing of generation and storage equipment, there is new-found mention of high-voltage transmission equipment. Given that there are global deficits in this product category, focusing on this sub-segment is a very sound move. India can strive to displace its neighbours and become a global champion in high-voltage transmission equipment. Last, the focus on distribution reforms and intrastate transmission is extremely welcome. India’s power sector is doing quite well when it comes to generation, and inter-state transmission. It’s the last mile Transmission & Distribution (T&D) that needs the most attention.” 

Rahul Munjal, Chairman and Managing Director- Hero Future Energies

“I would like to congratulate the Hon’ble Finance Minister for presenting a visionary budget that aims to place India on a trajectory of inclusive, sustainable, and rapid economic growth. The thrust on infrastructure, manufacturing, healthcare, innovation along with direct tax reforms leaving more disposable income in the hands of the middle class should galvanize the economy. The Budget also prioritizes India’s clean energy ambitions by announcing policy support to boost grid storage infrastructure and production of electrolyzers, wind turbines, solar cells, batteries, and very high voltage transmission equipment. The rationalization of tariff on critical minerals and the incentives for manufacturing of Li-ion batteries are positive steps that will help strengthen the domestic manufacturing ecosystem, paving the way for Atma Nirbhar clean energy and clean tech sector and create more green jobs. This is a Budget that sets the roadmap for a resilient, progressive and Viksit Bharat. “

Anmol Singh Jaggi, Chairman and Managing Director- Gensol Engineering Ltd

“The National Manufacturing Mission is a transformative initiative that will create a more agile and competitive ecosystem for businesses. This mission is set to rapidly scale India’s domestic capabilities in solar PV cells, EV batteries, electrolyzers, and grid-scale batteries. Gensol Group, being actively engaged across these sectors, is fully committed to contributing to India’s vision of Aatmanirbhar Bharat. We welcome the government’s budget, which prioritizes these critical pillars of India’s long-term sustainability and global leadership in clean energy. Clean tech manufacturing thrives on policy certainty and strategic support, and this Mission provides both, backed by a robust execution and monitoring framework.”

Vivek Bhide, Regional President- India & Group Transformation Officer- John Cockerill

“The announcement of a National Manufacturing Mission presents an opportunity to establish a robust ecosystem for components such as electrolyzers and make India a hub for the exports of electrolyzers. The clean-tech industry could also benefit from the outlay of ₹1.5 lakh crore towards 50-year interest-free loans for projects implemented in public-private partnership mode. Additionally, we welcome the proposed establishment of National Centres of Excellence for skilling, as it will bring in the global expertise and partnerships needed to equip India’s youth with the skills required for world-class manufacturing. Together, the aforesaid initiatives will greatly improve domestic value addition and help us make rapid progress towards the goals set out in the National Green Hydrogen Mission. This is of vital importance because green hydrogen holds tremendous potential for decarbonizing industries such as refining, shipping, steel, fertilizers, power generation, and chemicals.”

Raman Bhatia, Founder & Managing Director- Servoteh Renewables Power System Ltd. 

 “I wholeheartedly welcome the forward-thinking Budget 2025 presented by Finance Minister Nirmala Sitharaman. The focus on incentivising electricity distribution reforms and augmenting transmission capacity is a crucial step towards strengthening the power sector, which is fundamental for the growth of renewables and EVs. The practical approach of allowing additional borrowing for states contingent on these reforms is commendable. The inclusion of 35 additional capital goods for EV battery manufacturing is a significant boost to domestic lithium-ion battery production, a critical component for the EV sector.”

Nikhil Sawhney, VC & MD- Triveni Turbines

“The government’s renewed commitment to manufacturing excellence and energy sector reforms marks a transformative step for India’s industrial growth. The National Manufacturing Mission and enhanced credit support for MSMEs will not only strengthen domestic capabilities but also drive energy-efficient solutions across industries. Additionally, the emphasis on clean-tech manufacturing, power sector reforms, and the Nuclear Energy Mission opens new avenues for sustainable energy innovation. At Triveni, we see these initiatives as a catalyst for innovation, sustainability, and self-reliance, reinforcing India’s leadership in advanced energy solutions.”

Neerav Nanavaty, CEO, BluPine Energy

“The budget lays out a bold and pragmatic roadmap for India’s clean energy future. The focus on boosting domestic manufacturing of EV batteries, solar panels, and other clean tech components will strengthen our supply chains and reduce import dependencies. At BluPine Energy, we are already aligned with this vision, actively working to enhance our renewable energy projects with domestically manufactured solar modules and equipment, while strengthening local supply chains to reduce reliance on imports. Power sector reforms, particularly incentives for distribution companies and intra-state transmission upgrades, will further improve grid efficiency and financial viability.”  

Mohal Lalbhai, Co-founder & Group CEO, Matter Motor

“The Union Budget 2025 reinforces India’s Net Zero 2070 commitment with key measures to strengthen the clean-tech manufacturing ecosystem. The exemption of Basic Customs Duty (BCD) on critical EV minerals and duty-free status for 35 battery components will secure the supply chain, lower costs, and accelerate EV adoption. Support for MSMEs through capital access reforms and compliance ease will drive innovation and India’s global manufacturing ambitions. Additionally, tax incentives for green investments and startup-friendly policies will boost clean-tech growth, aligning with the ‘Make in India, Make for the World’ vision.”

Avantika Gupta, CEO- OPG Power Ventures

“The Government has presented a pragmatic roadmap that builds a robust foundation for a ‘Viksit Bharat 2047’ while also deploying stringent guardrails to ensure a low carbon output. The emphasis on fortifying India’s energy security while also realizing committed decarbonisation goals, shall accelerate India’s sustainable growth paradigm in the decades to come… By incentivising states to drive reforms and expanding intrastate transmission capacity, we are moving toward a stronger, more efficient power sector. The additional borrowing allowance for states committed to these reforms reflects the government’s dedication to long-term stability and sustainability. These measures shall strengthen the financial health of power companies and pave the way for a resilient energy infrastructure that supports economic growth and industrial expansion across the country. The launch of the Nuclear Energy Mission, with a ₹20,000 crore outlay for Small Modular Reactors, and the vision to develop 100 GW of nuclear power by 2047, marks a transformative step towards clean energy transition. Additionally, the exemption of critical minerals like cobalt, lithium-ion battery waste, and zinc from basic customs duty will enhance domestic supply chains and accelerate India’s energy security.”