28th January 2025: As India eagerly anticipates the Union Budget 2025, industry leaders across the food and beverage, startup, beauty, and sustainable luxury sectors share their expectations and key recommendations for policy reforms that could drive growth and innovation. Addressing sector-specific challenges and introducing progressive measures will be pivotal in shaping a resilient and forward-looking business environment.
By – Mr. Ganesh Sonawane, Founder and CEO of Frido
“India’s startup ecosystem is a thriving hub of innovation, and we hope that the Union Budget 2025 reflects its potential. Startups, particularly those focusing on health-focused innovations, stand to benefit greatly from policies that streamline GST processes, introduce R&D tax incentives, and provide easier access to funding could ignite a wave of innovation, empowering manufacturers and startups to meet the increasing demand for wellness products. Encouraging startups to scale manufacturing for global markets will also be crucial in reinforcing the Make in India for the World initiative. With the right support, entrepreneurs can position India as a global hub for wellness and ergonomic solutions, showcasing the country’s ingenuity and innovation on the world stage.”
By – Aji Nair, CEO at Mirah Hospitality
“As we approach the Union Budget 2025, the F&B sector looks forward to measures that address key challenges such as rising food inflation, operational costs, and the intricate tax structures on alcohol and aerated beverages that impact profitability. A progressive framework that fosters innovation, simplifies policies and enables sustainable growth will be pivotal for the industry’s success.
The restaurant sector specifically urges the restoration of the GST Input Tax Credit, which would significantly ease operational expenses and enhance efficiency.
Additionally, revisiting the GST notification on commercial leases under the Reverse Charge Mechanism is essential to reduce financial burdens. With these steps, the sector can focus on innovation, customer experiences, and long-term growth.”
By – Shrishti Yadav and Shubham Godara, Co-founders at SCINQ Neurocosmetics
“We are optimistic that the 2025 Union Budget will address critical areas like streamlining the GST framework to reduce complexities, particularly for the beauty and skincare industry, where multiple tax slabs create challenges. A more uniform and industry-friendly tax structure would ease operations and lower costs, benefiting both businesses and consumers. Support for the retail and e-commerce sectors through industry-friendly policies would further encourage growth and innovation, creating a more dynamic marketplace. These steps can help Indian beauty and skincare space to reach a broader audience and contribute to the overall growth of the economy.”
By – Ricky Vasandani, Co-founder and CEO of Solitario
“As India increasingly embraces sustainable luxury, this year’s Union Budget presents a valuable opportunity to encourage eco-conscious consumption. By fostering an environment that supports sustainable businesses and innovation, particularly in sectors like lab-grown diamonds, we can create a thriving ecosystem for luxury brands. Simplified regulations and forward-thinking policies will enable brands to flourish in an evolving market, helping India strengthen its position as a leader in environmentally responsible luxury while promoting a new era of conscious consumerism.”