Ahead of the FY26 budget, Jindal Stainless has sought nil import duties on critical raw materials like molybdenum ore, and continuing with zero duties on ferro-nickel, pure nickel, mild steel scrap and stainless steel scrap.

Jindal Stainless Managing Director Abhyuday Jindal, in a statement, said, "We recommend reducing import duties to zero on critical raw materials unavailable in India, such as molybdenum ore, and continuing with zero duties on pure nickel, ferro-nickel, stainless steel scrap, and mild steel scrap."

Industry body Solvent Extractors Association of India (SEA) has urged the government to regulate the import of refined edible oils, impose a 5% GST on de-oiled rice bran, and restrict duty-free inbound shipments of finished products like soaps and noodles.

According to Grant Thornton Bharat's pre-budget survey, 72% of individual taxpayers have opted for the new income tax regime.

According to a pre-budget survey by Grant Thornton Bharat, as many as 57% individual taxpayers want taxes to be decreased in the forthcoming Budget.

Industry body India Hydrogen Alliance (IH2A) has urged for additional budgetary support of $2.5 billion for the government's National Green Hydrogen Mission (NGHM) in the Budget 2025.

The body has "recommended increasing budgetary support for the National Green Hydrogen Mission (NGHM), with an additional USD 2.5 billion allocation in addition to the USD 2.3 billion already allocated to NGHM".

Ahead of the February 1 Budget, Tata Technologies called for increased allocation towards upskilling initiatives aligned with Industry 4.0 to develop a future-ready workforce.

"In order to achieve India's ambitious goals outlined in the roadmap for a USD 5 trillion economy, the budget should prioritise innovation-driven policies, investments in emerging technologies, and the development of products in India, for India and the world, "Tata Technologies CEO & MD Warren Harris said in a statement.

Addressing a virtual conference, he said, "We are beginning to see a little bit of uptick in rural (markets) but we've got to see the same coming up all across."

The announcements on allocation for the Defence Ministry in the Union Budget 2025 will be in focus as aatmanirbharta or self-reliance in defence production has been a pivotal government focus area.

The Nuts and Dry Fruits Council of India (NDFC) urged the central government to rationalise walnut import duty on a per-kilogram (Kg) basis, lower GST to 5%, and introduce a production-linked incentive (PLI) scheme for the sector in its pre-budget proposals.

The government in the upcoming Budget should declare an "effective" personal income tax cut to back consumption and demand, Barclays said on Thursday.

He mentioned that a key expectation is enhancing tax incentives for policyholders to encourage broader insurance uptake.

Another emphasis should be on increasing budgetary support for state-backed insurance schemes, like the Ayushman Bharat and Pradhan Mantri Fasal Bima Yojana, he added.

Insurers expect a host of tax benefits, including benefits for the insurance and healthcare sectors, from the latest Union Budget.

Naveen Chandra Jha, MD and CEO of SBI General Insurance, said that the upcoming Budget is expected to strengthen the health insurance sector.

He said initiatives such as Bima Sugam, which aim to achieve 'Insurance for All' by 2047, are expected to receive regulatory and fiscal support to close the protection gap.

"Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure," Jha added.

One such key change that the latest Budget may bring is the introduction of 100% foreign direct investment (FDI) in the insurance sector, up from the current 74%, Ladha said.

The industry is optimistic that the government will declare a slew of measures to increase consumption by ensuring more money in the hands of people, giving relief to the housing sector and technological innovations

With Union Finance Minister Nirmala Sitharaman preparing for the first full Budget of the Modi 3.0 government, industry players are hopeful for a raise in income tax limits, measures to create more jobs, industry incentives, and further improvements in doing business to boost growth.

Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on Saturday, February 1, 2025. Key eyes will income tax reforms and industry incentives.