LONG-TERM plans to spur growth, and tax rebates and incentives for certain companies, these were among the highlights of Singapore&rsquo s Budget 2025 statement delivered by Prime Minister and Finance Minister Lawrence Wong on Tuesday (Feb 18). 

Ahead of the nation&rsquo s 60th birthday, Budget 2025 tackled immediate and long-term issues faced by Singapore. This ranged from affordability concerns and support for workers and families, to future steps the country must take as it forges ahead into a future marked by tech disruption, geopolitical uncertainty and climate threat. 

With tax perks, vouchers and more funds earmarked for investments to nurture growth in critical sectors &ndash such as semiconductors, biotech, and clean energy &ndash analysts say some players in Singapore are positioned to emerge as winners from the schemes unveiled at Budget 2025. 

Semiconductor, R& D- and manufacturing-related companies 

Shares of semiconductor-related companies such as  AEM  :  AWX  -1.86%  and  Frencken  :  E28  -1.75%  could benefit from a greater focus on research and development (R& D), said DBS and Maybank. 

This comes as the government intends to invest S$1 billion in research infrastructure and develop a new national semiconductor R& D fabrication facility. 

ST Engineering  :  S63  -0.78%  could also gain from the increased emphasis on value-added manufacturing, said Maybank. 

Grocers and Reits 

Grocers such as  Sheng Siong  :  OV8  0%  and  DFI  :  D01  -0.89%  could get a boost from the measures unveiled to help ease inflationary pressures and costs of living, said DBS, OCBC, Maybank and CGS International. These measures include SG60 and CDC Vouchers for households and individuals and a 60 per cent personal income tax rebate. 

The gains from higher spending on essentials and groceries could spill over to real estate investment trusts with suburban retail exposure, such as  CapitaLand Integrated Commercial Trust  :  C38U  -0.51%  and  Frasers Centrepoint Trust  :  J69U  -0.96%, added DBS, OCBC, and Maybank. 

Companies with clean energy businesses 

The government&rsquo s commitment to clean power, with its S$5 billion investment top-up into the Future Energy Fund after an earlier tranche announced at Budget 2024 &ndash bodes well for  Sembcorp Industries  :  U96  +1.81%  and  Keppel  :  BN4  +0.44%, said DBS. 

Engelmayer&rsquo s ruling was in response to a suit filed by New York Attorney General Letitia James and 18 other state attorneys general against the Trump administration.

Trump and Musk have  upended the federal workforce  in their quest to shrink the government, sparking chaos, fear, anger &mdash and multiple lawsuits that have prompted judicial action.

Musk also offered a defense of the access in a  social media post  Saturday, saying that DOGE and the Treasury Department &ldquo jointly agreed&rdquo to requirements involving government payments, including that &ldquo all outgoing government payments have a payment categorization code, which is necessary in order to pass financial audits.&rdquo

&ldquo The above super obvious and necessary changes are being implemented by existing, long-time career government employees, not anyone from @DOGE. It is ridiculous that these changes didn&rsquo t exist already!&rdquo Musk added.

Saturday&rsquo s order came on the heels of another court ruling temporarily blocking the administration&rsquo s attempts to dismantle the US Agency for International Development.

And a federal judge  paused a Thursday deadline  for the administration&rsquo s so-called buyout offer to federal employees while more proceedings on the program&rsquo s legality played out. That followed earlier federal court rulings  halting  a sweeping federal spending freeze.

The suit from the attorneys general alleges the team led by Musk and staffed by young associates categorized as &ldquo special government employees&rdquo have been unlawfully granted access to the Treasury system that previously was restricted to specific government employees.

The effort by what the Trump administration calls the Department of Government Efficiency, or DOGE, is intended to cut government costs drastically but has sought access to critical computer systems, including the Treasury payment system, at the objection of others in the agencies, as  CNN previously reported.

DOGE&rsquo s actions have ignited a tense political debate and emergency court proceedings over its access to the system and the administration&rsquo s potential interest in using it to turn off payments as it chooses.

&ldquo The conduct of Doge members presents a unique security risk to the States and State residents whose data is held,&rdquo the lawsuit said.

The payment system offers services for more than 250 federal agencies and is the conduit for an extraordinary swath of critical individual payments. It is central to the operations of the US government and the lives of millions of Americans.

The administration&rsquo s efforts have drawn the wrath of Democratic senators as well as unions and protestors concerned about Musk&rsquo s incursion into the private data of US citizens.

Musk and his DOGE team have sought to disrupt or gain access to a number of government nerve centers, including those responsible for the federal workforce, real estate portfolio, computer systems and records management.

The Trump administration&rsquo s first moves to upend the federal government were felt most acutely at USAID, after the president  placed a freeze  on most foreign aid.

In the separate court decision late Friday involving USAID, another  federal judge ordered the Trump administration to halt its plans  to put at least 2,200 employees at the agency on administrative leave and required the temporary reinstatement of 500 other workers who had been suspended.

This story has been updated with additional information.

CNN&rsquo s Samantha Waldenberg, Betsy Klein, Katelyn Polantz, Phil Mattingly and Devan Cole contributed to this report.