Budget 2024: Navigating India's Economic Future with Key Expectations
Get ready for the Union Budget 2024, which promises to bring significant changes to India's economic landscape, including reforms in the real estate sector.
Union Budget 2024Indian EconomyReal Estate SectorGst RatesTax DeductionsReal EstateJul 20, 2024
The Union Budget has a rich history in India, dating back to November 26, 1947, when the country's first Finance Minister, RK Shanmukham Chetty, presented the inaugural budget. Since then, the budget has undergone significant changes, including the timing of its presentation. Until 1999, the budget was presented in Parliament at 5 pm on the last working day of February. In 1995, the budget was printed in both Hindi and English languages for the first time. The COVID-19 pandemic brought about a significant change, with the budget transitioning to a paperless format.
One of the most notable records in the history of the Union Budget is the longest budget speech, delivered by Finance Minister Nirmala Sitharaman in February 2020. The speech lasted an impressive two hours and 40 minutes, although it was cut short with two pages remaining. This budget speech was significant, as it announced new Income Tax slabs and the LIC IPO.
The real estate sector is eagerly awaiting the budget, with key expectations including changes in GST rates, tax deductions, land allocation, and increased funding. The sector's critical role in India's economic development is well recognized, and the upcoming budget is viewed as an opportunity to strengthen it.
As the country looks forward to the Union Budget 2024, it is essential to understand the significance of this budget and its potential impact on the economy. With expectations running high, the budget is likely to shape the country's economic future in the coming years.
Information
The Ministry of Finance is responsible for the preparation and presentation of the Union Budget. The budget is a comprehensive document that outlines the government's revenue and expenditure plans for the upcoming financial year.
The National Democratic Alliance (NDA) is a political alliance led by the Bharatiya Janata Party (BJP). The NDA government has been in power since 2014, with Prime Minister Narendra Modi at its helm.
Frequently Asked Questions
When will the Union Budget 2024 be presented?
The Union Budget 2024 will be presented on July 23.
What is the significance of the Union Budget 2024?
The Union Budget 2024 is significant, being the first budget of the BJP-led NDA government's third consecutive term.
What are the key expectations from the real estate sector from the Union Budget 2024?
The real estate sector expects changes in GST rates, tax deductions, land allocation, and increased funding from the Union Budget 2024.
Who holds the record for the longest budget speech?
Finance Minister Nirmala Sitharaman holds the record for the longest budget speech, delivered in February 2020.
What is the importance of the Union Budget in India's economic development?
The Union Budget plays a crucial role in shaping India's economic future, outlining the government's revenue and expenditure plans for the upcoming financial year.
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