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.
Related News Articles
Keystone Realtors to Pump in Rs. 9 Billion in FY25 Residential Projects
Keystone Realtors, a prominent real estate developer, has announced plans to invest a whopping Rs. 9 billion in residential projects in FY25.
Construction Costs for Premium Housing Projects Soar by 39% Over Four Years
Real estate consultancy firm Colliers India has revealed that the average construction cost for premium housing projects has surged to Rs 2000 per square foot over the past four years.
Natco Pharma Sells Telangana Property for Rs 1.15 Billion
Natco Pharma has announced the sale of its property in Telangana for Rs 1.15 billion. This strategic move is part of the company's larger asset optimization plan.
Oberoi Realty Reaches All-Time High: Gains 10% in Two Days, Here's Why
Oberoi Realty, a leading real estate development company in India, has recently hit an all-time high, gaining 10% in just two days. The surge in stock value is driven by several factors, including robust project deliveries, strong financial performance, a
Airoli Set to Transform into MMR’s Premier Business Hub, Reveals Liases Foras Report
According to a recent report by Liases Foras, a leading real estate research firm, Airoli is on the brink of becoming the premier business district in the Mumbai Metropolitan Region (MMR). The strategic location of Airoli, in close proximity to the Mumbai
Construction Workers in Maharashtra Can Now Register Themselves Online
In a significant move to support construction workers in Maharashtra, the state government has introduced an online registration system. This initiative aims to streamline the registration process, ensuring better documentation and improved working condit