Budget 2024: Stay informed with the latest insights into Nirmala Sitharaman’s announcements and Modi 3.0.
Union Budget 2024 News: With the full budget for 2024-2025 set to be unveiled on July 23, the focus has shifted from expectations to actual announcements. Finance Minister Nirmala Sitharaman will present her seventh Budget, marking the first of the Modi 3.0 government.
This budget is anticipated to outline economic visions for 2030 and 2047, generating expectations for income tax relief and initiatives aimed at bolstering India’s economic growth.
Expectations for Budget 2024 include a push for rural development, incentives for affordable housing, and measures to encourage states to promote manufacturing and small businesses.
The Interim Budget 2024, presented earlier in the year, laid out fiscal plans until the full budget release. It emphasised themes such as ‘Viksit Bharat’ (developed India), proposing measures like raising tax exemption limits and fostering sustainable development.
Real Estate Expectations from Budget 2024
Gaurav K Singh, founder and chairman of Womeki Group, said, “As a real estate company, we anticipate the government to introduce measures that will drive sector growth and investment in the budget. Key expectations include tax incentives, such as reductions in GST rates on construction materials and real estate transactions, which would lower costs and improve affordability. We also hope for increased tax deductions on home loan interest and principal repayments to encourage home purchases. Additionally, we expect enhanced regulatory and infrastructural support from the government. Implementing a single window clearance system to streamline project approvals will reduce delays and increase efficiency. We also hope for increased investment in urban infrastructure, such as roads, water supply, and sewage systems, alongside affordable housing schemes like the Pradhan Mantri Awas Yojana (PMAY) to support new housing developments. Incentives for green building practices and smart city initiatives are anticipated to promote sustainable and technologically advanced urban development, enhancing the sector’s long-term appeal and functionality.”
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