CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Finance Minister Nirmala Sitharaman announced India’s Union Budget for 2024-25, focusing on employment, skill development, support for MSMEs, and the middle class. This pivotal moment for India’s fiscal policy outlined the government’s financial roadmap, with all eyes on the strategies and allocations shaping the country’s economic trajectory. Key highlights included targeted reforms, infrastructure investments, and measures to boost consumption and employment. Notably, the Finance Minister announced substantial adjustments to personal income tax rates for the fiscal year 2024-25, aimed at reducing the tax burden on the people, maintaining exemptions for incomes up to Rs. 3 lakh.
Rajjath Goel, Managing Director, MRG Group, commended the Union Budget for its clear commitment to sustainable urban development. “The Union Budget has made an unequivocal statement about its commitment to sustainable urban development, with a sharp increase in finances for projects aimed at improving connectivity and the quality of life in cities. The robust framework brought out in the new budget for integrating renewable sources of energy into housing projects in urban areas will modernize cities and accommodate the growing urban population effectively,” he said.
Echoing these sentiments, Harinder Singh Hora, Founder Chairman, Reach Group, hailed the Union Budget 2024 as a catalyst for transformative growth in Indian real estate. “The Rs. 11.1 lakh crore allocation for infrastructure is a game-changer, unlocking potential for both residential and commercial segments. The government’s nudge for reduced stamp duty makes property investments more accessible and stimulates market growth. The focus on youth skilling and MSME support will create job opportunities and a more attractive business environment, further propelling the real estate sector. The budget lays a strong foundation for significant growth and transformation,” Hora noted.