Back
PremiumBudget 2024 Updates: Finance Minister Nirmala Sitharaman delivered her Budget speech, presenting the Interim Budget 2024-25 at Parliament on Thursday, February 1, a day after the commencement of the Budget Session.
Applauding the interim budget, PM Modi said investment for capital expenditure was taken to a historic high of ₹11,11,111 crore. Calling India's capex and infra spending situation to be on a ‘sweet spot’, PM Modi underlined the creation of enumerable job opportunities for youngsters in the coming years.
"This budget has a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of ₹1 Lakh Crore has been announced," said PM Modi.
Key Budget 2024-25 major announcements:
-FY25 gross borrowing is estimated at ₹14.13 trillion, achieving a reduction from that of FY24
- Research led the growth and development of indigenous oilseeds like mustard, groundnut and sesame to make India self-sufficient. Currently, India imports about 60% of its cooking oil spending over ₹1.5 trillion in a year.
-FM Nirmala Sitharaman has raised outlay for infrastructure by 11% for FY 25 to ₹11,11,111 crore from ₹10,00,000 crore.
-FM has adopted an aggressive fiscal consolidation target. She has announced an FY25 fiscal deficit target of 5.1% as against the expectation of 5.3% levels. In FY24 the fiscal deficit target of 5.8% has been achieved thanks to better revenue mobilization as against the target of 5.9%.
-FM announces a scheme for housing for the middle class to those living in rented houses, slums, and unauthorised colonies to buy or build their own house.
-More medical colleges to be set up using existing infrastructure. Healthcare cover under Ayushman Bharat scheme to be extended to all Anganwadi workers, helpers
-Efforts to boost farmers' income will be stepped up. To reduce fertiliser imports and subsidies, the government will encourage faster adoption of nano DAP. Government to promote private investment in post-harvest activities
- The Finance Minister Sitharaman announced the withdrawal of outstanding disputed tax demands. The move is set to benefit 1 crore taxpayers.
- In a disappointment for the taxpayers, the FM chose to keep the tax rates unchanged in the interim Budget 2024, including import duty. However, certain benefits to start-ups and tax exemptions to certain IFSC units expiring in March will be extended to March 2025.
Read the latest news on Budget 2024 with our live coverage on the Income Tax Slab, Impact on Share Market, Budget Key Highlights, Corporate Reactions, and Funny Memes.
FAQs on the Interim Budget 2024:
Where to watch FM Nirmala Sitharaman’s speech?
Finance Minister Nirmala Sitharaman's Budget speech will be telecasted live on the official channel of Parliament Sansad TV and Doordarshan.
Where to read the Budget 2024 document?
The interim Budget 2024 can be accessed in a "paperless form" through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget Web Portal (www.indiabudget.gov.in). This Government of India app will provide all essential Budget documents, including the Annual Financial Statement, Demand for Grants, and the Finance Bill as mandated by the Constitution. Budget documents will be promptly available on the Mobile App following the conclusion of the Budget Speech.
What are the major tax reforms introduced by FM Sitharaman in Budget 2024?
Finance Minister Nirmala Sitharaman didn't announce any major income tax announcements. The tax rates were kept unchanged. The government has extended the deadline fortarget certain tax benefits to startups and exemptions to specific IFSC units to March 2025.
What is the fiscal deficit announcements for FY 2024-2025?
The fiscal deficit target for FY 25, was fixed by the FM as 5.1% as against the expectation of 5.3% levels.
What are the major announcement for the Railways sector?
In the interim budget, FM Sitharaman announced three major economic railway corridor programmes under are PM Gati Shakti: energy, mineral and cement corridors; port connectivity corridors, and high traffic density corridors.
Budget 2024 Live: Social Justice was largely a political slogan. For our government, social justice is an effective and necessary governance model !!
The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, prevents nepotism
There is transparency and assurance that benefits are received to all eligible people, all regardless of their social standing get access to opportunities
We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved
Budget 2024 Live: Our government is ready to assist states in the faster development of aspirational districts and blocks. The government will pay utmost attention to making the eastern region and its people a powerful driver of India's growth.
Despite the challenges of the pandemic, PM Awas Yojana Gramin implementation continued, we are close to achieving the target of 3 crore houses, 2 crore houses more will be taken up in the next 5 years to meet requirements arising from an increase in the number of families.
Budget 2024 Live: It is an important priority to ensure timely and adequate finances, relevant tech and appropriate training for MSMEs to grow and compete globally
Orienting the regulatory environment to facilitate their growth will be an important component of this.
Our government will facilitate sustaining high and more resource-efficient economic growth, this will contribute to energy security, in terms of availability, affordability and accessibility.
The government will prepare the financial sector in terms of size, capacity, skills and regulatory framework
Budget 2024 Live: The vision for Viksit Bharat is that of a prosperous Bharat, in harmony with nature, with modern infrastructure and providing opportunities for all to reach their potential. The next five years will be years of unprecedented development and golden moments to realize the goal of developing India by 2047.
Trinity of democracy, demography and diversity backed up by Sab Ka Prayaas has the potential to fulfil the aspirations of every Indian
Our government will adopt economic policies which will foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, and help them enhance their capabilities and contribute to the generation of resources to power investments and fulfil aspirations
The government will take up next-gen reforms and build consensus with stakeholders for effective implementation.
Budget 2024 Live: I propose to maintain the same tax rates for direct and indirect taxes including import duties
Budget 2024 Live: Global affairs are becoming more complex, globalization is being redefined with reshoring, disruption and fragmentation of supply chains and competition for critical minerals and technologies. A new world order is emerging
India assumed the G20 Presidency during very difficult times, global economy was going through high inflation, low growth, high interest rates, very high public debt, low trade growth and climate changes. The COVID-19 pandemic has led to a crisis of food, fertilizer, fuel and finances while India successfully navigated its way and showed the world the way forward.
India built consensus on global problems, and the recently announced India Middle East Europe Economic Corridor is a strategic and economic game changer for India and others.
Budget 2024 Live: Major elements of people-centric inclusive development
-- All forms of infrastructure are being built in record time
-- All parts of the country are becoming active participants in economic growth
-- Digital public infrastructure is instrumental in the formalization of the economy
-- GST has enabled One Nation One Market One Tax
-- Tax reforms have deepened and widened the tax base
-- Strengthening of the financial sector has made savings, investment and credit more efficient
-- GIFT IFSC and Unified Regulatory Authority IFSCA are creating a robust gateway for global capital and financial resources
-- Proactive inflation management has helped keep inflation within the policy band
Budget 2024 Live: Besides delivering on high growth, the government is equally focused on a more comprehensive GDP - I.e., Governance, Development and Performance. Our government has provided transparent, accountable, and people-centric trust-based administration with citizen first and minimum government and maximum governance approach. There is macroeconomic stability, investments are robust, the economy is doing well, people are doing well, with greater aspirations for the future, average real income has increased by 50%, inflation is moderate, people are getting empowered to pursue their aspirations, there is effective and timely delivery of programmes and large projects.
Budget 2024 Live: FM on Empowerment of Women through Entrepreneurship
-- Empowerment of Women through entrepreneurship, ease of living and dignity has gained momentum in the last 10 years
-- 30 crore MUDRA Yojana loans have been given to woman entrepreneurs
-- Female enrollment in higher education has gone up by 28% in 10 years
-- In STEM courses, girls and women constitute 43% of enrollment, one of the highest in the world
-- All these are reflected in the increasing participation of women in the workforce
-- Making Triple Talaq illegal, one-third of women's reservation in Lok Sabha and state assemblies, and giving over 70% of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity
Budget 2024 Live: FM Sitharaman on Empowering Amrit Peedhi, the youth
-- The National Education Policy 2020 is ushering transformational reforms
-- PM Shri is delivering quality teaching
-- Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth and established 3,000 new ITIs
-- A large no. of institutions of higher learning namely 7 IITs, 16 IITs, 7 IIMs, 15 AIIMSs and 390 universities have been set up
-- PM Mudra Yojana has sanctioned 43 crore loans amounting to Rs. 22.5 lakh crore for the entrepreneurial aspirations of your youth
-- Fund of Funds, Startup India and Startup Credit Guarantee Schemes are assisting our youth
Budget 2024 Live: FM Sitharaman lists schemes for farmers
-- Every year under PM Kisan Samman Yojana, Direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers
-- Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana
-- These are assisting farmers in producing food for the country and for the world
-- Electronic national agricultural market has integrated 1,361 mandis and is providing services to 1.8 crore farmers with trading volume of 3 lakh crores of rupees. The sector is poised for inclusive and higher growth
Budget 2024 Live: Finance Minister Nirmala Sitharaman lists govt schemes for poor
-- Direct Benefit Transfer of Rs. 34 lakh crore using PM Jan Dhan accounts has led to huge savings for the government. This has been realized through the avoidance of leakages, savings have helped to provide more funds for the welfare of the poor.
-- PM SVANIDHI has provided credit assistance to 78 lakh street vendors, from that total, 2.3 lakh have received credit for the third time
-- PM JANMAN Yojana reaches out to Particularly Vulnerable Tribal Groups
-- PM Vishwakarma Yojana provides end-to-end support to artisans and craftspeople
-- The scheme for empowerment of Divyang and transgender people reflects our resolve to leave no one behind
Budget 2024 Live: We need to focus on the poor, women, youth and farmers / Anna Data. Their needs, aspirations and welfare are our highest priority. All four require and receive government support, their empowerment and well-being will drive the country forward.
The earlier approach to tackling poverty resulted in very modest outcomes. When the poor became empowered partners in the development process, the government's power to assist them increases manifold. In the last 10 years, the government has assisted 25 crore people to get freedom from multidimensional poverty.
Budget 2024 Live: For our government, social justice is an effective and necessary governance model. The saturation approach of covering all eligible people is the true and comprehensive achievement of social justice, this is secularism in action, reduces corruption, and prevents nepotism.
There is transparency and assurance that benefits are received by all eligible people, regardless of their social standing get access to opportunities. We are addressing systemic inequalities which have plagued our society, our focus is on outcomes and not on outlays so that socioeconomic transformation is achieved.
Budget 2024 Live: Our government is working towards development which is all-round, all-inclusive and all-pervasive. It covers all castes and people at all levels. We are working towards making India a Viksit Bharat by 2047.
Budget 2024 Live: Our young country has high aspirations, pride in present and hope and confidence in its bright future, says FM. Inclusive development and growth, our humane approach to development has marked a departure from the earlier approach of provisioning up to the village level. Development programmes have targeted each and every household and individual through housing for all, Har Ghar Jal, electricity for all, cooking gas for all and bank accounts and financial services for all in record time. Worries about food were eliminated through free rations for 80 crore people. MSP for the production of Anna Data are periodically increased. The provision of basic necessities has enhanced real income in rural areas
Budget 2024 Live: In the second term, the government strengthened its mantra and our development philosophy covered all elements of inclusivity, namely social and geographical
With a whole of national approach, the country overcame the challenges of the COVID-19 pandemic, took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal
Budget 2024 Live: The Indian economy has witnessed a profound transformation in the last 10 years
In 2014, the country was facing enormous challenges, but the government overcame those challenges and undertook structural reforms, pro-people reforms were undertaken, conditions for jobs and entrepreneurship were set in, fruits of development started reaching people at scale, and the country got a sense of new purpose and hope.
Budget 2024 Live: Our govt focused on policies that brought secularism into action, reduced corruption, and prevented nepotism. We delivered Sabka Sath, Sabka Vikas through social and geographical. Garib, Mahilaye, Yuva, Annadata -- Focus on the poor, women, youth, and farmers. In 10 years, the govt has helped 25 crore people to get freedom from multidimensional poverty.
Budget 2024 Live: "When we assumed office in 2014, the country was facing enormous challenges. With 'Sabka Sath Sabka Vikas' as its mantra, the government overcame those challenges," says Union Finance Minister Nirmala Sitharaman as she presents Union Budget 2024.
Finance Minister Nirmala Sitharaman has begun presenting Interim Budget 2024 in Parliament with her Budget speech
Budget 2024 Live: Overhauling capital gains is necessary, feels Mishra. Currently, capital gains face different tax rates based on their holding period, leading to complexity. Standardising the capital gains system, including simplifying the holding period (long-term or short-term) and making tax rates uniform across various asset classes, would benefit investors, he added. Making these changes align with the government's vision for taxpayer-friendly initiatives, like common income-tax return forms and annual information statements, could improve overall compliance.
Budget 2024 Live: As we anticipate the upcoming budget, there is no foreseen adjustment in the taxation framework for gains on equity or debt, said Narag. He noted that as of last year, April 2023, there were amendments to the taxation rules governing debt mutual funds and returns generated from various debt instruments, including FDs, Debt MF, Bonds, and NCDs, are subject to taxation based on the investor's slab rate. This modification aims to standardize the taxation approach for all debt instruments.
The government's objective is to attract long-term capital to the equity markets, and consequently, it is likely that incentives, in the form of lower taxes compared to debt investments, will persist, he added.
Budget 2024 Live: Union Cabinet headed by Prime Minister Narendra Modi approves pre-election Budget: Sources
Budget 2024 Live: Sood feels the government is not anticipated to make any alterations to the capital gains taxes as he market is experiencing a positive rally, triggering the activation of a 10 percent long-term tax. He added that this is expected to contribute to an increase in government revenue. The generated funds play a crucial role in improving the country's infrastructure and promoting tourism, leading to a simultaneous boost in employment.
The government is expected to continue focusing on boosting economic growth through more capital investment and infrastructure development, said Nyati. The capital market is currently strong, and it is hoped that the government avoids policies that could disrupt the positive market sentiment. Additionally, there is a call for reconsidering the removal of either Long-Term Capital Gains (LTCG) or Securities Transaction Tax (STT) to further support equity culture in India, he added.
Budget 2024 Live: Aggarwal said they are looking forward to the potential grant of Industry status, foreseeing a boost in investments and regulatory streamlining. We advocate for extending Infrastructure status to affordable housing, suggesting benefits like input tax credits and reduced GST rates on construction materials to single digits, he said. We also urge the implementation of a Single Window Clearance system for quicker project execution, he added. Additionally, the relaunch of the CLSS scheme, with expanded affordable housing criteria to ₹75 lakh and increased carpet area to 90 square meters, is recommended. These measures aim to strengthen the real estate sector, contributing to the nation's economic resurgence, he stated.
Budget 2024 Live: Rao urged the Finance Minister to thoroughly review the possibility of increasing the income tax deduction for home loan repayments. The current deduction of ₹2 lakh against home loan interest has remained unchanged for the past decade, with the last adjustment being an increase of ₹50,000 in 2014. Given the increase in property prices, borrowing amounts have risen significantly. Additionally, interest rates have gone up, leading to higher EMIs for homebuyers. The government should consider doubling the home loan interest deduction limit to ₹4 lakh. This step would offer substantial relief to potential homebuyers and contribute to an economic boost, he added.
Budget 2024 Live: Anticipated measures in the upcoming budget include the implementation of Single Window Clearance, granting Industry Status, and raising tax exemptions for housing loans. We anticipate an increase in the housing loan exemption limit to ₹5 lakh, said Jain. Additionally, the Government must maintain its focus on infrastructure, given its positive impact on both the overall economy and the real estate sector. The growth observed in the Gurugram real estate market serves as an example of the benefits derived from such initiatives, he added.
Budget 2024 Live: As per Bothra, anticipation is building among homebuyers for potential tax benefits in the upcoming budget. One key expectation is a possible increase in the current ₹2 lakh tax rebate on housing loan interest under Section 24 of the Income Tax Act to at least ₹5 lakh. This adjustment is seen as crucial to boost housing demand, especially in the affordable housing segment. Additionally, there's a call for a reassessment of the price bracket for affordable housing, particularly in cities like Mumbai, where the current limit of ₹45 lakh is considered impractical, he noted. Advocates suggest raising this limit to ₹75 lakh or beyond to benefit a wider range of homebuyers, promoting affordability and driving housing demand, he added. Another recommendation is a reduction in the existing 20% capital gains tax. Supporters argue that such a move would incentivize investments, leading to increased economic growth and stability.
Budget 2024 Live: Union Finance Minister Nirmala Sitharaman departs from Rashtrapati Bhavan en route to Parliament. Today, she is set to unveil the Union Interim Budget.
Budget 2024 Live: The real estate sector eagerly anticipates the upcoming budget with hope, aiming for a strategic plan that caters to the changing needs of stakeholders, including end-users, developers, and investors, feels Yagnik. The budget will focus on housing, infrastructure development, sustainability, and digitization, crucial for the long-term growth of the real estate market. Emphasis will also be on EV infrastructure, renewable energy, and green financing to build a foundation for a sustainable future. Incentives for green buildings, such as minimum alternate tax or tax breaks similar to the infrastructure sector, are expected to be advantageous, he said. Retail investors are advocating for a more rationalized capital gains tax structure, while initiatives to encourage greater retail participation in REITs and InvITs should be explored in the Union Budget 2024-25. Potential alterations to personal tax slabs could further stimulate consumption across various sectors, including real estate and related industries, he added.
Budget 2024 Live: Chief India Economist at UBS Securities India, Tanvee Gupta Jain, anticipates that the government will focus on promoting growth with ongoing capital expenditure and stick to its fiscal consolidation plan in Budget 2024. Speaking to Mint, Jain also provided insights into the Indian and US economies. The Interim Union Budget, scheduled for announcement on February 1, is a crucial event in the lead-up to the 2024 General Election. The expectation is for the central government to stay on the fiscal consolidation trajectory, targeting a fiscal deficit of 5.3 per cent of GDP (compared to 5.9 per cent in FY24E). Possible populist measures, such as increased support to farmers under PM Kisan, are anticipated but expected to be limited. The government is projected to give priority to growth initiatives by sustaining the capital expenditure push and adhering to its fiscal consolidation plan (4.5 per cent of GDP by FY26).
Budget 2024 Live: Vinod Nair, the Head of Research at Geojit Financial Services, shared insights on the upcoming Interim Budget 2024 in an interview with Mint's Nikita Prasad. Nair highlighted that expectations for the budget are mainly focused on key aspects like fiscal deficit targets. He anticipates that the budget's impact on market dynamics will be limited, and global trends will likely play a significant role. Nair's expectations for the interim budget session include the announcement of key measures in the final budget in July. Specifically, he foresees efforts to curb the fiscal deficit to around 5.5 per cent for FY25E, down from the targeted 5.9 per cent for FY24E. Nair also predicts continued higher spending in areas such as the rural market, initiatives for the underprivileged, infrastructure, and affordable housing. Due to overall low expectations, he doesn't foresee a significant market impact. Post the budget presentation, the market is expected to align with global trends, potentially facing short-term challenges ahead of the national election.
Budget 2024 Live: In anticipation of the upcoming budget, Agarwal's main expectation is the resolution of challenges faced by online Direct-to-Consumer (D2C) ventures. A key concern is the impact of Tax Deducted at Source (TDS) on transactions through online marketplaces, affecting cash flow and operational flexibility. We expect changes to TDS regulations to alleviate this burden and create a favourable environment for digital commerce, he said. A unified, pan-India GST network would simplify compliance processes, improve operational efficiency, and open up growth opportunities. Addressing Digital Services Tax (DST) and Payment Card System Assessment (PCSA) taxes is vital for enhancing profitability and attracting investment, he added.
Budget 2024 Live: Investors are eagerly awaiting updates on capital gains taxes ahead of the impending Interim Union Budget. The previous budget saw adjustments in this critical area, prompting anticipation of potential modifications by Finance Minister Nirmala Sitharaman. Capital gains taxes significantly influence investment decisions in India, covering profits from asset sales like real estate and stocks, with different rates for short-term and long-term gains. Despite expectations of no major changes in the Interim Budget, experts remain divided on aspects of capital gains taxes.
Budget 2024 Live: Anticipated Key Areas in Interim Budget 2024 for Economic Growth include the following according to Sampat — 1. Infrastructure Development: Expectations include provisions for improved roads, airports, and railroads to enhance the mobility of people, materials, manpower, and equipment.
2. Cleaner Air Conditions: Hopes for policies targeting enhanced air quality in India, emphasizing pollution reduction in major cities. Enforcing bans on polluting fuels and promoting a gas economy aligns with the commitment to cleaner air as a basic human right.
3. Business Ecosystem Enhancement: Expectations encompass measures for a more efficient business environment, including prompt dispute resolution, policies facilitating easy business startup and operation, and enhanced processes for business compliance.
These expectations are in line with a commitment to sustainable practices, economic growth, and a cleaner, more efficient energy landscape in India.
Union Finance Minister Nirmala Sitharaman, along with MoS Finance Bhagwat Karad and Pankaj Chaudhary, arrived at the Ministry of Finance on Thursday ahead of the presentation of the interim budget for 2024-2025.
Budget 2024 Live: Agriculture is vital to the Indian Economy, contributing 16% to the GDP and employing around 52% of the population. India aims to achieve a $100 billion Agricultural Exports target by 2030, doubling the current $50 billion. To meet this goal, significant capital is needed for agricultural modernization.
Success factors include real-time access to information on domestic and global demands, weather patterns, crop insurance, and improved export connectivity. There's a need to promote plant-based proteins, aligning the GST sector with Animal protein, feels Sinha. The global Meat Industry, valued at $1.3 trillion, offers an opportunity for India to capture a market share with affordable and healthy plant-based alternatives. With 72% of Indians protein deficient, focusing on plant-based proteins can address this gap. Investments in extracting proteins from traditional crops are crucial. Export promotion and incentives can boost the plant-based protein industry with a high sustainability footprint.
Introducing a separate PLI scheme for plant-based proteins could incentivize the agricultural processing sector, facilitating the global adoption of plant-based proteins. India, with abundant resources, a skilled workforce, and manufacturing capabilities, has the potential to lead in the global food and agri-processing space, added Sinha.
Budget 2024 Live: The 2024-'25 Union Budget is set to focus on smart agriculture, research and development, blockchain for transparency, IoT devices in precision farming, and ERP solutions for sustainable farming. Expectations for the upcoming budget include significant investments in smart agriculture, modernizing storage and transportation, and creating integrated supply chains for efficiency and sustainability. Increased funding for Research and Development (R&D) is anticipated to foster innovation in crop varieties, pest control, and farming techniques. The budget is also expected to boost transparency and traceability in agriculture through blockchain technology, reducing fraud and empowering consumers to make informed choices. Emphasis on integrating Internet of Things (IoT) devices for precision farming is foreseen, allowing real-time data collection on soil health, weather conditions, and crop growth.
Budget 2024 Live: Amid ongoing positive changes in the nation, there is a clear challenge in effectively sharing government plans, project specifics, budgets, and grants at the local level, said Purohit. Despite notable attempts, getting essential details about funding opportunities, especially startup grants mentioned in the yearly financial budget, remains a challenge for those aiming to benefit from these initiatives for their development, he added.
Budget 2024 Live: Expectations are high for the upcoming budget, especially following recent media coverage on travel and tourism, feels Banka. It is anticipated that the forthcoming budget will focus on introducing new destinations, establishing additional tourist hubs, and increasing their global prominence. There is widespread anticipation for a strategic redistribution of tourism across various regions, promoting inclusivity and exploration beyond traditional hotspots, he added. Alongside creating a conducive environment for new entrepreneurs and SMEs in the tourism sector, there is also hope for a concerted effort to enhance indirect support mechanisms. This involves investments in transportation, connectivity, basic infrastructure, and improving remote accessibility, all aimed at catalyzing tourism growth in upcoming, offbeat locations, he said.
Budget 2024 Live: Anticipating advancements in regulatory frameworks, Vir is awaiting measures that will not only boost investor attraction in real estate but also guarantee investor safety, standard disclosure practices, and an effective redressal system. The integration of technology into consumer and enterprise practices, guided by regulations, is expected to unlock local capital for real estate development, contributing to India's real estate growth potential, he said.
Union Finance Minister Nirmala Sitharaman is poised to equal the record of former Prime Minister Morarji Desai by unveiling her sixth consecutive budget on February 1. Since July 2019, Sitharaman, the country's first full-time woman finance minister, has introduced five complete budgets. The upcoming interim budget presentation will elevate her beyond the five-budget streak of her predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha. Morarji Desai, during his tenure as finance minister, presented five annual budgets and one interim budget from 1959 to 1964. His total of 10 budgets remains the highest by any finance minister.
Yadav expects an ongoing positive path, concentrating on policies promoting sector growth and enhancing investor appeal. Imagining rules that support investor involvement and broaden real estate investments to more people will add to a lively and inclusive landscape. He said he firmly supports speeding up the Digital India Land Records Modernization Program (DILRMP), aiming for 100% digitization of land and property records to drive the sector's long-term growth.
Kotnis believes that there exists a need for regulatory policies to safeguard consumers, simplify sales and distribution, and centralize property records. For this, each residential unit must possess a distinct RERA ID linked to the project, and all transactions concerning the unit should be centrally registered on the blockchain, he feels. This includes processes from booking to registrations and collection against property units. The adoption of digitization can enhance consumer protection, cut costs, and lower overall marketing expenses for developers by facilitating seamless sharing, discovery, and transactions of inventory, he added.
As per Agarwal, the short-term movement of the stock market is uncertain, akin to a coin flip. It is recommended to identify opportunities in strong businesses with reasonable valuations. The individual holds the view that the government's focus is likely to grow in railways, roadways, and housing, she notes. According to her, investing in India continues to be attractive. Capitalizing on the positive sentiment in financial services and pharma & healthcare, WhiteOak AMC has introduced a scheme in each of these sectors. She emphasizes that large caps, as a category, have gained increased attractiveness.
Shetye feels that guardrails are needed to ensure growth in the real estate sector, focusing on two vital aspects. Firstly, safeguarding consumers and improving their experience in discovering, purchasing, and using real estate. Secondly, enhancing the efficiency of real estate businesses, including developers and distributors, to scale up acquisition, construction, and monetization, he said. The adoption of technology through policies in rental real estate, property transactions, and real estate investment and financing can propel India PropTech from 1.0 to 3.0. This move will expedite the use of LLM, Generative AI, Blockchain, and AR/VR, ultimately benefiting both consumers and enterprises, he added.
Deora believes that the integration of technology among all involved parties, such as investors, developers, service providers, and consumers, is unavoidable. Policymakers have started making changes in four main areas: digitizing land records and real estate transactions, regulating and licensing service providers, reforming the Rent Control Act, and overseeing real estate development to safeguard consumers and instil confidence in lenders and investors. We believe that leaders and policymakers will hasten the progress and execution of these reforms across various sectors, he said.
The country is witnessing increased demand for rental housing and co-living due to rapid urbanization and shifting consumption patterns among millennials and Gen-Z, according to Jagdeva. To boost convenience and trust for landlords, tenants, and NRI/NRO owners, there is a need for policy measures such as implementing digital rental agreements, simplifying rent payments, digital KYC for police verification, and enabling digital registrations, he notes. The sector is projected to reach a size of $14 billion by 2030, requiring substantial efforts from all stakeholders for its institutionalization.
