On February 1, 2024, Honorable Union Finance Minister Nirmala Sitharaman will present an interim budget for 2024-25 in Parliament, effective from April 1, 2024. However, the new government will present the full Budget in July 2024.
Here are a few Budget 2024 expectations from the Industry Leaders.
Srinivasa Bharathy, CEO & MD, Adrenalin eSystem- Pioneer in HR Tech Space
Talking to SightsIn Plus on Budget expectations Srinivasa Bharathy said, “We anticipate a budget geared towards reinforcing India’s position as a global technology powerhouse, further underlining our ascent as a frontline leader. The resilience of our domestic economy amid worldwide volatility has been remarkable.”
“With India’s GDP surging by 7.6% in Q3 of 2023 and an impressive 7.8% in Q1 of FY24, our nation stands out, thanks to vigorous internal demand even as a worldwide economic deceleration impacts exports. The upcoming budget is expected to adopt a balanced approach. We foresee an interim financial plan that will address immediate fiscal needs while laying the groundwork for a comprehensive budget that will steer long-term economic strategy.” He added.
Dhruv Agarwala, Group CEO, REA India
Commenting on his budget 2024 expectations Dhruv said, “As we chart our course towards achieving the $1 trillion revenue forecast for the Real Estate Industry in 2030 and aim for a 13% contribution to India’s GDP by 2025, the real estate sector emerges as a crucial chapter in our economic narrative.”
“The upcoming budget has the potential to shape a resilient and bright future for the industry. It’s essential to adopt a comprehensive approach that extends beyond promoting affordable housing to also addressing fundamental challenges. This includes granting Industry status and implementing a streamlined single-window clearance system.” He added
Dhruv further said, “Additionally, in response to the recent escalation in realty prices, we propose an increase in the tax rebate on home loan interest under Section 24 of the Income Tax Act. Raising the current limit from Rs 2 lakh to Rs 4 lakh could be a game-changer, helping to sustain the current strength in demand.”
“By creating a conducive environment for affordable housing and prioritizing key reforms, we can further strengthen the real estate sector’s role in bolstering the economy. The upcoming budget presents a strategic opportunity to advance these initiatives, ensuring long-term prosperity for the real estate industry and its significant contribution to India’s economic development.” He further added.
Ashish Deora, Founder and CEO, Aurum Ventures
Ashish has shared his expectations with SightsIn Plus and said, “In the past decade, structural and policy reforms have facilitated significant regularization and liberalization of the Indian real estate sector. As a result, the sector has attracted USD 26.6 billion in foreign institutional inflows between 2017 and 2022.”
“Five key demand drivers are increasing urbanization, growth in the IT and BFSI sectors, the proliferation of manufacturing corridors, the exponentially growing digital economy, and rapid infrastructure development. These factors are driving growth across various asset classes, including rental living, residential, commercial, and office spaces, GCCs, industrial and warehousing, data centers, and public infrastructure projects nationwide,” he added.
He further said, “These are estimated to be propelling the sector’s size to USD 1 trillion by 2030 and USD 5.8 trillion by 2047. Demonstrating confidence in the visionary, stable, and progressive leadership of Bharat, FIIs have significantly increased their appetite for Indian exposure. Global funds are eager to tap into supply-side stakeholders who can acquire, build, and monetize on a large scale.”
“For creating developments at such a large scale, the institutionalization of technology across all stakeholders, including capital allocators, developers, service providers, and consumers, will be inevitable. Policymakers have initiated reforms in four key areas, including the digitization of land records and real estate transactions, regularization and licensing of service providers, reforms of the rent control acts, and regulation of real estate development to protect the consumers at the same time build confidence in lenders & investor. in real estate. We are confident that the leadership and policymakers will accelerate the evolution and implementation of new reforms across most sectors. ” He further added
