India Union Budget 2024-25

The Union Budget serves as a crucial platform for the Government to announce its broad policies and set the tone for the upcoming year. The forthcoming budget, scheduled to be announced on 23 July 2024, holds particular significance as it marks the first budget of the current government after securing a third consecutive term in office. Expectations are high that this budget will not only continue the reformist trajectory of previous budgets but also lay out a comprehensive roadmap for the next five years.

One of the key areas of focus for the Government is expected to be the strengthening of infrastructure, including financial infrastructure. By bolstering the manufacturing sector, the government aims to keep the economy on a steady growth path. This commitment to infrastructure development is anticipated to encompass both physical and digital realms, thereby promoting deeper financial inclusion and fostering a more robust economic environment.

From a tax perspective, the government is likely to expand the regime of lower tax rates with fewer deductions, continuing a trend observed in past budgets. Additionally, there is a strong expectation that the government will place significant emphasis on providing certainty in tax laws, which is crucial for fostering a stable and predictable business environment. The Gujarat International Finance Tec-City (GIFT City) is also expected to receive focused attention, further boosting its development and attractiveness as a financial hub.

This microsite will serve as a repository for all budget-related information. Through this platform, KPMG in India’s partners and various sector leaders will engage with stakeholders and share their insights on the Union Budget 2024. Stay tuned for expert analyses and detailed discussions that will help decode the implications of the budget for various sectors and the economy at large.

As the government prepares to unveil its vision for the future, the Union Budget 2024 is poised to be a pivotal moment in shaping India's economic trajectory. With a focus on continued reforms, infrastructure development, and tax certainty, this budget has the potential to set the stage for sustained growth and prosperity.