Union Budget 2024 has been saved
Analysis
Union Budget 2024
Fuelling India's transformation
The upcoming Union Budget 2024 for the fiscal year 2024-25, to be presented in the Parliament in the latter half of July, holds particular significance as the current government embarks on its third term. The spotlight will be on the Finance Minister's measures addressing key economic challenges and opportunities, with a strategic focus on strengthening India's economy to position it as the third-largest in the world.
Follow this page for more information, expert insights, and detailed analysis as we step closer to the announcement of the Union Budget 2024.
Webinars
What’s in store for financial services industry (FSI) tax
Join us for a discussion on tax [direct (corporate and individual) and GST] perspectives for FSI in the Budget 2024; on Wednesday, 24 July 2024, 4:00 p.m. India time
The Indian economy has grown steadily in the last fiscal year, with the real Gross Domestic Product (GDP) estimated to grow by 8.2% in FY 2023-24, as compared to the 7% growth rate seen in FY 2022-23. Real Gross Value Added (GVA) has grown by 7.2% in 2023-24, over the growth rate of 6.7% witnessed in 2022-23.
While FY 2023-24 has seen growth, there has however been a slowdown in the growth in all sectors at current prices including the financial services sector.
The Year-on-Year Growth Rates (%) of aggregate bank deposits has increased from 9.6 % in FY 2022-23 to 12.9% in FY 23-24; and the aggregate bank credit growth rate increased from 15% in FY 22-23 to 16.3% in FY 23-24.
There has been growth in direct tax collection in FY 24-25 -Gross corporate tax has grown 20.44% while personal tax by 22.76% and STT has more than doubled. The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%).
Subject matter experts:
- M. S. Mani, Partner, Indirect Tax, Deloitte India
- Mausami Nagarsenkar, Partner, Global Employer Services, Deloitte India
- Piyush Bihani, Partner, Indirect Tax, Deloitte India
- Bahroze Kamdin
What’s in store for Foreign Portfolio Investors, Alternative Investment Funds and Asset Managers
India’s Budget for FY 2024-25 will be presented in Parliament on July 23, 2024.
India’s strategic emphasis on infrastructure and economic expansion promises a future of sustained growth. As the first budget in the new term of this government, expectations are rife for impactful announcements that could shape India’s economic trajectory in years to come. The Indian Union Budget 2024 is expected to advocate the resilience of the Indian economy, preparing to fortify infrastructure, and propel economic growth.
India is likely to grow at a healthy pace and the policy announcement of the forthcoming budget will likely be supportive of growth while balancing concerns around inflation and global risks.
Join us for an in-depth analysis of budget proposals that could impact Foreign Portfolio Investors (FPIs), Alternate Investment Funds (AIFs) and asset managers.
Subject matter expert for the webinar:
- Rajesh H. Gandhi, Partner, Business Tax, Deloitte India
- Vivek Gupta, Partner, Tax, Deloitte India
- Rumki Majumdar, Economist, Deloitte India
Beyond the Headlines: Deep Dive into the Budget's Strategic Insights
Date and time - 24 July, 2024; 10:30 a.m. IST
Join us for an exclusive webinar on Beyond the headlines: Deep dive into the budget's strategic insights” and explore the impact of the budget announcements on the economic landscape of India as our subject matter experts share their insightful perspectives, offering a comprehensive understanding
Speakers:
D P Narendra Kumar
Senior Advisor, Tax, Deloitte India
Ex-IRS, Member, CBIC
Gokul Chaudhri
President, Tax, Deloitte India
Amrish Shah
Partner, Tax, Deloitte India
Rohinton Sidhwa
Partner, Tax, Deloitte India
Gulzar Didwania
Partner, Tax, Deloitte India
Inside the Budget: Top takeaways and Industry insights
With India's economy on track to become the world's third largest, the upcoming Union Budget 2024 holds particular significance.
Join us for a dynamic discussion with business leaders and subject matter experts post the budget announcement to gain valuable insights and varied perspectives.
Speakers:
Tarun Bajaj
Senior Advisor, Deloitte India
Former Revenue and Economic Affairs Secretary, Govt. of India
Gokul Chaudhri
President, Tax, Deloitte India
Rohinton Sidhwa
Partner – Business Tax, Deloitte India
Mahesh Jaising
Partner – Indirect Tax, Deloitte India
Vivek Gupta
Partner, Tax, Deloitte India
Session breakouts
There is a strong expectation that the new government, now in its third term, will continue their momentum towards substantial growth. This period is crucial as it sets the stage for India’s journey towards becoming the world's third-largest economy.
Deloitte Touche Tohmatsu India, LLP recently conducted a pre-budget survey, to gauge economic sentiment and identify salient issues affecting businesses before the Union Budget is announced. This was shared exclusively with moneycontrol.com.
Objective
The survey sought to gather insights and opinions on:
- The government’s strategic plan and roadmap for achieving a US$5 trillion economy over the next five years as part of the “Viksit Bharat” initiative.
- Expectations from the upcoming budget on policy reforms and taxation laws of the newly elected government.
Methodology
- Primary research was conducted through an online anonymous survey with 78 industry leaders.
- Respondents included C-level executives from large and very large companies across various industries in India.
*The survey findings were shared exclusively with moneycontrol.
