USISPF Hosts Key Discussion on India's Union Budget 2024-2025

The US-India Strategic Partnership Forum (USISPF) hosted an exclusive interaction with Finance Secretary TV Somanathan and Chief Economic Advisor V Anantha Nageswaran on the Union Budget 2024-2025. The event provided deep insights into India's economic policies, attended by US-India corridor members and leading corporations.

The US-India Strategic Partnership Forum (USISPF) held an exclusive session in the national capital on the Union Budget 2024-2025, featuring Finance Secretary TV Somanathan and Chief Economic Advisor V Anantha Nageswaran. The discussion offered members and leading corporations in the US-India corridor detailed insights into the Union Budget, India's economic trajectory, and fiscal policies.

Somanathan and Nageswaran highlighted key aspects of the budget, such as substantial allocations for infrastructure development, measures to promote digital innovation, initiatives to enhance financial inclusion, and efforts to streamline foreign investment processes.

This high-profile event provided valuable perspectives on the government’s plans for economic growth and development. It attracted leading corporations and officials from the US Embassy in India. Notably, the Finance Bill 2024 was approved by Lok Sabha with several government amendments.

This budget marks the first full fiscal plan of the NDA government under Prime Minister Narendra Modi's leadership in their third consecutive term. Following the Appropriation Bill's passage on Monday, the Lok Sabha conducted discussions on the Finance Bill. Finance Minister Nirmala Sitharaman emphasized the government's goal of simplifying tax laws and boosting growth and employment. She also addressed various members' concerns.

Sitharaman proposed an amendment to the Finance Bill regarding capital gains tax on property transactions, giving taxpayers a choice between a 12.5% non-indexed tax and a 20% indexed tax for properties acquired before July 23, 2024, the budget presentation date.

Sitharaman also stated that the New Income Tax Regime is simpler and offers lower rates. As of December 31, 2023, 3.8% of taxpayers or 30.93 lakh individuals out of 7.98 crore ITRs have opted for the New Tax Regime from categories ITR-1 to ITR-4.

Next, the Finance Bill will be reviewed by the Rajya Sabha, marking the final step in the budget process.