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Nirmala Sitharaman to Present Union Budget 2024-25 on July 23

Finance Minister Nirmala Sitharaman to Present Union Budget 2024-25 on July 23

New Delhi, July 6, 2024 – Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 in the Lok Sabha on July 23, 2024. This will be Sitharaman’s seventh consecutive Union Budget, making her the first finance minister to achieve this milestone, surpassing Morarji Desai who presented six budgets in a row.

The upcoming budget session of Parliament is scheduled to commence on July 22 and continue until August 22. The economic survey is expected to be tabled a day prior to the budget presentation, on July 22.

Sitharaman, who was re-elected for a second consecutive term as Finance Minister under the BJP government, is expected to outline the government’s key fiscal and economic priorities for the 2024-25 financial year. The Union Budget is a crucial document that details the government’s revenue and expenditure plans, and is closely watched by businesses, investors, and the general public.

Some key expectations for the Budget 2024-25 include tax relief and incentives for the pharmaceutical sector to boost innovation and competitiveness, as well as increased allocations for healthcare and rural development programs. The government is also likely to focus on measures to make India a global manufacturing hub and a “pharmacy of the world”.

With the BJP-led NDA government returning to power, the upcoming budget will be the first major policy announcement of Prime Minister Narendra Modi’s third term. Finance Minister Sitharaman will be tasked with striking a balance between fiscal prudence and supporting economic growth in the face of global headwinds

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Hyderabad Emerges as Second-Largest Office Space Supply Market in India

Hyderabad is poised to become the second-largest office space supply market in India, after Bengaluru, according to a report by CBRE South Asia Pvt. Ltd. The report, titled “Office Space Revolution,” reveals that office supply completions across the country’s top seven cities are projected to exceed a staggering 165 million square feet between 2023 and 2025, marking a substantial increase from the 142 million square feet recorded during the 2020-2022 period.

Hyderabad is expected to contribute 20% of the total new office space supply in India during this period, or 33 million square feet. This will make it the second-largest office space supply market in the country, after Bengaluru, which is projected to contribute 29%.

The report attributes the strong growth in Hyderabad’s office space supply to the city’s emergence as a major hub for the IT, BFSI, and pharmaceutical sectors. The city is also home to a number of multinational companies and startups.

The report also highlights the fact that Hyderabad is a relatively affordable city, with lower office space rents than other major Indian cities such as Bengaluru and Mumbai. This is making the city an increasingly attractive destination for businesses looking to expand or relocate their operations.

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