Posted on by Priyanka Deshpande

Kantar India Union Budget survey: Rising inflation, fear of job loss top concerns for Indians

Most urban Indians were happy with last year’s budget, with 73% claiming it positively impacted their household. Most optimistic was the businessmen/self-employed segment at 80%. (Image: Reuters)
55% of Indians want continued focus on healthcare in the 2023 Budget as well. The number however is significantly lower than last year’s 66%.
55% of Indians want continued focus on healthcare in the 2023 Budget as well. The number however is significantly lower than last year’s 66%. (Image: Shutterstock)
50% believe the Indian economy will grow in 2023 as against 31% who feel there will be a slowdown. Non-metros at 54% are more optimistic as compared to metros.
50% believe the Indian economy will grow in 2023 as against 31% who feel there will be a slowdown. Non-metros at 54% are more optimistic as compared to metros. (Image: Shutterstock)
55% believe that Sensex will hover around the 70,000 mark by year-end and a sizeable 40% expect it to cross 70,000 as well. This is more amongst the affluent (58%) and older 36-55year olds (54%). (Image: Shutterstock)
The global economic slowdown and a potential resurgence of COVID are key areas of worry for Indians. Three out of 4 people are worried about rising inflation and want the government to introduce decisive measures to tackle the same. (Image: Shutterstock)
Every 1 in 4 Indians is also concerned about the threat of job layoff. This is relatively higher in the affluent (32%), older 36–55 year-olds (30%) and salaried classes (30%). (Image: Shutterstock)
In terms of income tax, increasing the basic exemption limit from the current Rs 2.5 lakh is the most common expectation followed by the increase in the threshold limit of the highest tax slab rate of 30% from the current Rs 10 lakh. The former is notably higher amongst the salaried segment (42%) while the latter is expected more by businessmen/self-employed (37%) and older 36-55-year-olds (42%) segments. (Image: Shutterstock)
Two-thirds also want to see an increase in the tax rebate for investments under 80C. (Image: Shutterstock)
45% of consumers want an increase in rebate on medical/ health insurance. This is voiced more by the salaried segment at 49%. (Image: Shutterstock)
Incentivisation and infrastructural support for EVs is another area where the budget allocation is expected to increase. (Image: Shutterstock)
In terms of the new tax regime option, in 2022, 15% of Indians were undecided about its usage and benefits for them, which has now reduced to half at 8% in 2023. (Image: Shutterstock)

 

Over 50% claim to be in favour of the new tax regime now and this proportion is higher amongst the affluent (60%) and salaried segment (58%). (Image: Shutterstock)