59 percent of Indians are troubled by inflation, will the solution come out in the budget
Rahul Tiwari January 24, 2025 11:21 AM
From soap to oil inflation has broken the back of the general public. Marketing data and analytics company Kantar has recently released the findings of the fourth edition of its India Union Budget Survey. The survey shows the feelings and expectations of consumers before the Union Budget 2025 to be presented on 1 February 2025. According to Kantar report, 59 percent of Indians are troubled by inflation. Let's know that they are expected to get relief from inflation in this budget?
Will there be relief in the budget?
In 2025, a mixture of confidence and changing expectations in the Indian consumer spirit appears. While 67% of Indians admitted that the budget of 2024 will be according to their needs, this number is continuously decreasing from 2022. Amid the recession in GDP, optimism about India's economic growth has also decreased. Consumers are demanding relief in income tax, increase in medical insurance exemption and measures to deal with inflation. While concerns about the misuse and financial security of AI are increasing, the concern about the economic recession due to global conflicts has decreased compared to last year.
Most people hope that 2025 will focus on encouraging economic growth by implementing the Union Budget Protectionist policies, which will solve challenges like sustainable development, employment generation and high cost of life.
Main point of survey
Most Indians (67%) believe that the 2024 budget will live up to their expectations, although the percentage of people keeping this positive attitude has come down continuously in the last two years, which decreased from 73% in 2022 to 70 in 2023. The % has become, which shows the gradual decline in public consent with the budget over time.
Amidst the recent decline in India's GDP number, which is 6.4% (below 8.2% last year), 53% Indians believe that India's economy will still grow faster than previous years, but This number has been reduced to less than 57% for 2024.
Indians hope that the government will provide relief in income tax in the upcoming Union Budget, especially the salaried class, especially medium income.
The most common expectation is to increase the original income tax exemption limit from Rs 3 lakh/ 3.6 thousand US dollars.
Increase the standard deduction from 75 thousand rupees/892 US $ 1 lakh/1.2 thousand US dollars.
Most people either want to increase the highest tax slab limit from Rs 15 lakh/17.8 thousand US dollars, or to reduce the highest tax rate of 30% applied to income of more than Rs 15 lakh/17.8 thousand US dollars. Are.
Due to the increasing risk of HMPV virus and life -threatening lifestyle diseases, it is expected that the government will increase the limit of various deductions under Section 80 for medical insurance premiums.
There is a significant increase in the number of consumers in the survey (42% to 51% in 2024) which want to increase tax exemption on medical/health insurance in 2024.
59% of Indians have described rising inflation as their primary concern. This number is more than 57% of the previous year.
About 50% of Indian AI is concerned about the ability to misuse, especially cyber crime and threat to financial security.
Global concerns over recession and multi-national conflicts have decreased slightly, 44% and 43% consumers have expressed concern, which is less than 48% and 45% respectively in 2024.
According to the recent market fluctuations, 62% of Indians hope that the BSE Sensex will be between 81000-90000 in 2025.
As India's start-up and new era business sector is becoming mature, 70% of Indians hope that the financial performance of the region will improve, which will improve the round of rapid expansion and stabilization after a period of rapid expansion. It indicates
Steps towards a cashless economy in India are growing rapidly, digital payments (UPI and e-wallet) have become an ideal of everyday transactions for 60% of consumers. This is 7% higher than the previous year.
Due to concerns related to climate change and its impact on the future, Indian consumers are gradually opening towards electric mobility.
After 2024, one of those who intend to buy new vehicles (either 2W or 4W) is considering buying EV (59%) EV.
Personal financial instability, tension at the workplace, social media pressure and cyber threats are among the main causes of mental stress in India.
After Donald Trump's victory in the US elections, 53% of Indians believe that this will have a positive impact on the export of India's products and services, while 20% of the people are waiting and adopting a policy of look.