Budget 2024: Ahead of the Interim Budget, Economictimes.com ran a survey on some of the pressing questions that the Indian economy currently faces. During the survey's runtime, over 11,500 replies were received with some of the country's best-informed readers of business & economy news taking part and registering their responses, making it a worthwhile and rewarding exercise.
Themes in the survey ranged from tax expectations, what Modi has done right, etc., to reform-related matters, neglected areas, economic risks, etc., and -- not to forget the elephant in the room -- the coming big event on February 1.
Despite widespread speculations that the govt may be tempted to use this opportunity as a vote-catcher given the approaching national elections, only 18.5% of our survey participants expect populist announcements on budget day. While a majority of them (over 49%) want the interim budget to set the tone for the next full budget, a significant number of them (26.5%) expect the FM to give just general economic guidance.
On the reforms front, a direct tax rejig tops the wish list for 38.4% participants. The second biggest group (24.7%) wants fuel and alcohol to be brought under the GST regime. More ease of business gets the backing of 22% readers, while 15% hope for measures related to new-economy areas such as tech & AI.
Going into the specifics of taxation, 44.3% respondents want a direct tax slab rejig to be about "no income tax for under Rs 10 lakh". About a fourth wants the govt to retain the old regime but give more exemptions. Just under a fifth wants a "single, exemption-less tax regime".
As regards the govt's push to make India the third largest economy by 2030, over 41% of participants think an infrastructure push would be the best way to go about it. An equally large chunk of participants want the govt to focus on the rural economy first as it strives to meet its goal.
While India's benign inflation print in recent months has given the govt a lot of manouevring space, more than 40% survey participants see another possible round of price spikes as the big near-term risk factor that the budget should not ignore. over a third of them think that war-induced trade disruption could turn into a potential risk.
14.5% of those surveyed want the govt to remain alert to the spectre of geo-political isolation, while possible oil price fluctuations are seen as a risk by over 12% of them.
One of the survey questions tried to find out what people think is the area that has not yet gotten the priority treatment it deserves. As many as 38% of respondents think it's the education sector. While 30.8% respondents want the govt to give job creation a more serious push, over a fourth want the healthcare sector to be given special treatment.
Going by the survey's findings, Modi govt's report card appears mixed when it comes to job generation. About 29% of respondents view this govt's track record on jobs as poor. While 18.% participants think the govt is doing its best, a major chunk of them (47.5%) say that jobs are being created, but not enough quality jobs.
Those who think the govt has been able to create ample jobs in the last decade, constitute a very minor chunk.
In tune with the ongoing all-out climate fight, one survey question asked readers what they think would be a good way to speed up India's EV uptake rate. A majority of survey respondents (almost 52%) think improving charging infra is the best way to expedite EV adoption in India.
Well over a fourth (27.1%) want taxes on EVs reduced, while a relatively small chunk (11%) is of the view that incentivising EV makers could speed up the process.
When it comes to its track record in terms of handling the economy, Modi govt seems to have won the approval of a significant number of those who took the survey. Over 40% say it's a "good job done", while 38.7% rate the govt's economic performance as satisfactory.
At just over 11% and just under 10%, not too many of the participants are of the view that the govt's performance is "not so good" or "poor".
Source Name : Economic Times