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| Name | Modi 3.0 Budget: Will Middle Class Get Income Tax Relief in FM Nirmala Sitharaman’s 2024 Budget? |
| Video Uploader | Video From NEWS9 Live |
| Upload Date | This Video Uploaded At 11-06-2024 15:04:53 |
| Video Discription | Elections after elections, one message emerges loud and clear – India’s middle class is a political orphan. Urban Indians are squeezed for taxes, and get nothing as doles or incentives. Their only expectation every year is from the Budget speech. Well, with the Lok Sabha elections now in the rearview, once again the attention of the middle class has turned to the Union Budget expected to be presented between July 10 and 12. Will there finally be anything for the middle class to rejoice? Insights from the BJP's manifesto hint at some potential plans. There's talk of expanding schemes like Ayushman Bharat to cover senior citizens and introducing an insurance scheme to protect small traders and businessmen. Then, the government believes its initiatives, such as boosting domestic manufacturing and improving infrastructure, have indirectly benefited the middle class. Despite calls for revising income tax slabs, it remains uncertain whether the government will adjust its approach to the new tax regime post-budget. But is this enough? Let's delve into the challenges faced by the middle class in recent years. Reserve Bank data reveals a troubling trend: household net financial savings have plummeted to a 47-year low, while debt levels have soared to a record high of 40% of GDP. This means households are saving less, borrowing more, and feeling the pinch. Food inflation remains stubbornly high, squeezing household budgets and forcing cutbacks on non-essential spending. A recent survey indicates that inflation and unemployment are top concerns for Indian voters. There's a growing consensus among economists that tackling unemployment is a pressing challenge, especially for the youth. The quality of available jobs remains poor, with stagnant or declining wages. Yet, amidst these challenges, one critical factor is often overlooked: skilling India for emerging jobs. Despite increased budgetary spending, the quality of education and job-readiness of graduates remain questionable. Reports indicate that even IITians are struggling to find jobs, and India’s mushrooming semiconductor industry is likely to fall short of 2.5 to 3 lakh employees, because chip engineering is an all new domain for the country. The stress of the IT sector with high inflation in the US and low outsourcing to India, plus the funding winter that startups continue to reel under suggest that the middle class urban Indian will be left in the cold once again. So, as Budget 2024 approaches, the big question remains: Can the middle class get tax cuts? Again, unfortunately no because the government wants to narrow down its fiscal deficit – which means, spend less and earn more from taxes. So come July… the budget speech will have something for everyone, expect – I believe - for the middle class. Let’s hope I stand corrected. #modi3 #budget #middleclass .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube : https://www.youtube.com/c/NEWS9LIVE ► Like us on Facebook : https://www.facebook.com/news9live ► Follow us on Instagram : https://www.instagram.com/news9live ► Follow us on Twitter : https://twitter.com/NEWS9TWEETS tJASzgojwWs |
| Category | News & Politics |
| Tags | Breaking News | Latest news | News today | Live news update | latest news today | breaking news today | business | modi 3.0 | budget | middle class | budget for middle class | business news | latest news | union budget | nirmala sitharaman | housing prices | investing |
