Union budget 2023: Not enough for senior citizens, says Vasantasena Srinivasan

Union budget 2023: Not enough for senior citizens, says Vasantasena Srinivasan

The concessions offered by Ms Sitharaman are minuscule in nature. Senior citizens are the ones who have contributed to the national exchequer by way of taxes spread over several decades.

Staff ReporterUpdated: Thursday, February 02, 2023, 02:18 AM IST
article-image
Union budget 2023: Not enough for senior citizens, says Vasantasena Srinivasan | Representative Photo

Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24 (Apr-Mar) in the Lok Sabha. Team FPJ spoke to industry experts from various fields. To gauge the reaction we spoke with Vasantasena Srinivasan, a senior citizen, to get her perspective on the budget. Here's what she had to say.

Union Finance Minister Nirmala Sitharaman should be thanked for giving certain concessions to the senior citizens. She has hiked the maximum deposit level of the Senior Citizens Savings Scheme from Rs15 lakh to Rs30 lakh. The interest rate for this scheme has been hiked by 20bps from the earlier 7.4% to 7.6%. Also, the increase in maximum deposit limit for the Monthly Income Account Scheme has been increased from Rs4.5 lakh to Rs9 lakh for single accounts and from Rs 9 lakh to Rs15 lakh for joint accounts.

Concessions not substantial enough

While these concessions are most welcome, they are not substantial enough. In fact, the concessions offered by Ms Sitharaman are minuscule in nature. Senior citizens are the ones who have contributed to the national exchequer by way of taxes spread over several decades. This ought to be factored in whenever a budget is prepared. They need every possible tax concession given the fact that they run up medical bills to treat their various ailments.

Apart from that, for most senior citizens, the interest from their savings is the only source of income. I am not asking for a total tax exemption. We are a self-respecting lot and would like to contribute to national development till our last breath. But, surely we deserve to be treated better than what it is being done at present. 

The FM surely has shown her genuine concern for senior citizens, but that alone is not sufficient. We were expecting much more from her since she herself comes from a middle-class background and she is well aware of the pains and problems of this class, including senior citizens. And one thing which needs to be remembered about senior citizens is that we are in the sunset years of our lives. We cannot wait long for the government to come to our rescue. Time is of the essence. We may not be a vote bank, but that is no reason to ignore us. We are as much a part of the citizenry as others, said Srinivasan. 

RECENT STORIES

Inside Eventbrite India: Techies Discuss Designing And Developing A Key New Feature

Inside Eventbrite India: Techies Discuss Designing And Developing A Key New Feature

Cybersecurity Enhancement Strategies: Pavan Navandar's GRC Tools And Techniques

Cybersecurity Enhancement Strategies: Pavan Navandar's GRC Tools And Techniques

India's Manufacturing Sector To Reach $1.66 Trillion By FY34 With GDP Share At 21%

India's Manufacturing Sector To Reach $1.66 Trillion By FY34 With GDP Share At 21%

FMCG Sector To Have Sustained Growth Rate Of 7-9% In 2024: Report

FMCG Sector To Have Sustained Growth Rate Of 7-9% In 2024: Report

Rupee Settles 3 Paise Higher At 83.44 Against US Dollar

Rupee Settles 3 Paise Higher At 83.44 Against US Dollar