As the reports regarding the Economic Survey that came out on Monday stating that this year the government is likely to focus on job creation, strengthening domestic industries and nine per cent growth, the Free Press Journal spoke to Mumbai-based salaried class families, who shared their expectations from the Union Budget 2022.
With the coronavirus pandemic severely impacting lives across the world in unprecedented ways in the last two years, the middle class and upper-middle-class are looking up to Union Finance Minister Nirmala Sitharaman to announce measures to help increase savings and reduce tax. Mumbai-based Prabhu family shares their expectations from the Union Budget 2022.
The way people spend or save their money has changed drastically in the last two years, all due to economic uncertainties and crisis. To boost the pandemic-battered economy, Budget 2022 must not only focus on more job creation but also work out a relief package to help the middle class increase their savings, voices 49-year-old Ganesh Prabhu, a resident of Dahisar who works as a sales administration head with a private company.
"While it will be appreciated from all corners if the Union government pushes for job creations. However, there is an urgent need for the government to come up with some schemes wherein it will be helpful for the salaried class to start saving again," says Ganesh. He added, "Every household has a budget of their own, however, in the past two years, these household budgets have been shaken up for various reasons all directly and indirectly connected to the pandemic.
Families across the globe have been hit hard by the Covid-19 pandemic. The pandemic-induced financial crisis has affected the purchasing power of salaried people like us. Hence, to bail us out of this situation, we expect the Union government to work out rebates or relief packages." Ganesh Prabhu's daughter Divya (16) is a first-year junior college (Science) student, his wife Vina Prabhu (45) works as an HR head and PRO for a hospital in Borivali.
Last year Vina was tested positive for coronavirus. The family managed to win against the infection and were back in action within a month's time. While the most important thing for a middle-class family in the budget is changes in income tax slabs and rates apart from other fiscal benefits in healthcare and employment.
The middle class who are battling with salary cuts or no increments and low job prospects ask for a financial package that will have reduced cost of electricity bills, LPG gas etc, which will help balance household budgets. Adding to her husband's view, Vina Prabhu says, "A salaried class should not face any more hikes in rates of household consumables, it will further burden them.
I expect the Union budget to offer a rebate on electricity bill, LPG gas charges etc. We aren't asking for a full waiver or something like that, what we are looking for is a structured discount or rebate in all these bills that take a major chunk of our salaries.""Such packages specially designed for the middle class and salaried class families will come as a huge relief.
This is what we are expecting in the union budget 2022," Vina added. The family is also expecting more tax-saving instruments for working professionals in the budget which will enable them to make a wider range of safe investments.
