When Finance Minister Nirmala Sitharaman presents the union budget on Tuesday morning in Parliament, it will be the second budget since the Covid-19 pandemic hit India’s economy. Budget announcements will be crucial as Mumbai and Maharashtra recover from the ominous shadow of Omicron. In Chatter That Matters this week, we asked Mumbaikars: What is the most important thing you expect from Budget 2022? And here’s what they said:
Central Government should give some concession on the home loan. Many people have lost their jobs during pandemic, but still they have to pay home loans. Many people even want to buy homes – they will be able to buy homes if government gives concession.
I think government should give more emphasis on health sectors. Medicine and private Doctor fees are expensive and facilities in government run hospitals are bad. So government must invest in the health sector and improve its standards
Owing to the havoc that the pandemic caused in India, the primary healthcare system and education sector needs to have a bigger share in the budget. Also, the government needs to enable the small and mid size enterprises to get back to business.
After spending two worse years in a pandemic and seeing a horrible picture of our health sector, every sector’s condition, I am expecting nothing but a good budget. It should be the top-most priority for our government. Also many of us lost our jobs, faced closures of their business and the worst losses. As a hotelier, I expect a reduction in the GST and provision of low-interest loans to keep businesses running.
The most important thing I expect from this budget is lowered fuel and LPG gas prices. The current prices of these things are so very high that it has become simply unaffordable, mainly for the poor class. The government should bring smiles on the faces of every Indian by bringing down fuel and LPG gas prices.
Boost credit to MSMEs & startups. Wth nearly 95% of India’s businesses being micro-scale enterprises, the sector is expecting to access funds and credit. Union Budget 2022, thus, should make a priority to enable MSMEs and startups to access funds and a relaxation in taxes.
My expectations from the union budget is reduction in LPG gas prices. Zero charges on Internet Banking, UPI payment fees. Duty increases on imported liquor and goods. Reduction in tax slabs for middle class income range salaried people.
There should be more money allocated for infrastructure as well as rural development. And at the same time travel, custom taxes and Internet connectivity should get cheaper.
Budget 2022 expectations are very high, and we expect this could be the most popular budget considering few important state elections around the corner. There are different expectations and demands from each sector and persons depending on their profession. For a salaried person like me, my expectation is to increase the base tax slab for “No Tax” from current Rs 2.5 lakh to Rs 3.5 lakh and subsequently decrease tax rate for remaining slabs. This is the need of the hour considering very high inflation and increased cost of living. Another important option could be to increase tax benefits under section 80C from current Rs 1.5 lakh to Rs 3.0 lakh. This will help in overall increase in investments.
I believe more incentives in tax should be given. Also, concessions in daily needs such as essential commodities should be offered. I want women to be given benefits in insurance premiums, travelling. Special consideration should be made in medical health as we all are in mid of pandemic. Cooking gas, petrol prices should be controlled as it impacts the common man budget largely. As several have lost their jobs it is necessary that people can afford basic needs.
The Budget should focus on making life easier for Mumbaikars and their commute. They should provide funds for getting more AC locals and better infrastructure.
The government should give more tax benefits to senior citizens. Moreover they should also give funds to complete MUTP projects that will only then ease travel for Mumbaikars.
Looking at the economic scenario, the government should decrease the interest rate on housing loans and increase the tax benefit both for interest payments and principal repayments to boost up the housing sector.
Being a salaried person, I expect that there should be relief on income tax and control on the rising petroleum oil prices. The rise in petrol and diesel has resulted in price rise of other commodities. In addition, the sharp rise in cooking gas prices has affected the household budget severely. I hope the finance minister will look into these issues that are related to middle-class salaried persons.
I expect a quick recovery of the country’s economy and employment generation, which has been impacted because of the pandemic. More focus on healthcare and social security measures by the government. Reduction in taxes or increase the deduction limit under sections of IT Act, for salaried employees and GST rates which impacts common people. Easier access to capital and low rate of interest to MSMEs and small businesses.
-Prity Snehal D’cunha