Kantar, the world’s leading analytics and marketing company has just released insights from its 2nd edition of the India union budget survey. This survey provides insights regarding consumers’ expectations and sentiments from the 2023 union budget, just ahead of its unveiling on 1st Feb.
With Ukraine & Russia, the war has no clear end in sight and expected slowdown in the US & Europe with 9 states of India heading into assembly polls in 2023. The mood of the nation is one of cautiously optimistic. Some of the key highlights from the survey: a quick recap of 2022 revealed that with the last year’s budget most urban Indians were happy, and 73 % of them claimed it positively impacted their household. Most optimistic were the self-employed and businessman segment at 80 %.
The pandemic has still not completely disappeared yet, while the hope is that the worst is over. Hence, in this budget majority that is (55 %) still wants continued focus on healthcare as well. As compared to the last year this number is significantly lower than that.
Most have a positive outlook, at a macroeconomic level: 31 % feel there will be a slowdown in the Indian economy, however, 50 % believe that the Indian economy will grow in 2023. 54 % of non-metros are more optimistic as compared to metros, and 55 % believe that by the year’s end, Sensex will hover around 70,000. A sizeable belief that it will potentially cross 70,000 as well. This is more amongst the older 36 to 55 years old (54 %) and affluent (58 %). However, a potential resurgent pandemic and global economic slowdown are major areas of worry for Indians.
3 out of 4 people want the government to launch decisive measures to tackle the same and are worried about rising inflation. Every 1 in 4 Indians is also worried about the threat of job layoffs. In, the affluent this is very high at 32 %, in older 35 to 55 years old is at 30 %, and in salaried classes at 30 %.
The announcement of policy changes with respect to income tax is expected by consumers. Increasing the basic income tax exemption limit from 2.5 lacs is the most common expectation from consumers.
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