ET-RICS Survey Reveals very Fewer People Desire for Populist and Stiff Budgets
By Vamsi Krishna N : 23-Jan-2017
The findings of pre-budget ET-RICS survey revealed that, contrary to popular belief of people wanting a populist budget, most people are in demand of a balanced budget to be presented by the Finance Minister Arun Jaitley.
In response to the survey question, what kind of Budget do you want? an overwhelming 70 percent of the respondents chose for a balanced budget, while 15 percent of the respondents chose for a populist and another 15 percent chose for a stiff budget.
For the question, What would influence Budget 2017 the most?, 40 percent of the respondents said it would be the need for tax reforms, post-demonetisation problems is opted by 22 percent, another 20 percent said the upcoming assembly elections in 5 states would influence budget this year, and a 16 percent of respondents said the economic slowdown would influence the Budget 2017.
Regarding the impact of Budget 2017 on Income Tax, 42 percent of respondents said the Income Tax slabs will be raised, 27 percent said basic exemption will be hiked, 22 percent said tax rates for various slabs will be lowered, and a 7 percent said there will be no change made to the Income Tax structure.
Another interesting finding of the survey is that the people who opined that a negative impact of the demonetisation will influence budget has decreased along with the ages of the respondents. While a 33 percent of the respondents fall in the 18-24 age group, 25 percent fall in 25-34 age group, 23 percent fall in 35-44 age group, 14 percent fall in 45-54 age groupand only 9 percent fell in the above 55 age group.
Meanwhile, regarding the expectations of the prices of goods the responses of the people indicated a general preference for basic goods, necessities to become cheaper, and while the luxury and indulgence goods to become costlier.