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As Budget 2025 looms on the horizon, the NewsX Budget Survey, powered by “Statistically Speaking,” has shed light on what Indians think about critical economic issues. The survey, conducted just days before the presentation of the first budget of the Modi 3.0 government, dives into topics ranging from income tax to corruption and public outlook on the economy’s trajectory.
A Mixed View on Economic Satisfaction From The Budget Survey Results
One of the key questions asked was, “Are you happy with the state of the economy?” The results revealed a split in public opinion. While 53% of respondents expressed satisfaction, 39% voiced dissatisfaction, and 8% remained undecided. “The gap between those happy and unhappy with the economy is not very wide,” observed Vinit Malhotra, host of the show.
Economist Dr. Sharaad Kohli remarked, “Incomes have gone up, but inflation has eroded the benefits. Sometimes, income increases are simply not enough to outpace rising costs, which explains this mixed sentiment.”
Budget Survey Results Call for Lower Income Taxes
When asked whether income tax should be reduced further, an overwhelming 70% said yes. However, 26% of respondents opposed the idea. Dr. Kohli commented on this discrepancy: “We are a consumption-driven economy. Putting more money in people’s pockets is crucial. Income tax relief is not just desirable; it’s essential to drive consumption and economic growth.”
The survey also touched upon corruption, asking if it has decreased over the last decade. The responses were almost evenly split, with 50% believing corruption had declined and 47% disagreeing. While corruption at higher levels may have reduced, Dr. Kohli pointed out the persistence of everyday corruption. “From small bribes to tax evasion, these systemic issues still plague our economy,” he explained.
Family Incomes and Inflation Woes
When questioned about changes in family income over the past five years, 34% of respondents reported an increase, while 36% saw no change, and 30% experienced a decline. Panelist Dr. Ajay Dua highlighted the concern: “For those whose income has stagnated, inflation means they are effectively earning less. This is a macroeconomic challenge that the Finance Minister must address.”
Economic Outlook
Looking ahead, 48% of respondents were optimistic about the economy in 2025, 31% were neutral, and 21% were pessimistic. Mitali Nikore, Senior Economist, noted, “Income inequality, especially post-COVID, has worsened. Women and youth in tier 3 and 4 cities are particularly affected. Inclusive growth should be a priority for policymakers.”
The Freebies Debate
The discussion also delved into the contentious issue of government freebies. Dr. Kohli did not mince words: “Freebies are bad economics. They encourage short-term thinking at the expense of long-term growth. States like Punjab, with debt-to-GDP ratios exceeding 50%, are prime examples of the risks involved.”
Nikore echoed similar concerns, emphasizing the unsustainability of such measures. “While they provide temporary relief, freebies don’t address the root causes of economic hardship,” she said.
India’s Sentiments Through NewsX Budget Survey
The NewsX Budget Survey paints a nuanced picture of India’s economic sentiment. From demands for income tax relief to concerns about inflation, corruption, and inequality, the findings underline the challenges and priorities for Budget 2025. As Dr. Ajay Dua summed up, “The government must balance immediate relief measures with long-term structural reforms to ensure sustainable growth.”
As the nation awaits the Finance Minister’s budget announcement, these insights provide a crucial glimpse into what the people of India expect from their economic future.
