‘This Budget Puts More Money In the Common Man’s Pocket’

Mitali Chopra, a certified etiquette and protocol consultant, says the 2024 Budget will have positive impact on middle-income households. Her views:

Before I list the key takeaways for of the Union Budget 2024 for the common man, I would like to applaud our Finance Minister Nirmala Sitharaman for presenting her seventh Financial Budget in a row, which is a record in itself. On a cursory glance, the budget seems to be more macro-oriented but a closer look at the fiscal aspect reveals that it has something for everyone, including the housewives charged with budgeting of a household.

While surfing through the net, I chanced upon an article which indicates that the total contribution of non-working women to the economy, just through efficient management of their households, is around 22.7 lakh crore which is almost 7.5 percent of the GDP. So, let’s have a closer look at what the government has provided for this large segment in the recent budget.

First things first. With the lowering of customs duty on gold, the price of the yellow metal has gone down. And it was time to harness it, what with skyrocket prices each year. This is the right time to buy jewellery.

ALSO READ: ‘Budget Seeks To Balance Development and Coalition Compulsion’

Second, with the changes in the tax bracket, many households will benefit with some surplus cash in hand. This is important especially for the middle class that is always trying to make ends meet while trying to raise their social status.

Thirdly, and I feel most importantly, the government has created a great push towards empowering women by charging lower stamp duty on property bought in the name of a lady. It is a big step towards consolidating a woman’s position in the family unit. And this was long awaited.

Fourthly, education loans for higher education will be more easily available. This too comes as a respite for middle class household. Housewives had to constantly worry about their kids’ education. At least one stress less!

On the hindsight, capital gain on equity, especially short-term investment has gone up. So, this might prove detrimental for housewives who could have been investing small amount of their savings in the share market. But again, that would be a very small number. Not everyone has interest in the share market.

To sum it up, there is a clear indication in the budget to leave money in the hands of individuals to spend on consumables while discouraging savings. It’s time to shop!

I would like to end by saying that it seems to be a moderately good budget for a common man.

In the forthcoming budgets, perhaps we will see more concrete efforts being made in terms of creating work from home opportunities for housewives in various government sectors to empower this vast intelligent, efficient segment while ensuring more contribution towards the GDP from their end.

The narrator is the founder of Manners Matter in India. Her industry experience spans over 25 years and enlists a Crème de la crème clientele

As told to Deepa Gupta

For more details visit us: https://lokmarg.com/