Budget 2022- The Expectations

Expectations for the budget — This will be Ms. Nirmala Sitharaman's fourth budget and the second after Covid took over. This budget would be unique as it would function as a pre-election budget for states such as Uttar Pradesh and Punjab, as well as Goa, Manipur, and Uttarakhand. Where the central government may endeavor to match the people's expectations in these states. It is also the 2nd last budget of the Mega Election in the National Election of 2024. Now, let's look at what the average citizen expects from our government. Several individuals have suffered in the previous two years. Significant markets have been suffering for jobs, life savings, and small traders.

To boost the real estate market, the government has tried all it can to lower interest rates on bank loans. However, due to the Covid virus's reappearance, we still have a long way to go.

Now, let's look at what the ordinary person expects from the government in this budget.

1. Improved health-care infrastructure- Finance Minister Nirmala Sitharaman announced a 137 percent increase in health allocation to Rs. 2.23 lakh crore (Rs. 2,23,846 crore) in the previous budget from the previous year's budget estimate of over Rs. 94,000 crores (Rs. 94,452 crores) and a 118 percent increase from the previous year's revised budget of over Rs. 1.02 lakh crore in the previous budget (Rs. 1,02,873 crore). Now, the common man wants better hospitals all over the country so that he does not have to go to a private hospital for basic health treatment.

2. Employment opportunities: - We have seen constant agitation on employment issues in recent days, and now we anticipate the government to lend a helping hand to stressed industries such as automobiles and real estate, so that more jobs may be created in the market.

3. Benefits in Income Tax Slab Rates: – The salaried class has high expectations from this budget in terms of increasing their net income, or income after taxes. One way to do this is to provide direct relief on income up to 5 lac, which means no tax, and further rate reductions on additional income, as well as surcharge reductions.

4. Increase the limit of section 80C and other similar deductions: – The limit of these sections has been expected for many years to be increased from 1.5 lac to 3.0 lac, which would be a huge help in increasing the amount of money saved by many Indians.

5. Increase in the Section 80D limit: Because of the rise in health-care costs, many individuals are now purchasing health insurance. There has also been a considerable increase in public awareness, and many people are now purchasing medical insurance. To make it even higher, the government must boost the limit from 25,000 to 50,000.

6. Increase in the interest deduction limit on house loans: In order to strengthen the real estate market and assist the public in purchasing their dream home, the government should consider raising the interest deduction limit on home loans from 2 lac to 3 lac.