Budget 2023: Price hike biggest cause for concern for most people, job-loss comes next

Consumers expect an announcement in policy changes with respect to income tax, the survey noted.

A rise in the basic exemption limit in income tax from Rs 2.5 lakh is the most common expectation among consumers, especially the salaried class, followed by the increase in the threshold limit of highest tax slab rate of 30 percent from Rs 10 lakh now.

Two-thirds of the respondents said they want to see an increase in the tax rebate for investments under Section 80C.

With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, increase in rebate on medical and health insurance is the next big ask among the consumers. This is voiced more by the salaried segment, the survey said.

While the hope is that the worst is over, the pandemic has still not disappeared yet. Hence, a majority of respondents said that they want continued focus on healthcare in this Budget as well.

The survey said that most Indians have a positive outlook for the economy. Around 50 percent respondents believe that the economy will grow in 2023 and 31 percent feel there will be a slowdown.

"Around 55 percent believe that the Sensex will hover around the 70,000 mark by the year-end. A sizeable 40 percent (respondents) expect it to potentially cross 70,000 as well," the survey said.

Indians are largely positive about the macroeconomic performance of the country in 2023, said Deepender Rana, Executive Managing Director- South Asia, Insights Division, Kantar.

"Belief in the India growth story among older and affluent class is quite strong. However, the global economic slowdown might play spoilsport. Most expect the government to play the role of a protector and take stringent measures to curb inflation to prevent the economy from slipping into a recession, as it directly impacts their household budget as well as their job prospects. Consumers are looking for some sort of a relief in the income tax regulations and a middle-class friendly Budget overall,” he said.

The Kantar survey said that most urban Indians were happy with last year’s Budget, with respondents claiming it positively impacted their household.

However, with no clear end in sight of the Russia-Ukraine war, an expected slowdown in Europe and the US and with nine Indian states heading into Assembly polls in 2023, the mood of the nation is one of cautious optimism, the survey said.