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Published on 1/02/2021 9:17:09 AM | Source: IANS

4-member family needs up to Rs 20K income for average quality of life

Posted in Budget News| #Parliament #Union Budget #Wealth

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Over a majority, or 51.5 per cent, feel that an income of up to Rs 20,000 per month is required by a family of four for an average quality of life, as per an IANS-CVoter pre-budget survey.

A total of 23.6 per cent respondents said that an income of Rs 20,000-30,000 per month is required for an average quality of life, while another 10 per cent feel that Rs 30,000-40,000 is required.

Another 8.6 per cent people felt the need of up to Rs 50,000-1,00,000 per month for a family of four people.

According to the survey, 81.4 per cent feel that the income required to live an average quality of life should be tax free, while 12.7 per cent of the respondents feel that it should be taxed.

There are several expectations of the common man in terms of income tax slabs and relaxations from the Budget to be presented in the Parliament on Monday.

The pandemic has severely impacted the economy and economist have recommended that the government should come up with measures to put in more money in the hands of the people to boost demand and support the economy.

The Economic Survey for 2020-21 tabled in the parliament on Friday also has fully backed the government's expansionary policies, suggesting that this is required even in the future in order to sustain the recovery in aggregate demand.

The suggestion indicates that the path to fiscal consolidation will be long drawn and the government may continue to stretch its budget further to enlarge spending aimed at generating demand in the economy that holds the key to put the economy back on the growth path.

The sample size of the poll is 4,000 plus and the fieldwork for the survey was done in third-fourth week of January 2021. The theme of the survey is "Expectations from the Union Budget".
 

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