Indians have a lot of money saved in gold, and Nilesh Shah, the MD of Kotak Mutual Fund, believes that if Finance Minister Nirmala Sitharaman could think of smart ways to use this gold savings, it would really help the economy. He suggested that with the world moving towards protectionism (meaning countries are becoming more focused on their own needs and not trading as freely), the next budget should work on boosting the economy.
Shah thinks the government should help city shoppers by lowering taxes, provide help for people struggling with their loan payments, and give incentives to businesses to invest more. He emphasized that the budget should stay careful about spending money because this smart money management makes India different from other countries.
Divesting (which means selling parts of the government’s businesses) can also help improve our financial situation. Additionally, the budget needs to invest in new technologies and support local entrepreneurs.
As per reports, the upcoming budget is expected to include measures to increase demand and support growth, acknowledging the economy is slowing down. Ideas being discussed range from tax relief for middle-class families to initiatives that create jobs and encourage private investment.
Currently, individuals are taxed 30% if they make over ₹15 lakh a year, and reducing this tax could help boost spending in cities. Indian businesses have many requests for the Finance Minister for the budget that is expected on February 1, focusing on reforms that encourage spending and job growth, as well as clear tax rules.
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