With the world grappling with the impact of the pandemic for three years , nearly 66 per cent of Indian consumers expect the Centre to continue focusing on healthcare and increase allocation to the sector in the upcoming budget set to be unveiled on February 1, according to a survey by Kantar.

With growing focus on climate change and sustainable living, electric vehicle subsidies and schemes also saw traction amongst consumers as well. Nearly 60 per cent consumers expect the government to prioritize subsidies on electric vehicles in the coming year. 

Fuel prices remain a concern

“However, fuel prices continue to remain a concern. Majority (72 per cent) expect the government of India to bring petrol and diesel under the ambit of GST, with an expectation it may reduce fuel costs. This expectation is higher among metros (74 per cent) than non-metros (65 per cent),” the survey report noted.

In terms of tax deductions, investments under 80C covering multiple investment options emerged the most popular option with 60 per cent claiming they want an increase in deductions from the same. The younger, affluent salaried class consumers seem to have a higher desire (65 per cent) for this, as compared to mass consumers (57 per cent), the Kantar survey stated.

“53 per cent consumers claim they want an increase in deductions for their medical/ health insurance as well. This links back to increased health care expenses over the last 2 years. Expectedly, this number is higher amongst the non-metro consumer at 57 per cent, “the survey added.

Home Loan EMI

Home Loan EMI emerges third with 39 per cent consumers seeking an increase in tax deduction on their Home Loan EMIs with a higher skew for this increase is seen in metros at 41 per cent.

Nearly 55 per cent consumers also leaning towards adoption of the new tax regime since it came into existence in April 1, 2020.

Deepender Rana, Executive Managing Director- South Asia, Insights Division, Kantar, said; “As we step into the third year of the pandemic, the public wants the government to further invest in public health infrastructure and other favourable policies like tax deductions for insurance, which help alleviate the burden of medical expenses. Concerns about fuel prices come through, as does a desire that government should help us wean ourselves off dependency on dirty and ever more expensive fossil fuels, through e-vehicle subsidies. Meanwhile, as cryptocurrencies take off and the government mulls a tax on crypto transactions, investors want the government to play a role in encouraging yet regulating these innovative finance instruments through India’s own cryptocurrency.”

“Majority respondents expect India to launch its own official cryptocurrency in 2022. There is an overwhelming preference towards investing in India’s cryptocurrency with 79 per cent claiming to invest in such an entity over existing cryptocurrencies like Bitcoin, Ethereum, Dogecoin etc,” Kantar’s statement added.

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