If Mr Yashwant Sinha is thinking thatthis is the era of a spending economy, he better be warned. Indians do notwant to spend and would like to squirrel away money for a rainy day or forwhen they retire. The ZeeTv-ORG Marg survey showed that 59 per cent of 2,200respondents in 12 cities would rather save than spend. Only 15 per centwanted to spend and 25 per cent wanted a little bit of both worlds.People are looking at the Budget with trepidation. About 37 per cent ofpeople said the Budget would have a neutral impact on their personalbudgets, which included shares, stocks, mutual funds and savings, while 36per cent felt it would have a negative impact.
But the negative feelings were stronger in Hazirabagh, the financeminister's home turf, where 53 per cent felt the Budget would have anegative impact on their household budgets. Only 13 per cent were felt itwould be positive.
The negative sentiments continued to flow into the question on taxconcessions, with most people fearing that there will be no tax sops in thisyear's Budget. The vote for `no concessions' was 58 per cent, while 31 percent felt there may be a few concessions. The same feelings were echoed inHazirabagh with 72 per cent fearing that there will be no tax concessions,while 21 per cent hoped for a bit. While most felt that the finance ministerwould widen the tax net (81 per cent), most felt they would be happy with a54 per cent net. Only 43 per cent said they would feel unhappy if he widenedthe tax net.
The current income tax regime for the salaried class sounded fair to themajority with 35 per cent saying so, 33 per cent felt it was necessary forthe government to apply these tax rates and 28 per cent felt it wasunfair.
The thin dividing line between varied feelings may turn for the worse if MrSinha has any plans of taxing the salaried class more.
Concluded
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
