Seven Things That Could Have Been Improved in India’s Budget 2024 Compared to 2023 for Middle-Class People

    The middle class in India has long been considered the backbone of the economy, contributing significantly to its growth and stability. Reflecting on the Union Budget 2024, there are several areas where improvements could have been made to better address the needs and aspirations of middle-class citizens. Here are seven key areas where the 2024 budget could have been enhanced compared to 2023:

1. Enhanced Tax Relief

    One of the most anticipated aspects of any budget is tax relief. For 2024, it was expected that the government would consider increasing the basic exemption limit and revising the tax slabs to provide more disposable income to middle-class families. Additionally, increasing the standard deduction for salaried employees could have helped alleviate some of the financial pressures they faced.

2. Affordable Housing Initiatives

    Affordable housing remained a crucial concern for the middle class. The 2024 budget could have introduced more substantial tax incentives for home loan interest payments and promoted schemes that made it easier for middle-class families to purchase their own homes. Enhanced subsidies and reduced stamp duty for first-time homebuyers could also have been beneficial.

3. Education Support

    Education is a significant expense for middle-class families. Increasing tax deductions for tuition fees and offering more scholarships and grants could have made quality education more accessible. Additionally, interest subsidies on education loans could have eased the financial burden on parents and students alike.

4. Healthcare Affordability

    The COVID-19 pandemic highlighted the importance of affordable healthcare. The 2024 budget could have focused on increasing the healthcare budget, providing more tax deductions for medical expenses, and expanding the coverage of health insurance schemes. Subsidies for essential medicines and medical procedures could also have been considered.

5. Fuel Price Stabilization

    Rising fuel prices have a direct impact on the cost of living. The government could have introduced measures to stabilize fuel prices, such as reducing excise duties or offering subsidies. This would have helped in controlling inflation and reducing transportation costs for middle-class families.

6. Job Creation and Employment Security

    Job creation remained a critical area for improvement. The 2024 budget could have included specific measures to boost employment opportunities, such as incentives for industries that generate jobs, support for startups, and investment in skill development programs. Strengthening social security nets for the unemployed and underemployed could also have provided much-needed support.

7. Encouraging Savings and Investments

    Encouraging middle-class families to save and invest is essential for long-term financial stability. The budget could have introduced higher tax exemptions on savings schemes like the Public Provident Fund (PPF), National Savings Certificates (NSC), and other similar instruments. Additionally, offering tax incentives for investments in mutual funds and the stock market could have helped boost personal financial growth.

    The Union Budget 2024 had the potential to address several key concerns of the middle class in India. By focusing on enhanced tax relief, affordable housing, education support, healthcare affordability, fuel price stabilization, job creation, and encouraging savings and investments, the government could have created a more favorable economic environment for middle-class families. These improvements could have helped ensure that the middle class continued to thrive and contribute to the country's overall growth and prosperity.