1 in 4 Indians concerned about being laid off from jobs: survey

New Delhi: A survey suggested that every one in four Indians are concerned about a likely job layoff, while three out of four worries about rising inflation. However, half of them believe that the Indian economy will grow in 2023, PTI reported.

The analysis was done by the marketing data and analytics firm Kantar in its second edition of the Union Budget Survey. The firm learned that consumers wish for an announcement of policy changes in resp[ect to income tax. They want an increase in the basic income tax exemption limit from the active Rs 2.5 lakh.

The survey said, "Increasing basic income tax exemption limit (from current Rs 2.5 lakh) is the most common expectation among consumers followed by the increase in the threshold limit of highest tax slab rate of 30 per cent (from current Rs 10 lakh). The former is notably higher amongst the salaried segment (42 per cent) while the latter is expected more by businessmen/self-employed (37 per cent) and older 36-55 year-olds (42 per cent) segments."

Kantar said, "At a macroeconomic level, most have a positive outlook -- 50 per cent believe that the Indian economy will grow in 2023 as against 31 per cent, who feel there will be a slowdown. Non-metros at 54 per cent are more optimistic as compared to metros.”

The firm also inferred that the global economic slowdown and a possible Covid-19 resurgence are worrying Indians.

It said, "Three out of four people are worried about the rising inflation and want the government to introduce decisive measures to tackle the same."

"Everyone in four Indians is also concerned about the threat of job layoff. This is relatively higher in the affluent (32 per cent ), older 36–55 year-olds (30 per cent) and salaried classes (30 per cent)," Kantar inferred.

On the upcoming Budget, two-thirds of Indians expect a tax rebate for investments under 80C.

Fifty-five per cent wanted to focus on healthcare in the Budget since the pandemic is still around. But this figure is considerably lower than what it was last year.

Kantar Executive Managing Director- South Asia, Insights Division, Deepender Rana, said, "Indians are largely positive about the macroeconomic performance of the country in 2023. Belief in the India growth story amongst older and affluent class is quite strong."

He said since the pandemic still lingers, everyone expects the government to become the protector and take strong measures to curb inflation and prevent the economy from falling into recession.

He said, "As always, consumers are looking for some sort of a relief in the income tax regulations and a middle-class friendly Budget overall."

The survey was conducted on a group of1,892 consumers aged between 21-55yrs across 12 key Indian cities -- Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur and Lucknow from December 15, 2022, to January 15, 2023.