Hyderabad: With just hours left before the presentation of the Budget, those earning over Rs 50 lakh annually are hopeful that the Budget would boost the country’s dwindling economy.
Speaking to Deccan Chronicle, one such person, who earns close to Rs 50 lakh per annum, Anil Gupta said, “The economy is on a downslide and the GDP growth rate is going down. It is not growing as fast as we expected it to.”
He recalled that Prime Minister Narendra Modi had said that the country would turn into a five trillion dollar economy by 2024. “In order to do so, we have to grow at 14 per cent, but we are currently growing at a rate of 6 per cent. This is a matter of concern,” he said.
Speaking about health emergencies, he said: “The company I was employed with, earlier, provided us with insurance cover. But, now I pay using a card.”
He, however, has not applied for any new loans, be it for his house or vehicle. “There are certain suggestions that politician-economist Subramanian Swamy had written in his book. Since I am a great believer of the man, his suggestions could sway the economy. I would say that finance minister Nirmala Sitharaman is trying to provide measures but not all of them have been effective,” he rued.
For the betterment of the economy, he said, that the government must simplify the personal income-tax procedure. “Only those who have an earning of Rs 10 lakh and above should be taxed ten per cent,” he said....