Updated 16:10 IST, January 29th 2025
Union Budget 2025 Expectations: Income Tax Exemption Upto Rs 15 Lakh? Expert Weighs In
Mishra also noted that there should be a top down approach instead of a bottom's up approach, while looking at our finances.
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A top official of the FPSB India (Financial Planning Standards Board) in an interaction with republic Business said that we can never be financially sustainable at the economic level in case one individual in the country is not financially sustainable.
FPSB India CEO Krishan Mishra said, while emphasising in the need for financial planning that at every level one needs a plan and therefore, "we need professionals who can actually help."
"So a certified financial planning professionals' role is to ensure that each and every individual of this country is able to understand the importance of finances," Mishra said.
Mishra also noted that there should be a top down approach instead of a bottom's up approach, while looking at our finances.
He also notes that about 46.5% of the country is currently financially literate, which means that we know about our bank accounts.
But when it comes to financially educated people he said we need to focus on educating people for finances.
As part of his Budget expectations from the Union Budget 2025, he expects that the Finance Minister Nirmala Sitharaman will bring new tax reforms because according to him, our expenses have increased at a life changing pace and disposable income is getting reduced because of not having the right kind of tax reforms. He further suggested that the income should be exempted till Rs 15,00,000 for people.
This, according to Mishra, would help the middle class and the lower middle class to have more disposable income.
Increasing the disposable income of a person will help improving the inflow of the country, thereby improving lives of people.
Additionally, Mishra added that people look at insurance from a tax saving point-of-view, but he insisted that insurance should also be taken as a risk management tool.
Mishra added that in a country with a population of 1.44 billion, only more than 2,731 professionals are certified financial planners.
The demand for certified financial planners, is currently more than the supply, he added, adding that the demand is only going to increase, therefore, it is time that "we start recognising this as a profession," he said.
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Published 20:13 IST, January 28th 2025