Budget 2024: Middle-Class Crisis Bigger than Mid-Life Crisis

Finance Minister Nirmala Sitharaman's Budget 2024, filled with ambitious plans, left the middle class feeling like they were living through a financial mid-life crisis. Here’s a critical look at what the budget hit and missed.The Hits: Government’s Due1. Infrastructure Investment:With Rs 11.11 lakh crore allocated, infrastructure development gets a massive boost. This promises smoother roads and better connectivity.2. Healthcare Push:An additional Rs1.5 lakh crore for healthcare infrastructure, including new hospitals, aims to improve public health. However, middle-class wallets may still require intensive care.3. Agricultural Reforms:Rs 2 lakh crore for irrigation projects and farmer welfare, with 109 new high-yielding crop varieties, showcases significant support for agriculture. But the middle class might still be left counting their peas.4. Digital Expansion:Rs 50,000 crore for digital infrastructure promises better internet connectivity. Expect fewer buffering issues while streaming, but good luck finding middle-class relief programs online.The Misses: Middle-Class Woes1. Tax Relief? What Tax Relief?Despite high hopes, there were no significant changes in tax slabs for the middle class. Minor tinkering was done, leading to a savings of around Rs 17,000 in the new regime. It’s almost as if the tax fairy forgot to show up, leaving many to juggle the same financial burdens.2. Inflation Ignored:With no measures to control rising prices, the middle class continues to bear the brunt of inflation. It seems the budget assumes middle-class wallets are as elastic as the promises made.3. Savings and Investments:No new incentives mean the middle class must continue their tightrope walk of financial planning without a safety net. It's a precarious balancing act with no end in sight.4. Education Costs:While increased funding is mentioned, making quality education affordable remains a distant dream. Tuition fees still loom large over middle-class families, like a never-ending nightmare.5. LTCG Increment:The hike in long-term capital gains tax to 12.5 per cent on financial assets was a particularly bitter pill. Instead of encouraging investment, it feels like a penalty for trying to save for the future.6. Missed Opportunity for Consumption Boost:The budget missed an opportunity to put more money into the pockets of the middle class, which could have provided a significant boost to consumption and given a much-needed fillip to the economy.A Middle-Class StoryAs budget day approaches, the middle class eagerly watches the news, only to find that the ads in between are more exciting than the actual budget announcements. It's almost like tuning in for a thriller and ending up with a documentary on how to be perpetually disappointed.Atal Bihari Vajpayee once said, "The middle class is the backbone of the country." But it seems that this backbone is under constant strain, bending under the weight of unfulfilled promises. As Cho Ramaswamy humorously put it, "In India, the middle class is like a man standing on a moving bus. He is neither seated comfortably nor free to move."Conclusion: More Miss than HitBudget 2024, despite its grand plans, missed the mark for the middle class. The road to 'Viksit Bharat' seems paved with tolls that the middle class can ill afford. While infrastructure, healthcare, and agriculture sectors are poised for growth, the everyday struggles of the middle class remain unaddressed. This budget might have been a balancing act for the government, but for the middle class, it feels like another year of high hopes dashed by harsh realities.

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Budget 2024: Middle-Class Crisis Bigger than Mid-Life Crisis

An additional ₹1.5 lakh crore for healthcare infrastructure, including new hospitals, aims to improve public health.

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