Many people expect policy measures from Union Budget 2025-26

Prayagraj: Many people are looking for policy changes that would lower the cost of everyday household products as the Union Budget 2025–26 is scheduled to be announced on Saturday.

Additionally, while the paid class anticipates income tax breaks, young people are searching for announcements that will result in additional employment.

“As a stay-at-home mom, I believe that the pace of inflation needs to be reduced. Additionally, because travel costs are rising, the government has to concentrate on them, Sangeeta Singh, a Delhi schoolteacher, told the media report.

Mumbai resident TG Pradhan said that he hoped for a higher tax refund.

“I’m hoping for a higher tax refund.Improvements should be made to train facilities. Since we take local trains, train frequency needs to be improved even more,” he said.

In her speech to the joint session of Parliament, President Droupadi Murmu mentioned the middle class many times. This increased the likelihood that the budget would include many announcements for the middle class.

Deepak, who was in Prayagraj for the Maha Kumbh, told the media report, “As a salaried individual, I expect that the government will provide some relaxation in the tax limit; I hope that the government will alter the 5 lakh slab and will exceed that limit up to 7.5 lakhs.”

The tax slabs for salaried individuals should be loosened, according to a female banker in Mumbai.

“Some easing in the tax slabs for salaried individuals would be the most crucial change. Although it hasn’t occurred in years, it ought to be done. Each year, they compensate ladies,” she said.

Concerns on the high cost of everyday household items were voiced by another resident of Mumbai.

“Controlling inflation is necessary. so that the lower class continues to grow and the average person can likewise support himself…Regarding tax slabs, it would be beneficial to provide some relaxation to individuals earning between Rs. 10 and Rs. 15 lakhs,” he said.

A Prayagraj student wants the government to do something to increase the number of jobs in the nation.

“The government should bring something that provides job opportunities to youth and also smoothens the process of education loans,” he said.

The budget is expected to meet the expectations of companies, important sectors, and taxpayers while striking a balance between budgetary restraint and economic development.

Tax reduction for both people and corporations is one of the budget’s most anticipated features. In anticipation of higher exemption limits and standard deductions under the new tax system, taxpayers anticipate adjustments to tax slabs. Making yearly income up to Rs 10 lakh tax-free is in demand.

The standard deduction limit, which was Rs50,000 under the previous tax system and Rs75,000 under the current one, is also anticipated to rise, according to taxpayers.

With a goal of 4.5% in FY26, the government is anticipated to stick to its fiscal consolidation plan, reducing the budget deficit from 4.9% in FY25 to 4.8%.