With rising healthcare costs, compounded by rising inflation concerns impacting household incomes, an increase in the rebate on health insurance premiums is the next big ask among the respondents (45%) to the second edition of the India Union Budget Survey.
This is one of several findings outlined in the second edition of the India Union Budget Survey conducted by Kantar, an international marketing data and analytics company. This survey maps consumer sentiments and expectations from the Union Budget 2023, which is scheduled to be announced on 1 February.
Other key highlights from the survey:
Three out of four respondents to a pre-Budget survey are worried about rising inflation and want the government to introduce decisive measures to tackle the issue.
Most urban Indians were happy with the 2022 Budget, with 73% claiming it positively impacted their household. Most optimistic was the businessmen/ self-employed segment at 80%.
While the hope is that the worst is over, the pandemic has still not disappeared yet, hence a majority (55%) still wants continued focus on healthcare in the 2023 Budget as well. This number however is significantly lower than last year’s (66%).
At a macroeconomic level, most have a positive outlook:
50% believe that the Indian economy will grow in 2023 as against 31% who feel there will be a slowdown. Non-metros at 54% are more optimistic as compared to metros.
However, the global economic slowdown and a potential resurgence of COVID are key areas of worry for Indians.
Every 1 in four Indians is also concerned about the threat of being laid off. This is relatively higher among the affluent (32%), those aged 36–55 years (30%) and salaried classes (30%).
Commenting on this year’s survey, Deepender Rana, executive managing director-South Asia, Insights Division, Kantar, said, “Indians are largely positive about the macroeconomic performance of the country in 2023. Belief in the India growth story amongst older and affluent classes is quite strong. However, the global economic slowdown might play spoilsport. Most expect the government to play the role of a protector and take stringent measures to curb inflation to prevent the economy from slipping into a recession, as it directly impacts their household budget as well as their job prospects.”