Key Points
The Budget 2024 has become a focal point of anticipation as India's middle class, buoyed by a growing population and rising incomes, eagerly awaits fiscal measures that could potentially redefine their economic landscape...
The Finance Minister, Nirmala Sitharaman, acknowledging her own middle-class roots, has set the stage for a budget that resonates with the aspirations and challenges faced by this substantial demographic...
As their numbers swell, there is anticipation that strategic measures will be introduced to bolster incomes and navigate the unique challenges faced by this dynamic segment of society...
"It is projected that weighted mean income is expected to increase from Rs 13 lakhs currently to Rs 49.7 lakhs in 2047, particularly due to increase in number of tax-filers, as also due to shifting of distribution of tax-filers from lower income group to upper income group," it further added...
It also indicated that nearly 25 per cent of the ITR filers are expected to leave the lowest income strata by FY47 with around 17.5 per cent filers expected to shift to income group of Rs 5 lakh-Rs 10 lakh, five per cent expected to shift to income group of Rs 10-Rs 20 lakh and three per cent expected to shift to income group of Rs 20-50 lakh...
