Every year as the time for the budget rolls around, Indians are left biting their nails to keep pace with the ever-changing socio- economic landscape of India’s economy.
The 2019 budget presented by Finance Minister Nirmala Sitharaman was a precursor to India’s growing aspirations and dreams.
- The budget promised creation of more employment by focusing on startups and new- age skills such as artificial intelligence, big data and machine learning.
- A boost towards a cashless economy by not charging consumers and merchants for non-cash transactions. Incentivizing the use of electric vehicles which is also a win for the environment.
- Another major hit for this budget was the proposal to increase the deduction that can be claimed for interest paid on loans taken for affordable housing.
The info-graphic below delves further into this subject and provides you with some more interesting facts and figures about Budget 2019.
The average Indian’s spending trend has changed due to the confluence of a variety of reasons; an increase in the disposable income and thereby in purchasing power, an inclination towards nuclear families, growing population in urban areas, a high level of digital and internet penetration , so on and so forth.
In order to maximize benefits from the budget it’s important to develop a keen sense on spending, saving and investing, as they play the key role in making any budget effective.
After all, a financially stable economy is the outcome of a financially wise population.