As Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget 2025-26, all eyes are on the government’s approach to tackling the pressing concerns of the common man. With rising inflation, job uncertainties, and the burden of indirect taxes, households across the country are eagerly anticipating relief in key areas—food, housing, education, and employment. The economic slowdown, coupled with high GST rates on essential goods and services, has made daily life increasingly difficult for middle- and lower-income families.
Beyond immediate relief, there is also a growing need for long-term reforms, particularly in taxation, skill development, and entrepreneurial support. As India strives to strengthen its workforce and compete on the global stage, policies promoting skilling, job creation, and tax rationalization will be crucial. This budget holds the potential to not only ease financial burdens but also lay the groundwork for a more inclusive and growth-driven economy. Will it live up to expectations?
Gaurav Sharma, CFO, Taxflick.com, says that at this juncture, the general populace is particularly anticipating significant relief for essential needs such as food, clothing, and shelter. The recent surge in food prices, especially for vegetables, has adversely affected households with fixed incomes, whose purchasing power has diminished due to a lack of employment opportunities. As the job market continues to decline, numerous families have been compelled to curtail their overall consumption.
“The rising costs of vegetables, cooking oils, and milk can be attributed to unfavorable weather conditions, compounded by government-imposed duties on cooking oil, which further exacerbates the challenges faced by the average citizen. It is imperative to reconsider the Goods and Services Tax (GST) on fast-moving consumer goods (FMCG) and reduce it to the lowest possible rate,” he adds.
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In addition to basic necessities, education represents a secondary priority for the common man, which should also receive attention in the budget. The GST on educational materials and stationery should be minimized. There should be an increased emphasis on skill-based learning, as well as a focus on enhancing technical skills. The emergence of technologies such as China’s DeepSeek AI tool highlights the urgent need for more skill development opportunities in India, which currently lags behind in technological advancements.
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