While Narendra Modi is all geared up to take extraordinary moves to restore the country's economic health and invited suggestions, here are listed few expectations of the common man and here's to be seen whether or not the Finance Minister who is preparing to announce the budget on February 1 will usher in with a budget that is empowering for its citizens as well as country as a whole:
1. Basic exemption limit to be set at Rs. 5 lakh: As against the current basic exemption limit of Rs. 2.5 lakh, the countrymen expect it to be placed at a higher Rs. 5 lakh given the inflation impact which has burdened the common man heavily. Also, increase tax slab such that 30% tax slab which is the highest applies to those with annual earnings of Rs. 20 lakh. Since 2012-13, the 30% tax slab remains for Rs. 10 lakh and now it should be relooked upon.
2. Easy credit for low-income class: In order to spur reaching the government's ambitious financial inclusion plan, easy and higher credit is what is needed for low income class and which can be fulfilled by PSL benefit in case of unsecured loans for borrowers with income up to Rs. 3 lakh per year.
3. Ease in bank account opening: This to an extent shall be facilitated by the RBI's recent announcement in which it allows for video KYC for financial entities and takes into consideration valid ID proofs for easy account openings. This move will in turn drive the ambitious financial inclusion programme of the government.
4. Easy and diversified funding for beleaguered NBFC space: Since a paramount credit is accessed from this branch of financial industry, government needs to revive their health who suffered since the end of 2018 and improve funding sources from them and at the same time can consider forming a refinance fund for them with Nabarb, National Housing Finance and SIDBI being at the helm.
5. Wider collaboration with fintech companies: As for technology companies have changed the county's dynamics beyond imagination, their association here too can play a vital role as it enable faster processes via public-private collaboration.