Indians find family finances difficult to manage

Thanks to the Covid pandemic and the unexpected persistence of inflation, Indian households are finding it extremely difficult to manage their finances and expenses. This was revealed by a nationwide tracker poll conducted by IANS-CVoter prior to the presentation of the Union Budget by Finance Minister Nirmala Sitharaman.

According to the 2022 survey, 65.7 per cent of the respondents said, “Current expenses have become difficult to manage”.

Some solace for the current government comes from the fact that in the last year of the UPA government in 2014, 66.8 per cent of respondents had stated that they found current expenses difficult to manage even though India was not going through a Covid-like crisis back then. This further confirms the assertion of the respondents that they find the NDA still managing the economy better than the UPA.

But that doesn’t mean that the current regime can sit back and relax as the crisis persists.

In 2020, 70.9 per cent of the respondents had found expenses difficult to manage. But then the lockdowns were lifted and the first wave ebbed, resulting in 58.9 per cent of the respondents deeply worried about managing expenses. But then the second and even more devastating wave stuck, once again increasing the anxieties of families.

The telling hint about the crisis came from answers to another question where 57.4 per cent respondents said their incomes had gone down while expenses had gone up. The figure was 28.7 per cent in 2020. Clearly, the Budget needs to address these concerns of citizens on an urgent basis.

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