Approximately 73% of respondents think that the forthcoming Union Budget of 2023 must address the “reduction in costs of basic commodities like soap, detergent, cooking oil, etc.,” while 54% think that it should consider the GST exemption of important items. These results are from the Pre-Budget CSI Survey conducted by Axis My India.
According to the consumer mood index, 32% of respondents want to review the house loan exemption limitations, and 44% want to reduce the GST. The study showed that 26% of respondents thought personal income tax rates should be reduced by 5%. Furthermore, 25% want the GST exemption amount to be increased above Rs 2.5 lakh.
Improved internet security (18%), wider use of 5G and telecom connections (19%), and better banking networks (32%) are all regarded as key pillars of digitalization, according to the report.
Pradeep Gupta, Chairman & MD, Axis My India, mentioned that “Consumers are looking forward to the upcoming budget announcements as a ray of hope for better life and livelihood and there is a huge expectation in terms of price control. Consumers are also looking forward to various measures that the government will take towards fuelling digitization in the Indian economy. Overall, despite global headwinds, the Indian economy should be poised for further growth in 2023″.
About 22% believe that the Indian economy is severely impacted by oil prices. Inflation and the forthcoming 2024 elections, which 16 per cent say will have an impact on the economy this year, are the top two concerns, according to 14 per cent and 11 per cent of respondents, respectively.
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According to the CSI poll, 59% of households’ overall household spending has climbed by 4% since last month. Spending on necessities, personal care products, and domestic goods has climbed by 40%, down 1% from the previous month.
33 per cent of the households saw a rise in health-related spending, which is indicative of a 6% drop in consumption. It must be noted that attitudes are better when spending less on health-related products. The rate of growth in sentiment toward health expenditures was the smallest during the previous four months.
For 20% of the households, media consumption—including TV, Internet, radio, etc.—rose, a 1% decline over the previous four months. 9 per cent of the households, an increase of 2 per cent from the previous month, had more mobility.
6,100 individuals from 27 states and UTs participated in the study, of whom 65% were from rural regions and 35% were from urban areas.
