Budget 2015-16: Time for financial independence
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With less than a month to go, there is a sense of anticipation from the From now till the budget, there will be lot of commentary and discussions about what the budget should do across economic, industry, and fiscal front. I’d like to focus on the
1. Rethink/redesign pension schemes
According to a recent report by
2. Focus on healthcare and health insurance
India’s public spending on healthcare is just 1.3% of the
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3. Encourage home ownership
According to a National Housing Bank report, more than 80% of the low-income groups and economically weaker sections in urban areas do not have access to institutional finance. These people depend on informal sources for their credit needs and, therefore, are not integrated in the formal financial market. The government should continue the additional exemption of Rs 1 lakh for the first time home buyers for 2015-16 also, and should remove the cap of Rs 25 lakh on the value of home as property prices in metro cities cross that limit easily.
4. Increase investment limits
The last suggestion is to again increase the investment limit under Section 80C of the income tax law. The reason this would help is because the household savings rate has been dipping and currently stands at ~30% of GDP. For salaried class, this move would encourage higher savings in to long-term instruments, most of which in turn, directly or indirectly, help long-term capital needs of the country.
About the author: This article has been written by Naveen Kukreja, Director, PaisaBazaar.com
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