Majority of Indians Believe Budget 2022-23 Favours Capitalists: CVoter Survey

The CVoter survey found that 56% of the respondents felt that the Budget was not favourable to the middle class.

New Delhi: Union Finance Minister Nirmala Sitharaman holds a folder-case containing the Union Budget 2022-23 as she poses for a group photograph with MoS Finance Pankaj Chaudhary and officials of the Finance Ministry, at North Block in New Delhi, Tuesday, 1 February. Sitharaman presented her fourth Union Budget in the Parliament on this day.

(Photo: PTI)

According to the IANS-CVoter Post Budget survey conducted across India, a majority of Indians continue to think that the Union Budget 2022-23 tends to favour capitalists over others.

This opinion has been prevalent since the pandemic struck despite massive welfare schemes like free food for 800 million Indians.

When asked if the Budget was pro-poor, 50.7 percent of the respondents said not at all, while about 25 percent of the respondents said it was pro-poor to a large extent.

Interestingly, more than 50 percent of higher income respondents felt the Budget was not pro-poor. Most critical were the middle-income respondents with 57.4 percent disagreeing with the proposition.

The answers moved in the other direction when Indians were asked in the survey if the Budget was pro-capitalist.

More than 45 percent of the respondents felt that the Budget was pro-capitalist to a large extent, while close to 43 percent said it was to some extent.

Interestingly, over 47 percent respondents in the higher income group felt the same, more than the national average. As mentioned earlier, it has been a few years since this sentiment has prevailed, which only got magnified after the pandemic.

Most Indians in the survey think that the middle class continues to get a raw deal from the government in its budgets.

Close to 56 percent of the respondents felt that the Budget was not at all favourable to the middle class, with about 60 percent of the lower income and middle class respondents thinking the same.

This could be because the expected increase in the no income tax bracket or additional exemptions was not offered in the Budget.