Budget 2024: A Disaster for the Middle Class

Budget 2024: A Disaster for the Middle Class - LitFeeds
Budget 2024: A Disaster for the Middle Class – LitFeeds

The much-anticipated Budget 2024 has finally been unveiled, and it has left the middle class reeling in disappointment. The government’s priorities seem skewed, favoring short-term gains and political appeasement over genuine economic reform and long-term stability. As a middle-class Indian, I feel compelled to voice the concerns and frustrations shared by millions like me. The government, under Prime Minister Narendra Modi, has once again shown its disregard for the middle class, offering negligible relief while catering to its political allies.

Middle Class Neglected

The middle class, the backbone of India’s economy, had high hopes from this budget, especially given the rising inflation and economic instability. However, Finance Minister Nirmala Sitharaman’s budget has failed to address these critical issues. Instead of providing substantial tax relief, the government has opted for minimal changes that barely scratch the surface of the middle class’s financial woes

Tax Relief: A Mirage

Despite the anticipation, the budget offers no significant tax relief for the middle class. The standard deduction has seen a meager increase, and there are no new benefits under the various sections of the Income Tax Act. This comes at a time when inflation is eroding purchasing power and savings are dwindling. The government’s decision to maintain fiscal prudence by lowering the fiscal deficit target to 5% seems to have come at the expense of middle-class relief

Special Packages for Bihar and Andhra Pradesh

One of the most glaring aspects of this budget is the special packages allocated to Bihar and Andhra Pradesh. It’s no secret that these states are crucial for the BJP-NDA alliance. By allocating substantial funds to these states, the government is blatantly trying to secure its political future rather than focusing on equitable economic development. This favoritism undermines the very essence of a fair and balanced budget

Comparison with Previous Governments

Comparing this budget to those from previous governments, it’s evident that the middle class had fared better under other regimes. The previous Congress-led government, despite its flaws, had provided more substantial tax reliefs and social security measures for the middle class. The UPA government’s budgets were more inclusive, ensuring that economic growth benefitted all sections of society. In contrast, the current government’s approach seems more about political maneuvering than genuine economic reform

Price Hikes: An Added Burden

Adding insult to injury, the budget has also seen price hikes in essential commodities. The prices of everyday items, including food and fuel, have increased, further straining the middle class. Even the cost of tobacco and alcohol has been hiked, which, while aimed at reducing consumption, disproportionately affects the middle class who might indulge occasionally. These hikes will inevitably lead to an increased cost of living, making it harder for families to make ends meet

Impact on Lifestyle

The lifestyle of the middle class is set to take a hit with this budget. With no significant increase in disposable income, families will have to tighten their belts further. The dream of owning a home, providing quality education for children, and saving for the future is becoming increasingly difficult. This budget does little to address these aspirations, leaving the middle class feeling ignored and undervalued

Funniest and Angriest Budget Moments

There were moments in the budget presentation that were both laughable and infuriating. For instance, the government’s claim that this budget is aimed at inclusive growth is laughable when the facts clearly show otherwise. The announcement of yet another “Make in India” initiative feels like a broken record, repeating promises that have yet to materialize. The anger stems from the realization that the government continues to prioritize political gains over the well-being of its citizens

Some hilarious reactions

So,

Budget 2024 is a stark reminder of the government’s priorities. The middle class has once again been left out in the cold, with minimal tax relief and increased living costs. Special packages for Bihar and Andhra Pradesh highlight the political motivations behind this budget. It’s high time the government recognizes the contributions of the middle class and takes meaningful steps to support them. As a member of the middle class, I urge the government to reconsider its approach and deliver a budget that truly addresses our needs.

Government be Like:

Budget 2024: A Disaster for the Middle Class - LitFeeds

1 Comment

  1. Rohit

    “he government’s priorities seem skewed, favoring short-term gains and political appeasement over genuine economic reform and long-term stability” as expected the litfeeds team hits directly and hard 🙂

    just a note. tx for middle clas was also not that level of good in congress era.

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