What to Expect in the Union Budget 2021-2022: Senior Citizens' Perspectives
As senior citizens, we, at this stage in life, have grown accustomed to certain expectations from our leaders. However, the upcoming Union Budget for the 2021-2022 fiscal year has left us eagerly awaiting two pivotal changes: the containment of price levels and a more humane approach towards tax rates.
Containment of Price Levels
The war against inflation is not merely a slogan or a political statement; it is a stark reality that affects each and every individual member of our society. The current pockets of inflation, particularly in essential goods, have led to unprecedented hardships among the elderly population. If the government can manage to contain these price levels, the overall burden on our finances would be significantly reduced.
Reduction in Interest Rates and Income Levels
When combined with the downward trend in interest rates and the subsequent shrinkage of personal income, even a moderate level of price containment can ease the financial strain that we face. This is not merely a temporary measure, but a necessary step for ensuring our economic well-being in the long term.
Improvement in Health Services
The healthcare sector has been one of the most affected areas post the COVID-19 pandemic. An improvement in health infrastructure and services would not only boost our health but also aid in the overall recovery of our economy. This could also mean increasing government funding towards public healthcare facilities and initiatives to improve healthcare coverage among the elderly.
Moderation in Tax Rates
Moderating tax rates is a significant concern for many, especially those who have saved for their retirement. A balanced approach to taxation, which includes both cutting down on unnecessary levies and ensuring that existing tax structures are fair and transparent, can make a substantial difference in our financial health.
Fiscal Prudence in Deficit Financing
With the growing clamor for deficit financing, due to the economic downturn caused by the pandemic, it is crucial for the Ministry of Finance (MoF) to adhere to fiscal prudence. While borrowing may be necessary, it should be done in a manner that avoids impacting the long-term stability and health of the economy. The MoF must carefully assess the potential risks associated with deficit financing and ensure that any additional borrowing is justified and monitored closely.
A Call for Rational Tax Reforms
Moreover, the advent of quarterly GST for small and medium enterprises (SMEs) is an encouraging step. However, it is imperative that the government goes beyond this and considers more substantial reforms that can alleviate the burden on businesses and ease the overall tax environment for all stakeholders. A rational approach to tax cuts and reforms will not only benefit the economy but also provide a much-needed respite to the elderly and the economically vulnerable sections of our society.
Conclusion
In summary, the Union Budget 2021-2022 has the potential to be both transformative and reassuring for senior citizens. By focusing on the containment of prices, moderation in tax rates, and fiscal prudence in deficit financing, the government can set a positive trajectory for economic recovery and social well-being. It is now on the shoulders of the Finance Minister, Nirmala Sitharaman, to deliver on her promises and present a Budget that truly reflects the needs and aspirations of the elderly population.
Only time will tell, but we remain hopeful that the forthcoming Union Budget will bring about the changes we need to thrive in these challenging times.