Many people may already have spent the windfall in their heads, not realising that only the upper crust of taxpayers will get the maximum benefit.
Year after year, Union budget after Union budget, finance ministers have buried the lede. The salaried middle class wait with bated breath as schemes and packages are announced and figures in the thousands of crore bandied about in Part I of the speech. The majority of taxpayers have to pretend to be deeply interested in the fiscal deficit or the outlay for infrastructure, as they scroll through live blogs or remain glued to their television sets. Then, just before the end, the FM finally gets to income taxes. This year, the taxpayer will get to keep up to Rs 17,500 more of their yearly income. As windfalls go, it’s not quite a life-changing lottery — but it’s not nothing. How will people spend it?
In households across India, discussions will turn into debates and fights. Should the bratty teenager get the smart phone he has been demanding? Should the kitchen or bathroom, practically falling apart, finally be renovated? Or, perhaps, a quick family holiday at a domestic destination? The point of the tax break, after all, is to boost the economy through consumption. Hapless young couples may want to pay off their debt, realising, as too many people do too late, that being boring is being responsible. Then, there are the ones that are the envy of all those who have settled down. The yuppy without responsibility may just eat out at a chic restaurant where a “modern” Indian meal costs more than Rs 17,500 for two. And post photos, with YOLO tags and an appropriate filter.
Many people may already have spent the windfall in their heads, not realising that only the upper crust of taxpayers will get the maximum benefit. Even for them, there’s always inflation and unexpected expenses. Fridges and TVs conk off, air conditioner compressors mysteriously run out of gas. But whatever else goes wrong, they at least had a moment of sudden joy, after listening to facts, figures and policy statements for 86 minutes.
