Stagnant Income and Rising Expenditure in India: Public Awaiting Relief in New Budget - Modi Government's Challenges Increase
New Delhi, January 29: A growing number of Indians are losing hope of improving their standard of living. This increasing sense of despair is linked to stagnant wages and rising costs, according to a recent survey conducted by C-Voter, released ahead of Prime Minister Modi's government's annual budget announcement.
The survey found that 37% of respondents believe that the standard of living for ordinary people will worsen in the coming year. This is the highest rate since 2013, marking a significant concern as Narendra Modi has been serving as India's Prime Minister since 2014.
Key Findings
- Impact of Price Increases: Two-thirds of the respondents believe that inflation has spiraled out of control during Modi's rule, leading to rising prices for essential goods.
- Negative Impact on Quality of Life: More than 50% of respondents said that inflation has negatively affected their standard of living.
- Income Stagnation: Around 50% of respondents reported that their personal income has remained unchanged over the past year, while their expenses have increased.
- Urban Living Crisis: Two-thirds of respondents indicated that it has become difficult to manage expenses, especially in metropolitan areas.
Economic Growth and Employment Deficit
India, the fifth-largest economy in the world, is set to experience the slowest economic growth in four years. While India has been leading global economic growth, there has been a lack of sufficient employment opportunities for the youth population.
Hopes for the Upcoming Budget
Prime Minister Narendra Modi is expected to take several steps in the upcoming annual budget this week to rejuvenate economic growth, increase household income, and provide relief to the middle class.
The C-Voter survey was conducted with 5,269 adult Indian citizens, capturing opinions from various regions of the country.
