Home / News / India /  One in every four affluent, salaried Indian worried about layoff, reveals survey

Amid the layoff season, a certain survey has shown that one in every four Indians are concerned that they will be laid off from their jobs. The survey has also found that three out of every four Indians are worried about rising inflation. 

Marketing data and analytics firm Kantar has shown that half the India's employed section believes that the country's economy is set to grow in 2023, quite contradicting their other findings of increasing threat of layoff and inflation. 

In the survey conducted by Kantar, the second edition of India Union Budget survey, it was revealed that consumers are hopefully looking forward to an announcement on policy changes regarding Income tax. The survey showed that most consumers expect the Indian government will increase basic income tax exemption limit from current 2.5 lakh. 

"At a macroeconomic level, most have a positive outlook -- 50% believe that the Indian economy will grow in 2023 as against 31%, who feel there will be a slowdown. Non-metros at 54% are more optimistic as compared to metros," Kantar said.

However, it said the global economic slowdown and a potential resurgence of Covid-19 are key areas of worry for Indians.

"Three out of four people are worried about the rising inflation and want the government to introduce decisive measures to tackle the same," it added.

Further, Kantar said, "Every one in four Indians is also concerned about the threat of job layoff. This is relatively higher in the affluent (32 per cent ), older 36–55 year-olds (30 per cent) and salaried classes (30 per cent)."

"Increasing basic income tax exemption limit (from current 2.5 lakh) is the most common expectation among consumers followed by the increase in the threshold limit of highest tax slab rate of 30 per cent (from current 10 lakh). The former is notably higher amongst the salaried segment (42 per cent) while the latter is expected more by businessmen/self-employed (37 per cent) and older 36-55 year olds (42 per cent) segments," according to the survey.

Two-thirds also want to see an increase in the tax rebate for investments under 80C, said the survey conducted amongst a sample of 1,892 consumers aged between 21-55yrs across 12 key Indian cities -- Mumbai, Delhi, Chennai, Kolkata, Pune, Hyderabad, Bangalore, Ahmedabad, Indore, Patna, Jaipur and Lucknow from December 15, 2022 to January 15, 2023.

Although consumers hope that the worst of it is over, the pandemic has still not disappeared yet and a majority (55 per cent) still wants continued focus on healthcare in the Budget as well, Kantar said.

This number, however, is significantly lower than last year's (66 per cent), it added.

"Indians are largely positive about the macroeconomic performance of the country in 2023. Belief in the India growth story amongst older and affluent class is quite strong," Kantar  Executive Managing Director- South Asia, Insights Division, Deepender Rana said to news agency PTI.

However, he said the global economic slowdown might play spoilsport. Most expect the government to play the role of a protector and take stringent measures to curb inflation to prevent the economy from slipping into a recession, as it directly impacts their household budget as well as their job prospects.

"As always, consumers are looking for some sort of a relief in the income tax regulations and a middle-class friendly Budget overall," Rana said.

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