Consumers expect increased allocation for healthcare in the 2022 Budget: Kantar

25 Jan,2022

By Our Staff

 

Kantar, the insights and consulting company, has just released findings from its first ever India Budget Survey. This survey maps consumer sentiments and expectations from the Union Budget 2022, just ahead of its unveil on Feb 1.

 

Most Indians are looking forward to Budget 2022 as they have had a largely positive experience with the 2021 Budget. Two out of three consumers claim that the 2021 Budget positively impacted their household budget in the past year. Consumers in the 21–35 age band are more enthusiastic (68%) as compared to the ones in the older age band of 35-55 which stands at 56%. Overall, most are upbeat about what the 2022 Budget holds.

 

As the pandemic continues to enter its third year, consumers expect the government to continue focussing on healthcare with 66% expecting an increase in the healthcare budget allocations and strengthened policies.

 

Interestingly, consumer sentiments around electric vehicle subsidies and schemes see traction amongst consumers as well. With increased focus on climate change and sustainable living, 60% consumers expect the government to prioritise subsidies on electric vehicles in the coming year.

 

However, fuel prices continue to remain a concern. Majority (72%) expect the government of India to bring petrol and diesel under the ambit of GST, with an expectation it may reduce fuel costs. This expectation is higher among metros (74%) than non-metros (65%).

 

Cryptocurrency as an investment avenue is expected to continue making noise this year as well. As per a Kantar’s cryptocurrency survey from July 2021, 19% Indians intended to invest in cryptocurrency in the next 6 months in Urban India. As of December 2021, this number has increased to 32%. This is possibly driven by awareness and exposure that advertising and celebrity endorsements have generated over the last few months. Millennials seem to be keener on trying this new investment avenue as their intention to invest is higher at 32% as compared to those in the age group of 36-55 years which is at 26%.

 

Majority expect India to launch its own official cryptocurrency in 2022. There is an overwhelming preference towards investing in India’s cryptocurrency with 79% claiming to invest in that over existing cryptocurrencies like Bitcoin, Ethereum, Dogecoin etc. This is driven by the perceptions of it being more secure due to clear regulations laid down by RBI.

 

Commenting on the findings, Deepender Rana, Executive Managing Director- South Asia, Insights Division, Kantar, said; “As we step into the third year of the pandemic, the public wants the government to further invest in public health infrastructure and other favourable policies like tax deductions for insurance, which help alleviate the burden of medical expenses. Concerns about fuel prices come through, as does a desire that government should help us wean ourselves off dependency on dirty and ever more expensive fossil fuels, through e-vehicle subsidies. Meanwhile, as cryptocurrencies take off and the government mulls a tax on crypto transactions, investors want the government to play a role in encouraging yet regulating these innovative finance instruments through India’s own cryptocurrency.”

 

 

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