In a study conducted in 309 districts of the country, more than half of the families involved expressed the possibility of a decline in their income up to 25 percent. Online platform LocalCircles told on Sunday that these families are expecting relief in the upcoming budget. According to this study conducted from November 25 last year to January 25 this year, 52 percent of the respondents believe that economic instability will continue for the next six to 12 months due to reduction in layoffs and recruitments.
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LocalCircles said it consulted 37,000 households in 309 districts for the study. These include people from first class, second class and small towns. The study included 64 percent men and 36 percent women.
Sachin Taparia, Founder, LocalCircles said, “Our study indicates that most households in the country are facing distress and LocalCircles has received thousands of suggestions to reduce income tax rates and increase exemptions.”
According to the study, seven percent of the respondents feared a decline of up to 25 percent in annual income in the current financial year. Apart from this, 22 percent of the respondents feared a 10-15 percent decline, 10 percent expected a decline of up to 10 percent and 21 percent expected a decrease in income without any estimates.
According to the report, 56 per cent respondents feel that their average savings will decline in the current financial year, while only 19 per cent expect savings to increase.
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