Budget 2025: देश की वित्त मंत्री निर्मला सीतारमण (FM Nirmala Sitharaman) 1 फरवरी को संसद में बजट (Union Budget) पेश करेंगी. केंद्रीय बजट को लेकर जोरों शोरों से तैयारियां जारी है. बजट को लेकर आम से लेकर खास समेत अलग-अलग इंडस्ट्रीज की उम्मीदें और मांगें हैं. ऐसे में गुडरिटर्न्स की बजट फोकस्ड स्पेशल सीरीज Future Focus: Budget 2025 के नए Episode में GoodReturns की Editor Shrutee Sarkar ने FPSB India के CEO Krishan Mishra से खास बातचीत की..
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NewsTranscript
00:00Budget 2025 is one of the most important events of the year, in which our Finance Minister
00:13Nirmala Sitharaman will present the budget in the Parliament on February 1st, 2025.
00:19From the corporate sector to the education sector, everybody is keenly waiting for the
00:24budget.
00:25Hello and welcome, my name is Shruti Sarkar and you are watching GoodReturns.
00:29In this episode of Future Focus Budget 2025, we have with us Mr. Krishan Mishra, CEO, FPSB
00:38India.
00:39Welcome Mr. Krishan.
00:40Hello Shruti, thank you so much for inviting me here.
00:44You are welcome.
00:46Krishan, my first question to you and I think everybody wants to know that what are your
00:52overall expectations from the Union Budget 2025?
00:56Shruti, this is a very important question that you have asked me.
01:00The first thing is that the day the budget comes, I have a request to the Finance Minister
01:06that on that day, he should tell every Indian that you should also make your own budget.
01:10Because in our country, there are at least 27 people who make their own budget.
01:14If one message goes from them that everyone should make their own budget, then India will
01:18benefit a lot.
01:19The second thing is that as far as income is concerned, the taxation on personal income
01:25is also needed to be improved.
01:28Tax reforms have already come in our country.
01:31And there is a further requirement that if there is a tax-free income of up to 15 lakhs
01:36in the new regime for people, then it will ease out people's lives a lot.
01:40And they will have a better disposable income.
01:42And if the disposable income increases, then the country itself will develop in the future.
01:46So, I think that if we pay a little attention to this, it will be very helpful from the
01:51Finance Minister's side.
01:52Apart from that, all our important sectors, whether it is Infra or Education, are needed.
01:58There will be more investment in them.
02:00And the future is the same.
02:01If the country wants to make a developed India, then we will have to bring investments here
02:05in the right way.
02:06And people will have to give more opportunities to get education.
02:09Because you understand that if people have good education, then we can automatically
02:13flourish employability and entrepreneurship.
02:16So, if we give education, then we empower people.
02:19And if we empower people, then their employability and entrepreneurship activities will increase
02:23by themselves.
02:24And if this increases, then the country will develop in the future.
02:27So, I think that the focus of the Finance Minister is very important on education.
02:33Very, very interesting.
02:35Moving forward, I think this is the most important question that everyone wants to know.
02:40What kind of relief can we expect for the middle class in the budget?
02:47Yes.
02:48So, as I told you about tax, that if the income of 15 lakhs can be tax-free there.
02:55The second thing is that as far as insurance is concerned, people's focus is on tax only.
03:02And if GST is removed from life insurance and health insurance, then the middle class will
03:07get a lot of advantage from it.
03:09People will invest further and the government will benefit from further development.
03:14Apart from that, if you see, it is very important that some reforms are brought for the people
03:19who come in the 30% tax bracket.
03:21Because now the middle class is no longer the middle class of 5 lakhs or 2 lakhs.
03:25Our income is increasing.
03:27Earlier, if you see, in the 70s and 80s, our salaries were in hundreds.
03:32In the 90s, it started coming in thousands.
03:35And from 2001 onwards, people talk about CTCs in lakhs.
03:38So, what has happened is that people's incomes are increasing.
03:41But if you see, one person is in Mumbai and another person is in Udityapur or in Guwahati
03:48or in Tezpur.
03:49So, the income of both of them is not the same.
03:52Or the income of 10 lakhs is not the same because the expenses of people are different.
03:56So, I feel that the middle class is living in every city in a different way.
04:00So, it is very important to bring it on a common platform somewhere.
04:03See, in today's date, our middle class is an aspiring middle class who is growing.
04:07They have more disposable income.
04:09And it is very important for them to be aware of investment and insurance in the future.
04:15See, when we talk about savings and protection in life,
04:19apart from that, they also need a future retirement planning.
04:23So, if there is proper disposable income for the middle class,
04:27and support will be received through reforms, whether it is in tax or insurance.
04:31And apart from that, if there are some benefits in home loans,
04:34because you can see that the prices of houses are also increasing a lot.
04:36It has become very difficult for the middle class to buy a house in today's date.
04:40So, there is a need for some reforms somewhere, so that the middle class gets some support.
04:44And we know that the middle class is the class that pays taxes.
04:47So, the more support we can bring for them, the better it will be for the country.
04:51We talked about income, expenditure, and also talked about inflation.
04:57I think that this is my opinion that sometimes people are not aware of where they should invest.
05:05Especially in rural India, where people are not aware of which education scheme is probably free.
05:14There is not much access online.
05:17So, what do you think, what kind of relief, policies, or schemes should be presented in the budget for rural India?
05:29See, one thing is that the government has been focusing a lot on technology-based agriculture through reforms for many years.
05:37And there are a lot of products that support insurance, such as farmer's package policy or farmer's credit card.
05:44Other than that, you can manage, sell, buy, and sell through mobile through technological advancements.
05:54So, all these ways are open to you.
05:57But not everyone is aware of it.
05:59So, it is very important that we do an educational activity on it so that we can reach the rural sector.
06:06So, for the rural sector, there is a lot of need for digital literacy.
06:09And there is also a need for financial literacy.
06:12There was a survey done by the Reserve Bank of India that our financial literacy is increasing by 42%.
06:17But the financial education that people have is hardly 4%.
06:21Even if you take big cities, it is even less in rural areas.
06:25So, it is very important that we give information about education related to finance to people.
06:31Because, you catch Shruti, I always say that we might be educated, but we are not financially educated.
06:37Because we have never been taught these things in our education system.
06:40No one has told us anything related to us, related to finance.
06:43So, if we take this education to rural India and help people,
06:47then focus on digital literacy, financial education, and agri-tech.
06:52And there is a lot of government focus on skilling activities.
06:56Rural sector needs more skilling.
06:58There is a need for more skills.
07:00And it is very important to train and educate people for it.
07:03Very interesting insights, Krishan.
07:05Now, let's talk about a slightly different topic.
07:08Let's talk about macro.
07:10I know you spoke about the RBI.
07:12Inflation is relatively, I would say in the higher bracket, over 5%.
07:17Growth has slowed to 5.4% in the past quarter.
07:21And if you look at it, once Trump has taken the presidency today,
07:28I think he will obviously impose tariffs on China.
07:32India can benefit from this.
07:34But my question is, overall it is a cycle, right?
07:38If inflation does not decrease, interest rates do not decrease,
07:42then obviously middle class and lower middle class will be impacted.
07:48So, if we have to talk about a 5 trillion economy,
07:51when do you think that it is achievable?
07:54If any economy wants to move forward,
07:56then according to sustainability,
07:58it is very important for every individual to be financially sustainable.
08:02At this time, when we talk about the economy,
08:04we say that there is a top-down approach at the macro level,
08:07how to move the finances from top to bottom.
08:10And we talk about sustainability in the future.
08:13But if you say that if every individual is not sustainable,
08:17then practically the economy can never be sustainable.
08:20So, first of all, we have to reach every individual.
08:23Every person will have to help.
08:24And if you help one person,
08:26then you can say that it is the help of a family.
08:28If it is of a family, then it is of a society.
08:30And if it is of a society, then the economy will grow on its own.
08:32So, that is why I told you about financial education earlier.
08:36That education is important for everyone.
08:38Apart from that, the important thing is,
08:40if you see how we are moving towards a 5 trillion economy.
08:42We are the youngest population in the world.
08:44We are 28.2 years old in today's date.
08:48But one more thing to keep in mind is that
08:50in the next 10 years, these 28.2 people will reach 38.
08:53That is, our average age will increase.
08:56So, we have to be prepared for that too.
08:59Because those who are in the range of 45 or 50 today,
09:01they will retire after 10 years.
09:03So, somewhere we need to plan for them too.
09:06If we talk about future sustainability.
09:08If you look at India's services sector,
09:10the manufacturing sector is also increasing a lot in today's date.
09:12And the education sector is growing very fast
09:14with the new reforms which have come in the education sector.
09:17By focusing on these sectors,
09:19India can easily move towards a 5 trillion economy
09:21in the next 3 to 5 years.
09:23If we focus carefully on these sectors
09:25or bring investments,
09:27if we make an individual financially sustainable,
09:29then India will also move towards a self-developed India.
09:32And 5 trillion economy will be achieved before 2030.
09:35I really hope so.
09:37We are all looking forward to the budget.
09:41What reliefs are going to be received.
09:43We are hopeful that India is moving towards sustainability.
09:47Although our target is net zero by 2070,
09:50I hope we reach there soon.
09:52It was great talking to you, Mr. Krishan.
09:55We hope to talk to you more later in the month
09:59once the budget is presented.
10:05That was Mr. Krishan Mishra,
10:07CEO of FBSP India.
10:09Thank you so much viewers for watching us.