The veteran investor of the stock market has demanded from the government to make income up to Rs 12 lakh tax free. He has also given the reason behind this.
Budget 2024: The general budget is going to be presented on Tuesday, 23 July. Crores of people of the country have great expectations from this budget. Especially, after the Modi government came to power for the third time, from the poor, farmers to the common man, everyone is hoping that they will get a big gift in the budget.
Especially taxpayers want a big exemption in income tax from the government. At present, there is no tax on income of Rs 7 lakh and it is likely that the government will increase it further. Meanwhile, a veteran investor of the stock market has demanded the government to make income up to Rs 12 lakh tax free.
Ramdev Agarwal, chairman of brokerage firm Motilal Oswal Group, has suggested this to the government. He said, “We should give this relief to taxpayers so that when they have more money, they are encouraged to consume (spend).”
‘The budget should be for the good of the market and the country’
Ramdev Agrawal said that the government should not impose any income tax on people with an annual income of up to Rs 12 lakh. In an exclusive interview with CNBC-TV18, he said that this step needs to be taken to increase demand and consumption in the country. According to Ramdev Agrawal, more money in the hands of taxpayers will increase consumption and this will strengthen the country’s economy.
Raamdeo Agrawal said that the budget should not focus on what the stock market is expecting. He said, “You cannot make a budget for the markets, you have to run it with what is good for the country.”
Veteran investor Ramdev Agarwal said that there is a need to further boost consumption in India. In fact, the slowdown in the growth of GST collection in June was the lowest in 3 years. Data shows that for the first time after the pandemic, the growth rate of GST collection has come down below double digits. In such a situation, there is a need to increase consumption.
Apart from this, market veteran investor Raamdeo Agrawal believes that an unchanged budget would be best for the stock market. He said that the equity market is in a very good balance and there should be no change in taxation.
