Union Budget countdown: Middle class hopes for relief from price rise

Only two days remain before Finance MinisterNirmala Sitharaman presents the Union Budget 2026-27 in Parliament on February 1. This will be her ninth consecutive budget presentation and the second budget of Prime Minister Narendra Modi’s third term.

People across the country are eagerly awaiting the announcements, with high expectations from the middle class, youth, and women. Speculation suggests that the Finance Minister may unveil measures aimed at controlling rising prices, providing tax relief, promoting employment, and supporting women’s skill development.

The public is hopeful for initiatives that could reduce the cost of essential goods, including petrol, diesel, medicines, household items, clothing, housing, and agricultural machinery. Housewives, in particular, are looking for potential cuts in staples like pulses, cooking oil, and cooking gas.

"The prices of essential goods should be reduced. We also expect a decrease in the prices of grocery items, petrol, and diesel," said Ajay Guha, a resident in Balasore.

"We were expecting the government to reduce prices. However, the prices of essential goods and household items are increasing day by day," said Sasmita Rana, a resident in Balasore.

"Due to the high prices of essential items, I have to spend around Rs 10,000 every month on living and food expenses," said Sudhir Gouda, a teacher in Bhanjanagar.

"The limited budgets of middle-class families are being stretched beyond their limits due to rising prices. As a result, families are facing numerous difficulties in managing day-to-day expenses and are unable to save anything for the future. The budget should be prepared keeping in mind the realities of middle-class households, especially the rising cost of essentials in the kitchen," said Shraddhanjali Padhy, a resident in Berhampur.

On the fiscal side, experts expect the budget to focus on strengthening the economy, railways, defence, and modern infrastructure, while also increasing spending on education, healthcare, insurance, and retirement planning. There is also anticipation regarding long-standing proposals such as increasing the Section 80C limit, which could reduce taxable income and encourage long-term savings.

Additionally, the budget may introduce a joint income taxation system for working couples, offering single taxation on combined income, potentially providing significant financial relief to middle-class families.

As the nation awaits the Finance Minister’s announcements, all eyes are on a budget expected to balance economic growth with measures that ease the burden on ordinary citizens.

Also Read: Home loan benefits, FD tax cut: Taxpayers eye big relief in Union Budget 2026-27

"The rate of employment has come down. Unemployment has become a very big problem to the Indian economy. The Finance Minister will definitely address it in the budget. There should be an additional effort in the budget to provide employment and economic empowerment to the youth," said economist Prof SP Das.

"Women-specific expenditure provisions were made earlier. More provisions in this regard could be made in the upcoming budget. Middle-class jobholders always expect a reduction in income tax. Standard deduction could be raised from Rs 75,000 to Rs 1,00,000," said market expert Chittaranjan Behera.