The Union Budget, which describes the government’s plans for spending and collecting money for the upcoming fiscal year, is a crucial document. It significantly impacts economic policies and directly impacts people’s lives, particularly young people.
The series interviews students and young working professionals and tries to understand the reasons behind the lack of interest among today’s youth in the budget announcements and their expectations.
Himanshu Arora of Shaheed Bhagat Singh College, University of Delhi, stated in an interview that he thinks the choices made in the Union Budget can serve as a guide for future generations of young people and Generation Z to budget their money for specific objectives rather than just splurging. can aid in doing. What they can afford, and what is required. He is a passionate 21-year-old student who enjoys reading and regularly contributes to conversations on business, technology, and education.
How are the youth and Generation Z affected by the decisions made in the Union Budget? Why is it crucial that they participate and actively engage in it?
The decisions taken in the Union Budget can be a roadmap that can help youth and GenZ plan their finances for specific goals and spend only what is necessary and what they can afford. Budgetary choices will eventually be crucial in helping them achieve a better and more secure financial future.
The population of recently added and upcoming taxpayers anticipates Nirmala Sitharaman, the finance minister, to concentrate on increasing capital investment to give them enough educational facilities and employment possibilities. A hike in the standard deduction, tax relief for the gig economy, and increasing benefits on education loans are some of the things on GenZ’s wish list in the country, especially given the playoffs and pay cuts in the post-pandemic era.
The tax filing process requires technical knowledge from taxpayers or non-finance grads despite being digitalized.
For various reasons, today’s youth needs to engage and learn about financial literacy, including the rising cost of higher education and the more complex nature of the global economy. Gaining vast knowledge from budgeting will help in managing finance and money.
What do today’s youth seek from the government and its spending choices? Why are they still waiting?
Youth is the backbone of any society. When nurtured, youth can grow like a giant tree but erupt like a volcano if budgetary decisions do not provide the relief needed to prepare or care for them. The youth have high expectations from the government and its budgetary decisions. They soon anticipate that relief efforts will address issues relating to their mental health, educational opportunities, and economic prospects:
Education: Aspiring youth expect a better quality education through revamped institutions, focusing more on research-based training, which ultimately imparts employable skills. The world is still recovering from the critical phase of COVID-19. Nevertheless, India must take necessary steps to bridge the growing digital divide between marginalized sections of the population and those belonging to higher-income groups.
Employment: Employment remains a major concern for the youth of India. Many youths have lost their jobs during the pandemic, and there is no guarantee that youths who are new to this field will get jobs soon. The informal sector’s sources of income are also dwindling.
Entrepreneurship: Programs like Start-up India and Make in India must put more emphasis on employment creators than job seekers.
Physical and Mental Health: The youth are hopeful that the Union Budget should focus on the physical and mental health status of the youth. They should comprehensively address these problems and prepare suitable programs to improve the health status of the youth.
In Short, young people are faced with a problem and an opportunity to increase their employability to lead better lives due to the rapid economic change and the future work landscape. Young people can benefit from economic growth by increasing their employability and providing job security and career advancement.