The Union Budget 2023, likely to be the last full-year budget ahead of the elections in 2024, is just a day away. Like many others, the nation's youth also look up to Finance Minister Nirmala Sitharaman, Finance Minister, for some income tax relief, savings incentives, and added benefits. Parallelly the young working class is fond of electronic goods, gadgets, new cars, and bikes. So, it's pretty evident that the youth expect a reduced tax on these products, which would bring down costs. Besides job security and new employment opportunities, the youth is primarily concerned about financial security, education loans, and skill development.
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Here’re some listed expectations.
Education and Digital Infrastructure Higher education costs have become increasingly unaffordable for many students in India. Therefore, the youth wishes the Union Budget to include considerable measures to reduce the financial burden of higher education and more provisions for digital literacy so that everyone can access fundamental digital skills and enact stricter rules for safety and privacy. One possible way of achieving this is by amping up the allocation for Higher Education Financing Agency (HEFA). HEFA provides loans to students who are unable to pay their tuition fees and other related costs. Other expectations the youth have, includes, lower GST on e-books and increased allocation of resources to skills development and technical training, especially for semi-employed youth. The new budget should also make education-related services affordable and accessible for women, students with special learning needs, disadvantaged groups, and people with disabilities.
Social Inclusion and Equity Despite all the progress India has witnessed, the LGBTQ community remains ignored. They still have a very long way to go before each one starts treating them with the same respect and dignity as others. One's sexuality, background, or circumstances should never come in the way of their job and building a fruitful career, but unfortunately, it is. Hence, the youth desperately hopes to receive specific provisions for jobs in this community with open arms.
Healthcare + Mental Health Healthcare is another major concern for many young people in India. The pandemic caused major turmoil around various aspects, causing a toll on each one’s mental health. The youth expects that the Union Budget must look to deal with young people's physical and mental health status. Unfortunately, the budgetary allocations for healthcare have been inadequate over the years. The youth looks out to the government for an increased fund allocation for public health infrastructure and services in this upcoming budget. They wish for quality healthcare accessible to everyone, regardless of their financial status.
Benefits for Budding Start-ups India's start-up ecosystem has grown to be one of the strongest in the world, reaching 108 unicorns. This shows a strong entrepreneurial spirit that is expected to contribute 4-5% to the country's GDP. India has grown to be the third largest start-up ecosystem worldwide, after the US and China. The youth looking forward to being budding entrepreneurs anticipates the government to extend tax-neutral approval of start-up outbound mergers and flip in this budget. Furthermore, taxes should only be levied on actual liquidations, not on such reorganizations, because no real revenue is generated. This allows entrepreneurs to raise funds with more favorable terms and valuations during the fundraising winter. They also expect government budgeting to support simple businesses, encourage consumption, and return investment. This will enable start-ups to provide better access to a robust and improved digital infrastructure.
Stay glued to witness what expectations turned true this year!
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