Budget 2023 Expectations: What does the youth of the nation look forward to; MintGenie explains

The Union Budget 2023, which will likely be the last full-year budget before the elections in 2024, is only a few days away. A number of business associations and individuals have created wish lists for Finance Minister Nirmala Sitharaman in the hopes that she may ease their lives and businesses.

Talking about the youth of the country; they have had high expectations from the Union Budget every year, and this year is no exception. With the rising unemployment, mounting educational expenses and the need for better healthcare facilities, the youth are expecting the budget to provide solutions to their pressing problems.

We discuss some major expectations of the younger generation of the country from this year’s Union Budget.

Tackling layoffs and employment

Employment opportunities are one of the biggest concerns of the youth in India today. This is especially true for those belonging to rural and semi-urban areas. The Union Budget must allocate substantial resources to create job opportunities in these places.

To accomplish this, the government should focus on developing the MSME sector, which is the primary source of employment in rural and semi-urban areas. Additionally, there should be incentives provided to private companies to set up manufacturing units in these areas, which will help generate more employment opportunities.

Talking of recession, there is also a need to focus the allocations to growth and employment-generating sectors in order to protect the workforce against the increasing lay-offs in the private sector. There may be a need to allocate a higher proportion to government schemes generating employment. There is a need to increase capex in order to spur economic activity and protect the economy against the global downturn while maintaining the real growth of output, said Arjun Mehra in an interview with MintGenie.

Education and digital infrastructure

The cost of higher education has become increasingly unaffordable for many students in India. The Union Budget must include measures to reduce the financial burden of higher education. One way to do this is by increasing the allocation for Higher Education Financing Agency (HEFA).

HEFA provides loans to students who cannot afford to pay for college tuition and other related expenses. Additionally, the government should consider providing tax deductions for tuition fees and other education-related expenses. This will make higher education more accessible to students from all walks of life.

Speaking on the same Mr. Ali Sait, CEO, Tech Avant-Garde said, “The Union Budget should prioritize creating an enabling environment for education by focusing on the sector's digital transformation. While the primary goal of the NEP is to ensure everyone has access to education, it suffers from lack of infrastructure, especially digital, in rural and semi-urban areas.”

“We believe that there should be dedicated funds to assist educational institutions in building and scaling digital infrastructure to become hybrid learning centres. Given that India is one of the world's youngest and largest countries, hybrid learning is the best way to ensure that quality education reaches every corner of the country,” he added.

Social Inclusivity

Even after all the advancements that we have been through, we have mostly ignored the LGBT community. They have a long way to go before people treat them with the same respect and dignity as others. Your sexuality should never be the reason for not getting jobs, but unfortunately, it is. Hence, the youth will receive specific provisions for jobs in this community with open arms, said Paridhi Sharma in an interview with MintGenie.

Young people may expect the government to take steps to ensure that everyone has an equal opportunity to succeed, regardless of their background or circumstances, added a young working professional, Pranay Loya.

Healthcare with a special focus on mental health

Healthcare is another major concern for many young people in India. The budgetary allocations for healthcare have been inadequate over the years. The government should increase the funding for public health infrastructure and services in the upcoming budget. This will ensure that quality healthcare is accessible to everyone, regardless of their financial status.

“The pandemic, fear of getting infected, deaths of loved ones lockdowns, online classes, work from home, job losses, financial worries and more have hit us hard, and it has taken a toll on our mental health. The youth expects that the Union Budget must look to deal with the physical and mental health status of young people. They should address these issues on a comprehensive basis and proper programs need to be formulated to improve the health condition of the youth,” mentioned student Himanshu Arora in an interview with MintGenie.

Apart from these, the youth also looks forward to hear some major announcements around climate change and cryptocurrency. With the exponential growth of public interest in this sector and the youth obtaining expertise to venture into the crypto industry on a full-time income-generating basis, it is about time for the government to provide clarity in respect of the regulatory environment of the same.