The finance ministry is all set to present the Union Budget 2023 on February 1st. This will also be the last full Budget of the present government with upcoming election in 2024. The youth of the country expects Union Budget to be aimed at providing the necessary support to help them realise their potential and contribute positively to the nation’s growth.
This series interviews students and young working professionals and seeks to understand the reasons for the lack of interest among today's youth in budget announcements as well as their expectations from it.
Pranay Loya of a leading consulting firm tells MintGenie in an interview about how he believes that the budget decisions related to education funding, social welfare programs and job creation can all directly or indirectly affect the prospects and opportunities available to the youth today. He is a LinkedIn Top Voice 2022 and writes sarcastic content on business and finance. As a 25-year-old, he is one of the youngest FRM charter holders in India.
Edited excerpts:
Do you believe there is a lack of awareness and participation among the younger generation regarding the Union budget and its discussions? What could be the possible reasons behind that?
The number of economists before 1st Feb is 1 lakh but on 1st Feb after the budget announcement, the number rises to 1 crore. Almost 50 crore people in India use social media and has a significant role to play to create awareness among the younger generation.
There could be multiple reasons for the low awareness in India, such as a lack of emphasis on financial literacy education in schools, a lack of engagement from political leaders in discussing the budget with younger citizens, or general apathy towards politics among young people.
Additionally, the budget process can be complex and difficult for non-experts to understand, which may also contribute to a lack of engagement. However, it is crucial that this generation pays attention to how the budget would impact them.
How do the decisions undertaken in the Union Budget affect the youth and GenZ? Why is it important for them to actively engage and be a part of it?
The decisions undertaken in the Union Budget can have a significant impact on the lives of GenZ. Decisions related to education funding, social welfare programs and job creation can all directly or indirectly affect the prospects and opportunities available to them. Also, the decisions related to taxes and government spending can affect the economic stability and growth of the country, which in turn can impact the job market and overall economic opportunities available to young people.
It's important for GenZ to actively engage and be a part of the Union Budget process because it's an opportunity for them to have a say in how government resources are allocated, and to advocate for policies and programs that will benefit them and their communities. Additionally, by engaging with the budget process, young people can develop a better understanding of the economic and political systems that shape their lives and gain valuable skills in advocacy and civic engagement.
What are the expectations of today's youth from the government and its budgetary decisions? What do they look forward to?
The expectations of today's youth from the government and its budgetary decisions can vary depending on individual perspectives and priorities. However, some common expectations may include:
Job creation and economic opportunities: We are looking for stable and well-paying jobs, and may expect the government to invest in programs and initiatives that will create jobs and support economic growth.
Education and skill development: Most of us are focused on building our skills and knowledge, and may expect the government to invest in education and training programs that will help us achieve their goals.
Health and welfare: Young people may expect the government to provide access to quality healthcare and social welfare programs, to ensure they have the support they need to thrive.
Climate change and environment: Many young people are increasingly concerned about the impact of climate change and may expect the government to take measures to protect the environment and mitigate the effects of climate change.
Social inclusion and equity: 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.
