The Union Budget is an important document that outlines the government's spending and revenue plans for the upcoming financial year. It is a major tool for economic policy-making and has a direct impact on the lives of the citizens, especially the youth.
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.
Himanshu Arora of Shaheed Bhagat Singh College, Delhi University tells MintGenie in an interview about how he believes that the decisions undertaken in Union Budget could be a roadmap that can help the youth and GenZ in the future to plan their finances for specific goals and spend only on what is necessary and what they can afford. He is a 21-year-old enthusiastic, upbeat student who’s also an avid reader and actively participates in discussions around education, technology and entrepreneurship.
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 Union budget is still an alien concept for the majority of youth in India. It is regarded an an essential element of modern civilisation and is indeed crucial as it has a widespread impact on numerous areas of the younger generation. Hence, it is imperative for GenZ to have knowledge about what it stands for as they are growing up in an increasingly complicated environment in which they are ultimately responsible for their own financial destiny.
The National surveys show that young adults have amongst the lowest levels of financial literacy which is clearly a RED signal for the economy. This is reflected in their general inability to select appropriate financial products and, in many cases, their lack of participation in healthy budgetary discussions. It is imperative to understand that the youth eventually need to take charge of their own financial future and realize how crucial it is to take an active part in discussions around the Union Budget.
Lack of digital awareness in rural areas and limited access to smartphones among the economically weaker section could be a major reason behind low turnout for participation in Union Budget. Another major reason behind this is that it is still not taught enough to students at schools or colleges nor is information around it being shared in a comprehensive manner.
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 Union Budget could be a roadmap that can help the youth and GenZ in the future to plan their finances for specific goals and spend only on what is necessary and what they can afford. The budgetary decisions will ultimately play a key role in making them lead a happier and more financially stable lifestyle.
The population of newly added and soon-to-be-added taxpayers expects Finance Minister Nirmala Sitharaman to focus on increased capital expenditure to provide adequate educational facilities and employment opportunities to them. The union budget can help in managing their finances through important decisions around educational loans and looking into the possible extra income opportunities too.
Hike in the standard deduction, tax reliefs for the gig economy, and increasing the benefits on education loans, are some of the items on the wish list of GenZ in the country especially given the layoffs and salary cuts that have happened in the post-pandemic era.
The market enthusiasts expect the decisions taken in this year’s Union Budget as a make-or-break situation for the crypto landscape too. The tax filing process, though digitized, still includes a lot of technical know-how lacking in non-finance graduates or taxpayers. Thus, they want the tax filing process to be simplified so that they can file their taxes themselves without resorting to the help of qualified professionals.
Actively engaging and learning about financial literacy is crucial for today’s youth for a variety of reasons, including the rising expense of higher education and the more complex nature of the global economy. Gaining vast knowledge from the Budget will help to manage the finances and money.
What are the expectations of today's youth from the government and its budgetary decisions? What do they look forward to?
Every year the budget is formed by keeping in mind the expectations of the youth of our country. The youth are the backbone of any society. When nourished, young people can grow like a giant tree but can erupt like a volcano if the budgetary decisions don’t provide them the much-needed relief to be groomed or cared for. No country can afford to ignore this segment of the nation.
Youth have many high expectations from the government and its budgetary decisions. Back in 2020, they started their childhood when there was a financial crisis and now, they are leaving it with the life-changing experience of the COVID-19 pandemic. Indeed, they expect relief measures for challenges in terms of their education, economic prospects, and mental well-being in the near future :
Education- The aspirational youth expect a better quality of education through revamped institutes while focusing more on research-based training which ultimately provides employability skills. The world is still recovering from the crucial phase of COVID-19 but India must take necessary steps to reduce the outgrowing digital divide between marginalized sections of the people and those belonging to a higher income category. Young people from poor families who cannot afford proper devices and data packages are in trouble.
Employment- Employment continues to be a major concern for young India. Many young people have lost their jobs during the pandemic and there is no guarantee that young people who are new to the field will find jobs soon. Opportunities to earn a living in the informal sector are also diminishing. The need of the hour is to create more job opportunities to empower youth to achieve their full potential and enable India to be the leader in the supply of skilled manpower.
Entrepreneurship- Be it skilling or lack of opportunities, the youth today is struggling for finding their space in the sun. Young India is also mindful of better facilities and opportunities in terms of entrepreneurship and start-up. Schemes like Start-up India and Make in India must focus on job creators rather than just job seekers.
Physical and mental health- 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.
In summary, the rapid economic changes and future employment scenarios present both a challenge and an opportunity for young people to improve their employability for a better life. Improved employability would ensure job security and career advancement, enabling young people to contribute to and benefit from economic growth.
