The Union Budget of India will be presented by the Minister of Finance on February 1, 2023. It has the potential to have a substantial influence on several sectors of the economy including the lives of the country’s youth.
This series interviews students and young professionals and seeks to understand the reasons for the lack of interest of today’s young people in budget announcements as well as their expectations of them.
Paridhi Sharma from Kirori Mal College recounts MintGenie in an interview about how she thinks the reason behind the lack of budget awareness among young people is that kids are kept out of conversations about taxes, loans, or budgets for as long as possible. She is a 19-year-old content creator on LinkedIn. Topics related to career, personal growth and personal finance interest him the most. She is a big believer in holistic development and believes that only this can open doors to incredibly exciting opportunities.
Do you think 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 this?
The level of awareness of the EU budget among the younger generation varies considerably depending on their background and the school/college they attend. Most private schools, including mine, offer a project on EU budget analysis every year to broaden the knowledge about it among its students. In colleges too, formal sessions are held on budget analysis to equip students with a better understanding of where the nation’s money is being spent. However, this is very limited to certain Tier 1 colleges and elite private institutions only.
There is little “inherent” enthusiasm for the EU budget among younger generations beyond the institutional level. Indeed, in middle-class homes, children are kept out of conversations about taxes, loans, or budgets for as long as possible. So most of us have grown up with the idea that the budget only influences big business, corporations, rich and poor. We assume there is nothing in it for younger groups, and call it a subject that is not suitable for ‘us’ to discuss or analyze its impact on us, directly or indirectly.
How do decisions made in the Union budget affect young people and GenZ? Why is it important for them to actively engage and be part of it?
As the country’s future workforce and nation builders, many of the decisions made in the Union’s budget have the caliber to revolutionize our lives for good or throw us straight into a blow. Education is the biggest game changer for most teenagers. And so all the decisions related to this mainly affect the whole life of young people.
Another part of the youth wants to avoid the conventional path. They are more concerned with the opportunities that lie in sports or other creative fields than in higher education. And it’s important that the budget recognizes their needs and gives these unconventional areas their fair share. Either way, it directly affects our whole life and the dreams we have had.
The more we engage and illustrate our budget awareness, the more we will be represented there. Therefore, it is imperative that we participate in these discussions.
What do young people today expect from the government and its budgetary decisions? What are they looking forward to?
The expectations are endless. But some of the common ones are as follows –
Uniform funds at all higher academic institutions – Data shared by the MHRD in 2018 revealed that almost 50% of central government funding for higher education goes to IITs, IIMs, IIITs and NITs which enroll only 3% of students. In fact, in the recently introduced CUET exam, 6.63 lakh candidates registered at Delhi University, the highest among all participating universities while it can accommodate only 70,000 students at UG level.
These figures clearly show the disparity in terms of opportunity, exposure and infrastructure that characterizes the students who study in these and other higher education institutions. Not everyone can go to an IIT or IIM, and therefore the government should strive to provide the same quality opportunities to other institutions by distributing funds evenly.
Appropriate regulations for dismissals and the fight against unemployment – A report by India Today revealed that nearly 1.5 lakh people were laid off from tech jobs in 2022 and this number is also only expected to increase in 2023. Some of these companies have literally laid people off by e -mail, which is disappointing to say the least. In addition to some relief for those affected by this situation, young people expect the government to focus on developing appropriate rules and regulations to improve job security. Moreover, it is important that the government directly addresses the issue of unemployment, rather than ignoring it as always.
Develop the financial literacy of disadvantaged people – Financial Literacy is a hot topic among Genz. But since it is not taught in schools, only the part of society that can afford a good internet connection and smartphones is aware of it. In the longer term, this can create a huge financial disparity between privileged and unprivileged sections. And therefore, it is time to launch television programs and workshops at the cell/rural level on these subjects.
Promoting startup culture – This is a great time to promote startup culture due to the wave of startups going on and the massive layoffs that are happening. Things like tax benefits and making documentation procedures easier and hassle-free is something we look forward to.
Lower interest on student loans – As the economy is still trying to recover from the effects of a global pandemic, the government should do education loans more affordable and accessible to all. No one should be deprived of a quality education because they cannot afford it.
Details on new technologies – Young India is obsessed with new technologies like blockchain, cryptocurrencies, digital rupee, etc. They are also eagerly awaiting the introduction of pan-Indian 5G. And we are eagerly awaiting more information on the rules, regulations and Indian government’s position on these topics in detail.
Jobs for the LGBT community – Even after all the advances we have been through, we have mostly ignored the LGBT community. They still 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 you can’t find a job, but unfortunately it is. Therefore, young people will receive with open arms specific provisions for jobs in this community.
Regulation on the economy of the creator – There is an undeniable role of GenZ in promoting the digital economy, mainly the economy of creators. Youtube creators have contributed Cr10,000 to India’s GDP in 2021. We look forward to seeing how the Indian government views this new form of economy and what regulations and recognition it gives to this space.
Fiscal policy is tightened by raising taxes or reducing government spending.
First publication: January 23, 2023, 08:10 STI