- Date : 02/02/2023
- Read: 3 mins
Union Budget 2023 for India’s youth
All eyes were on the finance minister as she presented the Union Budget 2023 on 1st February. Touted to be the most important budget before the country goes to election next year, the budget presented multiple reformative measures for the country’s economy. But what did the youth get?
Here’s a look at the budget proposals targeting the GenZ and millennials of India –
Changes in the new tax regime
The new tax regime was in the limelight as the finance minister made multiple changes to boost its popularity. Here are the proposed changes –
- The tax exemption limit increased from Rs.5 lakhs to Rs.7 lakhs.
- A standard deduction of Rs.50,000 was introduced for salaried employees.
- Tax slabs changed with a reduced number of slabs.
Impetus to financial literacy
With a view to making the Indian youth financially literate and more knowledgeable, the budget has proposed a skilling scheme called the PM Kaushal Vikas Yojana. Under the scheme, a digital ecosystem will be established for on-the-job training for the youth. Moreover, the higher education courses will be aligned with industry 4.0 standards for enhancing employability.
SEBI has also been tasked to develop and manage education in NISM and to grant certificates, degrees, and diplomas to promote financial literacy.
Emphasis on Artificial Intelligence (AI)
To boost AI education, the budget has proposed the establishment of three centers of excellence. These centers will train Indian youths on AI like drones, coding, IoT (Internet of Things), robotics, etc.
Simplification of ITR filing
The budget has proposed reducing the processing time for Income Tax Returns (ITR). The time has been reduced to 16 days from the current 93 days to simplify ITR filing. A grievance redressal mechanism will be introduced for taxpayers seeking help. Lastly, simplified ITRs will be introduced to allow GenZ and millennials to file their returns easily.
Education was also given importance in the latest budget as the government proposed establishing national digital libraries for children and adolescents to access quality books. Moreover, respective States will also be motivated to establish libraries and facilitate infrastructure to allow children to access the national digital library and its sources.
The government also stressed the pandemic-induced learning loss and stated that the Children’s Book Trust and National Book Trust would provide non-curricular books to physical libraries.
To promote job creation, especially in the start-ups and MSME ecosystem, the finance minister has given many reliefs. Rs.283.5 crores have been allotted to the Startup India Seed Fund to fund budding start-ups. The tax holiday has also been extended till March 2024.
The credit guarantee scheme for MSMEs has also been revamped with a fresh influx of Rs.9000 crores.
So, GenZ and millennials can look forward to positive changes once the budget proposals are accepted.