As the Union Budget 2024 approaches, many young people are questioning why a latte should cost more than a morning commute.
For this generation, the budget isn't just about numbers and policies; it's about how these decisions will impact their daily lives and the things they care about most.
Lower Taxes on Cafes
For many young people, visiting a local cafe is more than just a coffee break; it's an essential social activity and a cherished routine. However, high taxes on cafes are making these outings increasingly expensive, according to The Financial Express.
"Honestly, the high taxes on cafes are really getting to us. We love hanging out at our favorite spots, but it's becoming too expensive. If the government could reduce the tax burden on cafes, it would make our outings a lot more affordable and enjoyable," said Rishabh, a student at DU Faculty of Law.
Rishabh and his peers are hoping for a reduction in taxes on cafes to make their regular social activities more affordable and less of a financial strain.
Simplification of Fuel Taxes
The frustration extends beyond cafe bills to everyday essentials like fuel. Currently, petrol prices are burdened by a two-layered tax structure, which many young people find particularly disheartening. The complex tax system often results in paying more in taxes than in fuel itself.
"Currently, there are two taxes imposed on petrol, which is quite burdensome. It would be more efficient and fair to have only one tax on petrol," Rishabh added, as reported by The Financial Express.
A simplified tax structure for fuel would ease some of the financial pressure on young commuters and make daily travel expenses more manageable.
Increased Take-Home Salary
The issue of take-home salary is another critical concern. Many young workers are feeling the sting of high deductions that significantly reduce their net pay.
"Let's be real, our take-home salary feels way too low compared to what we actually earn. The high deductions are killing us. It would be amazing if they adjusted things so we could actually take home more of our salary," said Adarsh Jha, 23, a new IT professional.
For young professionals like Adarsh, increased take-home pay would substantially improve their financial well-being, allowing them to better manage personal expenses and savings.
Reduction in Student Loan Interest
Student loans represent a significant burden for many young people, making the reduction of interest rates a highly anticipated reform. Lowering interest rates on educational loans would ease the financial strain on students and recent graduates, helping them focus more on their careers and less on repaying debt, as per media reports.
"Student loans are such a huge burden. It would be a game-changer if they lowered the interest rates. That way, we wouldn't feel so stressed trying to pay off our loans," said Prakriti Roy, a recent 12th-grade graduate.
Reducing student loan interest rates would be a crucial step towards alleviating financial pressure and enabling a smoother transition into the workforce.
Job Creation and Education
Job creation remains a vital concern, especially in emerging fields like technology, green energy, and creative industries. Young people are seeking not just jobs but meaningful opportunities that align with their future aspirations.
"Seriously, we need more job opportunities, especially in new and exciting fields like tech and green energy," said Utkarsh, 23, a student.
The demand for job creation in innovative sectors reflects a broader desire for a dynamic and future-ready economy that offers substantial career prospects.
Advancements in the Education Sector
Investments in education are crucial for supporting long-term growth and development. Initiatives such as the National Digital Library and PM eVIDYA are seen as vital for expanding access to high-quality educational resources. Improvements in higher education infrastructure and increased incentives for research and development are also essential for fostering innovation and preparing students for future challenges, as reported by The Financial Express.
Mental Health and Financial Literacy
Mental health is an area of increasing concern. Professionals like Hamna Ashraf advocate for expanded access to mental health resources and funding for mental health programs. Additionally, there is a growing need for financial literacy programs that provide young people with essential skills for managing their finances.
Gen Z's expectations for the Union Budget 2024 encompass a broad range of issues beyond immediate financial relief, as per media reports. They reflect a vision for a supportive and future-oriented economy that addresses daily challenges while investing in long-term success and overall well-being.