With the Union Budget 2024 just around the corner, the voices of Gen Z are getting louder and more influential.
The Free Press Journal reached out to several young individuals to understand their expectations and hopes for this year’s budget. Their insights reflect the aspirations and concerns of a generation ready to shape the future. From educational reforms to job opportunities and sustainability initiatives, Gen Z’s perspectives offer a fresh take on what they believe should be the government’s priorities.
“The stock market is currently at an all-time high. Several companies have released their quarterly results, which have significantly influenced the market. Maharashtra has recorded its highest-ever loan amount of 4.7 lakh crore,” shares Mansi Chanchad, a 23-year-old Gen Z. She believes the budget should focus on the agriculture sector, infrastructure, and green energy. She also hopes for a reduction in GST rates and faster approval processes for capital expenditure.
Similarly, Disha Kane wants the government to reduce GST on basic items. She says, “I hope they reduce the GST on basics and clothes. I also hope the GST on cigarettes is doubled and they prioritise organic farming,” she says.
Infrastructure is another priority for many young people. Sanket Thakkar, a 24-year-old, expects more investment in the infrastructure sector. “In the 2024 budget, I expect more money to be allocated to infrastructure than in the interim budget. To help the Indian economy become the third largest in the next three years, we need to spend more on roads, railways, airports, and modern infrastructure,” he expresses.
Samaira Soparkar, a 17-year-old economics student, shares a similar view. “As a developing country, infrastructure is super important. But I think health and education should also be given importance. Right now, I think only six percent is allocated to education. We should have more,” she says.
Gen Z’s are also interested in the trading and finance sectors. Hitanshu Bhatt, a 22-year-old, highlights the areas of scope. He shares, “There is a need to address irregularities in the fintech sector, given the current rise in the stock market due to public investments.” He also suggests that other sectors such as PSUs, e-sports, and grocery sectors should also be looked upon, as they are currently at the core of the economy.
Education and employment are important issues for Gen Z. Sanket believes the government should focus on improving the quality of education, including online education, by increasing the budget for the sector.
Himanshu Bhatt also addresses the lack of jobs in the market. “Unemployment should be addressed, and policies should be made to provide facilities to MSMEs,” he feels.
There are also calls for specific initiatives, like support for EV manufacturing and investment benefits. Sachin Bhatia emphasizes the need for better foreign services. “The MEA should be allotted more funds to expand our Indian Foreign Service by at least 1,000 officers. With amazing policies at the head, the boost in strength is necessary to ensure effective policy translation and relay to friendly nations, especially the global south,” he points out.
We individuals work hard and pay income taxes for our nation’s growth and development. Some think social welfare is an important part of the country, while others think it should be limited in this union budget.
Some Gen Z individuals, like Tarkesh Jha, a 22-year-old, have an opinion on social welfare. “I expect from the union budget that social welfare schemes be cut down, since it largely incentivises those who are unproductive at the expense of those who produce positively for this nation,” he feels.
The expectations for the Union Budget 2024 are different and reflect the various priorities of today’s youth. While some find it challenging to understand the budget, it’s important to try and understand how it impacts the lives of ordinary people. Let’s hope this Union Budget addresses the needs and aspirations of today’s youth.