Union Budget 2025: Here's What Youth, Young Entrepreneurs Expect Ahead Of FinMin's Announcement

As February 1, 2025, approaches, a huge chunk of India's population, notably those under 35, eagerly awaits the Union Budget announcement.

Representing 65% of the nation's populace, as per the 2021 World Population Review, this young demographic, made up of Millennials and Gen Z, is actively expressing their expectations and concerns, which mirror wider socio-economic challenges.

Photo Credit: PTI

Crucial to the dialogue is the push for economic reforms, especially in taxation, aimed at easing the financial strain on the middle class.

This demographic is advocating for measures such as tax reductions, a more straightforward tax system, and tax exemptions on essential goods and services, reported ETBFSI.

They suggest improvements like raising the limit under section 80C, making medical items and feminine hygiene products tax-exempt, cutting taxes on real estate and stock market earnings, including ETFs, and removing double taxation on certain items.

The state of employment in India is causing unrest among the youth, intensified by social media, which fuels fears of professional insufficiency.

Despite a reported decline in unemployment rates by the Ministry of Labour & Employment in October 2024, the consensus among young Indians is that the focus should not solely be on job creation but also on improving job quality and wages.

Echoing this sentiment, Ramani Dathi, CFO of Teamlease Services, remarked that the real issue is not the absence of jobs but a "wages problem."

Concerns about financial security are rampant, as highlighted in the Deloitte Global 2024 Gen Z and Millennial Survey.

A considerable number of young Indians find themselves living paycheck-to-paycheck, overshadowed by worries over escalating living costs, which rank higher than anxieties about climate change, unemployment, mental wellness, and personal safety.

Moreover, the youth are clamoring for substantial investments in healthcare and education. They want an increase in the GDP portion allocated to healthcare infrastructure, mental health initiatives, affordable treatment options, and better conditions for hospital staff.

Despite progressive increases in spending, the funds dedicated to health and education still fall short of what is needed, highlighting a discrepancy between government expenditure and public expectations.

The diverse viewpoints and deep understanding of national fiscal policies among India's younger generation highlight their engagement and commitment to influencing a future that reflects their goals and values.

Their informed stances on various issues demonstrate a broad comprehension of the socio-economic landscape and a vested interest in contributing to the nation's progress.