Climate change action and social inclusion for all, predicts content creator Pranai Loya

The Finance Ministry is all set to present the Union Budget 2023 on February 1. This will also be the last full budget of the current government with elections coming up in 2024. The youth of the country expect the Union Budget to be geared towards providing the necessary support to help them realize their potential and contribute positively to the growth of the nation.

This series interviews students and young working professionals and tries to understand the reasons behind today’s youth’s lack of interest in budget announcements and their expectations from it.

Pranai Loya of a leading consulting firm tells MintGenie in an interview about how he believes budget decisions related to education funding, welfare programs and job creation can directly or indirectly affect the prospects and opportunities available to young people today. He is a LinkedIn Top Voice 2022 and writes sarcastic content about business and finance. At 25, he is one of the youngest FRM charter holders in India.

Do you think there is a lack of awareness and participation among the younger generation regarding the Union Budget and its deliberations? What could be the possible reasons behind this?

The number of economists before February 1 was 1 lakh, but on February 1 after the budget was announced, the number increased to 1 crore. Almost 50 crore people in India use social media and play an important role in raising awareness among the younger generation.

There could be multiple reasons for low awareness in India, such as lack of emphasis on financial literacy education in schools, lack of engagement by political leaders in discussing the budget with younger citizens, or general apathy towards politics among young people.

Additionally, the budget process can be complex and difficult for non-specialists to understand, which can also contribute to a lack of engagement. However, it is critical that this generation pay attention to how the budget will affect them.

How do the decisions taken in the Union Budget affect the youth and GenZ? Why is it important that they actively engage and be a part of it?

Decisions taken in the Union Budget can have a significant impact on the lives of GenZ. Decisions related to the financing of education, social assistance programs and job creation can directly or indirectly affect the prospects and opportunities available to them. In addition, tax and government spending decisions can affect a country’s economic stability and growth, which in turn can affect the labor market and overall economic opportunities available to young people.

It is important for GenZ to actively engage and be part of the Union Budget process because it is an opportunity for them to have a say in how government resources are allocated and advocate for policies and programs that will benefit them and their communities. Additionally, by engaging in the budget process, young people can develop a better understanding of the economic and political systems that shape their lives and gain valuable skills in advocacy and civic engagement.

What are the expectations of today’s youth from the government and its budget decisions? What are they looking forward to?

The expectations of today’s youth from the government and its budget decisions can vary depending on individual perspectives and priorities. However, some general expectations may include:

Job creation and economic opportunities: We are looking for stable and well-paid jobs, and we can expect the government to invest in programs and initiatives that will create jobs and support economic growth.

Education and skills development: Most of us are focused on building our skills and knowledge and can expect the government to invest in education and training programs that will help us achieve their goals.

Health and Wellbeing: Young people can expect the government to provide access to quality health care and social assistance programs to ensure they have the support they need to thrive.

Climate Change and the Environment: Many young people are increasingly concerned about the impact of climate change and can expect the government to take measures to protect the environment and mitigate the effects of climate change.

Social inclusion and equity: Young people can expect the government to take steps to ensure that everyone has an equal opportunity to succeed, regardless of their background or circumstances.