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Decoding the Indian Budget: A Student's Perspective
The 2024 Union Budget, presented by Finance Minister Nirmala Sitharaman, is not just a financial statement, it’s a roadmap for India’s future. There has been a lot of backlashes on this year’s budget along with few good points and initiatives. As a college student, here are some key take aways and insights that I found to be interesting.
- Infrastructure Development
- Taxation
- Focus on Education and Skill Development
- Investment In Healthcare
- Promotion of Green Energy and Sustainability
- Support for Digital Economy and Startups
- Social Welfare
According to The Hindu the Budget has allocated a whopping ₹11 lakh crore for capital expenditure. This substantial investment is directed towards enhancing infrastructure, including roads, public transport, and urban development. For students, this means better connectivity and improved living conditions, which can significantly enhance our daily commute and overall quality of life.
The Budget also placed a strong emphasis on education, with increased investments in digital learning and skill development programs. This includes expanding e-learning platforms and providing more opportunities for upskilling. For us, this translates to better access to educational resources and improved readiness for the modern job market.
It has observed that important funding has been directed towards healthcare infrastructure and medical research. This is particularly beneficial for students in medical and healthcare fields, offering better training facilities and research opportunities.
Green Energy and Sustainability is yet another dimension the Budget speaks about. Emphasis is on increased funding for renewable energy projects and initiatives to promote electric vehicles to pave the way for a Greener Future. This not only opens up research and career opportunities in sustainable technologies but also ensures a cleaner environment for all. This supports the growth of the digital economy, fintech, and startup ecosystems. This is exciting news for young entrepreneurs and tech enthusiasts, as it creates a fertile ground for innovation and business development.
The Budget continues to support social welfare schemes like MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) and PMAY (Pradhan Mantri Awas Yojana), ensuring that economic benefits reach the large amount of people. There are also few new initiatives aimed at empowering women and marginalized communities promote a more inclusive society, providing equal opportunities for all and fostering social harmony.
In conclusion, the 2024 Union Budget is a comprehensive plan that addresses the immediate economic needs while investing in the future with its own drawbacks. For us as students, it offers numerous opportunities for growth, learning, and contribution to the country’s progress. By understanding these key aspects, we can better appreciate the economic landscape and prepare ourselves to engage more meaningfully with the world around us.
As the youth of today and leaders of tomorrow let’s forge forward towards building the India of the future! Thank you ABBSSM supporting us in our endeavour to “Aspire, Accelerate, and Achieve!”
Written By: Kintada Vinay, I Year PGDM Student of ABBS School of Management
Mentored by: Dr.Kamini Dhruva, Professor, ABBS School of Management
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Kintada Vinay