Budget: Known Unknowns

 Today the was the most important day in lives of 12.3 Lacs JEE aspirants

This year's Joint Entrance Examination JEE Main 2024 set a new record with 12.3 Lacs aspirants for the January session, surpassing last year's cumulative (January and April) registration by nearly 68,000. Compared to the first session in 2023, there's an increase of 3.7 Lacs applicants.

February 1st will be the most important day in the lives of 7.86 Cr. ITR filing Indian Citizen's

Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full budget for FY25 will be presented after the formation of the new government following the general elections.

The IT Department, in their press release celebrated the highest number of ITRs filled which almost doubled in 10 years, for a country which is the most populous country in the world with one-sixth of the world's population. According to UN estimates, India overtook China in having the largest population in the world with a population of 1,425,775,850 at the end of April 2023. The number of tax payers looks very small.

As, published by the government they will prioritise the following areas in the Budget of 2024. Welfare of Youth, Women, Farmer and Poor. apart form the sleuth of measure on spur economy and investments in Defence, Infrastructure and other developmental work necessary to reach the $5 trillion economy and the fasted and stable economies leading the new world order.

When, I asked few of the JEE aspirants who took today's mains, what does Budget mean to them (off course after checking how their entrance exam went),  all most all responded ignorance, few mentioned that taxes will be announced that day. I am not blaming them nor judging them. Few amongst them in next 5 years will be paying top slab IT slab and will need to file the ITR joining the 7% of population who will do that.

When I asked few homemakers, what does Budget mean to them, they responded with one simple word 'Inflation", come few months we will need to pay more for our consumptions.

When I asked few Agripreneurs, what does Budget mean to them, they shared for them its more about subsidies, waivers and guage the demand in areas which will become costlier in days to come and how they can monitise this.

When I asked the cab driver, what does Budget mean to him, He shared, now he drives 16 hrs, he will have to drive 18 hrs and also look at few more gigs to make ends meet.

The print, television and research industry is working overnight in building the content in run-up to the Budget, there are dedicated shows, podcasts, webinars. Financial institutions are hosting sessions to demystify the budget, the audience is amongst the 7.86 Cr. ITR filing populations.

I today received a document which read "A quick guide to make sense of budget numbers", nicely compiled 4 min read and helped me in clarifying few concepts. Just before the voluminous new paper releases which I tend to read on the next day of Budget release every year.

Should our nation place greater emphasis on educating the upcoming generations about the Budget, it's significance, and its impact on individual lives, careers, and lifestyles? There's a possibility to make this a compulsory subject, with the aim of fostering social responsibility in future generations, encouraging them to file income tax returns, and to critically evaluate the Budget's benefits. This approach could lay a solid foundation for their financial planning and decision-making skills.

Should we commit resources to ensure that the message reaches every Indian citizen affected by the decisions made and passed in the Central Vista? This message should be straightforward, in the local language, free of technical jargon, and clearly explain what each stakeholder stands to gain.