Aditya Sankar Narayanan-18, FYBCom Student
The tax bracket for the general category has been raised to rupees two lakhs. So there is an effective saving of Rs.2,000 for those of us who pay tax. Moreover, a deduction of up to Rs.10,000 is available on interest from savings bank accounts for individuals, this again encourages savings among youth. Concessions on manufacture of electric and hybrid vehicles should ensure new variants entering the market. Proposals to increase the excise on goods like cigarettes, pan masala, gutkha and so on is a very good move to discourage their use, which is rampant among today’s youth. Overall, it is a fair budget but there is also nothing very impressive.
Preeti Srinivasan-18, FYBMM Student
The budget sure does have a lot of impact on the youth. With phone calls getting more expensive, the price rise would surely affect the youth who regard their cell phones as their lifelines. While handset prices might decrease, the dip doesn’t compensate for the increase in call rates. The budget is mainly political in nature rather than economical. The budget would surely impact me in a way that would make me restrict from cell phone use!
Shrutika Shetty-18, BMM and Animation Student
As a youth in the field of animation and media, I stay out most of the day. Due to the current Budget, there is a price hike in both transport and food. This affects our pockets a lot. Curr ntly, I would say it is not creativity you need but finance to stay
in this field!
Mohd Nabeel Soomar-18, Class 12 Commerce Student
The Union budget 2012 was both positive and negative, an increase in excise, luxury tax was uncalled for, but this budget does encourage savings, which may help to bring down inflation, at an all time high due to excess flow of money in the economy. Speaking for the youth it remotely effects us in the matters of most electronics for which prices have gone down, a welcome bit of news. Also moneyhas been pumped into education, proof that the matter is being taken seriously in India. Most of the people visiting restaurants are young people. so the luxury tax and restaurant tax might be a bit of a burden. Something seriously needs to be done about the ever soaring fuel prices. Otherwise the budget is looking better than those of the last few years on the whole. I was extremely happy with Mr.Dinesh Trivedi’s budget, but the roll back shouldn’t have been made if the concerned matter was future development.
Radhika Narayanan-CA student
The hike in service tax and excise duty, I think, is going to affect the youth in general. Service tax is applicable everywhere, so general living is going to be costly, including payment of mobile bills and eating out. I feel that this year’s budget is quite vindictive; the collection from indirect taxes is proposed to be higher than the collection of direct taxes. It will prove to be a costly affair for the youth.
Volume 1 Issue 11