Union budget 2023: what can young professionals have in store

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Income tax incentives or higher exemption limits are much anticipated by young professionals

New Delhi:

The 2023-2024 EU budget is scheduled to be presented on 1 February and like many young professionals, Finance Minister Nirmala Sitharaman also looks up to some income tax relief and savings incentives. The young working class is fond of electronics, gadgets, new cars and bicycles. So it is quite clear that the youth expects a lower tax on these products, which would reduce costs.

In addition to job security and job creation, young people are also very concerned about financial security, educational loans and skills development.

Income tax incentives or higher exemption limits are much anticipated by young professionals. This leaves more disposable income and allows them to save more. In the current scenario of a highly competitive labor market, young people are forced into upskilling and higher education for career growth. The young people look forward to lower interest rates on education loans and new initiatives under the Skill India program from this budget.

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The government has taken various initiatives to promote integration in the electronic sector. In 2021, the Production Linked Incentive (PLI) scheme was extended to IT hardware with the aim of boosting domestic production of gadgets such as laptops, all-in-one personal computers, tablets and servers. The PLI scheme was also introduced for the large-scale electronics manufacturing sector to attract investment in the production of mobile phones and electronic components.

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These moves are likely to boost domestic production of electronic gadgets such as mobile phones. Local manufacturers can introduce cheaper electronic gadgets, giving youth more options to choose from.

To further strengthen the electronics sector in India, the government had rolled out the Electronic Components and Semiconductors Production Promotion Scheme (SPECS) to facilitate the domestic production of semiconductors, an important part of most gadgets.

As this scheme expires in March 2023, the electronics industry is eyeing a five-year extension of the scheme. In addition, in the upcoming budget, the industry also expects the government to reduce the Goods and Services Tax (GST) on mobile phones from the current 18% to 12%.

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The automotive industry is witnessing a growing adoption of electric vehicles. Manufacturers are introducing new environmentally friendly vehicles to the market to provide customers with new and greener options. However, electric vehicles remain more expensive than vehicles that run on conventional fuel. While the government has provided incentives and subsidies for the purchase of electric cars, the youth in the 2023-24 budget is looking forward to schemes and measures that will make the electric segment more affordable.

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