The Union Budget 2023-24 is set for February 1 and many young professionals will be looking up to Finance Minister Nirmala Sitharaman for some income tax relief and incentives for saving. The young working class is very fond of electronic goods, gadgets, new cars and bicycles. Therefore, it is very evident that the young people think that the tax on these products will decrease and the price will decrease.
Apart from job security and new career opportunities, youth are also concerned about financial security, funding for education and skill development.
Income tax incentives or higher exemption limits are highly anticipated by professionals. This leads to more income and more savings. In today’s highly competitive job market, young people are encouraged to upgrade their skills and higher education for career growth. The youth are moving towards reduced interest rates for educational and innovation grants under the Skill India program from this Fund.
The government has taken many initiatives to promote citizenship in the energy sector. In 2021, the Linked Investment (PLI) program was expanded to IT equipment and aims to increase the domestic production of equipment such as laptops, all-in-one computers, tablets, and servers. . The PLI scheme was also introduced for the large-scale electronics manufacturing sector to attract investment in mobile phone and electronics manufacturing.
These moves will lead to increased domestic production of electronic devices such as cell phones. Local manufacturers can install cheaper electronic devices, giving young people more options to choose from.
In strengthening the electronics sector in India, the government has launched the Promotion Scheme for Promotion of Electronic Components and Semiconductors (SPECS) to facilitate the domestic manufacturing of semiconductors, a key component for most equipment.
As this scheme expires in March 2023, the electronics industry has been looking to extend the scheme by five years. Further, the industry, in the upcoming Budget, the government is also expecting to reduce the Goods and Services Tax (GST) on mobile phones to 12% from 18% .
The automotive industry is seeing the growth of electric vehicles. Manufacturers are introducing new eco-friendly vehicles in the market to offer new and green options to consumers. However, electric vehicles are more expensive than vehicles that run on conventional fuel. Although the government has provided incentives and subsidies for the purchase of EVs, the youth, in the Budget 2023-24, are looking forward to projects and movements that will increase the cost of the EV category.
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