The budget and more – Impact on the youth
In the recent past, the Indian government has brought in many changes through the budget and other initiatives. A lot of new ideas have been embraced that will give the youth some incentive to transact easily! This year’s budget has a significant influence in the sectors of Education, Finance and Rural development, with Digitalization of Economy also playing a huge part. For those of you who want some quick snapshots, here are some highlights worth sharing!
- The Startup community: There are a lot of fresh provisions and incentives for startups in India in the annual budget! The announcement of tax break is a real breakthrough. By announcing tax break, the Finance Minister has increased the time span for profit-linked deductions available to startups from 5 to 7 years! Interestingly, this tax advantage is valid for only those startups which are recognised by the Department of Industrial Policy and Promotion. For micro, small and medium scale enterprises, there is further good news! The MSMEs will now get a reduction which will benefit almost 96% of companies in the country and will provide a platform for them to compete with larger conglomerates. Also launched newly is the ‘Stand up India scheme’, as per which over 16,000 new enterprises have been set up!
- Technology and education: Gen Z students (relative to prior generations) enjoy learning on the Internet. With the launch of SWAYAM (online learning platform), the government is looking to leverage IT for learning! Through this platform, students will have access to at least 350 online courses and will be able to attend the courses taught by the best faculty, take part in discussion forums, take tests and earn academic grades! Additionally, special schemes and programmes for skill development and foreign languages have been proposed. As many as 100 Indian international skill centres are to be established with courses in foreign languages with Rs. 4,000 Crore allocated to launch skill acquisition!
- Cashless India: India is at the cusp of a massive digital revolution! Gen Z finds it very convenient to use credit/ debit cards and payment apps. A major announcement this year was ‘Cashless India’! As per this year’s budget, the Government has proposed to launch 2 new schemes to promote the BHIM app, including a cashback scheme for merchants. Another interesting development is the launch of Aadhar Pay app. This will enable consumers who don’t have mobile phones to make payments without any physical payment instrument. After registration on the app, the merchant’s mobile phone needs to be linked to a Aadhaar biometric reader, for which the password would be the merchant’s fingerprint!
A lot of new ideas are being brought in to support fresh thinking, to make India more digital and efficient. Governments are embracing technology and showing startups a lot of support and encouragement! Several platforms that are applicable to the youth are being launched and advertised creatively! With some notable developments across sectors, it’s going to be interesting to witness a startup revolution combined with the possibility of a cashless India! If you want to start something new this is a great time to embrace the environment and take the plunge! This is a good time to be young in India!
Link to the published article: http://bit.ly/2kijBP8