You get pocket money every week. You might spend some on candy, save a bit for a new toy or book, and put the rest in your piggy bank. The Government of India does something similar but on a much larger scale! Each year, the Finance Minister, who is like the country’s money manager, presents the Union Budget, which is a detailed plan that shows how the government will spend its money and on what. On July 23, Finance Minister Nirmala Sitharaman presented the budget for 2024-25. So what does it have for you?
Special Savings Plan: NPS Vatsalya, a new savings plan for minors, is like a super-charged piggy bank. For example, if you save ₹100 every month from your pocket money, it will grow over time. When you turn 18, you will have help for bigger things like college or starting a new adventure!
School Costs: The government is offering education loans of up to ₹10 lakh rupees (that’s a lot!). This means that when you want to study more, you can borrow money to help pay for your education.
Digital Library: Imagine being able to access thousands of books instantly! The government is creating a digital library full of books in different languages and genre; a never-ending treasure chest of stories and information is just a click away!
Tech Centres: Top educational institutes will have these centres to teach Artificial Intelligence (AI), which is like giving your computer a superpower to think and learn. Some day, you can invent a robot buddy or create awesome new video games!
Cheaper Seafood: Taxes on seafood like fish and shrimp are being reduced to 5%. This means your family can buy more nutrient-rich items and you can eat tasty food at home more often!
Affordable footwear: Taxes on materials and machines needed to make shoes and clothes will also be cut. So, you can wear more comfortable, stylish, and quality clothes and shoes!
Super-Fast Internet: A hundred engineering schools will get 5G technology and this super-fast internet will allow you to explore new projects faster than ever!
Why should you care about all this? Think of it as planning an epic adventure. If you’re organising a trip to an amusement park, you need to decide on a budget for tickets, snacks, and souvenirs so that you have a good time. The Union Budget is like planning that amazing adventure but for the whole country.
Tickets and snacks are like new schools and hospitals. Fun rides and games are like new parks and playgrounds. Special souvenirs are like new technology and learning resources.
So, the next time you hear grown-ups talking about the budget, you’ll know it’s not just boring money talk. It’s a big plan to make India an even better place for you to grow up in!
Published - July 30, 2024 10:07 pm IST