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Home » March 2016 » Budget brings sorrow to youth

Budget brings sorrow to youth

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Finance minister Arun Jaitley’s 2016-17 budget may claim to be a betterment for the poor and a boon to the Indian farmer, but students and youth see darker days with taxes announced on youthful pleasures set to ruin their happiness.

Indeed, young people are going to have to pay a higher price to maintain their lifestyles.

Bengaluru and its youth are known their keen fashion sense. With the prices of all branded garments costing over Rs 1000 set to surge because of fresh taxes, the fashion conscious will have to tighten their belts. However, footwear will be cheaper so expect many to sport branded gear.

Summer is just around the corner and aerated beverages and mineral water will see a price bump of 20 per cent. That’s a big bum deal for the average student who lives on colas and cold drinksThe flipside is that the youth may turn to home-brewed health drinks which might turn out to be cheaper.

With Value Added Tax (VAT) being increased from 14.5 to 15 per cent, many wallets will feel the pinch when it comes to eating out or watching a movie.

The biggest blow Bengaluru youth will feel is in the increase in the price in cigarettes. Chunks of the IT crowd and the biker boys who need constant shots of nicotine will be hard hit. Excise duties have been added to all forms of tobacco, with only the poor man’s beedi exempted.

Wanna be youth entrepreneurs can rejoice, though. Known as a start-up hub, more young entrepreneurs may enter the as new companies have a tax holiday for three years.

-Vijay Rao

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