Only a very tiny percentage of Indians, about 2–3% as per some statistics, invests in the stock market. However, the positive is that young people, ages 18 and above, are taking to market-linked products.
There is a direct link between literacy and informed personal finance decisions. The budget, thus proposed measures that set in motion a change in the attitude towards investing.
A National Digital Library for children and adolescents will be set up, and states will also build local physical libraries. To encourage financial literacy, financial regulators and related organisations will be asked to provide age-appropriate reading material to these libraries.
Affordable housing, better railways lead to stronger economy
The Union Budget increased the outlay for the Pradhan Mantri Awas Yojana by 66%, taking it to a total of ₹79,000 Crores. Research indicates that you spend as much as 4–5 times less on sectors like healthcare and social services when you invest in affordable housing.
Access to cheaper homes boosts disposable income, which the middle class can channelize towards wealth building via investments. The budget for PMAY will aid the realty sector and strengthen the economy by the creation of a host of job opportunities.
Similarly, in the Union Budget, the railways bagged a record capital outlay of ₹2.4 Lakh Crore. Better transport networks lead to less time wastage, improved exports, and a positive cycle of economic growth.
The Budget 2023 highlights include other decisions like tax sops for MSMEs, fewer compliances for ease of doing business, and reduction in high-income surcharge. As we look towards a positive market sentiment, the Budget has set the ball rolling for a more inclusive and empowered economy.