Budget: What’s that & why should I care!

By: Umeza Peera

You all must have heard grown-ups in your house talk about the budget last week or even seen news flashing on TV about it. But ever wondered what is a budget? And does it have anything to do with us teenagers? Let’s give you some gyan on it!

What is a budget?

Pexels/ABC

What is a budget? 

First things first, let’s understand what a budget is. Every household has a budget to estimate and allocate what amount of money will be spent on various tasks like food, electricity and other expenses. In a similar way every country too has a budget. 

The finance minister of our country (currently Nirmala Sitharaman) sets aside a fixed amount of money that will be spent on various things like building roads, improving education, health services, child welfare etc. It is presented by the government to the parliament on 1st of February, so that it can be agreed on before the start of the new financial year in April. Yes 1 April is not just a fool's day! It is also the start of a new financial year. 

Why do we need a budget?

Budgeting helps us manage our money. Simple! We need to know how much money we have. And how much of it we should spend on various things we need in life. Similarly, a national budget enables the government to manage and control the country’s money to spend it on programmes and projects that help our country grow.

The good news for children

The budget is not just grown-ups, even if they talk so much about it! 

Many schemes and policies were announced for children too in this budget. We highlight a few for you! 

  1. The National Nutrition Mission budget has been raised to INR 3,700 crore in 2020-21 from INR 3,400 crore in 2019-20. This means more and more children will get their mid-day meals in government school and anganwadis. Isn’t that nice!
  2. More than 15,000 schools will be improved under the National Policy on Education (NEP). Better schools mean better education! We could cheer for that. 
  3. In collaboration with non-governmental organisations (NGOs), private schools and states, 100 new Sainik Schools are to be created. That gets a salute!

  4. Our newest Union Territory Ladakh, will get a university of its own, to be set up in Leh. Won’t that be the coolest uni to go to? 
  5. In the tribal areas, 750 Eklavya Model residential schools will be established. Every school's unit cost will be increased from INR 20 crore to INR 38 crore (and 48 crore for hilly regions). The goal of this move is to build a robust tribal student infrastructure facility. This gets our full kudos!

  6. The post-matric scholarship scheme will be updated for the welfare of 4 crore Scheduled Caste learners. Over a period of 6 years, INR 35,219 crore will be invested, that is, until 2025-26. A new scholarship! That’s always welcome! 

The government has also announced a few international collaborations for boosting the skills of us millennials.

  1. A UAE programme to benchmark professional skills, tests and certifications, followed by the deployment of certified employees. We Indians send our Shokran (thanks) to UAE! 

  2. To promote the transfer of Japanese industrial and vocational skills, techniques and expertise, a joint inter-training programme between India and Japan. Now that’s just Odoroku bakari! That’s Japanese for awesome!

Do let us know if you enjoyed the news section. Share with us in the comment box below. Remember, not to put any personal information in the comment box. 

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