Budget Stress, Cartoon Destress: Learning the Budget with a Laugh

Scene: Living room, TV playing a cartoon show. My daughter, Saanchi, is engrossed in her favorite cartoon when I walk in with a newspaper in hand.

Me: Saanchi, can you pause the cartoon for a moment? I want to show you something important.

Saanchi: (pauses the TV reluctantly) What is it, Dad?

Me: The Indian Government presented the budget yesterday. It’s something we should look at together.

Saanchi: (rolling her eyes) But Dad, budgets are for grown-ups like you, not for kids like me. What’s it got to do with my life?

Me: Actually, Saanchi, the budget affects everyone, including kids. Let me explain what a budget is first. The budget is like a plan for the country’s money. It decides how much we spend on different things like schools, healthcare, and even roads, and how much we need to save. It’s important for everyone, even kids like you, to understand how it works and how it impacts our daily lives.

Saanchi: (curious) Okay, go on.

Me: Let's start with something simple. You know how you love your cartoon shows?

Saanchi: (nods) Of course!

Me: The budget includes decisions on taxes that affect the cost of things like TV subscriptions and internet services. Luckily, this year, those costs remain unchanged.

Saanchi: Phew! That’s a relief. What about the TV itself?

Me: Well, the TV manufacturing industry feels neglected because there’s no reduction in the GST rate for TVs. So, buying a new TV might still be a bit pricey.

Saanchi: Oh, that’s a bummer as we are looking to buy a new TV. What else?

Me: Remember when we went shopping for your new school supplies?

Saanchi: (excitedly) Yes, I got those cool notebooks and pens!

Me: The budget also affects the prices of those items. The government decides how much tax to put on goods we buy. If taxes go up, prices go up too. But this year, there are some changes in GST that might affect the prices of your school supplies. Also, the budget has announced loans up to ?10 lakhs for higher education in domestic institutions. We were talking about Ivy League colleges where the study could be costly, but this government has provided for cheaper loans for higher studies, and there are also internship opportunities and a Skill Loan Scheme that facilitates loans up to ?7.5 lakhs.

Saanchi: Wow, that’s a lot of help for students!

Me: Yes, it is. And there are incentives for first-time job seekers, like direct transfer of one month’s salary for those registered with the EPFO scheme.

Saanchi: That’s really good. What about our holidays?

Me: Good question! The budget also impacts travel costs. For example, a reduction in the cost of aviation turbine fuel (ATF) could lead to lower air travel prices, meaning more holidays for us. Also, the government is spending more on improving infrastructure, making travel easier and more enjoyable.

Saanchi: I love our trips! And what about technology? I love my gadgets!

Me: The reduction in Basic Customs Duty (BCD) is expected to make mobile phones and related accessories more affordable. By lowering the cost of imported components and finished products, the government is benefitting end-users, potentially leading to reduced retail prices.

Saanchi: (excitedly) Dad, can you get me a new phone this year then?

Me: (laughing) Aha, this needs a deal, Saanchi.

Saanchi: That’s cool! Is there anything else that affects us directly? How does the budget help us face situations like COVID-19?

Me: Definitely. The budget impacts healthcare too. For instance, the government is increasing funding for medical research and supporting healthcare startups. This means better preparedness for future health crises and improved healthcare services. The government has increased allocation for medical research and innovation and removed the angel tax, which will see a lot of investments in healthcare startups (and other startups too). This will lead to new products and services that will help citizens, focusing on availability and accessibility. And there’s good news about cheaper cancer drugs as well.

Saanchi: That’s great! So, why is mummy so happy with the budget? Is there some good news for small-scale industries or food manufacturers?

Me: Certainly, the budget has positive news for scaling up small-scale industries with new credit schemes and technological upgrades. But mummy is happier because there has been a cut on gold import duty, making gold, clothes, and footwear cheaper.

Saanchi: Oh, this excites me too! When are we going shopping?

Me: Well, you need to check this with mummy. But now, let’s get back to your cartoon show. But remember, it’s always good to stay informed about things that affect our lives.

Saanchi: So now you must be stressed because of all the budget items. Let me destress you with Cartoon Network!

Scene: The cartoon resumes, and Saanchi cuddles up next to me, both of us watching the show with a newfound understanding of how the budget touches every part of our lives.