NEW DELHI: Delhi Deputy Chief Minister Manish Sisodia presented a “Rozgar Budget” in the Assembly on Saturday with an outlay of Rs 75,800 crore for the financial year 2022-23, focussing on creating 20 lakh jobs in five years by setting up an electronic city and promoting night economy, retail and wholesale markets in the national capital.

The budget size for the next financial year is 9.86 per cent higher than that of the previous year — Rs 69,000 crore — Sisodia said, adding that Delhi’s economy is recovering gradually from the impact of COVID-19.

“The Rozgar Budget will take the economy of Delhi on the path of progress and generate lakhs of employment opportunities,” he asserted.

Chief Minister Arvind Kejriwal lauded his deputy for presenting a budget that has “taken care of” every section of the society.

“Many congratulations to Deputy Chief Minister and Finance Minister Manish Sisodia for presenting the ‘Rozgar Budget’ for Delhi. This budget will create employment on a large scale for youngsters. Every section of Delhi has been taken care of in this budget,” he said in a tweet in Hindi

In the 2022-23 budget, the heath sector has been allotted Rs 9,669 crore, while the Aam Aadmi Party (AAP) government has set aside Rs 16,278 crore for education.

Presenting the budget for the eighth consecutive year, Sisodia, who also holds the finance portfolio, said the city government will spend Rs 4,500 crore in the next five years to generate 20 lakh jobs and Rs 800 crore will be set aside in the 2022-23 budget for the purpose.

Under its “Rozgar Budget”, the Kejriwal government will organise shopping festivals to promote retail and wholesale markets in the city, seeking to make these places attractive for tourists and create jobs to boost the economy. An amount of Rs 250 crore has been allocated for this in the 2022-23 budget.

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It is natural for people’s attitudes to change as income increase. Mobile phones are usually replaced every six months or a year. Similarly, instead of travelling by bus, it has become a habit to call a call taxi. Instead of buying cheap clothes, some people look only at branded clothes.

There is nothing wrong with raising the cost of living in line with rising incomes. Ultimately, we work and earn an income to make life more comfortable. But if you do not pay attention to how much you spend in line with raising the standard of living, the costs will go beyond the limits. If the standard of living rises beyond that of income, it will adversely affect financial discipline.

The increase in the cost of living is most likely to affect people between the ages of 20 and 30. At this age, young people with light financial responsibilities may feel more inclined to get a good job and gradually increase their salary. Higher salaries at a young age can create a false sense of security. But while job security depends on many factors, it is not correct to assume that there will always be job security in life. Unexpected job loss can upset the standard of living.

The annual increase in the cost of living for people between the ages of 25 and 40 is 15 per cent to 20 per cent. But the increase in revenue is much lower than this. We often confuse this golden stream with the well. For example, suppose you bought a Maruti Suzuki Alto in 2014. Assuming a loan of Rs.3.5 lakh for this, the EMI can be assumed to be Rs. 6,000 to Rs.7,000. Now, if you buy a Swift car with a loan of Rs.5-6 lakh as part of raising your standard of living, the EMI will be Rs.10,00 to Rs.11,000. The increase in the cost of EMI is very high.

If raising the standard of living is a pleasure, then lowering the standard of living for unforeseen reasons is an unpleasant experience. This experience can be counterproductive if there is no control over costs. The drastic increase in the cost of living can lead to a decrease in the income required for later life.

It is important to maintain a balance between savings for future life and expenses for enjoying life today. You can reap the benefits in the future by avoiding some additional costs. This will help you to achieve the goals you want to achieve in life.

Unnecessary expenses can be avoided if the investment is carried forward in line with one’s life goals. If the investment is planned with retirement income, children’s education, marriage and housing in mind, there will be no money left over for unnecessary expenses. Only the money earned after investing a certain amount of income from each month for each of these purposes should be used for expenses. Care should also be taken to make it a habit to spend only within a fixed budget.

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