A Case Study on Application of Bloom’s Taxonomy in Increasing Financial and Tax Knowledge in India

The ever-evolving economy of the Indian subcontinent is approaching a higher demographic dividend that can positively affect the per capita income of the nation. There is a possibility that of an increase in number of earning members in each household which would ultimately raise their cumulative income. With better income, the urge to purchase a new home, secure one’s children’s future, taking care of one’s health by purchasing insurance, planning for retirement, etc also increases. Hence, early education on this front can be helpful for the citizens of the country. This study explores the efforts put towards increasing financial and tax knowledge in the country and finding better ways to increase the reach of the information to the masses primarily to the youth as they are the flag bearers of development. The National Centre of Financial Education has introduced several schemes for the welfare of the students at the school and college level to introduce financial literacy in their school’s curriculum. The paper found out that students are allowed by the National Centre of Financial Education to appear in the National Financial Literacy Assessment test. The National Centre of Financial Education also has designed the Money Smart School Curriculum that inculcates a plethora of subject areas that can educate the students regarding finances and taxes. But all these programmes apply only to the schools and the students who have registered themselves with the National Centre of Financial Education. Thus, as all these programmes are voluntary, there is a chance that the above-mentioned initiatives might not reach the targeted students, i.e., students all over India. Hence, some suggestions given the recommendations of the New Education Policy have been made utilising Bloom's revised taxonomy that guides most of the curriculum design for educational institutions.