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The Union Budget 2024 marked the first full budget of the newly elected government. It was the seventh consecutive time that the Finance Minister, Mrs Nirmala Sitharaman, was presenting the budget in the Parliament. The budget identified nine major sectors that drive the concept of Viksit Bharat. While the Finance Minister proposed various changes in the economic sectors and direct taxation, let’s assess the changes made for the upliftment of women.
Key highlights
- Union Budget 2024 proposed various economic measures for promoting Viksit Bharat.
- Many initiatives aimed at uplifting the welfare of Indian women.
- New schemes for women include setting up hostels and creches, skilling programmes, and a budget allocation of ₹3 lakh crores.
- Possible reduction in Stamp Duty for properties purchased by women.
Below are the major proposals in the Union Budget 2024 that aimed to provide benefits for women -
Establishment of hostels and creches
To promote the inclusion of women in the industrial workforce, the government will set up working women's hostels and creche facilities in partnership with the industry. This will facilitate women's participation in the corporate sector and increase their participation in the workforce.
Skilling programmes
The government will partner with various industries to launch skilling programmes to train the women workforce. Moreover, it will also expand market access to women-led Self-Help Groups (SHGs) and enterprises.
Reducing stamp duty
Where States are charging higher Stamp Duty on property registration, the government is aiming for lower rates specifically for property being registered by women.
Allocation towards schemes for women
The budget has also allocated more than ₹3 lakh crores to special schemes aimed at skill development of women and girls. These schemes would encourage the overall development of women in all spheres of their lives. Also Read: Budget 2024: What Is a Budget? Why Is It Important?
Budget 2024: Aiming for women's upliftment
The Union Budget of 2024 proposed some important reforms for the upliftment and development of women. It is paving the way forward for women empowerment for both present and future generations.
FAQS - FREQUENTLY ASKED QUESTIONS
What is the “Lakhpati Didis” concept promoted in the Interim Budget 2024 ?
The Prime Minister had earlier announced the scheme of ‘Lakhpati Didi’, under which 20 million women would be provided with training across villages to get suitable jobs and earn at least ₹1 lakh a year. Now that the scheme is active, the budget has increased the target from ₹2 crores to ₹3 crores.
How much funds are allocated to women in the budget 2024 ?
The Government has allocated more than ₹3 lakh crores in the budget 2024 for schemes benefitting women and girls, signalling its commitment to enhancing women's role in economic development.
How does the budget increase women's participation in the workforce ?
The 2024 budget outlines the launch of women-specific skilling programmes and the setting up of hostels to boost female participation in the workforce, which increased to 24% in the second quarter of the financial year 2024.
What is an Accredited Social Health Activist (ASHA) ?
Accredited Social Health Activists (ASHAs) are trained female community health activists selected from specific villages to act as intermediaries between the community and the public health system in India.
How does Accredited Social Health Activism (ASHA) benefit women ?
ASHAs play a crucial role in bridging the gap between marginalized communities, particularly women, and healthcare services. They educate the women in the village about preventive healthcare measures, maternal and child welfare, and family planning.
What is the 'Mahila Samman Savings Certificate' scheme ?
The 'Mahila Samman Savings Certificate' scheme is a small savings scheme for women, with a two-year maturity period. A woman or guardian of a girl child can open this account and deposit a maximum amount of ₹2 lakhs.
How will India's budget empower its women ?
The budget provides for setting up hostels for working women, promotion of market access for women SHG enterprises, and setting up creches to help working women. The government has also introduced the Mahila Samman Savings Certificate, allowing savings of up to 2 lakhs for 2 years at 7.5%. They have also launched initiatives to mobilise rural women into 81 lakh self-help groups for providing raw materials and marketing for products.
How does the government incentivize gender equality in property ownership in the budget 2024 ?
The Government incentivize gender equality in property ownership by encouraging the states to lower stamp duties for properties purchased by women.
How did the Union Budget 2024 reiterate the government’s commitment towards women-led development ?
The Government allocated ₹3 lakh crore for schemes benefitting women and girls and announced investments in setting up hostels and creches for working women to boost their participation in the workforce.
What provisions were made for women under the Ayushman Bharat scheme in the Interim Budget 2024 ?
The Interim budget proposed extending the scheme to cover Anganwadi and Accredited Social Health Activist (ASHA) workers, bringing women under the scope of the Ayushman Bharat scheme. This will allow women to access free health insurance coverage of up to ₹5 lakhs.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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