The Union Budget 2024: A Step Towards Financial Empowerment for Women in India

India's Union Budget 2024 unveiled a multifaceted approach towards women's financial empowerment, reflecting the government's commitment to promoting gender equality in the financial sector. With specific allocations and initiatives, the Finance Minister Nirmala Sitharaman has been instrumental in advancing the cause of women's financial independence.

Substantial Financial Allocation

The Union Budget 2024 allocated a staggering 3 lakh crore towards various schemes aimed at promoting women-led development. This substantial allocation underscores the government's dedication to addressing the unique financial challenges faced by women. The allocation includes a new pension scheme, lsquo;Vatsalyarsquo;, a contributory pension plan where contributions from parents and guardians are encouraged, ensuring financial security for women down the line.

Encouraging Workspace Initiatives

A key highlight of the budget is the announcement of special working womenrsquo;s hostels and creches in collaboration with industries. These facilities are designed to boost female participation in the workforce by providing essential support and infrastructure. Such initiatives are crucial in facilitating womenrsquo;s employment and addressing the challenges associated with balancing professional and personal responsibilities.

Flagship Schemes and MSME Support

The Union Budget also allocated significant funds to the flagship schemes under the Ministry of Women and Child Development, including 'Saksham Anganwadi', POSHAN 2.0 Mission, 'Vatsalya', and 'Mission Shakti'. These programs focus on improving nutrition, child protection, and women's empowerment, thereby enhancing the overall well-being and financial independence of women. Additionally, the budget doubled the upper limit of Mudra loans to 20 lakh, catering to the needs of women in the Micro, Small, and Medium Enterprises (MSME) sector, where nearly 60% of entrepreneurs are women.

Credit Guarantee Schemes and Gender Aggregated Data

Another critical aspect of the Union Budget is the Credit Guarantee Scheme for MSMEs, which is expected to benefit women entrepreneurs. Kalpana Ajayan, Regional Head, South Asia, Women's World Banking, and Member, Gender Committee, Reserve Bank Innovation Hub, emphasized the importance of this initiative, stating, 'The MSME sector has the maximum number of women who struggle to get collateral-free loans. These efforts made in the Union budget would be hugely beneficial to them as we have observed in our work with communities.'

While these initiatives are promising, there is a need for the Union budget to include gender-aggregated data to be made accessible to the public. Such data would help in tracking the benefits of gender-budgeting and ensuring that the efforts towards women's financial empowerment are effectively measured and improved.

Conclusion

The Union Budget 2024 has taken significant steps towards financial empowerment for women in India. With specific allocations, initiatives like Vatsalya, and support for women in the MSME sector, the government is taking practical and measurable actions to enhance women's financial independence. However, more efforts are needed to include comprehensive gender aggregated data to fully assess the impact and make further improvements. The path to financial empowerment for women is a progressive journey, and the Union Budget 2024 is a strong step in the right direction.