Finance Minister Nirmala Sitharaman presented her sixth and final budget for the fiscal year 2024-25 on February 1, 2024. In her budget speech, she highlighted the achievements of the Modi government in empowering women and announced new measures to boost ‘nari-shakti’ (women power) in various sectors.
Sitharaman said that the government has taken several steps to ensure the safety, education, health, and economic empowerment of women in the last seven years. She cited examples such as the Beti Bachao Beti Padhao scheme, Ujjwala Yojana, Swachh Bharat Mission, Pradhan Mantri Awas Yojana, Pradhan Mantri Matru Vandana Yojana, and Pradhan Mantri Mudra Yojana.
She also mentioned that the female enrolment in higher education has increased by 28% in 10 years, and that women make up 43% of enrolment in STEM courses, one of the highest in the world. She added that these steps have resulted in the increasing participation of women in the workforce, which contributes 17% to the GDP.
To further enhance the ‘nari-shakti’, Sitharaman announced the following new measures in her interim budget:
- A new scheme called ‘Nari Shakti Kendra’ to provide skill development, entrepreneurship, and financial assistance to women. The scheme will have a budget allocation of Rs 5,000 crore for the next three years and will be implemented through self-help groups, NGOs, and cooperatives.
- A special provision of Rs 1,000 crore for the welfare of widows, single mothers, and divorced women. The provision will be used to provide pension, health insurance, legal aid, and counselling services to these vulnerable groups.
- A tax exemption of up to Rs 5 lakh for women earning less than Rs 10 lakh per annum. This will benefit about 2 crore women taxpayers and increase their disposable income.
- A ‘Mahila Samman Saving Certificate’ with a fixed interest rate of 7.5% for two years. The deposit can be made in the name of a woman or a girl child. The scheme aims to encourage savings and financial inclusion among women.
- A ‘Nari Shakti Award’ to recognize and reward the achievements of women in various fields such as science, technology, sports, arts, and social service. The award will carry a cash prize of Rs 10 lakh and a citation.
Sitharaman said that these measures are in line with the government’s vision of making India a $5 trillion economy by 2027. She said that empowering women is not only a social obligation but also an economic necessity. She expressed confidence that the ‘nari-shakti’ will drive Bharat’s moment in the world order.