Union Budget 2023: Nirmala Sitharaman Announces New Savings Scheme For Women

On February 1, Finance Minister Nirmala Sitharaman presented the Union Budget 2023-34 and announced a new deposit scheme for women.

Inclusive development was one of the 7 priorities, called 'Saptarishi', along with infrastructure, youth power, last mile delivery, green growth, financial inclusion, and unleashing potential.

Union Budget 2023

While presenting the Union Budget 2023, the Finance Minister announced the new deposit scheme for women called Mahila Samman Savings Certificate.

The one-time small savings scheme for women will be made available for a two-year period up to March 2025.

Mahila Samman Savings Certificate will offer a deposit facility of up to 2 lakh rupees in the name of women and girls for two years at a fixed interest rate of 7.5 percent. The scheme was an option for partial withdrawal.

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The Finance Minister stated that the economic empowerment of women in an opportunity which is transformative. Sitharaman also spoke about the Deen Dayal Antyodaya Yojana and mentioned that it mobilised rural women into 81 lakh Self Help Groups (SHG).

Sitharaman added that would enable the groups reach the next stage of economic empowerment through the "formation of large producer enterprises or collectives". She added groups would also be helped with the supply of raw materials.

As per figures from the gender budget document, a total of five percent of the total expenditure is allocated towards issues affecting women. Last year, 4.3 percent of the total expenditure was allocated towards women's issues.

The gender budget was first introduced in 2005-06 and attempts to keep account of resource allocation that help address issues such as women's employment, education, and safety. It deals with schemes which are entirely for women and with scheme in which at least 30 percent of the provisions are for women.

Recently, President Droupadi Murmu spoke about how women empowerment was not just an issue of social justice but was also crucial for economic development. Murmu highlighted that that the low participation of women in the workforce served as a major hindrance in the country's development..

Murmu added that as India is the fifth largest economy, it is imperative to have a more active role for women.

The president was speaking at the foundation celebration day of the National Commission for Women when she empashised that it's not possible to imagine a strong and healthy society without women empowerment.

Murmu said, "we have to work towards creating an environment where all women can fully participate and contribute in the socio-economic, cultural, and political spheres significantly."