Union Budget 2024: What Indian Women Think Of This Year's Fiscal Plans

In her record seventh budget announcement, India's first woman Finance Minister Nirmala Sitharaman has once again placed a spotlight on female empowerment and gender equality. The Union Budget 2024 presented on July 23 introduced a range of ambitious initiatives and fiscal plans designed to uplift women across various sectors. The budget reflects the government's efforts to address the gender disparities and enhance access to equitable opportunities. 

"This budget envisages sustained efforts on 9 priorities for generating ample opportunities for all," Sitharaman said in the Parliament:

1. Productivity and resilience in agriculture
2. Employment and skilling
3. Inclusive human resource development and social justice
4. Manufacturing and services
5. Urban development
6. Energy Security
7. Infrastructure
8. Innovation, research and development
9. Next generation reforms

Key Initiatives For Women

• A budget of ₹1.52 lakh crore has been allocated for agriculture and allied sectors, Nirmala Sitharaman announced.
• The government announced financial support for loans up to ₹10 lakh for higher education.
• The Finance Minister announced schemes to support women employees and first-timers in the workforce, including one month's wage to all persons newly entering the workforce. "We will facilitate higher participation of women in the workforce through setting up of Working Women Hostels in collaboration with industry and establishing creches (childcare centres). The partnership will also seek to organise women-specific skilling programs and promotion of market access for women Self Help Group (SHG) enterprises," she stated.
• Speaking about the efforts for inclusive human resource development, Sitharaman announced the enhancement of schemes focusing on the economic activities of women entrepreneurs, SHGs, scheduled castes, scheduled tribes, artisans & craftsmen, and street vendors. These policies include PM Vishwakarma, PM Svanidhi, National Rural Livelihoods Mission (NRLM), and Stand-Up India.
• To facilitate female-led development, the budget carries an allocation of more than ₹3 lakh crore for the schemes benefitting women and girls, signalling the government's "commitment to enhancing women's role in economic development," the FM said.
• The Finance Minister announced that the government is considering a reform to lower stamp duties for properties purchased by women as part of their urban development schemes.

How Women Are Welcoming The Budget 2024

SheThePeople interacted with some women to get their views on the policies female-centric policies catered to women. Madhura DasGupta Sinha, the founder and CEO of Aspire For Her noted why employment policies are crucial in India due to the vast gender gap.

"According to the World Bank, India's female labour force participation rate stands at around 21%, which is significantly lower than the global average of 47%. This underutilisation of talent is a missed opportunity for our nation's growth. The Government's initiative to set up working women hostels and establish creches in collaboration with industry will address some of the key barriers that women face, such as safety and childcare," Dasgupta Sinha detailed.

The entrepreneur also lauded the government's efforts to bolster SHG enterprises. "According to a report by NITI Aayog, women-led SHGs have significantly contributed to rural economies, and enhancing their market access will amplify their impact," she said. " By focusing on women's economic empowerment, we are not just investing in individuals, but in the future prosperity of our nation."

Amrita Gupta, Director of Manglam Group and Founder President of CREDAI Rajasthan Women's Wing commented on the government's benefits for female property owners. "The rebate on properties purchased by women with lower stamp duties will encourage more women to invest in real estate," she noted.

Gupta also encouraged the funds to enhance schemes uplifting women and girls. "The allocation of ₹3 lakh crore for women's development is a landmark decision that will significantly boost women's participation in the workforce... These measures not only provide essential support and opportunities for women but also pave the way for a more inclusive and progressive workforce."

Another social entrepreneur, Prachi Kaushik, the founder of Vyomini, expressed, "Women have an important role in the country's overall growth. Budget 2024 promotes women and youth through tax incentives, internship initiatives, skill development, dormitory facilities, and women's welfare projects that will get 3 lakh crore funding. Furthermore, public-private collaborations improve e-commerce and help MSMEs."