Empowering Women: Key Highlights from the Union Budget 2024

Key Announcements

1. Substantial Allocation for Women and Girls:

• More than ₹3 lakh crore allocated for schemes benefiting women and girls.
• Consideration for further lowering duties for properties purchased by women.

2. New Pension Scheme - Vatsalya:

• A contributory pension scheme with contributions from parents and guardians.
• Converts seamlessly into a regular National Pension System (NPS) account when the child attains majority.

3. Supportive Infrastructure and Programs:

• Setting up special working women’s hostels and creches in collaboration with industries to facilitate women's employment.
• Promoting women-specific skilling programmes and support for women’s self-help groups.

Marginal Dip in Ministry Allocation

- Ministry of Women and Child Development:

• Budget estimate for 2024-25: ₹26,092 crore.
• Revised estimate for 2023-24: ₹25,448 crore.
• Marginal dip of 0.03%.

Specific Scheme Allocations

• Samarthya: Supporting projects such as women’s hostels.
• Swadhar Greh: Focus on providing shelter, food, and support for women in difficult circumstances.
• Pradhan Mantri Matru Vandana Yojana: Maternity benefit program providing financial assistance to pregnant women and lactating mothers.

Flagship Schemes

• Saksham Anganwadi: Focus on child development and nutrition.
• POSHAN 2.0: Comprehensive program to improve nutritional outcomes.
• Mission Vatsalya: Child protection and welfare initiatives.
• Mission Shakti: Women’s empowerment programs.

Support for Women Entrepreneurs

• Mudra Loans: Doubling of the upper limit to ₹20 lakh to promote entrepreneurship.
• Nearly 60% of entrepreneurs in the MSME sector are women.
• Credit Guarantee Scheme for MSMEs: Likely to benefit women entrepreneurs by providing easier access to collateral-free loans.

Significance

• Enhanced Financial Support: Substantial funds directed towards improving the welfare and development of women and children, increasing accessibility to formal loans for women entrepreneurs, promoting economic empowerment.
• Supportive Infrastructure: Provision of hostels and creches to facilitate women’s participation in the workforce, emphasis on skilling programs to enhance employability and economic independence.
• Women-Specific Schemes: Continued focus on key areas such as nutrition, child protection, and women’s empowerment through flagship schemes.

Areas for Improvement

- Need for Gender-Aggregated Data:

• Activists call for the publication of gender-aggregated data to evaluate the impact of gender-budgeting and track benefits to women over the years.

Conclusion

The Union Budget 2024 reflects a concerted effort towards women-led development by allocating substantial funds and introducing new initiatives like the Vatsalya pension scheme. Despite a slight dip in the overall allocation for the Ministry of Women and Child Development, the budget continues to support crucial schemes and infrastructure aimed at empowering women and promoting gender equality. Enhanced financial support for women entrepreneurs and targeted skilling programs are expected to significantly impact women’s economic participation and overall development.