India: Budget 2023-24 seeks to empower women with initiatives

Finance Minister Sitharaman elaborated on the theme of inclusive development during her budget address. At the same time, The finance minister noted that the budget of 2023-24 aims to empower women.

The Finance Minister, Nirmala Sitharaman, has announced the final complete budget of the BJP government ahead of the 2024 Lok Sabha Elections that are set to take place in early 2024. The Finance Minister read the fiscal budget on February 1, 2023. In the words of Finance Minister Sitharaman, it was the first budget of the Amritkal.

The yearly budget dedicated to 2023-24 was based on seven guiding principles: infrastructure and investment, Inclusive development, green growth, reaching the last mile, unleashing the potential, youth power and financial sector.

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Finance Minister Sitharaman elaborated on the theme of inclusive development during her budget address. At the same time, The finance minister noted that the budget of 2023-24 aims to empower women.

Elaborating further, Finance Minister Nirmala Sitharaman highlighted the remarkable success of the Deen Dayal Antyodaya Yojana. Under this scheme, rural women have successfully mobilized themselves into 81 Lakh self-help groups.

Accordingly, Nirmala Sitharaman has assured in her address that the government is making efforts to establish Large Producer Enterprises to help these groups reach the next stage of economic empowerment. The government seeks to do this by providing self-help groups with raw material supply, branding, marketing of products, etc.

Sitharaman believes this is an extremely important initiative since self-help groups can significantly engage women and expand their participation and labour force.

Additionally, the finance minister of India asserted that the economic empowerment of women serves as an opportunity for the central government where they can transform society following their vision. The initiatives under the budget will help in the creation of more jobs and economic opportunities. In turn, it will assist with macroeconomic stability.

The government has also started a one-time small saving scheme for women. The government launched the small saving scheme, the Mahila Samman Saving certificate, during the budget session on February 1, 2023. Under this scheme, the women will receive a fixed rate of interest.

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Additionally, the new tax regime detailed in the budget will also benefit salaried women and those engaged in any formal employment.

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