Union Budget 2023-24: Key announcements for women
India's Finance Minister Nirmala Sitharaman on Wednesday announced a one-time small saving scheme for women called "Mahila Samman Saving Certificate," which will stay available until March 2025. Not just this, the Finance Minister also revealed a bunch of schemes while keeping in mind the development and well-being of women in the country during the Union Budget 2023-24 presentation.
Why does this story matter?
- The Union Budget presentation aimed at economically empowering women across the country.
- In this regard, the Narendra Modi government announced the Deendayal Antyodaya Yojana National Rural Livelihood Mission had achieved tremendous success by mobilizing women in rural India into 81 lakh Self Help Groups.
- Sitharaman also announced plans to promote general artisans through skill training, financial support, etc.
Know about the Mahila Samman Saving Certificate
The Mahila Samman Saving Certificate will last for two years and offer a fixed interest rate of 7.5%, Sitharaman said. The scheme also allows the deposit to be made in the name of a girl child or a woman. Furthermore, it is set to have a partial withdrawal facility and a maximum deposit amount of Rs. 2 lakh.
Government's plans to economically empower rural women
Speaking about the Centre's vision to empower rural women, Sitharaman said: "We will enable these groups to reach the next stage of economic empowerment through formation of large producer enterprises or collectives with each having several thousand members and managed professionally." "They will be helped with the supply of raw materials and for better design, quality, branding, and marketing of their products," she added.
Here's how Centre plans to promote general artisans
The Finance Minister also promised that the Modi government would promote general artisans through brand promotion, skill training, financial support, modern green technology, and connection with regional and global markets. "The new scheme will enable them to improve the quality, scale, and reach of their products, integrating them with the MSME value chain," said Sitharaman.
Major improvements announced for SCSS and POMIS
The maximum amount a senior citizen can invest in the Senior Citizen Saving Scheme (SCSS) has been improved to Rs. 30 lakh. The Postal Monthly Income Scheme (POMIS) also saw an enhancement of limit. Under a single name, Rs. 9 lakh can be invested as compared to Rs 4.5 lakh in POMIS. In a joint account, the limit is set at Rs. 15 lakh.
Women and Child Development Ministry gets boost in funds
The budget also allocated the Women and Child Development Ministry, the governmental department responsible for the welfare of children and women, funding of Rs. 25,448.75 crore for 2023-24. This is a significant increase of Rs. 267 crore from Rs. 25,172.28 crore allotted for 2022-23.