In today's Union Budget 2024 announcements, the Finance Minister highlighted a commitment to enhancing women's participation in the labour force. This initiative will be supported by the establishment of hostels and collaborations aimed at developing specialized skill training programs for women.
Amit Kishore Prasad, founder & MD, SatNav Group said, "Women in workforce will get a major boost with the FM's assurance that Creches will be set up to help them, this is already a part of the Maternity Act 2017, just needs to be implemented with a sense of much greater urgency in Government Departments, PSUs and Private Companies."
Interim Budget 2024: Progress in Women’s Empowerment
In her interim budget speech, Finance Minister Nirmala Sitharaman highlighted the substantial progress made in the empowerment of women over the past decade, significantly enhancing their dignity and ease of living.
In the interim Budget in February, Sitharaman raised the target for "Lakhpati Didis" from 20 million to 30 million women. More can be expected on the scheme soon.
Notably, approximately 30 crore loans under the Mudra Yojana were disbursed to female entrepreneurs. There has also been a marked increase in women enrolling in STEM courses and pursuing higher education, as well as a rise in their participation in the workforce. Under the PM Awas Yojana, women in rural areas now account for 70% of joint or sole ownership of houses. Additionally, a proposal for reserving one-third of seats for women in the Lok Sabha and state assemblies was introduced.
Looking ahead, the budget will also focus on several initiatives designed to further empower women:
- Lakhpati Didi Schemes: Aiming to transform women into successful entrepreneurs through dedicated support. - Direct Benefit Transfers (DBT): Potential enhancements for ongoing DBT initiatives related to cooking gas will be explored. - Healthcare Funding: Increased funding for public hospitals is expected, alongside provisions for free or subsidized health check-ups for women. - Ayushman Bharat Scheme Expansion: Health coverage under this scheme will be extended to all ASHA and Anganwadi workers and their helpers.
Economic Survey 2024:
Women's participation in India’s labour force has surged dramatically, reflecting a significant leap in gender equality and empowerment. The female labour force participation rate (LFPR) soared to 37% in 2022-23, up from a mere 23.3% in 2017-18—an impressive shift largely driven by rural women, who dominate in agriculture-related roles.
This trend underscores the urgent need to elevate women from traditional agricultural positions into higher value-added sectors, particularly agro-processing, which holds immense potential for enhancing the skills and livelihoods of rural female workers.
The eco survey also pointed out how entrepreneurship among women is on the rise, with 68 percent of loans under the PM Mudra Yojana sanctioned to female entrepreneurs, while 77.7 percent of beneficiaries of the Stand-Up India scheme are women. As digital literacy expands, women constitute over half of the beneficiaries of the Prime Minister’s Rural Digital Literacy Campaign.