~Samriddhi Singh Mahar
Nirmala Sitharaman took office as the first full time female finance minister of India on 31st May 2019. Since then she has overseen various changes to the financial landscape of India, including those aimed at the upliftment of women.
ET BFSI brings to you the major female schemes, policies and actions announced during each Union Budget, in Nirmala Sitharaman’s tenure:
Union Budget 2019-2020: Women-centric changes
During her maiden budget presentation Sitharaman drew attention by quoting Swami Vivekanada, ‘Naari tu Narayani’.
By saying this, she drew attention towards the women of India, announcing that this government believes that they can make progress with greater women’s participation.
Further, she announced the proposal of a shift from women-centric policymaking to women-led initiatives, with a committee on gender budgeting. Women SHGs gain expanded interest subvention, ₹5,000 overdrafts, and ₹1 lakh MUDRA loans for eligible members with Jan Dhan accounts.
Union Budget 2020-2021: Increase in welfare budget
Under the theme of ‘Caring Society,’ Sitharaman outlined the government’s focus on women and children, proposing ₹28,600 crore for women-specific programs. A task force will be appointed to address the appropriate age for motherhood, with recommendations expected within six months.
For this budget she quoted an example of how women in the villages used to keep and distribute the seed for the entire village, as and when required. She announced that the government would like to restore this role in the form of ‘Dhanya Laxmi’ being assisted by MUDRA or NaBARD.
Union Budget 2021-2022: Workforce inclusion
Sitharaman announced how the government plans to implement labour reforms, allowing women to work in all categories, including night shifts, with adequate protection.
She further said that social security benefits will extend to gig workers, and minimum wages will apply universally.
Additionally, under the Stand Up India scheme for SCs, STs, and women, the margin money requirement is reduced to 15%, with loans now covering allied agricultural activities.
Further, ₹1,000 crore was allocated for the welfare of tea workers, especially women, in Assam and West Bengal.
She also mentioned how direct cash benefits in the previous year had supported over 40 crore farmers, women, and vulnerable groups.
Union Budget 2022 – 2023: Integrated benefits in key initiatives
For this budget, the government implemented key initiatives to empower women and children. Schemes like Mission Shakti, Mission Vatsalya, Poshan 2.0, and Saksham Anganwadi enhanced health, nutrition, and early childhood development.
Two lakh Anganwadis were upgraded with better infrastructure, clean energy, and learning tools, creating a supportive environment for women and children. These programs provided women with access to improved childcare facilities, maternal health services, and nutritional support, enabling greater participation in economic and social activities.
The PM-DevINE scheme, with an initial allocation of ₹1,500 crore, funded infrastructure and social projects in the North-East, fostering livelihoods for women and youth while addressing regional needs.
Additionally, ₹60,000 crore was allocated under the ‘Har Ghar Nal Se Jal’ scheme, which provided safe drinking water to 3.8 crore households, significantly reducing the burden on women in water-scarce regions.
Union Budget 2023-2024: Mahila Samman Savings Certificate
As part of ‘Azadi Ka Amrit Mahotsav’, the government launched the ‘Mahila Samman Savings Certificate’, a one-time small savings scheme for women, available until March 2025.
The scheme offers a fixed 7.5% interest rate with a deposit limit of up to ₹2 lakh in the name of women or girls for a two-year tenure. It also includes a partial withdrawal option, ensuring financial flexibility during emergencies.
Interim Union Budget 2024-25: Upliftment of women
Women’s welfare took centre stage in this budget, with an increased focus on Mahilayen (Women) as a key priority, aligning with the broader goal of uplifting Garib (Poor), Mahilayen (Women), Yuva (Youth), and Annadata (Farmer).
The government emphasised the increasing momentum in ‘Nari Shakti’, highlighting 30 crore Mudra Yojana loans to women entrepreneurs, a 28% rise in female higher education enrolment, and women making up 43% of STEM enrolment globally.
Additionally, with the success of ‘Lakhpati didi’, they increased the target for the program from 2 crore to 3 crore women.
Union Budget 2024-25: Building on the previous budget
The finance minister announced that the focus on women, as one of the four major castes in need of welfare and upliftment, will continue.
To increase women’s participation in the workforce, working women’s hostels and crèches were to be established in collaboration with industries.
Along with this, women-specific skill development programs were organized, and market access for women-led SHG enterprises was promoted.
It also introduced women-specific skill programs and worked to improve market access for women’s self-help group (SHG) enterprises.
Various schemes like Stand-Up India were strengthened to support economic activities of women.
The budget also allocated over ₹3 lakh crore for initiatives benefiting women and girls, aiming to promote women-led development and enhance their role in economic progress.>
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