Only 18% of India’s GDP is owned by women. This figure only demonstrates the enormous potential that is yet to be realised. Women are an important part of India’s rapid development. Over the years, the government has implemented several progressive schemes and policies, but there is still a long way to go.
We are still dealing with the effects of the pandemic, and the Union Budget 2023 will be a great opportunity for the Finance Minister to focus on women empowerment which will provide them ample opportunities for development which can help in reducing the gender gap in the economy Is.
Women want Finance Minister Nirmala Sitharaman to focus on the following five areas in this budget:
Possession of property and credit availability
Women expect the finance minister to increase financial incentives for women to help close the economic gender gap. Tax breaks on the purchase of assets such as cars and property can be examples of female-specific financial incentives. As a result, they will be motivated to acquire additional assets, which will increase their economic independence.
care and pregnancy
With more funding from the government, programs for new moms and pregnant women could do a lot more good. This includes taking programs like Pradhan Mantri Matru Vandana Yojana to as many people as possible. Also, the FM could consider making it easier for women to find affordable childcare, which is one of the biggest barriers to long-term employment for women. This will enable women to strike a balance between work and family responsibilities.
pension plans
It is common knowledge that women live longer than men and often outlive their partners. As a result, to provide for themselves in later life, they require a larger retirement fund and higher pension. Government can think of providing pension scheme to those people who do not already have pension scheme or increase the amount of women pension.
entrepreneurship by women
Access to funding for women entrepreneurs is a significant barrier that needs to be addressed. Women expect easier access to loans and concessional loans for women-owned businesses, as well as tax breaks and seed capital grants for women entrepreneurs.
Education, Health and Safety
The budget needs to include provisions that will improve women’s access to education, health care, and security, in addition to the many programs the government already runs, such as Beti Bachao, Beti Padhao, and the National Rural Livelihoods Mission. More funding could enhance the implementation and reach of these programs.
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