Indian Budget 2023 – The economic impact on Women of the Country
The Indian budget is an annual financial statement presented by the government of India, outlining its revenue and expenditure for the upcoming financial year. It sets out the government’s priorities and economic growth and development plans. The budget also includes measures to boost the economy, promote entrepreneurship, create jobs, and ensure equitable distribution of wealth and resources.
The Indian Economy
India has a mixed economy, with private and public sectors playing an important role. The service sector is the most significant contributor to the economy, followed by agriculture and industry. In recent years, the Indian economy has proliferated, with a focus on reforms aimed at reducing bureaucracy, attracting foreign investment, and promoting entrepreneurship. However, the economy has faced challenges such as high public debt levels, inflation, and unequal distribution of wealth. The government is taking steps to address these challenges, including through measures outlined in the budget, to ensure sustained and inclusive growth.
The Union Budget 2023
The Union Budget 2023, presented by the Honorable Finance Minister Nirmala Sitaraman, envisions a prosperous and inclusive India where the benefits of development reach all regions and citizens, particularly the youth, women, farmers, OBCs, Scheduled Castes, and Scheduled Tribes.
Economic Empowerment of Women
Deendayal Antyodaya Yojana
In an effort to support the economic empowerment of women, the government aims to help the 81 Lahks Self-Help Groups formed under the Deendayal Antyodaya Yojana National Rural Livelihood Mission to reach the next stage of economic growth by forming large producer enterprises or collectives. Access to raw materials, better design and quality, branding and marketing of their products, and enabling policies to scale up their operations to serve the large consumer market will act as extreme support to these groups.
Sabka Saath Sabka Vikas
In line with the government’s philosophy of Sabka Saath Sabka Vikas, this budget aims to facilitate inclusive development covering specific groups such as farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, Divyangjan, and economically weaker sections and places priority on the underprivileged.
PM VIshwakarma KAushal Samman (PM VIKAS)
The PM Vishwakarma KAushal Samman (PM VIKAS) scheme has been conceptualized to support traditional artisans and craftspeople, referred to as Vishwakarma. This new initiative will offer financial support, advanced skill training, access to modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security. This will significantly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women, and people belonging to the weaker sections.
Mahila Samman Savings Certificate
As part of the commemoration of Azadi Ka Amrit Mahotsav, a new savings scheme called the Mahila Samman Savings Certificate will be made available for a two-year period up to March 2025. This scheme offers a deposit facility of up to 2 lakh rupees in the name of women or girls, with a tenor of 2 years at a fixed interest rate of 7.5 percent, with partial withdrawal options.
Conclusive Impact on Women and Girls
The Indian budget has a significant impact on women and girls in the country. In recent years, the government has made efforts to ensure that budget measures are inclusive and address the specific needs of women and girls. This includes measures aimed at promoting economic empowerment, such as providing access to financial services, skills training, and entrepreneurship opportunities.
Conclusion
In conclusion, these initiatives and measures aim to promote the economic empowerment of women and girls and improve their financial security, thus contributing to the country’s overall development.
In conclusion, this budget aims to support women’s economic empowerment and promote inclusive development for all citizens, particularly those economically weaker. The new schemes and initiatives announced in the budget extend financial assistance, advanced training, and access to modern technology and markets to help achieve this goal.
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