Interim Budget 2024-25: Identifying thrust areas for Viksit Bharat

The government consistently emphasizes its dedication to the women power of the nation. This commitment was prominently displayed by the all-women contingent from the army, air force and navy that marched proudly during the republic day parade. Additionally, the nation’s longest-serving woman finance minister underscored this commitment by presenting the interim budget.

The finance minister noted that, over the past decade, India has witnessed significant strides in empowering women through various schemes and initiatives. The Nari Shakti movement has experienced a surge, leading to a notable increase of 28 per cent in the enrollment of females in higher education, as indicated in the budget. In STEM courses, girls and women now constitute 43 per cent of the enrollment, marking one of the highest percentages globally. Additionally, women entrepreneurs have benefited from 30 crore Mudra Yojana loans. Measures like making triple talaq illegal, one-third reservation for women in legislative bodies and prioritising women as sole or joint owners of houses under PM Awas Yojana have enhanced their dignity. The Lakhpati Didi initiative has been a game-changer, transforming rural socio-economic landscapes. 83 lakh self-help groups (SHGs) with nine crore women have paved the way for nearly one crore women to become financially independent, Lakhpati Didis. Their achievements not only serve as inspiration but also as proof of the positive outcomes stemming from focused credit and support for women entrepreneurs. In a bid to amplify this impact, the government has opted to raise the target for Lakhpati Didi from 2 crore to 3 crore.

Looking ahead, the finance minister has outlined a roadmap for further advancements. The commitment to women’s welfare is evident in the exponential growth of the centre’s gender budget. Consolidated spending on women centric schemes increased to Rs 3.10 lakh crore in FY 24-25(BE). With this increase in allocation, the gender budget now accounts for 6.5 per cent of the total expenditure by the centre, the highest ratio ever on record. The extent of this holds significance as a macroeconomic consideration. However, within the context of the fiscal consolidation trajectory, achieving deficit targets necessitates either buoyant taxes or a reduction in public expenditure. What is noteworthy is that despite this imperative, the gender budget has not experienced a reduction in public expenditure, signifying a commitment to its continued support.

As the fruits of previous reforms are being reaped, the recent decisions to extend healthcare coverage to ASHA and anganwadi workers will only further the cause of empowering rural women. At the same time, bringing maternal and child care schemes under one comprehensive programme, upgrading anganwadi centres, and addressing infant and maternal mortality are steps toward a more cohesive and impactful approach. This will ultimately improve nutrition delivery, early childhood care and development. The focus on cervical cancer prevention by vaccination of young girls in the age of 9 to 14 years showcases a forward-looking vision.

While the strides in rural empowerment are commendable, the gender gap in urban workforce participation persists. Beyond microfinance schemes, the government needs to address challenges such as affordable childcare infrastructure, safe transport and flexible work setups. The budget should have connected the dots between rural and urban women, focusing on creche allocations, industry tax rate incentives and upskilling programmes. The vision of Amrit Kaal cannot be fulfilled without women, who comprise almost half of the population. It is imperative to make women feel safer, in general. Low crime rate and social development will go a long way in augmenting the economic reforms. It is also time that we make provisions for the LGBTQIA+ community in the overall gender budget, which will make it more inclusive.