As a prelude to the Budget announcement for 2023, Union Finance Minister (FM) Nirmala Sitharaman and President Droupadi Murmu were photographed together at the Rashtrapati Bhavan in a historic moment. This was woman power at its best, leading up to the most awaited financial speech of the year. Sitharaman started off by telling viewers across the country that the next 25 years, the countdown to the centenary celebrations of India’s independence, were going to be dubbed ‘Amrit Kaal’ by the Government. The first budget of this period adopted seven priorities – inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and the financial sector.
The existing Deen Dayal Antyodana Yojana National Rural Livelihood Mission (providing skill training to the poor) has “achieved remarkable success by mobilising rural women into 81 lakh self-help groups,” said Sitharaman, adding, "We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members and being managed professionally. They will be helped with the supply of raw materials and better design, quality, branding, and marketing of their products. Through supporting policies, they will be enabled to scale up their operations to serve the large consumer markets, as has been the case with several start-ups growing into ‘Unicorns’.”
Rajesh Shah, Director – Private Banking, at a private bank, hailed the new Mahila Samman Bachat Patra as a welcome move. “One of the important schemes announced is good news for women -- with the Mahila Samman Savings Certificate, women can park up to ₹ 2 lacs for themselves, as well as their daughters, for a tenure of two years, until March 2025, at a fixed interest rate of 7.5 per cent with a partial withdrawal option. So apart from just parking into FDs, this opportunity can also be availed. What’s more, ₹ 2 lacs can be invested for each female member of the family. This savings certificate is part of the Azadi Ka Amrit Mahotsav celebrations, to commemorate 75 years of Indian Independence.
The total budget allotted towards the Women and Child Ministry is ₹ 25,448.75 crores, which is an increase of ₹267 crores from the previous allotment in 2022-23.
“Women who earn up to ₹ 15 lacs a year will now have to pay an income tax of only ₹.1.5 lacs, which can amount to huge savings over time,” says auditor Jaydev Sinha. “In addition, those who earn ₹7 lakhs or lesser can avail of massive exemptions. Also, for women who are senior citizens, the Senior Citizen’s Savings Scheme has seen an increase in cap from ₹ 15 lacs to ₹ 30 lacs. The Monthly Income Scheme (MIS) limit has also doubled to Rs 9 lacs from Rs 4.5 lacs, and for joint account holders, it is 15 lacs. There is also the opportunity for women to be employed with the Eklavya model schools, an initiative by the Ministry of Tribal Affairs to support tribal students since the FM announced that 38,800 teachers will be recruited over three years.”
The other interesting scheme is the PM-VIKAS or the Pradhan Mantri Vishwakarma Kaushal Samman scheme for artisans, specifically women, Schedule Castes, Schedule Tribes, and Other Backward Castes. Key components of this scheme include financial support, access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with global and local markets, digital payments, and social security. On the health front, there is a mission to eliminate sickle cell anaemia by 2047.
Other initiatives that could benefit girl students are the establishment of the National Digital Library for children and adolescents, in which the National Book Trust and States will be encouraged to replenish non-curricular titles in regional languages and set up physical libraries at panchayat and ward levels. One hundred and fifty-seven new nursing colleges and three centres of excellence for artificial intelligence will be established. Tribals will also get Rs 15,000 crores over the next three years for housing, sanitation, drinking water, and electricity.
Among the items that got cheaper are mobile phones, television sets, and lab-grown diamonds, while cigarettes, silver, imitation jewellery, imported luxury cars, and EVs have all seen a hike.