The Finance Minister Nirmala Sitharaman presented the interim budget on 1st February 2024. The budget is aimed at transforming India into 'Vikasit Bharat’. FM highlighted the budget focuses on four major pillars of developed India including, youth, poor, women, and farmers. In his prior budget address PM Modi announced that the budget would be driven by 'Nari Shakti'. Additionally, in her budget speech, the FM emphasized on social justice and inclusion. Thus, the budget announces some major welfare initiatives in line with this vision. The FM added that the Indian government is working with an all-round, all-pervasive, and all- inclusive development approach.
It has been evident through the speech that social justice has emerged as a political slogan. The FM affirmed that social justice is an effective and necessary governance model, for the present government. She added that the government is adopting the saturation approach of covering all eligible people is the true and comprehensive achievement of social justice. This is a demonstration of secularism in action, reducing corruption, and preventing nepotism, as defined by the union FM. She assured that the government maintains transparency in ascertaining that benefits are received by all eligible people, regardless of their social standing. The government is also addressing systemic inequalities to achieve socioeconomic transformation.
Focusing on ‘Nari Shakti' the government is developing momentum for women's entrepreneurship, ease of living, and dignity. She highlighted the promotion of women entrepreneurship, by the sanction of 30.0 crore (300.0 million) Mudra Yojna loan, in the last decade.
The government's past initiatives to uphold women's dignity were discussed during the budget speech, including the abolition of triple talaq, the reservation of one-third of seats in both houses for women, and the empowerment statistics of Pradhan Mantri Awas Yojana (PMAY). She highlighted that over 70.0% of the houses constructed under this scheme, in rural areas, have women as sole or joint owners.
FM also announced the target increment of the ‘Lakpati Didi’ scheme to 3.0 crore (30.0 million) from 2.0 crore (20.0 million). This is aimed at developing women through Self Help Groups (SHGs), to earn a sustainable income of at least INR1.0 lakh (around $1.2 thousand) per annum per household. She highlighted, the 83.0 lakhs (8.3 million) SHGs with 9.0 crore (90.0 million) women, who are transforming the rural socio-economic landscape with empowerment and self-reliance. The government has been successful in assisting nearly 1.0 crore (10.0 million) women to become lakhpati didi already.
During her budget speech, the FM highlighted that female enrolment in higher education in India has gone up by 28.0% in the past decade. Girls and women constitute 43.0% of enrolment in STEM (science, technology, engineering, mathematics) courses, which is among the highest in the world. FM pointed out that this is contributing towards increased participation of women in the workforce.
Mukhya Mantri Ladli Behena Yojana: A Case Study
The MP government initiative of Mukhya Mantri Ladli Behna Yojana was launched in January 2023 under the leadership of ex-CM Shivraj Singh Chauhan. The scheme aims to provide financial empowerment to underprivileged women in the state, offering a monthly grant of INR1000.0 (around $12.0). All married women aged 23-60, are eligible for the scheme. Though it is a modest amount to begin with the accumulation of the same, integrated with the power of compounding would mean a healthy corpus over time.
Such schemes are non-negotiably beneficial for the masses, however, when observed minutely their launch is also driven by political aspirations. Women constitute a major section on the voter’s list, and launching such welfare schemes, when the elections are round the corner means a swarm of confirmed votes. This strengthens the party's position during the elections as reflected in the results of the following elections in MP.
However, the Modi Government has consistently emphasized the importance of gender equality and empowering women in all spheres of life. The government has steered the nation from just women's development to women-led development. The PM’s vision has also been echoed in the G20 summit declaration. This underlines the government initiative of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas’. In a nutshell, the schemes are driving massive support for the government for sure, however, they are also contributing positively towards the achievement of the greater vision of ‘Vikasit Bharat’.