Silent Power Of Women In Politics And Economics
The other half of India, comprising its women, has transcended their historical confinement to 'home and hearth,' rapidly claiming space and a voice in the nation. There is no turning back from this transformative stage. The recently presented interim Union budget aligns with these societal shifts, aiming to nurture women as economic assets by fostering increased participation in the labor force—an ongoing challenge for India. Prime Minister has reiterated his priority for the upliftment of four key segments of society - the 'Garib' (Poor), 'Mahilayen' (Women), 'Yuva' (Youth), and 'Annadata' (Farmers).
As an important milestone, in the India of today, women have evolved into a formidable vote bank, garnering strategic attention from political entities. In the transformative journey from the 1951 elections, where a mere eight crores participated, to the present, we have witnessed a substantial increase of women voters with approximately 19 crores women exercising their electoral rights in 2009. This positive trend persisted through the 2014 and 2019 elections. Notably, the gap between male and women voters narrowed to a mere 1.8 % in 2014 and by 2019 we found that the gap had vanished and in fact, there were marginally more women voters than men. Women are breaking traditional voting patterns, drawn towards a vision of an improved lifestyles, tangible income, and increased opportunities. In the upcoming elections, an estimated 49% of votes will be cast by women, including enthusiastic young adults entering the electoral arena for the first time. This compelling scenario underscores the imperative to women as responsible and engaged citizens.
Recognising and incorporating women's economic contribution into formal economic calculations is imperative for a comprehensive understanding of a nation's financial landscape. Women play a pivotal role in both formal and informal sectors, contributing significantly to productivity and economic growth. By acknowledging and quantifying their economic activities, policymakers gain insights that can lead to targeted interventions, fostering an inclusive and dynamic economy. Empowering women at the grassroots level not only uplifts communities but also creates a ripple effect, fostering sustainable development and societal progress. Integrating women's economic contributions into formal calculations and empowering them thus becomes a dual strategy for fostering economic prosperity and societal advancement.
Over the past decade, the government has undertaken significant efforts to empower women and ensure their economic inclusion. Initiatives like Jandhan accounts and Stand-Up India have laid the foundation for fostering financial resilience among women. Investment schemes such as the Mahila Samman Patra and the Sukanya Scheme address specific needs, contributing to a more inclusive financial landscape. Additionally, the government has successfully brought fundamental necessities directly to citizens, encompassing initiatives like providing cooking gas, sanitation facilities, drinking water, and primary healthcare.
Despite these commendable strides, a noticeable gap persists, particularly evident in female labor force participation, as highlighted by the World Bank data, revealing a rate of 19.2 per cent in 2021 and contributing only 17 per cent to the country's GDP. The International Monetary Fund (IMF) underscores the economic potential, asserting that achieving gender equality could boost India's GDP by 27 per cent. To propel towards a mega trillion economy, focused attention on enhancing women's participation is crucial, recognising that "Nari Shakti" is pivotal in achieving developmental goals.
A Union budget tackles the developmental thrust in any sector, particularly for women, through two avenues. Firstly, there are schemes and programs administered by various Ministries and Departments, constituting direct allocations for women-centric activities. In the last budget, this allocation amounted to approximately 5% of the total budget, as illustrated in the Gender Budget Statement included in the Union Budget documents. The second approach involves promoting non-expenditure-based activities that contribute to women's empowerment. This includes initiatives such as announcing collateral-free loans, facilitating the opening of accounts, and introducing women-centric social security-administered investment schemes.
In the run up to this Budget, the Honble Prime Minister had announced that four pillars in India which required a special focus of which one was women. The Finance Minister too reiterated this message assuring of higher and enhanced financial allocations for women-centric schemes. The Union Interim Budget FY24-25 details some of the initiatives that have so far focused on women, interestingly in enabling their role in economic activities. These include the disbursement of around 30 crore Mudra loans, increase in female enrolment in higher education, access to house ownership particularly in rural areas. Newer initiatives include enhancement of the Lakhpati Didi targets and the health related efforts targeted for the future, including the forward-looking cervical vaccination programme.
Go deeper into the budget document and one will find that the Gender Budget Statement sees a big jump in numbers to Rs. 223219.75 (crore). Interestingly, new schemes with gender outlays are now listed in the statement. These include the Saksham Anganwadi and Poshan 2.0 scheme with an outlay of Rs. 870 crore, a quantum jump. This is in tune with the budget announcement of focusing on improved nutrition delivery, early childhood care and development. The Krishonnati Yojna under the Ministry of Agriculture & Farmers Welfare has an allocation of Rs. 2119.94 crore. Under the program PM Schools for Rising India (PM SHRI) a fresh allocation of Rs. 1200 crore is reflected. Focusing on women education the PM-Uchhatar Shiksha Protsahan reflects an outlay of Rs. 688 crore. Skilling India program has a similar enhanced outlay for women.
Women are the backbone of the Indian economy, contributing significantly to its growth and stability. Beyond their vital role in traditional sectors, women increasingly drive innovation and entrepreneurship, bringing diverse perspectives to the business landscape. Empowering women economically not only enhances their financial independence but also fosters inclusive development. By harnessing Nari Shakti, India can achieve greater productivity, competitiveness, and resilience. Recognising and promoting women's participation in the economy is not just a matter of equality; it is an imperative for unlocking the nation's full economic prowess. And this budget has continued in focusing in empowering and nurturing Indian women.
Dakshita Das, Policy expert & former civil servant
Srinath Sridharan, Policy Researcher & Corporate advisor
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