The union budget 2024 has been unveiled with a clear vision for a ‘Viksit Bharat’ or Developed India. Among its many facets, the budget places significant emphasis on Sustainable Development Goal 5 (SDG 5)— gender equality and women’s empowerment. This analysis delves into the budget's provisions from the perspective of gender, employment, skilling, and the micro, small, and medium enterprises (MSMEs) sector, which are pivotal for driving economic growth and creating millions of jobs over the next decade.
Empowering Women: A Strategic Focus
The budget 2024 allocates over Rs 3 lakh crore specifically for schemes benefitting women and girls, underscoring the government's commitment to gender equality. Key initiatives aimed at empowering women include:
Employment And Skilling: The budget proposes setting up working women hostels in collaboration with industry and establishing crèches to facilitate higher participation of women in the workforce. These measures address critical barriers to women’s employment, enabling them to balance work and family responsibilities more effectively.
Education And Internships: Recognising the importance of education and practical experience, the budget includes financial support for loans up to Rs 10 lakh for higher education in domestic institutions and direct e-vouchers to one lakh students annually. Additionally, a scheme providing internship opportunities in 500 top companies to one crore youth over five years is expected to significantly enhance employability.
Gender Budgeting: A notable aspect of this budget is the substantial increase in the gender budget to Rs 2.23 lakh crore. This increase is designed to fund various initiatives aimed at improving the socio-economic status of women across India, ensuring they have the resources and opportunities needed to thrive.
MSMEs: The Backbone Of Economic Growth
The MSME sector is acknowledged as the cornerstone of economic development, crucial for job creation and inclusive growth. The budget outlines several measures to bolster this sector:
Credit Support: The Credit Guarantee Scheme for MSMEs in the manufacturing sector and enhanced scope for mandatory onboarding in the Trade Receivables Discounting System (TReDS) aim to improve credit access and financial stability for MSMEs, particularly during stress periods.
Financial Incentives: The Mudra Loans limit has been enhanced to Rs 20 lakh from the current Rs 10 lakh under the ‘Tarun’ category. This move is expected to provide a significant boost to small and medium enterprises, fostering entrepreneurship and economic resilience.
Support For Women Entrepreneurs: The Mahila E-Haat initiative continues to empower women entrepreneurs by providing an online platform to showcase their products and services, facilitating economic independence and entrepreneurship.
Employment and Skilling: Building Future's Workforce
The budget’s focus on employment and skilling is pivotal for addressing unemployment and underemployment, particularly among the youth. Key initiatives include:
Job Creation Incentives: Various schemes under the PM’s Package, such as incentives for EPFO contributions and government reimbursement of employers' EPFO contributions for new hires, are expected to generate millions of jobs. For instance, the scheme linked to first-time employees is expected to benefit 30 lakh youth.
Skilling Programs: The budget outlines a comprehensive skilling program targeting 20 lakh youth over five years. Upgrading 1,000 Industrial Training Institutes (ITIs) in a hub-and-spoke model will ensure that course content and design are aligned with industry needs, enhancing the employability of the workforce.
Internship Opportunities: A scheme providing internships in 500 top companies, along with a monthly allowance and one-time assistance through CSR funds, is a strategic move to bridge the gap between education and employment.
Positive Storytelling And Community Building
Narrative building and community engagement are essential for driving societal change and achieving gender equality. The budget’s provisions, coupled with positive storytelling, can shift societal attitudes towards gender roles and empower women to participate fully in economic activities. Highlighting success stories and role models can inspire a new generation of women leaders and entrepreneurs. This narrative approach helps create a supportive ecosystem where women's contributions are celebrated, and their potential is fully realised.
The budget 2024 lays a strong foundation for achieving gender equality and economic empowerment. By focusing on employment, skilling, and the MSME sector, the budget addresses key areas essential for sustainable development and inclusive growth. With strategic implementation and community engagement, India is poised to make significant strides towards gender parity and economic prosperity.
Achieving gender equality requires collective effort and unwavering commitment. The initiatives outlined in this budget, if effectively implemented, can transform the socio-economic landscape, empowering women and creating a thriving, inclusive economy. Together, we can bridge the gender gap and unlock the full potential of every individual, driving meaningful change for a brighter future.
Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the publication.
