In a monumental stride towards rural women’s economic empowerment, Finance Minister Nirmala Sitharaman announced a significant expansion of the ‘Lakhpati Didi’ scheme in the interim Budget for the next fiscal year, starting April 1, 2024. Sitharaman reported that 83 lakh Self-Help Groups (SHGs), collectively impacting the lives of 9 crore women across the nation, have played a pivotal role in transforming the rural socioeconomic landscape. These SHGs, envisioned as viable income-generating producer organizations, have already assisted nearly one crore women in becoming ‘lakhpati didis’ – women with a net worth of one lakh or more.
Boosting Financial Independence: Increased Target of Lakhpati Didi Scheme
The Finance Minister unveiled the enhanced target of the Lakhpati Didi scheme, initially set at 2 crore women, which has now been elevated to 3 crore women. This increase reflects the success and positive impact of the scheme, signaling the government’s commitment to empowering a greater number of women with financial independence. The Lakhpati Didi Yojna has become a beacon of change, empowering women in rural areas and contributing to the overall transformation of the rural economy.
While industry experts, such as Ridhima Kansal, Director at Rosemoore, laud the government’s focus on empowering women financially through SHG loans, concerns have been raised about the need for a more cohesive strategy. Kansal emphasized the importance of connecting initiatives aimed at boosting women’s workforce entry, both in rural and urban settings. On the other hand, Mamta Shekhawat, Founder of Gradding.com, expressed enthusiasm for the increased limit of the Lakhpati Didi scheme, seeing SHGs as a powerful means to provide women with independence and financial freedom.
As the Lakhpati Didi Yojna evolves, it stands as a testament to the government’s commitment to uplifting women in rural areas, fostering economic independence, and creating a more inclusive and empowered society.
Nirmala Sitharaman Reflects on Transformative Decade for Women’s Empowerment in India
1. Mudra Yojana Fuels Women Entrepreneurship: Thirty Crore Loans Extended
In a significant move towards fostering women entrepreneurship, the 2024 budget unveils the success of the Mudra Yojana, with an impressive thirty crore loans provided to women entrepreneurs. This initiative aims to empower women economically and nurture a culture of entrepreneurship.
2. Surging Female Enrolment in Higher Education: A 28% Increase in Ten Years
The Finance Minister highlights a remarkable achievement with a twenty-eight per cent increase in female enrolment in higher education over the past decade. This surge in education is expected to play a pivotal role in shaping a more diverse and skilled workforce.
3. STEM Inclusivity: 43% Female Enrolment, a Global Benchmark
India leads the world in promoting gender inclusion in Science, Technology, Engineering, and Mathematics (STEM) courses, with girls and women constituting forty-three per cent of enrolment. The budget emphasizes the importance of gender diversity in critical sectors.
4. Workforce Diversity on the Rise: Reflecting Educational Advancements
The Finance Minister underscores that the increasing participation of women in the workforce is a direct outcome of educational advancements. The budget reflects a comprehensive approach to creating a more diverse and inclusive professional environment.
5. Legislative Steps for Women’s Welfare: Criminalizing Triple Talaq and Reservation in Politics
Sitharaman highlights legislative measures for women’s welfare, including the criminalization of triple talaq and the reservation of one-third of seats for women in Parliament and state assemblies. These steps aim to ensure political representation and protect women’s rights.
6. Pradhan Mantri Awas Yojana: Over 70% Houses Allocated to Women
Under the Pradhan Mantri Awas Yojana, more than 70% of constructed houses have been allocated to women, contributing significantly to enhancing their dignity and socioeconomic status. The allocation supports the broader goal of ensuring housing and security for women.
7. A Comprehensive Approach: Government’s Commitment to Gender Equality
The Finance Minister’s statement on women’s empowerment underscores the government’s commitment to fostering an environment where women can thrive personally and professionally. The 2024 budget reflects a comprehensive approach towards ensuring equal opportunities, economic independence, and dignity for women across the country.
