#WomenEntrepreneurs #UnionBudget2024 #Empowerment #Innovation #FinancialInclusion
There is ‘optimism’ about Bharat today, when the Union Budget 2024-25 was to be announced by FM Srimati Nirmala Sitharaman. It was FM’s record 7 th Budget.
FM started her speech by saying that “India’s economic growth remains the shining exception”. As per the Interim Budget a four-point thrust was underlined, and it was pointed out that we need to focus on – the youth, women, farmers & poor.
The Union Budget 2024-25 reflects a holistic vision for inclusive economic growth by focusing on women entrepreneurs and their crucial role in shaping India’s future.
Empowering Women Entrepreneurs: Highlights from the Indian Union Budget 2024-25
The Union Budget 2024 has unveiled a series of groundbreaking initiatives aimed at empowering women across various sectors. Reflecting the government’s commitment to addressing gender disparities, the budget introduces measures designed to enhance equitable opportunities for women. Here’s a glimpse of what’s in store for women entrepreneurs this financial year.
The Finance Minister outlined key schemes focused on employment, skilling, MSMEs, and the middle class, with a substantial allocation of ₹1.48 lakh crore. “This budget emphasizes sustained efforts on nine priorities to generate ample opportunities for all,” stated our FM. These priorities include Productivity & Resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development & Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development, and Next Generation Reforms.
Among the highlights, the budget has increased the credit limit for self-help groups to boost micro-financing for women. A women-led development initiative has been proposed to offer training and mentorship to aspiring women entrepreneurs. Additionally, funds have been allocated to establish women’s entrepreneurship parks, fostering innovation and growth. These initiatives aim to empower women entrepreneurs, enhancing their participation in the economy and providing them with crucial resources and opportunities.
These comprehensive measures are expected to have a significant positive impact on women entrepreneurs in India, paving the way for a more inclusive and equitable business environment.
Some New Initiatives for Women & Girls and Women-in-Business
The Indian Budget 2024-2025 has listed out a number of provisions to support women entrepreneurs.
> One prominent step is the allocation of – ₹1,000 crore for the Women Entrepreneurship Platform, which aims to empower women-led startups.
> The budget has increased allocation for the Scheme for Financial Support to Women Entrepreneurs from ₹100 crore to ₹200 crore.
> Focusing on the efforts for inclusive human resource development, the enhancement of schemes was announced – focusing on the economic activities of women entrepreneurs, SHGs, scheduled castes, scheduled tribes, artisans & craftsmen, and street vendors.
These policies include PM Vishwakarma, PM Svanidhi, National Rural Livelihoods Mission (NRLM) and Stand-Up India.
> Higher participation of women in the workforce will be facilitated through setting up of Working Women Hostels in collaboration with industry and establishing creches (childcare centres). The partnership will also seek to organize women-specific skilling programmes and promotion of market access for Women Self Help Group (SHG) enterprises.
> To facilitate female-led development, the budget carries an allocation of more than ₹3L crore for the schemes benefitting women and girls, underscoring the government’s “commitment to enhancing women’s role in economic development”.
> Another key initiative is the extension of the Emergency Credit Line Guarantee Scheme for financially stressed MSMEs, including women-owned businesses.
> Additionally, the budget proposes to increase the limit for loan guarantees for women-led MSMEs from ₹5 crore to ₹10 crore. These initiatives are expected to boost women’s participation in entrepreneurship and entrepreneurship ecosystem in India.
> The government is considering a reform to lower duties for properties purchased by women as part of their urban development schemes.
> Mudra Loans increased to 20L from earlier 10L.
> A budget of ₹1.52 lakh crore has been allocated for agriculture and allied sectors.
> The government announced financial support for loans up to ₹10 lakh for higher education.
> Regarding schemes to support women employees and first-timers in the workforce, including one month’s wage to all persons newly entering the workforce. And increase women specific skilling programmes.
> To boost entrepreneurial spirit, tax on Angel Investors abolished.
> There will be e-commerce export hubs for promoting MSMEs.
Avtar Madan
Himanshu
Shree Lahiri
