Union Budget 2024: Decoding Key Announcements For Women

Today, Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament, her seventh in a row making history in Indian politics. This important economic blueprint will not only determine the fiscal plans of the government but also the base for Prime Minister Narendra Modi's vision: to transform India into a 'Viksit Bharat' developed India by the year 2047.

The budget, which is the first major economic document of Modi's third term, places significant emphasis on four key pillars: the poor, women, youth, and farmers. Sitharaman's speech highlighted the government's commitment to these sectors, with a particular focus onempowering women and girls across the nation.

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Union Budget 2024: Key Announcements For Women

3 Lakh Crore Women Empowerment Package

In a groundbreaking move, the government has allocated a substantial Rs 3 lakh crore for schemes specifically designed to benefit women and girls. This unprecedented investment underscores the administration's dedication to gender equality and women's empowerment.

Women in Workforce

One of the standout announcements is the establishment of working women's hostels. This initiative aims to boost women's participation in the workforce by addressing one of the key challenges faced by working women - safe and affordable accommodation. By providing secure living spaces, the government hopes to remove barriers that often prevent women from pursuing career opportunities, especially in urban areas.

"We're taking concrete steps to increase women's presence in the labour market," Sitharaman stated. "This includes partnering with industries to set up working women's hostels and establishing creches. We'll also focus on providing women-specific skill training and helping women's self-help groups access markets more effectively."

Financial Inclusion for Women

The Finance Minister also announced a significant allocation for rural development. "We've set aside Rs. 2.66 lakh crore for rural development projects, including improvements to rural infrastructure," she said.

Affordable Housing for All

In a move to address housing needs, Sitharaman revealed plans for a major expansion of the PM Awas Yojana. "Our goal is to construct an additional three crore houses in both rural and urban areas under the PM Awas Yojana," the minister announced. This initiative is expected to significantly boost housing availability for low-income families across India.

“FM Nirmala Sitharaman's bold move to allocate ₹10 lakh crore to the PM AWAS Yojana Urban 2.0 marks a pivotal moment for the real estate sector," said Vikas Aggarwal, COO of Worldwide Realty.

"As urbanisation accelerates towards 50% by 2050, this comprehensive investment is exactly what is needed to meet the burgeoning housing demands. The substantial ₹2.2 lakh crore central assistance is a testament to the government's strategic vision for fostering public-private collaborations. This financial backing is expected to spur innovative solutions in affordable housing and bring forward advanced construction methods. Notably, the scheme's inclusive approach, addressing both the underprivileged and the middle class, fills a critical gap left by previous policies," he continued.

"With proper implementation, this initiative holds the potential to alleviate the vast urban housing deficit and reshape India's urban environments significantly."

Echoing similar sentiments, Mohit Mittal, CEO of Mores Techno, highlights the budget's focus on job creation and infrastructure development. "The government's plan to skill 20 lakh youth is a masterstroke," he says. "A skilled workforce coupled with improved infrastructure will create a robust demand for housing, especially in urban areas."

Dr Ritu Sharma, Senior Economist at the National Institute for Economic Policy said, "The allocation of Rs 3 lakh crore for women-centric schemes is a significant step towards gender-inclusive development. The focus on working women's hostels and creches addresses critical infrastructure gaps that have long hindered women's workforce participation. If implemented effectively, these initiatives could potentially increase women's labour force participation rate by 2-3 percentage points over the next few years."

With all the budget details rolling out, this shows that the government is serious about its prime corner of development—the woman. It strives forward to ensure inclusive growth and achieve gender parity.

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