Women entrepreneurs foster high Budget 2024 expectations and advocate for measures to boost women workforce participation, gender equality and socio-economic conditions. Experts say that the Union Budget 2024 should include more initiatives to enhance schemes, tax benefits, and other measures to further the cause. They say that clearing barriers to pave the way for increased women entrepreneurship in the Budget 2024 should be looked at.
On one side, technological advancements are happening continuously. On the other side, we can still see many women facing challenges in accessing digital opportunities and resources, which impedes their progress. Surely women entrepreneurs are much needed to promote diversity, creativity, and economic expansion. It’s a benefit to society overall, as they not only bring unique viewpoints but also ensure that they have a lasting effect on enhancing entrepreneurial ecosystems and fostering innovative problem-solving.
Scheduled on July 23rd, the Budget for this year is anticipated to prioritize the circular or green economy and gender equality, indicating a holistic strategy to promote a sustainable and inclusive economic environment.
Initiatives to Receive Higher Subsidies
To help make way for women leaders, Budget 2024 is likely to offer higher subsidies and price limits on necessities in a number of initiatives to ensure their affordability. For instance, schemes such as direct benefit transfers (DBT) for cooking gas and other necessities could help bring down their financial obligations. As for improving healthcare services for women, public hospitals could be giving more monetary aid, including free or heavily discounted health checkups could also be offered.
Mudra Yojana Loans for Women Entrepreneurs
Union Finance Minister Nirmala Sitharaman announced that women business leaders can avail loans under the Mudra Yojana totaling up to Rs 30 crore. Moreover, there is a strong emphasis on women's empowerment, with 83 lakh self-help groups (SHG) striving to turn one crore women into Lakhpati Didis.
Expectations from the Lakhpati Didi Scheme
The Lakhpati Didi scheme is still a priority of the government, and it intends to raise the number of women with a household income of over Rs.1,00,000 annually.
The revised version of the scheme could look into matters such as skill development, sustainable business models, and market connectivity to encourage rural women to come out of their suppressed economic conditions.
Experts anticipate the scheme might target more people to change lives this time compared to the previous two lakhs.
Likewise, the finance minister revealed an increase from 2 crore to 3 crore in the scheme during her presentation of the Interim Budget 2024-25 in Parliament. Additionally, income will likely be increased under the schemes along with a number of other sustainable goals.
More Funds to Women-Owned Manufacturing Enterprises
The government could sanction more funding initiatives, such as the Stand-Up India program, to help women-owned manufacturing enterprises receive better financial support. More incentives could be offered to implement advanced manufacturing technology, giving women entrepreneurs a stronger competitive edge.
Funding for Infrastructure
Women-led enterprises, in particular, could receive more funding for infrastructure projects. While it's at it, the Budget could also encourage more participation from women leaders by streamlining regulatory procedures and improving access to resources.
Funding for Skill Development Programs
Considering the importance of IT and healthcare in the current economy, the Budget may prioritize providing more financial aid in skill development programs specifically designed for women working in these fields. Funding for female-led software firms and healthcare advances may soon be available, which will help create an environment that supports women entrepreneurs.
Policies to Ensure Women's Workforce Participation
Experts say that the government should look to laying heightened emphasis on policies to ensure equal opportunities for women in business through the Union Budget 2024.
Tax Incentives: Experts argue that there should be more favorable tax treatment for women-owned enterprises, especially in core industries. Potential tax exemptions and discounts for investments made in businesses run by women are believed to roll out from the Budget this year.
Regulatory Reforms: Streamlining certain compliance processes and cutting down on regulatory barriers should be focused on in the Budget, as it could greatly clear the way for women entering the business.
Focus on Work-Life
Experts say that the Budget must give importance to flexible work schedules by enacting strong anti-discrimination laws and supportive mechanisms. Daycare centers are expected to assist women in successfully juggling work and family obligations.
Previous Budget’s Continuities
A few of the previous Budget's measures were brought to focus in the Interim Budget. The Mahila Samman Saving Certificate scheme was given a maximum deposit restriction of Rs 2 lakh and a fixed interest rate of 7.5 percent for two years. It also permitted partial withdrawals.
"Poshan 2.0" and "Saksham Anganwadi" programs received an amount of Rs 20,554.31 to support its endeavor in looking after the welfare of adolescent girls, expectant mothers, and nursing mothers. Additionally, under the PM-Kisan Samman Nidhi program, small-scale female farmers received financial support totaling Rs 54,000 crore. The National Commission for Women, the Central Adoption Resource Agency (CARA), and the National Commission for Protection of Child Rights each received a little increase in funding from the previous year's Budget, bringing the total to Rs 168 crore.