With eyes on 2024 elections, Modi's Budget woos women with new scheme

Sitharaman announced a new savings scheme with a fixed interest rate of 7.5 per cent for women in India

In the last full Budget before the Lok Sabha elections 2024, the Modi government rolled out several initiatives for women including a new savings plan.

Union Finance Minister Nirmala Sitharaman on Wednesday announced a new savings scheme with a fixed interest rate of 7.5 per cent for women across India. The deposit for the 'Mahila Samman Saving Certificate' can be made in a woman’s or a girl child’s name, the FM said.

The maximum deposit amount has been set at Rs 2 lakh and the programme will also have a partial withdrawal option.

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The finance minister also announced that under the PM-Kisan Samman Nidhi, more than Rs 2.25 lakh crore in financial aid has been given to small farmers and the aforementioned programme has also benefited about 3 crore women farmers in the country. Sitharaman said the policies in the Budget will help female entrepreuners especially in the rural areas.

The FM in her speech also spoke about the Deen Dayal Antyodaya Yojana and mentioned that it helped in mobilising rural women into 81 lakh Self Help Groups (SHG).

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Sitharaman added that it would enable the groups reach the next stage of economic empowerment through the “formation of large producer enterprises or collectives”. She added groups would also be helped with the supply of raw materials.

As per the Budget document, 5 per cent of the total expenditure is allocated towards issues affecting women.

The women-centric Union Budget 2023 is being seen as a major step by the BJP-led Centre to further woo female voters ahead of nine Assembly elections this year and the Lok Sabha elections next year. Several BJP leaders reacted to the Budget with Union Minister for Women and Child Developement Smriti Irani calling it 'inclusive and reflective of Nari Shakti'.

"I would like to extend gratitude to PM Modi. Going by today's announcements, I believe that in the Budget, respect for women has increased. Today's Budget reflected how 'Nari Shakti' can build an empowered nation. This has been an inclusive Budget," Irani told news agency ANI.