The speech of Finance Minister Nirmala Sitharaman started with her saying that the Budget will focus on "four major castes, namely ‘Garib’ (poor), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Annadata’ (farmer).”
To promote the participation of women in the workforce, Sitharaman said that the Budget would build working hostels across India.
The speech of Finance Minister Nirmala Sitharaman started with her saying that the Budget will focus on "four major castes, namely ‘Garib’ (poor), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Annadata’ (farmer).”
In the Budget, the Finance Minister announced several initiatives to increase the participation of women in the workforce. The Economic Survey that was released yesterday also spoke about the contribution of women in the workforce. It said that India is shifting from women’s development to women-led development, envisioning a future where women are equal partners in national growth.
However, despite rising equality in education, women in paid employment still face a 'double burden,' spending nearly six times more on unpaid care work compared to men, leading to professional inequality, it added.
To promote the participation of women in the workforce, Sitharaman said that the Budget would build working hostels across India. She added, “The partnership (between government and industry) will seek to organize women-specific skilling programs and promote market access for women SHG enterprises.”
The Finance Minister also mentioned that the Budget would set aside Rs 3 lakh crore for schemes benefiting women and girls.
Suchita Dutta, Executive Director, Indian Staffing Federation, said, “As we strive to drive formal employment and skilling growth, it's imperative we take a multi-faceted approach that covers everyone in the employment environment, including the women workforce. We applaud the Union Budget 2024 for taking into consideration increasing the participation of women in the workforce as a priority and organizing women-specific skilling programs.”
“This strategic move will bridge the gender gap, harness India's demographic dividend, and propel the country towards becoming the world's largest talent hub, driving inclusive growth and prosperity,” said Mayank Kumar, managing director of upGrad.
The Budget will also encourage states that continue to charge high stamp duty to moderate the rates for all and also consider further lowering duties for properties purchased by women, added Sitharaman. The state government levies a tax known as stamp duty on the sale of real estate and the ownership of real estate.
Lauding the investment, Mayank Kumar, managing director of upGrad, said, “This strategic move will bridge the gender gap, harness India's demographic dividend, and propel the country towards becoming the world's largest talent hub, driving inclusive growth and prosperity.”