The upcoming Union Budget 2024, set to be announced on July 23, is poised to address key issues that impact the economic and social lives of Indians. With the government's push for Women's Power (woman power) in various sectors from agriculture to entrepreneurship and education to healthcare, this budget could aim to introduce measures that enhance women's financial independence and improve the efficiency of essential services. Here is what women can expect in this financial year.

Benefits For Entrepreneurs

As more women in India are taking the reigns of their finances into their own hands, the entrepreneurship landscape is seeing an uptick in female participation. To leverage this, the government has introduced multiple provisions like loan schemes and credit facilities like the PM Mudra Yojana and lakhpati didi scheme.

In the Interim Budget announced in February 2024, Finance Minister Nirmala Sitharaman announced 30 crore collateral-free loans under currency and also an increase in the target for the lakhpati didi scheme. The upcoming budget is expected to build on these initiatives to further bolster opportunities for women.

“As we sprint towards a $7 Trillion economy, it is pivotal to strategize the allocation of funds to the sectors that need it the most,” Prachi Kaushik founder of the social enterprise Vyomini, told SheThePeople, The Union Budget 2024 must put a special focus on rural development, where the participation of women can prove to be a backbone for the Indian economy.

Kaushik emphasized, “The Make in India initiative has led to atmanirbharta in the last decade; however, an additional capital push is required to boost the MSME and SMEs in rural India. Furthermore, women-led innovation should also be in focus. We anticipate subsidized loans for women and marginalized entrepreneurs and facilitating government procurement for women manufacturers.”

Role In Digital India

The government must allocate an enhanced budget for skill development programs, to better their existing mastery. The government could also focus on technological skills and digital marketing to ensure that women are equipped with skills that match the demands of the current market.

Payal Nambiar, founder of the software company B Square Solutions noted the necessity to recognize the innovation and contribution of women in the start-up information technology sector. “Adequate provisioning should be made in the form of tax sops, tax holidays, rebates, etc., to encourage them, spur innovation and R&D,” she stated.

Nambiar added, “Start-up IT firms harnessing new-age technologies like Artificial Intelligence, Machine Learning, Robotics should be encouraged with special incentives to propel them up the innovation ladder. This budget should focus on investing in propelling digital infrastructure, high-speed internet connectivity (read: 6G), cloud computing capabilities, and state-of-the-art data centers. This will not only benefit the IT industry but also enable broader adoption of digital technologies across various sectors, driving productivity and competitiveness.”

Women and Tax

The Union Budget is likely to enhance tax benefits, which could be important for working parents in India. Higher exemption limits on personal income tax and additional tax benefits can provide significant support and encouragement for women with dependents or single mothers in the workforce.

Prachi Kaushik noted, “It is important to provide tax relaxation to individuals and business owners and a tax break should be proposed in Union Budget 2024 along with more facilitation centers for GST issues.” These measures can alleviate financial burdens and encourage savings and investments among women.

Healthcare For Women

While announcing the interim budget, the government had announced to expedite the efforts to tackle the burgeoning issue of cervical cancer, one of the deadliest illnesses among women in the country. The new budget must support the Mission Indradhanush, a drive towards 90% full immunization coverage across India.

Obstetrician-gynaecologist Dr Nisha Bhatnagar said, “By investing in preventive healthcare, the government is not only safeguarding the health of the nation's future generation but also reducing the burden on healthcare infrastructure… We will be happy to support and collaborate with the government. in achieving the shared goal of a healthier and happier society.”

Apart from this, another need of the hour in healthcare is the improvement in maternity and childcare services. This not only includes the upgradation of Anganwadi centers but also better facilities for women in the workforce. Additionally, women must also be equipped with improved health insurance coverage.

Education Facilities

During the previous budget announcement, the Finance Minister cited that female higher education enrollment has gone up by 28% in the past decade. Encouragingly, in STEM courses, women make up 43% of enrolment, one of the highest in the world, reflecting the increasing participation of women in the workforce.

Payal Nambiar reflected on how this growth in women's involvement in STEM can be leveraged in the Union Budget 2024. She explained, “The budget should address the need for human resource development or skilled workforce development in the booming IT sector. This could be increased through funding for STEM education, skill-building programs, and collaborative efforts between the industry and educational institutions.”

Identifying the participation of women in healthcare, the government, in February, announced its plan to set up a committee to make recommendations for transforming existing hospital infrastructure into medical colleges. The Union Budget could also provide better scholarship programs and financial aid.