Union Budget 2024 woos women: FM Sitharaman announces hostels, lower stamp duty for property owners

Union Budget 2024: On July 23, Finance Minister Nirmala Sitharaman presented the Union Budget 2024, making her the first finance minister to do so seven times in a row. Before her, former Prime Minister Morarji Desai had presented the budget--five annual budgets and one interim budget--six times between 1959 and 1964.

Finance Minister Nirmala Sitharaman said the participation of women in the workforce was a priority: In the first full budget of the third term of the Modi government, Sitharaman announced a number of initiatives for women, adding that the Centre would focus on the poor, women, youth and farmers. The finance minister announced the allocation of Rs 3 lakh crore for schemes benefiting women and girls. She further added that working-women hostels will be set up and partnerships created to organise women-specific skilling programs.

With Union Budget 2024, FM Sitharaman became the to do so seven in a row | Image: PTI

"We will facilitate higher participation of women in the workforce by setting up working women hostels in collaboration with industries and the establishment of creches. In addition, the partnership will seek to organise women-specific skilling programmes and promote market access for women SHG enterprises," she said.

At the Economic Survey tabled on July 22, Chief Economic Advisor V Anantha Nageswaran announced a 218.8% increase in budgetary allocation for schemes for women and girls: ¡°The share of the Gender Budget in the total Union Budget has increased to 6.5 per cent in Financial Year 2025, the highest since the introduction of the Gender Budgeting Scheme in Financial Year 2006.¡±

Some aspects of women¡¯s empowerment highlighted in the Economic Survey released today:-

FEMALE LABOUR FORCE PARTICIPATION RATE (LFPR) ROSE TO 37 PER CENT IN 2022-2023 FROM 23.3 PER CENT IN 2017-2018
WOMEN HOLD 55.6 PER CENT OF PM JAN DHAN YOJANA ACCOUNTS https://t.co/b6n8UvTq4r

¡ª Nirmala Sitharaman (@nsitharaman) July 22, 2024

Sitharaman also announced three schemes for ¡®Employment Linked Incentives,¡¯ the Prime Minister¡¯s Package for employment and skilling. Scheme A is for 'first-timers,' scheme B for 'job creation in manufacturing,' while scheme C is to offer 'support the employers.'

Also read: Union Budget 2024: FM Nirmala Sitharaman dons white silk saree, poses with tablet in red cover

Properties bought by women will have lower stamp duty: FM Sitharaman announced that states charging high stamp duty will be encouraged to moderate their rates for all. Moreover, reductions in duties for properties purchased by women will be considered, as part of measures designed for urban development schemes.

Prime Minister said that this is an important budget for 'Amrit Kaal' (great leap) that could propel India forward on all fronts.

Stay tuned to this space for more updates.