Budget 2024: FM Sitharaman announces ₹3 lakh crore allocation for women-centric schemes

Finance Minister Nirmala Sitharaman announced several measures in the Union Budget for FY 2024-25 on July 23 to support women-led growth. The Finance Minister announced an allocation of over ₹3 lakh crore for various schemes specifically designed to benefit women and girls.

In the Budget speech, she also announced the establishment of hostels and childcare facilities for working women in partnership with the industry.

“For promoting women-led development, the budget carries an allocation of more than ₹3 lakh crore for schemes benefitting women and girls. This signals our government’s commitment for enhancing women’s role in economic development,” Sitharaman said in her budget speech.

She added, “We will facilitate higher participation of women in the workforce through setting up of working women hostels in collaboration with industry, and establishing creches. In addition, the partnership will seek to organise women-specific skilling programmes, and promotion of market access for women SHG enterprises.”

The Finance Minister also proposed that the states reduce stamp duty on properties women purchase.

“We will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes,” the Finance Minister said.

Ahead of the Budget presentation, there were expectations that the government would unveil significant measures for the welfare and empowerment of women. The Economic Survey 2023-2024 revealed a substantial 218.8% increase in the Budget allocation for women’s welfare from FY14 to FY25, reaching ₹3.1 lakh crore. The Gender Budget Statement has also seen a notable rise, up by 38.7% compared to the FY24 Budget estimate, now accounting for 6.5% of the total Union Budget.