Union Finance Minister Nirmala Sitaraman announced Wednesday a one-off micro-savings plan for women to mark India’s 75th anniversary of independence.
Ms. In announcing her union budget, Sitharaman said, “In memory of Azadi Ka Amrit Mahotsav, a one-time new micro-savings scheme, the Mahila Samman Savings Certificate, will be available for two years until March 2025.”
Small Savings Certificates will have a fixed rate of 7.5% for two years. Deposits can be made in the name of a woman or girl. The maximum deposit has been kept at ₹2 lakh and the plan also has a partial withdrawal feature.
The Trade Union Minister said that the Women’s Self-Help Group (SHG) has had remarkable success in mobilizing rural women to 81 lakh SHG under the Deendayal Antyodaya Yojana National Rural Livelihood Mission.
“We will form large, professionally managed production enterprises or collectives, each with thousands of members, to enable these groups to reach the next level of economic empowerment,” she said.
The budget anticipates that support policies will allow SHG to expand its operations to serve large consumer markets, as has been the case with several startups that have grown into ‘unicorns’.
The amount allocated to the Ministry of Women and Children’s Development in Union Budget 2023 increased by ₹267 crore from ₹25,172.28 crore allocated in 2022-23.
Up to Rs 20,554.31 crore has been allocated for Saksham Anganwadi and POSHAN 2.0 schemes, Rs 1,472 trillion for Mission VATSALYA (Child Protective Services and Child Welfare Services) and Rs 3,143 trillion for Mission Shakti (Mission for Protection and Empowerment) . female).
Municipalities including the Central Adoption Resource Agency, National Commission for Protection of Child Rights and National Commission for Women received 1,000, up slightly from Rs 162 million last year. received 68 million rupees.