Lakhpati Didi: Budget 2024 Focus on Women Empowerment!

The residents of India, especially women are eagerly waiting for the upcoming Budget on July 23, 2024. Discussions about increasing the economic empowerment of women through targeted schemes are being prominent.

The government believes that if the country has to prosper and empower, then women have to be empowered and self-reliant. The Modi government passed the Nari Shakti Vandan Act in the first session of Parliament.

PM Modi said that a fund of 1 lakh crores has been announced on research and innovation. It was announced to expand the Lakhpati Didi scheme to make women self-reliant.

What is Lakhpati Didi Scheme?

In the Lakhpati Didi scheme, about 10 crore women associated with self-help groups will be made millionaires i.e., self-reliant through training like LED bulbs, plumbing, drone repairing etc. With this, the woman can earn a permanent income of at least one lakh rupees per year.

The primary goal of this scheme is to give a loan of Rs 5 lakh without interest to economically deprived women. By doing so, the scheme empowers women to start and grow their own businesses, free from financial constraints.

The government aims to create three crore ‘Lakhpati Didis’ (Prosperous Sisters) in villages across India.

The central government is planning to create 3 crore millionaires in the country under the ‘Lakhpati Didi Yojana’. So far, the government has made about one crore women millionaires through this scheme.

Mahila Samman Savings Certificate (MSSC)

Women lead the way in saving. Every woman saves, regardless of her income. In addition to saving, there are also tax benefits. Maintaining this scheme is easy, with no risk of losing money, and a 7.5% interest is paid on the investment. There is no penalty for withdrawing money before the maturity period.

In this scheme, you can deposit from Rs 1000 to Rs 2 lakh. You can partially withdraw up to 40% of your deposit amount in a year in this scheme. The scheme has a maturity period of 2 years, but keep in mind that you have to open this account before 31 March 2025.

The government is set to play an important role in shaping the economic outlook by initiating measures to improve financial inclusion and support entrepreneurial aspirations among women.

Pradhan Mantri Mudra Yojana (PMMY) provides loans to women entrepreneurs without any collateral, enabling them to start and expand their businesses without traditional financial constraints.

In this budget, emphasis has been laid on empowering youth, poor, women, and farmers. There is complete guarantee of the future in this interim budget.

PM Modi said that this is a budget dedicated to developing India. This budget is an interim budget, but it is inclusive and innovative. Overall, the Government of India focuses on women’s health, nutrition and welfare schemes.

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