Rs 3 Lakh Crore Gender Budget Signals New Era of Women's Empowerment

New Delhi, Jul 29 (KNN) In a year marked by significant policy shifts, the Union Budget 2024 has emerged as a beacon of progress, particularly in the realm of women's empowerment and economic development.

The allocation of Rs. 3 Lakh Crore for the gender budget marks an all-time high, signalling the government's commitment to women-led development. This substantial increase is not just a number; it's a statement of intent.

The Finance Minister's announcement of working women's hostels and 17,000 Palna Ghars nationwide is a transformative step towards addressing the care burden that often hinders women's professional growth.

Mitali Nikore, a prominent economic analyst, aptly described this as "societal transformation," emphasising how these measures will support women in balancing their household and professional responsibilities.

This focus on the care economy, a subject of Nikore Associates' recent publication cited in the Economic Survey 2023-24, underscores the growing recognition of unpaid domestic and care work's economic value, estimated at 15-17 per cent of GDP.

The budget also tackles the pressing issue of employment head-on. The Finance Minister's emphasis on creating 75 million jobs annually is a bold move in response to the paradox highlighted in the Economic Survey 2024 - industries with openings struggling to find qualified candidates.

This situation underscores the urgent need for targeted skill development programs, a point strongly advocated by experts like Nikore.

In line with this, the introduction of a new internship scheme and the proposal for stronger industry-academia linkages are promising steps.

The suggestion of an internship model where wages are supported by the government or universities as part of the curriculum could be a game-changer in building real skills and boosting employability.

The budget's focus on infrastructure development, particularly in urban areas, is another noteworthy aspect. With the proportion of urban population projected to reach 60 per cebt in the next decade, the prioritization of 14 cities for transit-oriented development is a timely move.

This, coupled with the emphasis on affordable housing through schemes like PM Awas Yojana, demonstrates a forward-thinking approach to urban planning.

Climate resilience has also found significant attention in this budget. The introduction of 25 new climate-resilient crop varieties and seeds, along with investments in green hydrogen research and EV charging networks, shows a commitment to sustainable development.

These measures are crucial in addressing long-term challenges like food inflation and energy transition.

(KNN Bureau)