India: Nirmala Sitharaman announces Mahila Samman Saving certificate for women

India: The government of India launched the Mahila Samman Saving certificate during their budget presentation for 2023/24 by Finance Minister Nirmala Sitharaman. The scheme will be available till March 2025 and offer a fixed rate of interest at 7.5 percent with an option of partial withdrawal. 

The scheme will provide the chance for people to deposit up to 2 lakhs which can either be made in the name of a woman or a girl child for a maximum of a two-year tenure. Finance Minister- Nirmala Sitharaman also referred to the budget as the “first Budget of Amrit Kaal”. 

The budget featured various programmes for the enhancement of infrastructure and investment, unleashing the potential, green growth, youth power and financial sector. 

Sitharaman further added that the 2023 financial budget had been aimed at empowering women. She said that women have also faced discrimination, and the Union Budget will majorly focus on women’s empowerment. 

The Finance Minister of India stated that the Deen Dayal Antyodaya Yojana had achieved huge success as it assisted the rural women in their mobilisation into 81 lakhs Self Help Groups (SHGs). The yojana has helped poor people to improve their skills as it provided sufficient training. 

Nirmala Sitharaman cited that the government will also work to strengthen the Large Producer Enterprises so that it would help these group will gain economic empowerment. The government will also provide them with efficient raw material supply, branding, marketing of products, etc.

She called it a significant step as SHGs could transform the role of women and make it more engaging as it has already been exemplified during the COVID-19 pandemic—and can, therefore, help in further expanding women’s labour force participation in the near future.

Along with that, the finance minister of India stated that she will work on the economic empowerment of women. The scheme will serve as an opportunity for the central government and it will help to transform the society to achieve its vision of growth in areas like providing strong impetus to job creation, facilitating economic opportunities and strengthening macroeconomic stability.