Even before Finance Minister Arun Jaitley delivered his Union Budget 2018 speech in Parliament on Thursday, 1 February, the government was on the receiving end on social media due to its all-male Budget team.
However, days after the pink cover Economic Survey report was released, the National Democratic Alliance (NDA) government’s Budget for financial year 2018-19 has more than made up for it, as there are some beneficial measures for women, especially those living in rural India.
Here are some of the key measures that Jaitley announced.
Women Self-Help Groups
In a bid to make women more self-reliant, the Centre announced that self-help groups (SHG) would be provided loans.
The government is confident that loans to SHGs will increase to Rs 75,000 crore by March 2019.Arun Jaitley, Finance Minister
Jaitley also mentioned that loans to women SHGs increased 37 percent to around Rs 42,500 crore in 2017-18, compared to the previous fiscal. He added that women SHGs would also be encouraged to take up organic farmers in clusters to boost the organic farming sector.
New Female Employees Get Reduced EPF Rates
If you’re a woman who will start working in the formal sector from this year, here is some good news for you. A new female employee will only have to contribute 8 percent to the Employee Provident Fund for the first three years against the existing rate of 12 percent or 10 percent with no change in employers' contribution, the Finance Minister announced while reading the Budget.
To incentivise employment of more women in the formal sector and to enable higher take-home wages, I propose to make amendments in the Employees Provident Fund and Miscellaneous Provisions Act 1952, to reduce women employees’ contribution to 8 percent for the first three years of their employment against the existing rate of 12 percent or 10 percent with no change in employers’ contribution.Arun Jaitley
Free Gas Connection to 8 Crore Women
As part of another flagship programme – Ujjwala scheme – the Centre aims to provide free cooking gas connection to 8 crore women living below the poverty line.
Initially our target was to provide free LPG connections to around 5 crore poor women. But in view of the pace of implementation of the Ujjwala scheme and its popularity among women, we propose to increase the target of providing free connection to 8 crore poor women.Arun Jaitley
More Funds to MUDRA Scheme
Jaitley allocated Rs 3 lakh crore for Micro-Units Development and Refinance Agency Ltd (MUDRA) scheme in the Budget. He said 76 percent of the loan accounts were of women, and more than 50 percent belong to SCs, STs and OBCs overall.
MUDRA Yojana launched in April 2015 has led to sanction of Rs 4.6 lakh crore in credit from 10.38 crore MUDRA loans. Around 76 percent of loan accounts are of women, and more than 50 percent belong to SCs, STs and OBCs.Arun Jaitley
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