Government Plans for 2023 in the Women Empowerment Sector

The Union Budget 2023–24 sought to increase India’s social capital by making announcements in health, education, and women’s empowerment. Finance Minister Nirmala Sitharaman began her post-budget statement to the media by praising the budget’s “beautifully balanced” nature.

She said the Union Budget for 2023 emphasizes measures for artisans, green growth, a tourism action plan, and women’s empowerment. 

A Brief about the Budget:

Nirmala Sitharaman, the Union Finance Minister, claimed that the government’s strategy is “inclusive” and “reaching the last mile” when presenting the budget to the Parliament. The Finance Minister announced the opening of 157 new nursing schools in strategic regions and the start of a project to eradicate sickle cell anaemia, a common blood condition, by 2047. This initiative will raise awareness and screen everyone aged 0 to 40 in vulnerable tribal areas.

Sitharaman also unveiled a one-time little saving initiative for women to empower women financially. Mahila Samman Saving Certificate will be the program’s name, which will run until March 2025. The program will be available for two years and offer a fixed interest rate of 7%. According to Sitharaman, innovative pedagogy, ongoing professional development, and the use of ICT should reimagine teachers’ training in the context of education. The creation of district institutions of education and training as thriving centres of excellence is one of the other announcements made in the field of education.

The administration also unveiled the Aspirational Blocks Programme, which would span 500 blocks and aim to provide all citizens access to basic infrastructure and health, education, agricultural, and water resources services.

She also stated that all cities and towns could switch from manhole to machine-hole mode for 100% mechanical desludging of septic tanks and sewers. This declaration was made as part of the urban sanitation project. A stronger emphasis will be placed on the scientific management of dry and wet environments. 

Some of the Government Initiatives to Support the Aspiring Women Entrepreneurs:

The Indian Government Programs To Assist Women Entrepreneurs that can be used to launch and expand your business are as follows:

• Bharathiya Mahila Bank Business Loan

For women with huge dreams despite having few resources, Bharathiya Mahila Bank was founded. It provides loans of up to 20 crores to female business owners who want to launch manufacturing ventures. There is no need for collateral if the requested loan amount is less than Rs. 1 crore.

The lending scheme that started in 2017 is still in effect even though the Bharatiya Mahila Bank and the State Bank of India merged. Visit your local bank branch or contact a bank representative at 011- 47472100 to apply for a loan.

• Udyogini Scheme

Want to launch a business but lack the necessary resources to do so? Do not fret. The Udyogini Program is designed exclusively for women from families with an annual income of less than 1.5 lakh rupees. A loan of up to three lakh rupees is available at a very cheap interest rate. Women who are widowed, in need, or disabled may qualify for a loan under this program.

This program aims to assist women from economically disadvantaged families in becoming independent. The Karnataka State Women Development Corporation created the Udyogini Program, but several banks have adopted it with certain modifications. You can visit the website or the nearby branch of one of the many banks that offer this program to apply. Bajaj Finserv, Punjab and Sind Bank, and Saraswat Bank offer this scheme.

• Mudra Yojana Scheme

Mudra Yojana’s program may help women who want to launch or grow their small businesses. Despite not being a program specifically for women, it is quite advantageous. Women business owners can apply for loans between INR 5,000 and 10 lacks. 

It is perfect for opening beauty salons, small businesses, or home-based operations. No collateral or guarantor is required to apply for this loan. This program has helped many female-owned businesses because it is simple to use. 

• Cent Kalyani Scheme

Want to launch or grow your SME? The Central Bank of India has a Cent Kaylani program for ladies like you. Loans up to 100 lakhs are authorized under the program without requiring any collateral or processing charges. 

Every other sort of business, aside from self-help organizations, retail commerce, and educational and training institutions, is eligible for this program.

• Mahila Udyam Nidhi Scheme

The Punjab National Bank introduced the Mahila Udyam Nidhi Programme, which is intended to support Small Scale Enterprises (SSI). By offering hassle-free loans, the program seeks to encourage modernization and technological growth in these small-scale enterprises. In this program, a loan may only be for a maximum of Rs. 10 lahks, and the borrower has ten years to pay it back. 

That also includes a five-year moratorium. Like SBI, numerous other banks also offer comparable programmes.

• Stree Shakti Scheme

The Stree Shakti scheme, an SBI initiative, is specifically designed for female entrepreneurs who are either already operating a business or plan to do so. Women in the manufacturing, retail, or service industries can apply for loans under this program. Loans are available to everybody, including self-employed women like doctors and architects.

For loans provided to female entrepreneurs greater than Rs. 2 lacks, the applicable interest rates are reduced by 0.5%. Moreover, a promised security is not necessary for loans up to Rs. 5 lakhs. Women must, however, participate in the Enterprise Development Programmes (EDP) run by their state governments to be qualified under this program.