Union Budget 2023: Govt announces new savings scheme for women

Finance Minister Nirmala Sitharaman has announced a one-time small savings scheme ‘Mahila Samman Saving Certificate’. It will be available for two years. The interest rate has been fixed at 7.5 per cent per annum."One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years, with rate of interest 7.5 percent," Sitharaman announced.

The Budget for the Ministry of Women and Child Development as a portion of the expenditure has declined from 0.57% to 0.51%, with the ministry receiving₹20,263.07 crore. The schemes under the Ministry that focus on safety of women such as Beti Bachao, Beti Padhao, One Stop Centres, Nari Adalat, Mahila Police Volunteer and Women’s Helpline saw a decline in allocation from ₹587 crore to ₹562 crore.Mission Vatsalaya of the Ministry, which includes child welfare and child protection services, saw a 63.5 percent hike to ₹900 crore.. This will be the last full Budget of the second Narendra Modi government ahead of general elections in 2024. The Union Budget 2023 might not offer any major relief to households due to fiscal restraints. It would focus on long-term growth instead. Finance Minister Nirmala Sitharaman is expected to announce increase in budget allocations for  health, education and rural projects, helped by a pick up in tax collections.