Women Empowerment: Union Budget proposes 'Mahila Samman Savings Certificate'

In a step towards women empowerment, the government will launch a 'Mahila Samman Savings Certificate', providing deposit facilities for women and girls, Union Finance Minister Nirmala Sitharaman announced in the Budget.

Presenting the Budget in the Lok Sabha on Wednesday, Sitharaman said, "To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate is to be launched."

"It will offer a deposit facility upto Rs 2 lakh in the name of women or girls for the tenure of 2 years (up to March 2025) at a fixed interest rate of 7.5 per cent with partial withdrawal option," she added.

The Finance minister further informed that the Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 81 lakh Self Help Groups.

"We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members and managed professionally. They will be helped with the supply of raw materials and for better design, quality, branding and marketing of their products. Through supporting policies, they will be enabled to scale up their operations to serve the large consumer markets, as has been the case with several start-ups growing into 'Unicorns'," she added.

Earlier in the day, as per established tradition, Sitharaman, along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary TV Somanathan, called on President Droupadi Murmu.

The Budget Session of the Parliament began on Tuesday with President's address, which was followed by the tabling of the Economic Survey for 2022-23.

The formal exercise to prepare the annual Budget for 2023-24 commenced on October 10, last year.

( With inputs from ANI )