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Very recently, the Finance Minister, Nirmala Sitharaman presented the most-awaited Union Budget 2023 emphasizing seven key priorities that serve as the guide to her vision, dubbed the "Saptarishis." She referred to the budget as the "first Budget of Amrit Kaal" and a roadmap for India's future as it aims towards India@100. She stated that the Indian economy is shining brightly, with a projected growth rate of 7%, and has been recognized globally as a promising future.

With a number of updates such as changes to the income tax brackets, improvement of labs, promoting equal growth, lowering of some customs duties, and developing a clean and sustainable economy, the budget highlighted the following for women empowerment:

New small savings schemes for women:

The scheme is a one-time scheme and will be for a two-year period between 2023 and 2025. The maximum deposit limit for the scheme is Rs 2 lakh for a period of two years at a fixed rate of 7.5 per cent, which is much higher than most bank fixed deposits. The lower limit has not been specified by the government yet. "This will offer a deposit facility up to Rs 2 lakh in the name of women or girls for a tenure of 2 years at a fixed interest rate of 7.5 per cent with a partial withdrawal option,” Sitharaman said.

Economic Empowerment of Women:

The National Rural Livelihood Mission under the Deendayal Antyodaya Yojana has successfully organized rural women into 81 lakh Self Help Groups. The government aims to further empower these groups through the creation of large producer enterprises or collectives, managed professionally and supported with raw materials, improved design, quality, branding and marketing for their products. The goal is to enable these groups to grow and serve large consumer markets, just like successful start-ups. This was highlighted by the Finance Minister.

The 2023 Union Budget indeed puts a deep emphasis on empowering women, showcasing our government’s sharp focus towards the growth of women in our country.