Union Budget 2023: 8 Things Women NEED From FM Nirmala Sitharaman To Empower Them
Crossing our fingers and hoping for the best!
Did you know women across India only contribute 18% to the country’s GDP? Shocking, right? Despite being nearly one-half of the population, women’s contribution remains only 18% due to the lack of opportunities. Women are one part of India’s growth potential that remains untapped and this is exactly why we need the Union Budget 2023 to uplift women and empower them to aid India’s development as a whole. Finance Minister Nirmala Sitharama is set to present the Union Budget 2023 on February 1 and as women we’ve got some expectations from this year’s budget.
Here’s What Women Want From 2023 Union Budget Of India.
1. Maternity And Childcare Benefits
One big reason why women cannot contribute as much as men to the workforce in India is due to the lack of maternity benefits and affordable childcare. While we do have schemes like Pradhan Mantri Matru Vandana Yojana but this programme also needs to be expanded and made more accessible. Maternity and childcare benefits will allow women to return to the workforce with full force which is extremely essential for the country’s growth.
2. A Push For Women Entrepreneurship
With the changing time, more and more people are choosing entrepreneurship over jobs. But this isn’t as easy for women as it is for men. This is why it’s essential that women be provided credit are subsidized rates, easier access to loans, tax exemptions and other such benefits to encourage more women to start their own businesses. The lack of these benefits not only discourages women but also poses a huge challenge as well.
3. More Income Tax Benefits
As per the 2022 Union Budget, the income tax slabs remained unchanged giving exemption to people with income of up to Rs. 2.5 lakhs from tax and 5% tax on the total income of more than Rs. 2.5 lakhs and so on. And while there’s nothing wrong with women paying equal tax as men, it is essential to take the gender pay gap into consideration. More relief from income tax allows women to improve their standard of living and save more with a little more disposable income which in turn will also empower them to build a better future for themselves.
Also Read: Ahead Of Union Budget, FM Nirmala Sitharaman Says She Gets The Troubles Of The Middle Class
4. Better Tax Saving Plans
Despite the gender pay gap, the income tax slabs remain gender neutral and the same goes for tax saving plans and investment schemes. And as taxpayers, we all know that more of these tax-saving schemes are long-term and have a lock-in period which makes it tough to invest our hard-earned money in these schemes considering the inflation. This is much tougher for women who are trying to build an independent future as they cannot access their savings for a long time if and when they’re in need.
5. Freedom From Pink Tax
Do you know that a pack of 5 disposable razors for women costs somewhere between Rs 200 to Rs 300 but a pack of 5 disposable razors costs between Rs 88 to Rs 100? And that right there is Pink Tax. GST on sanitary pads may have been removed but tax continues to be levied on the raw materials used for sanitary pads which in turn increases the cost of this basic item that every woman needs. Several other such products marketed for women attract this pink tax and in 2023, we definitely want freedom from the pink tax.
6. Pension Plans For Women
Studies show that women actually live longer than men but when it comes to retirement and pension plans, women need more funds to sustain themselves. This is why it is extremely essential that the pension amount in the retirement plans and schemes needs to be higher for women to ensure that they aren’t left behind in old age to fend for themselves. More and more women need to be educated about these plans and schemes in order to encourage them to invest in them to secure their future.
7. Increased Budget Allocation For Women’s Education, Safety And Healthcare
The condition of women’s safety in India is no secret. This is precisely why more funds need to be allocated by the government to the cause to ensure that women’s safety-related concerns are prioritised and dealt with accordingly. Further, women’s education and healthcare also need to be made more accessible which requires more funding.
8. Budget For Women’s Mental Health
Mental health is a major concern for women especially since Covid-19 induced lockdown led to several problems like double burden, layoffs, a spike in domestic violence and more such issues. This is why it is extremely essential that more budget is allocated to focus on women’s mental health concerns and adequate facilities be made accessible to women to battle mental health problems.
Also Read: Nirmala Sitharaman Acknowledges Women Taxpayers By Using Feminine Pronouns While Presenting 2022 Union Budget
As we wait to know more about the 2023 Union Budget, let’s hope the finance minister can provide women enough to empower them and allow them to contribute to the country’s growth, development, workforce as well as GDP.
