From a separate initiative for North-East India to a boost to the MSME sector with a focus on formalizing it, Union Budget 2022 presented on February 1 has set the tone for a massive push to create more jobs for the benefit of women.
The economy is looking up with a robust growth forecast of 8- 8.5%, according to the Economic Survey for the year 2022-2023. A pandemic-led momentum for ‘Make In India’ that stressed ‘Atmanirbhar Bharat’ is set to create 6 million new jobs.
Amid these, MSME has the potential to boost women’s workforce participation. The sector comprises 45% of the total manufacturing output, 40 % of exports, and 30 % of the GDP.
Union Budget 2022, which carries the blueprint for the initiatives between India at 75 and India at 100 or Amrit Kal, aims to provide the sector with a fillip through skilling, entrepreneurship opportunities, and credit line. Through Raising and Accelerating MSME Performance (RAMP), the government looks at revitalizing it. With over 20% women-owned businesses, the sector can leverage the opportunity extended through the new set of reforms. The Union Budget 2022 extends the guarantee cover by another Rs. 50,000 crore, taking the total cover of Emergency Credit Line to Rs. 5,00,000 crore.
Skilling initiatives in the space are significant because the sector has three different groups of labor—freshers, mid-level employees, and the more skilled. All three need different levels of skilling, including reskilling and upskilling.
Another step for the benefit of women and youth, centered on the North East region is the PM Development Initiative for North East. Focusing on social development, it aims to consider the unique needs of the region via the Northeastern Council. With an allocation of Rs 1500 crore, the initiatives will address the livelihood needs of the two categories of the population.
