Union Budget 2022 wish list comprises an increase in allocation for gender budget and concrete measures to empower women as job makers.
On February 1, Finance minister Nirmala Sitharaman will present the Union budget for 2022-2023. With the budget having a direct and indirect impact on every citizen of the country, expectations from it are always high.
In 2005-06, the agenda of the Gender Budget, an endeavor to address gender imbalances in the allocation of funds for the government initiatives, was tabled by the finance minister. The proposal accounted for about 4.8 percent of the total budget outlay. Incidentally, the percentage of the budget has remained relatively static over the years, averaging about 5 percent only. Thus, the initiatives and the outcome of the gender budget have only progressed by 6.8 percent in the Union Budget 2021. One of the best ways to increase opportunities for women’s participation and engagement in the workforce is providing opportunities and making women eligible for creating job opportunities rather than just being job seekers.
Across the globe, there has been a significant rise in female dropout rates heightening gender gaps due to the pandemic. The scenario has impacted India similarly. Encouraging women entrepreneurs through policies under the umbrella of ‘Make In India’ or similar initiatives will be a welcome addition to the 2022 Union Budget. The introduction of skill-building workshops and entrepreneurship training programs could help improve the participation of women in the labor force.
Amid efforts to bridge the gap and balance the economic growth, MSMEs are the backbone of the Indian business market as they generate employment.
The 2022-23 Union Budget will have to consider:
- Encouraging female entrepreneurs with relaxation in tax
- Tax holidays for MSMEs with under 20 crore revenue will encourage entrepreneurs
- Extending supportive funds to sustain themselves in these challenging times
- Lowering the interest rates and encouraging higher capital to MSMEs
- Special schemes and lower taxes for businesses aimed at bridging the gender divide and women’s safety could be a step in the right direction
- Providing them with interest-free loans and working capital
- Lowering the cost of raw materials can benefit massively to maintain cost
- Increasing the credit guarantee for lending and provide tax exemptions
MSMEs will certainly provide women with more employment opportunities and significantly contribute to the country’s GDP.
