In a pivotal move to empower women in rural areas, Union Finance Minister Nirmala Sitharaman presented the Interim Budget, unveiling key details about the expansion of the “Lakhpati Didi” scheme. This scheme, aimed at encouraging women to establish micro-enterprises, is set to play a significant role in transforming the rural socioeconomic landscape.

The Lakhpati Didi Scheme

Originating from Prime Minister Narendra Modi’s Independence Day address in the previous year, the Lakhpati Didi scheme focuses on training women in self-help groups (SHGs) to generate a sustainable income of at least one lakh rupees per annum per household. The scheme’s four primary components include financial inclusion, social mobilization, sustainable livelihoods, and social development.

Role of Self-Help Groups (SHGs)

Given that 65% of Indians reside in rural areas, with a substantial portion dependent on agriculture, the importance of upskilling and providing employment to women in agriculture-related fields becomes evident. SHGs play a pivotal role in transforming the potential of rural women into tangible outcomes such as skill development, financial inclusion, and livelihood diversification.

During the COVID-19 pandemic, SHGs emerged as catalysts of change, empowering women with financial independence. Finance Minister Sitharaman emphasized the success of 83 lakh Self Help Groups, involving nine crore women, in transforming the rural socioeconomic landscape.

Expansion of the Scheme

In a notable announcement, FM Sitharaman revealed that the target for the Lakhpati Didi scheme has been enhanced from two crore to three crore women. She highlighted that the success of the scheme has already assisted nearly one crore women in becoming lakhpati didis.

Measures to Propel ‘Nari Shakti’

FM Sitharaman lauded Indian women’s participation in STEM fields and the workforce, citing a 28% increase in female enrollment in higher education over ten years. The government’s past initiatives, such as making ‘Triple Talaq’ illegal, reserving one-third of seats for women in legislative assemblies, and prioritizing women as sole or joint owners in PM Awas Yojana houses, were also acknowledged.

Furthermore, the government expressed its commitment to women’s health by encouraging cervical cancer vaccinations for girls aged 9 to 14. Sitharaman emphasized that these measures collectively contribute to enhancing the dignity and well-being of women.

In her final Budget address before the general elections, Finance Minister Nirmala Sitharaman underscored the government’s commitment to fulfilling the needs and aspirations of key segments, including women in rural areas. The expansion of the Lakhpati Didi scheme stands as a testament to the government’s dedication to empowering women, fostering sustainable development, and driving the country forward. As the comprehensive Budget for the fiscal year 2024-25 approaches in July, the impact of these initiatives on the rural economy remains a focal point of anticipation.