NEW DELHI: Finance Minister Nirmala Sitharaman announced the government’s goal to increase women’s engagement in the workforce while presenting the Union Budget by establishing working women hostels. This focus comes as a part of the government’s focus towards the four classes including the poor, women, youth, and farmers.
The Budget allocates nearly ₹3 lakh crore for initiatives that promote women and girls, demonstrating the government’s commitment to strengthening their role in economic development. Sitharaman emphasised the importance of targeted measures for women-led self-help group (SHG) firms to improve market access.
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“We will enhance women’s participation in the workforce by setting up working women hostels in partnership with industries and establishing creches. Additionally, this partnership will organise women-specific skilling programs and promote market access for women-led SHG enterprises,” Sitharaman announced.
Saumyajit Roy, CEO and Co-Founder of Emoha praised the Budget’s focus on women’s workforce participation, “The Budget 2024’s focus on boosting women’s workforce participation through hostels, creches, and skilling programs is commendable. The ‘sandwich generation’ of women, balancing childcare and elder care, often sacrifice careers due to these responsibilities. At Emoha, incorporating senior care as an employee benefit is the missing piece of this puzzle. By addressing senior care, we can unlock the full potential of women in the workforce,”
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He highlighted the encouraging 17.2% rise in net female additions to the workforce in May 2024 and suggested that this growth could be exponential with the right support. “This not only aligns with the government’s gender diversity goals but also creates a truly inclusive work environment. As we look to the future, integrating senior care into employee benefits will be crucial in achieving the workforce participation and economic growth targets set by this budget,” he added.
The government’s plan includes setting up hostels and creches to create a more supportive environment for working women, encouraging more women to join the workforce. In addition to these initiatives, the Budget also introduces a new National Cooperation Policy aimed at overall development. It provides financial support for loans up to ₹10 lakhs for higher education in domestic institutions.