Women are the center of every individual’s life at home or office. We cannot deny this as a woman works round the clock all through the year. I am glad that the environment in today’s life appreciates that and supports women to make remarkable strides.
This year’s financial budget was one such appreciation for women’s roles and participation in economy and other sectors that I found remarkable. And I would like to share some key points that came out from Budget 2024 that I feel all women should know. Whether you are a professional, an entrepreneur or a homemaker, there was something in it for all.
Allocation of Rs 3 lakh crore for women development schemes
To promote women-led development, Finance Minister Nirmala Sitharaman presented an allocation of Rs 3 lakh crore for schemes benefitting women and girl. Many of these schemes that are a part of this allocation help women to empower themselves with exploring entrepreneurial opportunities with government help. This includes schemes under Mission Shakti, such as Beti Bachao Beti Padhao, Nari Adalat, Mahila Police, etc.
Providing more resources to encourage women participation in workforce
In its budget 2024 speech government made a lot of key announcements to encourage women participation in workforce. Important announcements were made regarding setting up of more working women hostel as well as establishing crèches to help women professionals. Government also announced organizing women-specific skilling programs and promoting market access for women’s SHG (Self-Help Groups) enterprises.
Scrapping of Angel Tax
To encourage aspiring females to start their startups, a few Female entrepreneurs on that platform only, who will now be more motivated to invest in the start-up by the scraping of the Angel Tax. This tax prevented many start-ups from attaining Investment for the business as they would lose money in the form of Tax. This required companies to be in tedious paperwork and deviate their focus from the company.
Lowering of stamp duty for properties purchased by women
To make women more secure and a part of financial decisions; this year’s budget also considered lower Stamp duty on buying property under the name of the female of the house. Finance Minister Nirmala Sitharaman stressed on encouraging states which continue to charge high stamp duty to moderate the rates for all and also consider further lowering duties for properties purchased by women.
More funds for women safety
To further prioritize women safety, the Government has doubled the budgetary allocation for Nirbhaya Fund transfer from ₹100 crore in FY 24 to ₹200 crore in FY25.
Changes in Tax Regime
Nirmala Sitharaman proposed that no tax will be collected up to the income of Rs 3 lakh per annum under the new tax regime. The standard deduction for salaried employees has been proposed to increase from ₹50,000/- to ₹75,000/- under the new income tax regime in FY25. There are a few basic points to be considered before opting for a NEW or OLD Tax Regime.
Drop in Gold Prices
Gold is considered the best friend from a female perspective. This budget has reduced Custom duty on Gold from 15% to 6%, hence, a 4.0% drop in gold price.
However, one should understand the aspects of Investing in Physical and Digital Gold. When a woman buys PHYSICAL Gold, she buys EMOTIONS with that and hence, fails to use it at the time of need. Therefore, I always suggest buying and investing in digital gold if it is for Investment.
To sum it up, Government has announced big steps in healthcare, housing ownership, skill development, and financial empowerment for women. With more loans to encourage entrepreneurship and scrapping of Angel Tax, it is showing strong support towards women-owned businesses in Budget 2024. But once again, every change can be benefitted only once the woman herself is Financially Literate. So it is important for all women to be aware of finances and budgets whether it affects you directly or not.
Also Read: 10 Thoughtful baby gifts from home-grown brands that every new parent will love
Also Read: Why women make better investors than men
Meet our Guest Post Author: CFP Diksha Sethi, is the founder of Penny Pathshala, whose vision is to empower every individual and kid with money management skills. She is a freelance trainer specializing in Financial Literacy and Behavioral, Communication Skills.