"Empowering Women in Core Industries: Expectations from Union Budget 2024"

New Delhi, January 25, 2024 — As the Union Budget 2024 approaches, women entrepreneurs and advocates for gender equality are eagerly anticipating measures that will support their growth in core industries such as manufacturing, infrastructure, IT, and healthcare. This year's budget is expected to emphasize gender equality and the circular or green economy, signaling a comprehensive approach to fostering an inclusive and sustainable economic environment.

Emphasis on Core Industries

Women have made significant strides in various fields, yet their presence in core industries like manufacturing and infrastructure remains relatively low. The Union Budget 2024 is expected to introduce initiatives aimed at reducing barriers and encouraging more women to venture into these sectors.

1. Manufacturing: The government is likely to expand funding programs like the Stand-Up India scheme to provide more substantial financial support to women-led manufacturing businesses. Additionally, incentives for adopting advanced manufacturing technologies could be introduced, enabling women entrepreneurs to compete more effectively.

2. Infrastructure: In a traditionally male-dominated field, the upcoming budget may allocate funds for infrastructure projects that include specific quotas for women-led businesses. Simplified regulatory processes and enhanced access to construction-related resources could further encourage female participation.

3. IT and Healthcare: With IT and healthcare being pivotal in today's economy, the budget might focus on skill development programs tailored for women in these sectors. Grants for women-led tech startups and healthcare innovations could be on the cards, fostering a supportive ecosystem for female entrepreneurs.

Promoting Gender Equality

Gender equality remains a cornerstone of economic development. The Union Budget 2024 is expected to introduce policies that ensure a level playing field for women in business.

• Tax Incentives: Enhanced tax benefits for women-owned businesses, particularly in core industries, could be introduced. This includes potential tax holidays and deductions for investments in women-led enterprises.

• Regulatory Reforms: Streamlining compliance procedures and reducing bureaucratic hurdles can significantly lower the entry barriers for women entrepreneurs.

• Supportive Policies: Implementation of robust anti-discrimination policies and support systems such as childcare facilities and flexible working arrangements are anticipated to help women balance work and family responsibilities effectively.

Circular and Green Economy

Aligning with global sustainability goals, the Union Budget 2024 is expected to promote a circular and green economy. This approach not only addresses environmental concerns but also opens up new avenues for women entrepreneurs.

• Green Technologies: The budget could provide incentives for businesses adopting sustainable practices and green technologies. Women entrepreneurs leading in this space might receive grants and subsidies to develop eco-friendly products and services.

• Circular Economy: Initiatives to promote recycling, reuse, and sustainable resource management are likely to be highlighted. Women-led businesses focusing on circular economy practices could receive special support, encouraging innovation and sustainable development.

"In anticipation of Union Budget 2024, women across industries express optimism about the potential for transformative support in fostering inclusive growth and sustainability."

"Special schemes and incentives aimed at promoting women entrepreneurship and ensuring gender diversity in business" : Rekha Pandey, Self-Awareness Coach

"Tax Reforms specially for MSME Partnership Firm's who suffer highest tax rate without enjoying any  slab system. Also investment in spreading Financial Literacy among public at large and mandatory inclusion of Finance and Economy in Secondary Education system. Because Finance is as important as AI" : Tamasa Shome Business & Tax Advisor,National VP - Wicci

"I think that by establishing universities focused on MSMEs with specialized courses can boost the women aspirants & entrepreneurs global competitiveness. 

These hubs would enhance skills in tech, finance, and marketing. Which I feel our beginners, startups fail to absorb. With making more options available  to these women workers enhance their creativity is crucial.  Focusing on root level upliftment in terms of business strategies and handling market  cohesiveness will help them rise and flourish in true sense":Dr Sanjhna Nayarr,Founder- SAFRONEYA ,National President  ,Jewellery & Gems Council WICCI.

"Women and Minority Entrepreneurs: Special incentives and support programs for women and minority entrepreneurs to ensure inclusive growth and diverse representation in the entrepreneurial ecosystem.

Infrastructure Development: Enhanced focus on physical infrastructure, such as better transportation and logistics networks, to support startup operations, especially in remote areas". : MoniKa Jasrotia,Wellness Mentor  and Tarot Healer

"Expectations for India's 2024 budget include robust allocations for enhancing digital infrastructure, expanding internet access, and promoting digital literacy, especially among women in rural and underserved areas. Additionally, there is anticipation for targeted measures to empower women economically through skill development programs, entrepreneurship support, and initiatives to improve healthcare and safety. The budget is expected to prioritize gender-sensitive policies to bridge digital divides and foster inclusive growth, ensuring women have equitable access to opportunities in the digital economy " : Hena Ahmed : Media Professional

"A budget  targeted to ensure  women some facilities regarding business and economy for betterment of livelihoods in the society. 

Taking measures to increase  more women entrepreneurs  ,expanding digital literacy among the women of remote areas. Arrangement of skill development programme in a broder way . Lay emphasis on women empowerment . 

Priority should be given on sanction of funds for the  establishment of small firms and small scale industries with minimum rate of interest and low tax.": Chandana Bordoloi , Legal Consultant

"For me, the budget should help in streamlining of regulations and approvals to make it easier for businesses to operate. This could involve simplifying licensing procedures or reducing the number of approvals required to start a business.

I also feel upskilling & development needs to be promoted & for that tax rebate should be provided to organization's that invest in employee training. 

Ofcourse, an easier access to capital for startups would definitely boost startup ecosystem" :Prachi Chopra ,Founder -INSIA.

Conclusion

The Union Budget 2024 is poised to pave the way for women entrepreneurs in key industries, fostering gender equality and promoting a circular or green economy. By addressing the unique challenges faced by women in core sectors and providing targeted support, the government aims to create an inclusive and sustainable economic landscape. As women entrepreneurs gear up for these potential opportunities, the broader economy stands to benefit from their increased participation and innovation.