From tax cuts to emphasis on mental health: What women expect from Budget 2024

“When women prosper, the world prospers,” Prime Minister Narendra Modi said, highlighting the crucial role of women in fostering inclusivity and positive changes. He was speaking at the G20 Ministerial Conference on Women’s Empowerment in Gandhinagar, Gujarat, last year.

According to the Periodic Labour Force Survey, 2022-23 released by the Ministry of Statistics and Programme Implementation, women-led startups in India rose from 10% to 18% in five years, and the female labour force participation rate reached 37% in 2023.

In last year’s Budget, the government allocated Rs 25,448.75 crore to the Ministry of Women and Child Development—an increase of Rs 267 crore from the previous year’s Budget allocation. 

Additionally, Finance Minister Nirmala Sitharaman also proposed the Mahila Samman Saving Certificate, offering a fixed interest rate of 7.5% for two years.

As women take charge in both entrepreneurship and the workforce, here is what women leaders and professionals expect from the Finance Minister this Budget.

Call for tax cuts

As a finance professional and content creator, I would love to see an increase in the 80C deduction limit from Rs 1.5 lakh to at least Rs 2.5 lakh. This section allows taxpayers to reduce their taxable income by investing in specified savings schemes and instruments.

The current limit of Rs 1.5 lakh has remained unchanged for years now, while incomes and expenses have increased manifold. As a young working woman trying to save for the future, I desperately need more tax breaks on my hard-earned income.

Additionally, I hope the Finance Minister announces a reduction in capital gains tax on gains from the stock market.

As an investor with a modest portfolio, I dream of the day when short-term capital gains tax comes down from 15% to 10%. It will encourage more retail investors like me to diversify our assets.

The stock market is no longer just the playground of the wealthy elite. Common people like me are also putting our savings into it and deserve some relief.

Anushka Rathod, finance content creator

Women’s healthcare demands more attention 

PCOS and endometriosis are prevalent, yet poorly managed conditions are affecting a significant number of women. Unfortunately, many women are grappling with these challenges, and the cost of available medical tests and medications often proves challenging. 

I feel more women can be empowered if we can have gender-based health insurance coverage, which offers women patients something beyond just hospitalisation.

Additionally, if the Budget can come up with specific fund allotment for conducting more research aimed at uplifting the healthcare quality for women, it would revolutionise their well-being in a big way. 

Kashish Sharma, freelance journalist

Mental health cannot be missed 

Since last year, the Budget allocations for mental health increased by 16% from Rs 791 crore in FY23 to Rs 919 crore in FY24. However, the high cost of therapy still poses a problem.

I quit my job last September in the event of suffering from anxiety disorder. Mental health issues require consistent therapy for at least five to six months. For the initial few months, I used my savings to pay the fees. But now with my savings running empty, I have no choice but to break the treatment when I require it the most. I sometimes wish there was insurance coverage for mental health issues like anxiety and depression. 

Kashish Sharma, freelance journalist

The government should remove or reduce the 18% Goods and Services Tax (GST) on mental health services. While government centres receive some relief, private practitioners are left burdened. Extending tax benefits to private practitioners is crucial, given the high operational costs for the average therapist.

This adjustment would not only acknowledge the financial challenges faced by private practitioners but also contribute to making mental health services more accessible and affordable for the general public.

Mansi Poddar, psychotherapist and Founder of Heal. Grow. Thrive Foundation

Most loved story

---

Access to finance, investments in health, saving schemes and more–what women entrepreneurs expect from Budget 2024

Upskilling is the need of the hour

Last year, the Finance Minister announced an assistance package for artisans and craftspeople through the Pradhan Mantri Vishwakarma Kaushal Samman (PM VIKAS) scheme to improve the quality, scale, and reach of artisans’ products, integrating them with the MSMEs value chain.

The scheme also covered advanced skill training, knowledge of modern digital techniques and green technologies, brand promotion, linkage with local and global markets, digital payments, and social security.

However, the needs are more fundamental for craftswomen and women artisans. 

So far, the Budget hasn’t directly impacted small-time women artisans and craftswomen, because what they first need is a market, post which they will need financial assistance. Getting allocations to upskill women in financial and digital literacy will help them create this market.

Also, most schemes are handed over to institutions like NIFT and NID. So, making NGOs the implementing agencies will also make a lot of difference to women in the handicraft sector.

Gita Ram, Chairperson, Crafts Council of India

Focus on women with disabilities

The government allotted Rs 1,225 crore to the Department of Empowerment of Persons with Disabilities—less than 0.028% of the total budget. 

We want to see gender-disaggregated data on women and girls with disabilities across programmes related to persons with disabilities and women. A needs assessment survey with a specific focus on women with disabilities for programme and policy-level interventions is important.

All social protection programmes must also include disability-related costs from the lens of women with disabilities.

Meenakshi Balasubramanian, Co-founder of Equals Centre for Promotion of Social Justice

Need for shelters for homeless women

In 2016, the government announced its target to provide 'housing for all' by March 2022. Today, a large number of families living below the poverty line continue to battle the extreme effects of climate change and pollution on the streets. 

Last year’s Budget did not have any significant allocation of funds for the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY/NULM), which aims to reduce the vulnerability of the urban poor through gainful self-employment and skilled wage employment.

In some states, including Tamil Nadu, NULM does not support NGOs functioning for more than five years.

A large number of women come from rural areas to the city to find employment. Many of them leave behind abuse and poverty to gain better opportunities. They risk safety when they don’t have safe shelters.

We ask for the revival of DAY/NULM, with Budget allocations for a comprehensive approach to address issues of women in homeless situations, including rescue, access to rehabilitation, employment, housing, and reintegration with families. We also want the central government to evolve a policy for persons in homeless situations.

Vanessa Peter, Founder, Information and Resource Centre for the Deprived Urban Communities (IRCDUC)