How Indian Women Can Benefit from Government Schemes- InveStree ep. 2 

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With a view to boost the financial independence of women in India and a way to encourage such attitudes in women, the Indian government has launched many schemes to aid women. Government schemes for women are easy to avail of and result in women taking the first steps towards achieving financial independence in India. You can avail of certain schemes online and offline with official documentation like your PAN and Aadhaar Cards, and gain a pathway to financial independence.

Why Schemes are Important in India

Government schemes for women are important for women to achieve financial independence in India as India has been a largely patriarchal society till recent times. Government-backed schemes are reliable and transparent and boost women’s roles in the Indian economy, as well as elevate the position of women in Indian society. 

Schemes that Enhance Financial Independence in Women

In a country like India, the upliftment of women is necessary for the Indian economy to grow. If India is to become a truly developed nation, it must take measures to enhance and improve the status of women in the country through government schemes for housewives among other Indian women. The financial independence of women is the key to improving the lives of many women who wish to earn a living of their own or start a business independently. The Indian government has launched the following schemes to empower Indian women and take India flying into the next century: 

  • Sukanya Samriddi Yojana

A scheme that is backed by the Indian government, this is applicable to young girls. The scheme can be applied for from birth to 10 years of age a girl child born into any Indian family. The scheme is akin to a fixed deposit for a specific financial purpose of a girl child. Among government schemes for women’s empowerment, this scheme gives any Indian girl a head start in life. 

You are permitted to deposit a minimum of Rs. 1,000 into this account and keep depositing amounts as you see fit after that. You earn an interest of 8% on this account and your wealth, for the use of your girl child, grows gradually. When the child reaches the age of 18, she can withdraw up to 50% of the amount in the account either for the use of further education or marriage. In case two girl children are born into a family, it is possible to apply for both children. You can apply for this scheme for your girl child either at a bank or a post office. 

  • Rajiv Gandhi National Creche Scheme for the Children of Working Mothers

Among government schemes for women, this is a scheme in which government-operated daycare centres look after children aged 6 months to 6 years while their mothers are at work. The centres provide facilities for learning and play, health checks, food, and rest arrangements for children. The fees for the centres are Rs. 200 per month when both parents earn more than Rs. 12,000 per month. In case the parents earn less than this amount, the fee charged is Rs. 100 per month. Certain NGOs, accredited by the Indian government manage these centres on the government’s behalf. 

  • The Women Entrepreneurship Platform

The Women Entrepreneurship Platform has been launched by NITI Aayog. The platform has been created for women who want to start their own businesses. The platform enables aspiring businesswomen to start businesses, raise funds, and sell products. Additionally, mentors are present to give businesswomen advice on compliance, management skills, etc. Government schemes for women entrepreneurs encourage more and more women to become financially independent with their own businesses. 

  • Pradhan Mantri Matu Vandana Yojana

A maternity benefit scheme started by the Indian government, its purpose is to provide compensation for those women who are pregnant or breastfeeding their babies, and cannot work during this period. The compensation through the scheme encourages new mothers to attend to their babies and adopt nutritionally beneficial feeding practices and regimes. 

The scheme is applicable only to women working in the informal employment sector (those who are not permitted any formal maternity benefits). To apply for this scheme, women need to have Aadhaar cards and Child Protection cards. The compensation offered is up to Rs. 5,000 and women applicants can apply for the scheme at any Anganwadi. Such government schemes for women encourage women in India to tend to their infants without the worry of loss of compensation from employment. 

  • Mahila E-Haat

Yet another initiative of the Indian government is a platform for women to sell their unique handmade products on the portal of Mahila E-Haat. Through the platform, women can create an account and sell directly to interested parties. Government schemes for women entrepreneurs such as this boost a woman’s confidence to be creative and have a business of her own. 

  • Working Women Hostel

If you are a single, separated, or physically challenged woman, you can avail the facility of the Indian government to live in any government hostel for up to a period of three years. You can avail of the facilities of stay if you are employed in a city other than that of your permanent residence, and if your salary is lower than Rs. 50,000. As of February 2023, there are 500 government hostels across India.

Enhancing Financial Independence

The schemes highlighted in the article give a push to the financial independence of women in India, without which, perhaps, women may not be able to work, earn any kind of living, or start a business with convenience and ease. Such schemes benefit women in need and place them in a position of confidence to continue their working lives even when circumstances may prove to be hurdles to their financial independence.

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