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Lakhpati Didi 2.0: Will Budget 2024 Expand Women’s Livelihood Programs?

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In the upcoming Union Budget 2024, dubbed the "People's Budget," Finance Minister Nirmala Sitharaman is expected to unveil new schemes aimed at empowering women across India. Anticipation is high for announcements that will focus on enhancing opportunities and support for women, marking a significant step towards gender equality and economic empowerment.

Introduction to Lakhpati Didi 2.0  

Finance Minister Nirmala Sitharaman's surprise reveal of  the Lakhpati Didi scheme in the Interim Budget of 2024, left everyone buzzing. As we eagerly await the Union Budget 2024, probably to be announced on 23rd July 2024, the hype around Lakhpati Didi 2.0 is growing. The budget expectations mostly revolve around empowering 3 crore women participants beyond income benefits. Details remain under wraps until the budget is unveiled, leaving us all on the edge of our seats for what's next in store for this women-oriented initiative. 

‘Lakhpati Didi’ isn't just a financial boost for rural women- it's setting a remarkable example globally for inclusive economic growth. Anticipation swirls around Lakhpati Didi 2.0, expected to shake things up with sustainable business models, skill boosts, and market smarts, not just numbers. Finance Minister Nirmala Sitharaman's unveiling during Interim Budget 2024 hinted at empowering 30 million women, backed by 8.3 million self-help group members and impacting 90 million women. 

With its potential, Lakhpati Didi 2.0 promises to be more than just another budget announcement—it's poised to flip the script on economic empowerment bringing more and more women to the forefront!

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The Significance of Women’s Livelihood Programs

Livelihood programs like the Lakhpati Didi scheme are more than a source of income for targeted women. Along with the income, these programs also boost the self-confidence of women. Here is a list stressing the significance of women's livelihood programs:

  • Empowering women becomes possible with schemes like Lakhpati Didi. With a regular income, women also get access to various resources

  • Livelihood programs also boost the social connections of women. Since they meet new people at work, their self-confidence boosts and they also become socially empowered

  • Women also get a chance to upskill themselves through rigorous training at the centre and later at the workplace

  • Last but not least, working and earning makes women independent. Not just financially, but a woman also gains decision-making positions at home and workplace.

Key Expectations from Budget 2024    

Union Budget 2024 is expected to bring new turning points in the benefits and features of the Lakhpati Didi scheme. Here are some of the key expectations from the upcoming Budget of 2024:

  • Union Budget 2024 is expected to expand the scope of the Lakhpati Didi scheme with benefits beyond income

  • It is expected to bring more focus on sustainable skill development

  • Market linkages are also expected to witness an expansion in the upcoming budget of 2024

  • Government may introduce digital literacy programs for rural women to increase their participation in e-commerce opportunities

  • To ensure a more comprehensive participation, the scheme may be integrated with other initiatives like the National Rural Livelihood Mission.

Potential Benefits of Expanded Women’s Livelihood Programs

The purpose of Lakhpati Didi scheme is to empower rural Indian women to be able to earn over ₹1 lakh in a year. The potential benefits of this scheme are:

  • Providing financial independence to women by helping them earn over ₹10,000 per month

  • Skill development like the use and repair of drones for agricultural purposes

  • Creation of over 15,000 self-help groups of women backed by the government where women will be given skill development training

  • Such schemes empower women differently like financially, socially, and also mentally

  • Women can expect to live a better life with increased income. 

Case Studies: Success Stories of Lakhpati Didi

The government's keen focus on self-help groups has yielded measurable success stories, like that of Thamin Sulthana, affectionately known as "Lakhpati Didi." Hailing from Telangana, Thamin transformed her husband's grocery store into a thriving business with support from her self-help group. 

With financial backing, she acquired a cutting-edge kiranam shop-making machine, boosting her product quality and increasing her monthly turnover to ₹45,000, now exceeding ₹10,000 monthly. Thamin's tale is just one of many inspiring stories driving others to join self-help groups and achieve quirky success across India.

Current Status of Women’s Livelihood Programs in India

Currently, various government-run livelihood programs are operational in India which is continuously empowering a large population of women. Read on to learn more about it:

  • The government constantly keeps boosting the confidence of self-help groups (SHG) to empower women, especially from the rural population

  • Lakhpati Didi alone is targeting 3 crore women beneficiaries

  • The participation of women in Economic activities has increased to a great extent due to the rise in education facilities, self-help groups, women empowerment, and government schemes like the Lakhpati Didi.

Challenges and Barriers to Implementation

Implementing a new scheme in a highly populous country like India is a challenging task, especially if it concerns women. Lakhpati Didi has also faced various challenges. Some of these include:

  • Gender Biases

Women, especially in rural areas are still facing gender biases where they are still mistrusted when it comes to business and finances

  • Limited Awareness

The Lakhpati Didi scheme requires increased awareness to become more successful. However, yet the awareness is limited

  • Poor Infrastructure

Compromised infrastructure eventually puts a limit to the extent a woman can go to expand her business ideas

  • Limited Credit Access

Access to credit is limited to self-help groups. So, it may be another hindrance for women

Conclusion

The anticipated Lakhpati Didi scheme budget 2024 is centred around sustainable skill development and increased market links for better outcomes. Through digital learning for women participants, the scope of capturing more and more e-commerce deals will increase. Lakhpati Didi 2.0 is expected to bring new hopes for women entrepreneurs.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Frequently Asked Questions

How do women benefit from the Lakhpati Didi initiative?

Answer Field

Women become a part of local self-help groups (SHG) where they receive skill training like drone operating and repairing. Utilising these skills and the credit access of the SHG, women can grow their business ideas to make over ₹1 lakh income in a year. This is how a woman becomes Lakhpati Didi.

What kind of support can women expect under Lakhpati Didi 2.0?

Answer Field

Under Lakhpati Didi 2.0 scheme, women can expect skill development training in sustainable skills. Also, the government may focus on expanding market linkages. Apart from this, it is also anticipated that the revised scheme will focus on digital learning so women can avail of more digital opportunities.

What is Lakhpati Didi 2.0?

Answer Field

Lakhpati Didi 2.0 is a government scheme which is expected to get a boost in the upcoming budget. It is expected that sustainable skill development and market expansion will now be highly focused.

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