Monday, March 20, 2023

FM announces savings scheme for women

Union Finance Minister Nirmala Sitharaman Wednesday announced a ‘Mahila Samman Saving Certificate’ with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. “One-time new small saving under ‘Mahila Samman Saving Patra’. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent,” Sitharaman announced.
She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women.
“We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members,” she said. Financial assistance of more than Rs 2.25 lakh crore has been provided to small farmers under PM-Kisan Samman Nidhi. About three crore women farmers have been provided Rs 54,000 crore under the scheme, the finance minister said. Sitharaman also announced enhancing the maximum amount of money that can be invested in the senior citizen saving scheme (SCSS) to Rs 30 lakh compared to Rs 15 lakh now.
The postal monthly income scheme also saw an enhancement of limit. In a single name, Rs 9 lakh can be invested as compared to Rs 4.5 lakh now. The enhancement of limits has come as a solace for investors looking for regular income in times of high inflation. The schemes are backed by a sovereign and hence do not carry credit risk.
FLO lauds special focus on women’s empowerment
The country’s apex women’s business body, FICCI Ladies Organisation (FLO), has welcomed the special cognisance towards women’s empowerment in the Union Budget 2023-24, which was presented by Union Finance Minister Nirmala Sitharaman in the Parliament on Wednesday, terming it as ‘highly encouraging’. FLO national president Jayanti Dalmia said, “The announcement of a new savings scheme — ‘Mahila Samman Savings Certificate’ — for women with fixed interest rate of 7.5 per cent for a period of two years is a welcome step in this direction.”
Asserting that women are at the centre-stage of India’s robust economic growth and strong global position, Damlia demanded that the quantum of allocations for schemes relating to women must be increased and the nodal agencies for women in the country consequently have to be further strengthened. “The Finance Minister also enhanced the maximum deposit level of the senior citizens’ savings scheme from Rs 15 lakh to Rs 30 lakh, which is a great step,” Dalmia said. “This Budget is the first in Amrit Kaal and thus bears huge significance with ‘Saptarshi’ — the seven priorities — including inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and the financial sector,” she added.


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