Lakhpati Didi Scheme in Budget 2024: Announced by FM Nirmala Sitharaman

In her interim budget announcement on Thursday, Finance Minister Nirmala Sitharaman unveiled the government’s commitment to the ‘Lakhpati Didi’ initiative, targeting self-help organization members earning a sustainable income of at least one lakh rupees annually.

Announcement by Nirmala Sitharaman

The scheme, known as Lakhpati Didi Yojana, is a crucial government effort aimed at financially empowering women. Prime Minister Modi, during the launch of the scheme, highlighted that it would provide various skill training programs for women in self-help organizations. Additionally, the government would offer financial assistance to support these women in achieving an annual income of at least Rs 1 lakh, thus enabling them to become ‘lakhpati didis.’

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What is the Lakhpati Didi Scheme?

Sitharaman shared the success of the initiative, stating that almost 1 crore women have already benefited, leading to a decision to raise the target from 2 crore to 3 crore lakhpati didis.

Role of SHGs

The significance of Self-Help Groups (SHGs) was emphasized, particularly in rural areas where 65% of Indians reside, with 47% relying on agriculture for their livelihood. SHGs play a vital role in upskilling and providing employment opportunities for women in sectors like agriculture and food processing. This aligns with the government’s efforts to transform the potential of rural women, fostering skills development, economic inclusion, and livelihood diversification.

Other measures to focus on ‘nari shakti’

The Economic Survey of 2022-23 highlighted the impact of SHGs during the COVID-19 pandemic, transforming the rural economy by empowering women with economic independence.

Sitharaman’s previous budget focused on encouraging Indian women’s participation in STEM fields and the workforce. Notably, women and girls represent 43% of enrollment in STEM courses, showcasing significant progress.

Conclusion 

As the Finance Minister presented the interim budget ahead of the upcoming Lok Sabha elections, she reiterated the government’s commitment to women empowerment in rural areas through the expanded Lakhpati Didi scheme. The comprehensive budget for the fiscal year 2024-25 will be unveiled in July, following the formation of the new government post-elections.

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