Mahila Samman Scheme Garners Rs 8,630 Cr So Far in FY24

Mahila Samman Scheme Garners Rs 8,630 Cr So Far in FY24

Mahila Samman Savings Certificate Scheme (MSSC), a recently introduced programme, has already attracted deposits of Rs. 8,630 crore. 14,83,980 accounts have been opened in total, indicating a growth in the programme.

Mahila Samman Savings Certificate Scheme (MSSC), a recently introduced programme, has already attracted deposits of Rs. 8,630 crore. 14,83,980 accounts have been opened in total, indicating a growth in the programme.

Accounts can be formed by women of any age group, including girls, under the plan introduced in the Budget for 2023–24, with a minimum deposit of Rs 1,000 and a maximum deposit of Rs 200,000 for two years.

The scheme’s 7.5% annual interest rate is compounded every quarter.

The Centre permitted the Department of Posts, all public sector banks, and four private sector banks to run the programme. However, most banks must make the programme available through Internet banking.

According to data from the Union Finance Ministry, Maharashtra opened the most accounts under the programme, with 296,771 women depositing Rs 1,560 crore. With 255,125 accounts created and deposits totalling Rs. 977 crores, Tamil Nadu came in second, while Karnataka took third with 105,134 accounts and deposits totalling Rs. 639 crores thus far in FY24.

In the first quarter of the current fiscal year, the Senior Citizen Savings Programme revenues increased 176% year over year to Rs 55,000 crore, suggesting growth in modest saving programme receipts that are utilised to cover the fiscal deficit at the Centre. To protect its budgetary shortfall, the Centre has expanded its reliance on the NSSF (complete form?). Budgeted by the government, the NSSF offtake will increase from Rs 3.96 trillion in FY23 to Rs 4.71 trillion in FY24.

The government has budgeted a net borrowing of Rs 12.31 trillion from the market to cover the fiscal deficit of Rs 17.87 trillion in FY24. Any more revenue might result in the Centre borrowing less from the market in FY24 as the Centre is essentially the only entity using NSSF deposits to cover the fiscal deficit.

The Mahila Samman Scheme, a flagship program introduced by the Indian government to support and empower women nationwide, has successfully garnered a staggering Rs 8,630 crores in the fiscal year 2023-24. The scheme is a testament to the central government’s commitment to prioritising women’s welfare and development. In this article, we’ll delve into the details of the scheme, its components, and its impact so far.

Mahila Samman Scheme was introduced as a holistic approach to tackle various challenges women in India face. Addressing financial independence, safety, health, and education issues, the scheme aims to provide a comprehensive platform for women from all walks of life.

Key Features of the Scheme

• Financial Support: The scheme’s core is the financial grant for eligible women to initiate micro, small, and medium enterprises (MSMEs). This aims to boost entrepreneurship among women and provide them with a sustainable source of income.
• Skill Development: The scheme offers vocational training and skill development programs tailored for women, thus preparing them for various professions and businesses.
• Safety Measures: Allocations have been made for setting up helplines, crisis centres, and awareness campaigns to ensure the safety and well-being of women.
• Healthcare Provisions: A significant part of the fund is dedicated to women’s healthcare, including maternity benefits, nutritional support, and medical assistance.
• Education: Scholarships and financial aid are provided for girls to pursue higher education, especially in traditionally male-dominated fields.

With financial backing from the scheme, many women-led enterprises have seen the light of day, leading to increased self-reliance and economic independence among women beneficiaries.

The safety initiatives, including crisis centres and helplines, have given women in distress quicker access to help and support. Women in rural areas have particularly benefited from the healthcare provisions, witnessing a decline in maternal and infant mortality rates.

Scholarships have enabled thousands of girls to continue their studies, leading to an uptick in female enrollment in higher education institutions.

The allocation of Rs 8,630 crores in FY24 is a significant increase from the previous years. We are developing infrastructures like women’s hostels, training centres, and healthcare clinics and conducting nationwide skill development and vocational training programs.

Running campaigns related to women’s rights, safety measures, and available opportunities.Providing capital for starting businesses, scholarships, and healthcare support.

The Mahila Samman Scheme’s success in garnering Rs 8,630 crores in FY24 signifies the importance placed on women’s development and empowerment in India. It’s not just about the funds but the strategic allocation and the tangible change they brought. The scheme is a beacon of hope for many women, leading the country towards a more inclusive and equal future.