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The coronavirus pandemic has hit hard every section of the populace be it young office goers, corporate honchos, labourers, the elderly and pensioners, those working in the formal sector and those in the informal, et al. But, as is any other crisis, social or economic, women have borne the biggest brunt of the pandemic.

The impact of any crisis is never gender-neutral as women tend to earn less and have fewer savings and are more affected by job losses.

According to a Centre for Monitoring Indian Economy (CMIE) report, even after the overall economy started recovering in November the number of women who got their jobs back (50%), was significantly lower than men and that is precisely why this budget is so important for women.

Upskilling of women

The budget must address the distinct economic role played by women and play the role of a facilitator in increasing their share in the workforce by bringing back those who have left and in upskilling and reskilling of women so that they can get better work opportunities. Steps could also be taken to put more money in the hands of women through schemes like MGNREGA, under which the majority of the beneficiaries are women.

Promotion of women-owned businesses

Another incentive could be to promote women-owned businesses in public procurement processes. Rules could be framed to prioritise women-owned businesses or businesses which employ a majority of women as government sub-contractors in designated areas.

Increase participation of women in financial ecosystem

Home loans should be made cheaper for women. This will have a dual impact of increasing the share of women in real estate ownership and making them financially independent. Stamp duty on fixed investment should also be reduced. Schemes like Sukanya Samriddhi Yojana should be made available to women focusing on retirement funds.

Increase in health discount

The life expectancy of women is more than men thus their expense on health is also higher. This additional economic burden can be reduced by increasing the deduction for women on health insurance.

Integrating women with the internet economy

The government should take steps to see that women are adequately integrated with the new internet economy and do not lag behind because of their economic and educational status. Women particularly in the rural and semi-urban areas are inclined toward self-employment. Steps should be taken to encourage this habit.

Tax sops for women

Till FY 2011 – 2012, there used to be concessional income tax rates for women, but this practice has been discontinued. It would be great if an additional tax concession is given to women for a fixed time frame. This would not only increase their saving but also boost their spending power. It must be borne in mind that women are long term investors. Thus lowering taxes on capital gains, especially in the short-term could not only increase the number of women investors in the capital market but also help them beat inflation.

Check on price rise

Spiralling cost of LPG, petrol and diesel and increase in prices of other household commodities adversely impacts the household budget of every person. Thus, it is natural that women want that such inflationary tendencies are kept in check.

Easy loans for women and girls

At present most women who go for vocational training have to get the loans from NBFCs who charge higher rates. Thus the banking system should be encouraged to give loans for vocational training to women at lower rates. Similarly, women can be given educational loans at lower rates that could increase their earning, saving and investing capacity.

The emphasis on financial empowerment of women is much stressed in the previous few budgets. This has contributed significantly, in the well-being of a family, boosting up the country’s economy eventually. But 2021 budget is more expected to consider the fact that the pandemic has worsened the pre-existing gender and economic inequalities and lay a road map to reduce such inequalities by giving concrete directions by way of adequate and relevant allocations.

(The writer is founder, HerMoneyTalks. Views expressed are personal)