Roadmap for Answer Writing Introduction Briefly introduce the issue of High Net-Worth Individuals (HNIs) migrating from India to foreign countries. Mention the growing trend and provide statistical data, such as the number of HNIs expected to leave India in a given year (e.g., ...
Model Answer 1. Increased Financial Allocation The budget allocates ₹2.23 lakh crore for women-centric projects, marking a 2.12% increase from the previous year and a 30% rise compared to last year's Budget Estimates of ₹1.71 lakh crore. This substantial financial commitment underscores the governmeRead more
Model Answer
1. Increased Financial Allocation
The budget allocates ₹2.23 lakh crore for women-centric projects, marking a 2.12% increase from the previous year and a 30% rise compared to last year’s Budget Estimates of ₹1.71 lakh crore. This substantial financial commitment underscores the government’s focus on women’s empowerment as a key development agenda.
2. Enhancing Women’s Safety
A notable increase in funding for the ‘Safe City Project’ from ₹165 crores in 2022-23 to ₹1,300 crores in 2023-24 aims to improve safety for women in public spaces. This enhancement is crucial for encouraging women’s participation in economic activities and increasing the overall labor force participation rate.
3. Strengthening Property Rights
The budget also boosts the allocation for the Pradhan Mantri Awas Yojana by 66% to ₹79,000 crore, which will strengthen women’s property entitlements. Additionally, the introduction of differential tax rates for property registration is expected to improve women’s access to land and property, further empowering them economically.
4. Promoting Financial Independence
The Mahila Samman Savings Certificate scheme, offering up to ₹2 lakh for a two-year period at a fixed interest rate of 7.5%, is designed to foster financial independence among women. This initiative encourages savings and provides flexibility for partial withdrawals, which can be utilized for education and health needs.
5. Support for Self-Help Groups (SHGs)
The budget prioritizes the development of women-led self-help groups by providing them with essential resources such as raw materials, branding, and marketing support. This initiative aims to enhance rural income and promote financial independence among women.
6. Health and Well-being Initiatives
Increased funding for health-related schemes like Saksham Anganwadi, Poshan 2.0, and Mission Shakti will improve the quality of services available to women, particularly in areas such as sexual and reproductive healthcare and child health.
Conclusion
To maximize the impact of these initiatives, it is essential to establish a robust monitoring system to assess the effectiveness of budgetary allocations. Transparent auditing mechanisms should be implemented to enhance women’s participation in economic activities and improve their overall well-being. Each Ministry and Department should also develop a roadmap to address specific structural barriers faced by women, ensuring the effective utilization of funds aimed at achieving gender equality.
See less
Model Answer Better Standard of Living: Many HNIs seek better educational and healthcare facilities, work-life balance, and improved quality of life abroad. Countries with advanced infrastructure and opportunities for citizenship are attractive to them. Tax Havens: Countries like Singapore and the URead more
Model Answer
Economic Implications of HNI Migration
Conclusion
The trend of HNIs migrating abroad poses challenges for India’s economy, particularly in terms of tax revenue, investment, and international reputation. To curb this migration, India needs to focus on improving the standard of living, implementing tax reforms, and creating a more attractive business environment to retain its wealthy citizens.
See less