Roadmap for Answer Writing 1. Introduction Define financial inclusion and its importance, especially for the poorer sections of society. Briefly introduce the Pradhan Mantri Jan-Dhan Yojana (PMJDY) as a significant initiative in this regard. 2. Importance of PMJDY for Financial Inclusion Universal Access to Banking Mention ...
Model Answer Introduction Women empowerment in India is a critical issue, as gender disparities persist in education, health, employment, and political participation. Gender budgeting, a fiscal tool aimed at promoting gender equality, has emerged as a solution to bridge these gaps. It ensures that gRead more
Model Answer
Introduction
Women empowerment in India is a critical issue, as gender disparities persist in education, health, employment, and political participation. Gender budgeting, a fiscal tool aimed at promoting gender equality, has emerged as a solution to bridge these gaps. It ensures that government budgets respond to the different needs of women and men by allocating resources specifically for programs that benefit women.
Requirements of Gender Budgeting
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Gender Analysis of Expenditure and Revenue: Governments must assess how public funds impact women and men differently, ensuring that budget allocations address the specific needs of women.
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Dedicated Schemes and Fund Allocations: Gender budgeting requires the establishment of specific schemes aimed at improving women’s socio-economic status, such as in education, health, and employment.
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Institutional Mechanisms: An effective gender budgeting process involves setting up dedicated institutional frameworks like gender cells within government departments to monitor and evaluate gender-related programs.
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Capacity Building: Training government officials in gender analysis and sensitizing policymakers to the need for gender-responsive budgeting is essential.
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Data Collection: Accurate data on gender-specific outcomes is necessary for effective monitoring and evaluation of the impact of budgetary allocations on women’s welfare.
Status of Gender Budgeting in India
India adopted gender budgeting in 2005-06, and since then, various ministries have integrated gender perspectives into their budgetary processes. However, the progress is mixed:
- In 2021-22, the Gender Budget constituted only 4.4% of the total Union Budget (Source: Ministry of Finance).
- Several flagship schemes like Beti Bachao Beti Padhao and Pradhan Mantri Matru Vandana Yojana focus on women’s empowerment. However, the National Institute of Public Finance and Policy (NIPFP) found that many schemes lack proper monitoring mechanisms.
- Only a few states, such as Kerala and Bihar, have made notable progress in implementing gender budgeting at the local level.
Conclusion
While India has made strides in incorporating gender budgeting, its impact is hindered by inadequate implementation, lack of accountability, and insufficient focus on addressing systemic gender issues. To truly empower women, there must be stronger institutional mechanisms and targeted interventions backed by gender-disaggregated data and transparent monitoring.
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Model Answer Introduction Financial inclusion aims to provide vulnerable groups, such as low-income households, with access to financial services and credit at affordable rates. The Government of India defines this process as ensuring that these groups can avail themselves of necessary financial serRead more
Model Answer
Introduction
Financial inclusion aims to provide vulnerable groups, such as low-income households, with access to financial services and credit at affordable rates. The Government of India defines this process as ensuring that these groups can avail themselves of necessary financial services. The Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a significant initiative in this context, having successfully banked over 46.25 crore beneficiaries since its inception.
PMJDY’s Role in Financial Inclusion
PMJDY is crucial for bringing the unbanked into the institutional finance fold through several mechanisms:
Challenges and the Path Forward
While PMJDY has made significant strides, challenges remain. A World Bank study highlights that over 43% of bank accounts in India are dormant, indicating low engagement. To prevent accounts from becoming inactive, it is essential to promote financial literacy, ensure effective DBT, and encourage a cashless payment system.
Conclusion
PMJDY is a landmark step towards financial inclusion for the poorer sections of society. However, continued efforts are required to keep these accounts active and ensure that the benefits of financial inclusion are fully realized. A collaborative approach involving the government and civil society will be key to achieving these objectives.
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