According to Goldman Sachs Global Research, 9 Indian states which have ongoing or proposed cash transfer schemes for women, have a combined allocation of USD 18 billion in their budget estimates for the Financial Year 2024-25 (FY25), accounting for 0.5% of India’s Gross Domestic Product (GDP).
- The 9 states are:Maharashtra, Karnataka, Assam, Chhattisgarh, Delhi, Madhya Pradesh(MP), Tamil Nadu(TN), West Bengal(WB) and Jharkhand.
- It has been observed that cash transfer schemes have played a pivotal role to attract women voters.
Key Findings:
i.Maharashtra has topped among all the Indian states in terms of the largest allocation in the budget for the cash transfer to women, and has allocated a total USD 5.4 billion, constituting 1.1% of the state’s GDP.
- Other Indian states with maximum allocation: Karnataka (USD 3.6 billion), Haryana (USD 2.5 billion), Madhya Pradesh (MP) (USD 2.2 billion) and West Bengal (WB) (USD 1.7 billion).
- Delhi has allocated USD 0.2 billion in its budget, which is the lowest allocation compared to above states, and has proposed to provide monthly financial support of Rs 1,000 to women above the age of 18 years.
ii.Among all the Indian states, Haryana has proposed the highest monthly financial support to women i.e. to offer Rs 2,100 per month to women above the age of 18 years, with annual household income of less than Rs 2 lakh.
- It is followed by Karnataka which offers monthly financial support of Rs 2,000. The range varies in different states from minimum Rs 1,000 to a maximum of Rs 2,100 per month.
iii.States with maximum impact of the cash transfer scheme on their GDP will be Haryana (1.7% of the its GDP), followed by Jharkhand and MP (will account 1.2% of GDP for both), Karnataka (1% of its GDP) and WB (0.8% of its GDP).
- While, states/ union territories (UTs) with least impact of the cash transfer scheme on their GDP will be Delhi (0.2% of GDP) and Tamil Nadu (TN) (0.4% of GDP).
Note: Earlier, states which had started the cash transfer scheme for women are: Assam (2020) and WB (2021).
Recent Related News:
On 24th November 2024, Mohan Charan Majhi, Chief Minister (CM) of Odisha disbursed the 3rd phase of the first instalment of “SUBHADRA Yojana”, the flagship scheme of Government of Odisha during an event held in Sundargarh district, Odisha.
- Under the scheme, Rs 5,000 each was disbursed to over 20 lakh women in the state.
- The scheme has already benefited 80 lakh women and aims to cover more than 1 crore by December 2024.
