Introduction
Women’s participation in the workforce is a key indicator of a nation’s development and gender equality. In India, the female labor force participation rate has been persistently low, prompting the government to initiate several policies and schemes aimed at encouraging women’s employment. In this essay, we will describe two recent government initiatives—Mahila Samman Savings Certificate (2023) and the PM Vishwakarma Yojana (2023)—that are designed to economically empower women and draw more of them into the workforce.
1. Mahila Samman Savings Certificate (MSSC), 2023
Overview
Announced in the Union Budget 2023-24, the Mahila Samman Savings Certificate (MSSC) is a small savings scheme specifically designed for women. It allows women to deposit a fixed amount and earn an attractive rate of interest over a period of two years. The scheme aims to promote financial inclusion and economic independence among women.
Key Features
- The scheme is available for women and girl children.
- Deposit limit ranges from Rs. 1,000 to Rs. 2,00,000.
- Interest rate is fixed at 7.5% per annum, compounded quarterly.
- The scheme has a tenure of 2 years with an option for partial withdrawal.
Impact on Women’s Workforce Participation
Though not a direct employment program, MSSC promotes savings and financial literacy among women. It empowers women to control their finances, which can lead to increased economic decision-making within households. When women have access to savings and financial security, they are more likely to engage in entrepreneurial activities, seek employment, or invest in skill development. Thus, MSSC indirectly contributes to drawing more women into the workforce by fostering financial independence.
Feminist Perspective
From a feminist economics viewpoint, MSSC aligns with the idea of recognizing women’s agency in financial matters. Amartya Sen’s capability approach suggests that empowerment begins with expanding women’s choices and freedom. This scheme supports that by giving women more control over their money.
2. PM Vishwakarma Yojana (2023)
Overview
The PM Vishwakarma Yojana, launched in September 2023, is a skill development and financial assistance scheme aimed at supporting traditional artisans and craftspeople. The scheme is inclusive of women artisans engaged in occupations such as embroidery, handicrafts, weaving, pottery, blacksmithing, and tailoring. It provides training, tool kits, digital empowerment, and collateral-free loans.
Key Features
- Recognition of artisans through PM Vishwakarma certificate and ID.
- Skill upgradation and basic training of 5–7 days, and advanced training of 15 days.
- Tool kit worth up to Rs. 15,000 provided free of cost.
- Access to collateral-free credit—Rs. 1 lakh in the first tranche and Rs. 2 lakh in the second.
- Interest subsidy of 5% to reduce loan burden.
- Digital and e-commerce training to connect artisans to markets.
Impact on Women’s Employment
This scheme specifically helps women in traditional and informal sectors gain formal recognition and market access. Women involved in home-based or family-based artisan work often remain invisible in the workforce statistics. PM Vishwakarma helps formalize this work, improving income and social status.
For example, a woman potter in a village who previously sold goods locally can now learn digital marketing, improve product quality, and apply for loans to scale her business. This encourages self-employment and entrepreneurship, contributing directly to women’s workforce participation.
Feminist Perspective
The scheme reflects Nancy Fraser’s concept of “recognition and redistribution” in feminist theory. By recognizing the value of women’s traditional work and redistributing resources like credit and training, the scheme supports economic justice. It also empowers women at the grassroots level without uprooting them from their social and cultural settings.
Other Supporting Schemes (Brief Mentions)
Besides these two, there are other schemes indirectly supporting women’s workforce participation:
- Skill India Mission – Offers vocational training to women across sectors.
- Stand-Up India – Provides loans for women entrepreneurs.
- Maternity Benefit (Amendment) Act, 2017 – Provides longer maternity leave to support working women.
Conclusion
The Indian government has made several efforts to encourage women’s participation in the workforce. The Mahila Samman Savings Certificate fosters financial empowerment, while the PM Vishwakarma Yojana provides training, tools, and credit access for traditional women workers. These initiatives, when implemented effectively, can help bridge gender gaps in employment and uplift women economically. However, continuous monitoring, grassroots awareness, and gender-sensitive execution are crucial for the long-term success of such programs. To ensure sustainable participation, women must be included not just as beneficiaries but also as decision-makers in economic planning and policy formulation.