FINANCIAL INDEPENDENCE OF WOMEN MATTERS

The Maharashtra state assembly election results handed a thumping victory to the Bharatiya Janata Party-led coalition government that ruled the state.

- RAJAS KELKAR (The author is editor-in-chief at www.moneyminute.in)

The introduction of the 'Ladki Bahin Yojana' (Favourite Sister Scheme) handed ₹1,500 per month dole to women who earn less than ₹2,50,000 per annum. It was introduced a few months before the announcement of the assembly elections. The opposition parties promised twice as much, and the ruling party promised to enhance the dole to ₹2,100 if they won. If the government keeps the promise, women will get more money.

A survey of the top five districts where the scheme received maximum response found a bump in women voter turnout, media reports said in a post-poll analysis. Most of the seats in those districts were won by the candidates of the ruling dispensation.

Financial markets loathe competitive socialism. They want efficient use of government money. Investors do not like the government spending on subsidies or giveaways.

However, the situation in India demands steps like these to enhance the participation of women in the workforce. The lack of participation of women in the workforce hurts India's economy. Any support to women to become financially independent should be welcomed without any debate.