Finance Minister Nirmala Sitharaman mentioned that more women are not just starting their own businesses but are also getting appointed to company boards. She shared at the launch of Swiggy’s ‘She the Change’ initiative that in 2018, only 13.8% of board positions were held by women, but now it’s risen to 18.3%. Additionally, out of the 111 highly successful startups in India, 20 are led by women.
Praising the government’s women-centric initiatives, Sitharaman emphasized that 80% of Stand Up India Scheme funds are allocated to women. Additionally, she noted that nearly 10% of the Small Industries Development Bank of India’s (SIDBI) fund of funds is specifically earmarked to aid women-led startups.
Government Schemes Empowering Women Entrepreneurs
The Stand Up India Scheme, launched in April 2016 and recently extended until 2025, is a government initiative aimed at encouraging bank branches to provide loans to individuals belonging to scheduled castes, tribes, and women. The primary focus is on fostering new businesses with a strong emphasis on sustainability. Under this scheme, women entrepreneurs are given a significant opportunity to access financial resources to kickstart their entrepreneurial journey.
Finance Minister Nirmala Sitharaman emphasized the substantial impact of government initiatives on women empowerment. She noted that an impressive 70% of the loans sanctioned under the PM Mudra Scheme, a flagship program designed to promote self-employment, are specifically allocated to women. This statistic translates to approximately 30 million documented women beneficiaries who have received collateral-free loans through the scheme.
These government-backed schemes play a crucial role in breaking barriers and creating a conducive environment for women to venture into entrepreneurship. By providing financial support and encouraging self-employment opportunities, these initiatives contribute to the economic empowerment and upliftment of women across various sections of society.
Promoting Women’s Participation in Business
Finance Minister Nirmala Sitharaman highlighted the significant strides made in policymaking, budget allocation, and employment opportunities for women. She noted the growing vibrancy in women-led enterprises across all business scales, emphasizing their increasing participation in business challenges.
Sitharaman also mentioned the Public Procurement Policy, which requires the government to allocate a minimum of 3% of its annual purchases to women-owned businesses. This policy aims to promote and support women entrepreneurs by ensuring a portion of government procurement is directed towards their enterprises.
In addition, the food delivery company announced that it supports more than 50,000 restaurants run by women on its platform. According to Swiggy’s estimation, these women-run businesses create around 300,000 jobs in total. On average, each restaurant hires about six direct employees.
Swiggy’s New Initiative Supporting Women Entrepreneurs
Swiggy, a popular food delivery platform, launched a new program called ‘She The Change – From Vision to Venture’ on Wednesday (March 27). This initiative aims to recognize and celebrate the role of food delivery platforms in fostering and empowering women’s entrepreneurship in India. In the financial year 2022-23, Swiggy reported a net loss of INR 4,179.3 crore, marking a 15% increase from the previous year’s loss of INR 3,628.9 crore. However, the company’s operating revenue surged by over 40% to INR 8,264.4 crore during the same period, primarily due to the expansion of its quick commerce vertical.
Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini (who left the company in 2020), Swiggy initially started as a food delivery startup. During the pandemic, it expanded its services to include Swiggy Instamart, a quick commerce vertical, as well as offerings like Swiggy Genie and Minis store.
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