According to the 6th Economic Census of the Ministry of Statistics and Programme Implementation, the share of women entrepreneurs is about 14% out of total entrepreneurship in India. It is estimated that more than 8 million women in the country are owners of successful business ventures.
The Government of India has, from time to time, launched various schemes to support women emerging as potential entrepreneurs. Several financial institutions have been directed to extend loans for women and help them build their own business entity. With governmental aid and constant encouragement, India looks to have more global women leaders such as Kiran Mazumdar Shaw, Indira Nooyi, Ziya Modi, and so on.
Government initiatives to support women entrepreneurship
The objective of the government programs is not just to back businesswomen financially, but also to encourage them to jumpstart their business. These are some of the major government schemes aimed at promoting women entrepreneurship –
1. STEP for Women
The Support to Training and Employment Programme for Women (STEP) Scheme has been functioning since 1986-87 under ‘Central Sector Scheme’. This is a skill development program aimed at generating entrepreneurship skills in Indian women. The objectives of the STEP scheme are –
- To provide training to the women.
- Upgrading skills of potential entrepreneurs.
- Generate income and employment for women.
- Improve working conditions for females.
- Assisting women in their entrepreneurship by helping them to expand the business to another city, platform, etc.
The STEP program covers all women aged above 16 years. The sectors included are –
- Computer and IT.
- Travel and Tourism, etc.
All projects started under this scheme will run for a period up to 5 years, depending upon the nature of the sector.
2. Rashtriya Mahila Kosh (RMK)
Rashtriya Mahila Kosh is an autonomous and national level organisation, established in 1993. The body functions under the Ministry of Women and Child Development. RMK thrives on bringing about socio-economic development among women. The organisation extends loans for women belonging to Self-Help Groups (SLG), Joint-Liability Groups (JLG), etc. through Non-Governmental Organisations (NGO), Voluntary Organisation (VO) and Intermediary Organisations (IMO).
The idea behind providing credit to women through RMK is to support, promote and expand entrepreneurship skills among the female population.
4. Mahila e-Haat
Aimed at facilitating and widening the marketing platform for women entrepreneurs, the program was launched on 7th March 2016. These were basic objectives of the initiative –
- Supporting ‘Make in India’ by building a strong marketing platform.
- To assist women entrepreneurs by providing them with a web-based marketing platform.
- Help the women entrepreneurs to showcase the manufactured products and further raise capital for business.
Financial inclusion of women entrepreneurs in India is also a key agenda of Mahila e-Haat.
5. MUDRA Yojana Scheme for Women
The Government of India has regulated various financial institutions to extend MUDRA loan to women who are planning to initiate their business enterprises. These business loans are unsecured advances; that is, they do not require any collateral from the borrower. The scheme is divided into 3 categories –
- Shishu- Loans of up to Rs. 50,000 for small business.
- Kishor- Loans of up to Rs. 5 Lakh for well-established enterprises.
- Tarun- Loans of up to Rs. 10 Lakh for the expansion of an already-existing enterprise.
Estimates show that about 75% of the total MUDRA loan (amounting to Rs. 14 Crore) sanctioned till 2019 have been availed by women entrepreneurs. Apart from disbursing these loans, some financial institutions also offer added benefits to the borrowers.
As per the 2015 survey by McKinsey, with equal work participation of women in every sector of the economy, India’s GDP is likely to go up by 16-17% by 2025. All government initiatives starting from training programs to disbursing loan for women are aimed at achieving equal participation of women entrepreneurs in the country.
Business Tips For Protecting Your Finances During A Recession
In 2023, taking the necessary steps to protect your finances for your business is now more important than ever. The...
Tips For Cleaning Your Trainers
If you’re into your trainers and streetwear, you’re likely to be very conscious of keeping them looking their best! So,...
Branding Trends For Start-Ups in 2023
Branding is incredibly important as it impacts how your business reaches and connects with its target market. If you’re branding...
Avoiding the Wrong Kind of Growth
Growth is vital for any business – some models, like tech start-ups, are built around periods of dramatic, explosive growth...
How To Become A Property Developer
There are several reasons why an individual will want to become a property developer. One of the main reasons for...
What Is The Difference Between Cyber Attacks and Cyber Threats?
If you own a business that uses the cloud to manage workloads, you have probably heard of the terms cyberattack...
3 Types of Marketing Every Small Construction Business Should Do
Construction is a very saturated sector, whether you’re a large or small construction company, so marketing should be at the...
How Relevant Life Insurance Plans Can Future-Proof Your Business
Last year, UK inflation reached the highest level that it had been for decades. The markets became unsteady and nervous...
In a Car Accident? Here’s How to Find a Great Lawyer
If you’ve recently been in a car accident, you know that it can be an overwhelming experience. Not only do...
Considering Therapy? Here’s a Few Common Therapy Techniques Explained
If you’re considering therapy as a means to improve your mental health, you may be curious about the type of...
Top 5 Home Repairs You Should Never DIY
DIY home repairs are all the rage these days. But before you jump on the bandwagon, there are some things...
The Power of CBD Oil for Relaxation: How to Use it for Sleep and Stress Relief
If you’re struggling to get a good night’s sleep or feeling stressed, try CBD oil. CBD oil has a moment...
Benefits of Getting your Mobile Phone Repair
Mobile phone repair is a task that needs high skills and experience. That is why we always recommend users trust...
Great Ways To Clean To Get Your Security Deposit Back In Full
Moving is almost always stressful as there are tons of things to plan and do. Getting your security deposit back...
DIY Garage Door Repair: Tips and Tricks for Fixing Common Problems and Maintaining Your System
If your garage door needs to be fixed, wait to call a repairer. Many common problems can be fixed quickly...
Tech8 years ago
Creating An e-Commerce Website
Tech8 years ago
Design Template Guidelines For Mobile Apps
Business4 years ago
What Is AdsSupply? A Comprehensive Review
Business8 years ago
The Key Types Of Brochure Printing Services
Law2 years ago
How Can A Divorce Lawyer Help You Get Through Divorce?
Tech6 years ago
When To Send Your Bulk Messages?
Tech3 years ago
5 Link Building Strategies You Can Apply For Local SEO
Travel11 years ago
Who Else Wants Also Nfl Hat