The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has brought forth notable achievements and initiatives, with a significant focus on empowering women entrepreneurs in India. The budget reflects the government’s commitment to fostering economic growth by supporting female-led initiatives.
Pradhan Mantri MUDRA Yojana (PMMY): A Driving Force for Women Entrepreneurs
One of the key highlights of the budget is the extension of 43 Crore loans amounting to INR 22.5 Lakh Crore under the Pradhan Mantri MUDRA Yojana (PMMY). Notably, almost 70% of these loans have been disbursed to women entrepreneurs. This underscores the government’s dedication to facilitating financial inclusion for women, enabling them to pursue their entrepreneurial dreams.
Inclusive STEM Education for Women :
Finance Minister Nirmala Sitharaman emphasized the growing participation of girls and women in science, technology, engineering, and mathematics (STEM) courses in India. With 43% enrollment, women are making significant strides in traditionally male-dominated fields. This aligns with the broader vision of creating a diverse and inclusive workforce, promoting innovation across sectors.
Impact on the Indian Startup Ecosystem:
The financial support provided through PMMY has translated into tangible results in the Indian startup ecosystem. Over the last decade, the government has distributed 30 Crore loans specifically to women entrepreneurs. This has contributed to a notable increase in the number of women founders and investors within the startup landscape.
Challenges and Opportunities for Women-led Startups:
While women-led startups secured over $475 million in funding last year, there was an 80% drop compared to 2022 and a significant decline from the $4.7 billion secured in 2021. Union Minister Smriti Irani highlighted the need for increased support from venture capital funds for women-led innovative startups. She also suggested that business schools impart negotiating skills to aspiring women entrepreneurs.
IS360 Technologies & Services: Paving the Way for Fundraising:
In conjunction with the budget highlights, IS360 Technologies & Services is hosting a Fundraising event on February 24th. This event is part of the concluding day of its three-day Hybrid Startup Expo 2024 at Hotel Sabari Inn, T Nagar, Chennai. It aims to provide startups, including those led by women entrepreneurs, with a platform to connect with potential investors and fuel their growth.
A Vision for Inclusive Economic Growth:
The Union Budget 2024-25 reflects a holistic vision for inclusive economic growth by focusing on women entrepreneurs and their crucial role in shaping India’s future. As initiatives like PMMY continue to empower women with financial resources, coupled with efforts from the private sector, the trajectory for women-led startups looks promising. The budget sets the stage for increased collaboration, innovation, and diversity in the entrepreneurial landscape.
