In a response echoing across various sectors, industry leaders have welcomed Finance Minister Nirmala Sitharaman’s initiatives aimed at bolstering women’s empowerment in the Union Interim Budget 2024.
Here is what they have to say
Pallavi Singh Marwah, Senior VP, SPPL
I applaud the ease of securing a 34cr loan for entrepreneurs. The 43% women enrollment in STEM courses and Allocating 1/3 seats in government reflects a commitment to equal representation. Women setting up their businesses will lead to job creation for the same gender and recent studies have shown that empowering women economically leads to increased GDP and poverty reduction, benefiting families and communities.
Overcoming various challenges and barriers as a woman entrepreneur in India is not an easy feat and with encouragement from the government, this will provide a boost, especially to those from economically weaker backgrounds. Increased women entrepreneurship is also a step towards global collaborations and will provide India with an additional platform to expand networks and access global markets.
Saloni Verma, Co-Founder & Chairperson, of Sunshine Corporate Creches
This Government’s focus on Women as one of the pillars to drive the country forward, as mentioned today, is already strongly backed by recent laws related to Women’s welfare. Compliance with the Maternity Act which ensures higher Maternity leave and mandatory creche facilities for all employees is being driven well.
Earlier this week a meeting of various ministries was held, and they released guidelines to ensure easy compliance with the law. We expect that this focus on women highlighted again now, coupled with such measures will help significantly bridge the gender gap in the coming years, and also reduce the percentage of women dropping out of the workforce after childbirth.
Jyoti Bhandari, Founder and CEO, Lovak Capital
It was very heartening to see the renewed emphasis on the empowerment of women through entrepreneurship, ease of living, and dignity. Using the dual drivers of education and enterprise support, women are being encouraged to participate in the workforce. The Finance Minister has implicitly added Jai Mahilayen to the lengthy slogan of Jai Jawan Jai Kisan Jai Vigyan and Jai Anusandhan!
Madhuri Ganadinni, Co-founder, The Tea Planet
We are thrilled to witness the impactful strides that have been taken in the 2024 Interim Budget, particularly in fostering financial inclusion and women empowerment. The extension of 34 crore Mudra Yojana loans to women entrepreneurs signifies a monumental step towards creating an ecosystem that propels the dreams and aspirations of countless women across the nation. This financial support not only injects vitality into businesses but also resonates with the core values of equality and inclusivity.
The government’s commitment to reserving one-third of legislative seats for women is a beacon of hope, illuminating the path to a more balanced and representative democracy. This bold initiative transcends the realms of politics, echoing a resounding endorsement of women’s leadership capabilities and their indispensable role in shaping the future of our nation. Empowering women isn’t just a slogan; it’s a catalyst for sustainable development.
The 2024 Interim budget’s focus on women entrepreneurs and political representation is not just a policy decision; it’s a transformative force that will ripple through communities, fostering a more equitable and prosperous society.
As a woman entrepreneur myself, I feel a renewed sense of confidence and purpose. This budget isn’t merely a financial document; it’s a testament to the government’s commitment to building a nation where every woman has the opportunity to thrive and contribute meaningfully.
Rupa Bohra, Managing Director, TNS India Foundation
I am thrilled to witness the transformative impact of the budget on rural India, especially the commendable initiative of “Lakhpati Didi”. The 83 lakh Self-Help Groups, with nine crore women, are reshaping socio-economics with empowerment. Today’s budget reflects a resounding commitment to their success, as nearly one crore women have already achieved the milestone of becoming Lakhpati Didis. These women inspire, proving empowerment yields success. Elevating the target to 3 crores reaffirms their achievements, motivating other such women to establish micro-enterprises, thereby paving the way for economic empowerment.
The government’s consistent commitment to women’s empowerment is also reflected in the progress accomplished over the last decade. With 30 million Mudra Yojana loans issued to women entrepreneurs and a 28% rise in female higher education enrollment, we are seeing significant progress. In India, women enroll in STEM courses at a rate of 43%, which is among one of the highest worldwide. This momentum extends to women’s participation in employment, as seen by shifts like reserving 35% of government jobs in Madhya Pradesh for women and one-third of legislative seats for women reflecting an inclusive approach.
The allotment of nearly 70% of PM Awas Yojana residences in rural regions for women demonstrates an inclusive approach taken by the government. By focusing on the needs of the ‘Garib,’ ‘Mahilayen,’ ‘Yuva,’ and ‘Annadata,’ we are establishing an inclusive society in which every individual’s dignity and ambitions are protected.
Hardika Shah, Founder & CEO, Kinara Capital
The Union Budget 2024 had some heartening developments, especially the support extended to marginalized groups with a particular emphasis on propelling gender parity on all fronts. The success of Mudra Yojana, under which 30 crore loans have been disbursed, is a very positive development for scores of women entrepreneurs. Our focus, at Kinara Capital, has been firmly on last-mile MSME financial inclusion, especially for women entrepreneurs with our HerVikas program. It was very encouraging for us to see that our efforts align with that of the Government which is prioritizing women’s needs, aspirations, and welfare.