Women-owned businesses in India are receiving a significant boost in loans, with non-performing assets (NPAs) staying below 2.5 percent, according to Union Women and Child Development Minister Smriti Irani. Speaking at the World Economic Forum in Davos, Irani highlighted the government’s commitment to women-led development and empowerment. She cited initiatives such as the PM Awas housing scheme and the Ujjwala gas connection program for poor women as key contributors to this progress.
Since the incumbent BJP government came to power in 2014, the number of gas connections in India has more than doubled, rising from 14 crore to 32 crore. The majority of the new connections were made under the Ujjwala scheme, which was initiated in 2016.
Minister Irani revealed that 230 million women had opened bank accounts for the first time through the Jan Dhan Yojana. Of the 400 million loans disbursed, 70 percent were granted to women with women-owned businesses, amounting to 280 million funded enterprises. Furthermore, the NPA rate for these loans remained below 2.5 percent, reflecting the success and stability of these businesses.
Highlighting the importance of collaboration between the public and private sectors, the Confederation of India Industry (CII) partnered with the Ministry of Women and Child Development and the Bill and Melinda Gates Foundation to establish the WeLead Lounge at Davos 2024. The lounge is dedicated to capacity building, mainstreaming, and the exchange of best practices in the industry.
Minister Smriti Irani inaugurated the lounge and emphasized that the private sector should not solely focus on capital flows but also contribute to inclusive practices and policies. Irani praised the efforts made during India’s G20 Presidency to address gender issues and champion women’s concerns through concrete policy actions. She also mentioned India’s proficiency in fields such as women’s health, education, and technology, offering assistance to global partners through digital platforms like the CoWIN application and the world’s largest nutrition program.
With a commitment to reaching a global audience, the news article presents the progress made in empowering women-owned businesses in India. The government’s initiatives have not only increased access to financial resources but also ensured their successful implementation and a favorable NPA rate. The partnership between the CII and the Ministry of Women and Child Development highlights the significance of collaboration in advancing gender equality and promoting inclusive practices.
