More women running startups, on company boards: Nirmala Sitharaman

Women are now not only running startups but are also increasingly occupying positions on company boards, said finance minister Nirmala Sitharaman in New Delhi.

“In 2018, only 13.8% of women were reaching the boards; today, that figure has gone up to 18.3%,” she said on Tuesday. According to Sitharaman, out of the 111 unicorns created in India, 20 of them have women in leadership positions.

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While highlighting the women-centric policies implemented by the central government, the finance minister said 80% of the funds allocated under the Stand Up India Scheme have been directed towards women. Also, 10% of the Small Industries Development Bank of India’s (Sidbi) fund of funds is earmarked for startups led by women.

The Stand Up India Scheme, launched in April 2016, seeks to incentivise bank branches to provide loans to individuals from scheduled castes and tribes, besides women to establish new businesses, with a focus on sustainability. It has been extended until 2025.

Sitharaman said 70% of the loans sanctioned under the PM Mudra Scheme have gone to women, “which means that 30 crore women beneficiaries are already on record.” She was referring to the collateral-free loans provided under the government’s flagship scheme to encourage self-employment.

“Today, I can see there is great vibrancy in women-led enterprises, where women are coming forth and taking up business challenges whether small, medium or big, you find women everywhere,” she said at the launch of ‘She the Change’ initiative by food-delivery platform Swiggy to acknowledge and celebrate women entrepreneurship.

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IPO-bound Swiggy, which has over 50,000 restaurants run by women, has generated around 300,000 jobs in the country, the company said in a statement. “In the decade since Swiggy’s inception, we’ve had the honour to provide a platform for women entrepreneurs in the F&B space and witness their remarkable journeys first-hand. It’s inspiring to see the steady growth in both the number and scale of women-led businesses on Swiggy each year,” said Rohit Kapoor, chief executive of Swiggy Food Marketplace.

More women running startups, on company boards: Nirmala Sitharaman

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