How India's Support Of Women-Led Start-Ups Is Strengthening G20 Action

PM Narendra Modi declared India's support of women-led start-ups on 9th of March, Friday. He states India's climb from women's development to women-led development has occurred over the last nine years. 

Unicorn Goals: India's Support Of Women-Led Start-Ups

The budget this year has allocated funds for the welfare of women. The government highlighted that STEM subjects see participation by 42% of women in India. 

This year's budget reflects India's G20 theme of Nari Shakti and plans to make Unicorns of women-led start-ups. 

Unicorns are companies that have a value of $1 billion and are not listed on the stock market. More than 70% of women are beneficiaries of the Mudra loan in India. The PM held that these women are welcoming new economic ventures for the Indian economy. 

India's G20 Presidency this year promises to support and uplift women-led businesses starting from the grassroots level. Start-ups and many of these built from rural blocks kept strengthening the Indian economy even during the pandemic. 44 unicorns contributed to the Indian economy in 2021 and 14 last year. Last year the collective worth of the unicorns was evaluated at $330 billion with an individual cost of 7,500 crores. 

Last year it was declared that the average growth rate of Unicorns in India is higher than in well-standing economies like the UK and USA. The unicorns represent a diverse Ed-Tech, E-commerce, Fin-tech, and Biotech category. 

India's Budget this year and India's Nari Shakti theme at the G20 are expecting women-led Self Help Groups (SHG) to become unicorns soon. These groups are said to have taken a loan of 6.25 crore and therefore are perceived as having the potential to grow. The women entrepreneurs at SHGs are also contributing as "Bank Sakhi, Krishi Sakhi, and Pashu Sakhi" at the rural level. 

Commenting on the role of women in the cooperative sector, the PM said that over 2 lakh fishery, dairy, and multi-purpose cooperatives are expected to be formed. These cooperatives will see the participation of more than one crore farmers including women. 

Suggested Reading: How India’s Digital Saksharta Abhiyan Strengthens G20 Nari Shakti Model