Women-Led Development in India Witnesses Remarkable Progress, Says Smriti Irani

Union Minister Smriti Irani expressed her appreciation for the significant social changes brought about by women's increased participation in India's development. Highlighting the progress made under the current BJP-led government, Irani emphasized the positive impact of certain financial interventions that have inadvertently empowered women across the country.

One such intervention highlighted by the Minister was the MUDRA scheme, which aimed to provide collateral-free loans to individuals from financially marginalized families looking to start small businesses. Although the scheme was not explicitly gendered, it astonishingly witnessed 70 percent of the 37 crore MUDRA loan beneficiaries being women. This statistic serves as a testament to the exponential rise in women's participation, as Irani pointed out.

Before 2014, women entrepreneurs faced challenges due to limited access to capital, primarily stemming from their inability to provide collateral. However, the MUDRA scheme enabled women in rural areas and urban slums to develop business plans and approach banks confidently, securing loans, and successfully repaying them. According to Irani, this shift signifies a substantial yet often overlooked social change.

The Minister also highlighted the transformative impact of the Jan Dhan Yojana initiative, which aimed to provide banking services to unbanked individuals. For the first time, banking officers reached out to citizens who lacked proper documentation, ensuring financial inclusion. Consequently, 450 million bank accounts were opened, with 230 million of those belonging to women. Notably, 220 million women account holders availed loans, demonstrating their newfound access to financial resources.

Irani further emphasized the success of the "Stand Up India" scheme, which provided loans of up to ₹1 crore. Crucially, Prime Minister Narendra Modi mandated that at least one female-owned enterprise in each district receive such a loan. This intervention has resulted in the disbursement of ₹40,000 crore, with 80 percent of the beneficiaries being women.

The Minister recognized the invaluable contribution made by these women, noting that they have not only benefited themselves but also uplifted the status of women throughout the country. The repayment rate of the loans has shown banks that women entrepreneurs are reliable borrowers, thus fostering a sense of confidence in their bankability.

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