In India, entrepreneurship ventures or start-ups are not considered novel notions. Women entrepreneurs, on the other hand, remain a small minority at an age when new enterprises are granted a variety of perks. Leading financial institutions in India, including nationalized, private, and public sector banks, have established several lending programs that cater to this expanding market to promote further growth of entrepreneurial initiatives among women.
Introduction
India has notched up some impressive economic figures in recent years, yet women remain woefully underrepresented in its job market. As a result, almost half of its population still experiences a lack of food security, and almost 40 percent is not literate. According to an estimate released by the Ministry of Statistics and Programme Implementation, the country has more than 170 million people unemployed, and yet, only 50 percent of its population participates in the workforce.
To combat the disparity, various organizations have undertaken initiatives to encourage women to pursue entrepreneurship. In India, the government has introduced various schemes to empower women to build successful start-ups.
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How is the government helping women entrepreneurs?
The government’s priorities have changed gradually over the last few years. For instance, the budget for loans was increased drastically, which has given rise to the launch of new loan schemes. The growth of the loan amounts is said to be justified based on the increasing purchasing power of the people.
A customer has greater ease of repayment of the loan amount, and, at the same time, banks and financial institutions have profited from the credit provisions given to the market. To tap the growth potentials of the Indian female entrepreneurs, many banks in India have initiated the concept of female-oriented lending schemes. Banks have provided loans to women entrepreneurs so that they can build companies and establish more businesses.
How can women entrepreneurs get a start-up business loan in India?
Banks in India continue to develop innovative schemes, where venture funds are set up to support prospective new enterprises, thus encouraging women entrepreneurship in the country. Additionally, the start-up scheme offers start-up loans to fund all sorts of innovative business ideas, such as ideas for marketing and advertising, as well as those on day-to-day operations. Financing of business is dependent upon the applicant’s business acumen, capital requirement, and know-how.
Currently, the start-up ecosystem in India is well developed, and the encouragement for entrepreneurs by various governmental agencies, as well as the support by the banks, has encouraged women to take the plunge in the business world. There are numerous support schemes and government programs that support women-led business ventures.
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Annapurna Scheme:
The Annapurna Scheme is for start-ups run by women who have dispatched or need to begin a food administration business.
They can get an advance of up to Rs 50,000 to purchase kitchen rudiments, utensils, gas associations, raw materials, water channels, and different things under this arrangement. Three years is the payback length. Besides, interest rates are set by market rates under this arrangement.
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Stree Shakti Package:
To promote women’s entrepreneurship in the country, the government of India has developed a scheme named the “Stree Shakthi Package,” which offers every woman entrepreneur all kinds of assistance for starting a business.
This program is explicitly intended for women who want to go into business or foster a current one. This business credit is accessible to ladies who are business visionaries or have a common capital of at least 51% as accomplices/investors of a private restricted organization or individuals from a co-usable society.
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Dena Shakti Scheme:
Dena Bank’s Dena Shakti Scheme is a financing program for aspiring women entrepreneurs. Women keen on beginning an organization in enterprises, for example, microcredit, producing, agriculture, retail, and others would be qualified for advance benefits under this program.A concession of 0.25 percent is applied to the interest rate under this program.
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Udyogini Scheme:
Udyogini is a financed credit program for imminent women entrepreneurs from the country and devastated regions. The program offers advances from an assortment of monetary firms. The arrangement means cultivating business ventures, monetary strengthening, and confidence among women in specific areas by giving proper monetary help. The Udyogini program additionally endeavours to make miniature undertakings that add to the country’s general development.
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Cent Kalyani Scheme:
The Central Bank of India offers women’s loans to support their status up financially in India. The Central Bank of India gives monetary help to start-ups operated by women looking for customary and long-haul work possibilities through the Cent Kalyani program. Owners of small-scale companies, retail merchants, cottage industries, and women working in agricultural and associated companies can all apply for this business loan for women.
Conclusion
Women entrepreneurs in India are not as free to operate as the men in the country are. Though their numbers are increasing, they are not getting a fair chance to make their own choices as far as economic growth is concerned. The government of India has introduced a plethora of schemes to support women.
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