Nirmala Sitharaman Backs Women Entrepreneurs, Says More Of Them Reaching Company Boards

Finance Minister Nirmala Sitharaman has said that women are now not only running startups but are also increasingly filling up positions on company boards.

Addressing the launch of ‘She the Change’ initiative by foodtech major Swiggy, the minister said that in 2018, only 13.8% of women were reaching the company boards, but today this figure has jumped to 18.3%. She added that among the 111 unicorns created in India, 20 of them are women-led startups.

Lauding the women-centric policies enacted by the Centre, Sitharaman highlighted that 80% of the funds designated under the Stand Up India Scheme have been directed towards women.

She further said that nearly 10% of the Small Industries Development Bank of India’s (Sidbi) fund of funds is reserved to support women-backed startups.

The Stand Up India Scheme, launched in April 2016, aims to encourage bank branches to offer loans to individuals from scheduled castes and tribes, as well as women, to initiate new businesses with an emphasis on sustainability. This initiative has been extended until 2025.

The minister further said that 70% of the loans sanctioned under the PM Mudra Scheme have been allocated to women, indicating that around 30 Cr women beneficiaries are already documented. She was referring to the collateral-free loans provided under the government’s flagship scheme to encourage self-employment.

“From keeping women at the centre of policymaking to women-related budgets to discussing women in employment, we have come a long way. 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 added.

Sitharaman further said that the Public Procurement Policy mandated the government to procure at least 3% of its annual purchases from women-owned businesses. This means that 3% of all government procurement must be directed towards women-owned enterprises.

Besides, the food delivery firm announced that it hosts over 50,000 women-run restaurants on its platform. Swiggy estimates that these entrepreneurs collectively generate approximately 300,000 jobs, with each restaurant employing an average of six direct employees.

On Wednesday (March 27), Swiggy rolled out a new initiative titled ‘She The Change – From Vision to Venture,’ aimed at recognising and celebrating the impact of food delivery platforms in nurturing and encouraging women’s entrepreneurship in the country. 

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli and Rahul Jaimini (left the company in 2020), Swiggy primarily started as a food delivery startup. Later, during the pandemic, it launched its quick commerce vertical – Swiggy Instamart. It also offers services like Swiggy Genie and Minis store.

Meanwhile, Swiggy incurred a net loss of INR 4,179.3 Cr in FY23, an increase of 15% from INR 3,628.9 Cr in the previous financial year. 

The company’s operating revenue jumped over 40% to INR 8,264.4 Cr during the year under review from INR 5,704.9 Cr in FY22 as it scaled up its quick commerce vertical during the year.