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Union Minister of Micro, Small and Medium Enterprises, Jitan Ram Manjhi, announced on Thursday that there are over 18.4 million women-owned MSMEs in India. He highlighted several government initiatives aimed at increasing women’s participation in this sector.
Significant Presence of Women in MSMEs
During a session in the Lok Sabha, Minister Manjhi revealed that since the launch of the Udyam platform on July 1, 2020, and the Udyam Assist Platform (UAP) on January 11, 2023, 39% of MSMEs registered on these platforms are owned by women. As of July 23, 2024, the total number of women-owned MSMEs stood at 18,459,809.
Government Initiatives to Encourage Women Entrepreneurs
Manjhi outlined several key initiatives the government has undertaken to bolster women’s involvement in MSMEs. In 2018, the Public Procurement Policy was amended to mandate that central ministries, departments, and undertakings procure at least 3% of their annual purchases from women entrepreneurs. This policy change aims to provide significant opportunities and benefits to women-led enterprises.
Enhanced Financial Support
To further support women entrepreneurs, the government has introduced favorable terms under the credit guarantee scheme for MSMEs. Women entrepreneurs are now eligible for guarantee coverage of up to 85%, compared to 75% for others. Additionally, they receive a 10% concession in annual guarantee fees, making it easier for women to secure financing for their businesses.
