DPIIT sets the ball rolling by focusing on women entrepreneurship
It's business as usual with the new government taking over the reins. As part of the decisions taken on March 8, International Women’s Day, orders issued for promotion of women entrepreneurship are now being rolled out by the Department for Promotion of Industry and Internal Trade (DPIIT).
As shared by StartupIndia, "at least one-third of the beneficiaries of all programmes organised by the DPIIT should be women. The DPIIT shall work with other government departments to reserve one-third of the benefits for women for all startup and entrepreneur-specific schemes.”
Women constitute only 13.76 percent of the total entrepreneurs, that is 8.05 million of the total 58.5 million entrepreneurs in India. These women entrepreneurs provide employment to 13.45 million people. However, the challenges women entrepreneurs face are plenty. These include gender bias, lack of equal opportunities, pressure to juggle work and family, and others such as lack of resources, mentors, and access to funding.
Though things have improved marginally, funding continues to be a primary challenge for women entrepreneurs. Cognisant of this, DPIIT is also working towards addressing the issue of funding.
DPIIT will promote debt and equity funding for women-led startups. Inviting applications that will be screened by experts, DPIIT will organise interactions with VC funds supported by SIDBI and lending institutions, including banks.
StartupIndia also announced on Twitter that capacity development was important for women entrepreneurs and DPIIT would “design women-focused entrepreneurship development programmes, both online and offline."
To meet the advisory needs of startups led by women, the interest of legal, tax, financial and other service providers can be viewed and connected with through the StartupIndia portal.
DPIIT will also work with ministries and state governments to ensure that a minimum of one-third participants in their startup and entrepreneurship development programmes are women.