New Delhi : In a significant development for India’s economic landscape, Union Minister of Micro, Small and Medium Enterprises Jitan Ram Manjhi revealed on Thursday that the country now boasts over 1.84 crore women-owned Micro, Small and Medium Enterprises (MSMEs).
This announcement, made during Question Hour in the Lok Sabha, underscores the growing role of women entrepreneurs in India’s business ecosystem.
According to Manjhi, women owners constitute 39 per cent of MSMEs registered on the Udyam and Udyam Assist Platform (UAP) since their respective launches in July 2020 and January 2023. As of July 23, 2024, the exact number of women-owned MSMEs stands at an impressive 1,84,59,809.
The government has implemented several initiatives to further increase women’s participation in the MSME sector. Notable among these is the 2018 amendment to the Public Procurement Policy, which mandates central ministries, departments, and undertakings to procure at least 3 per cent of their annual requirements from women entrepreneurs.
Additionally, the government has introduced measures to enhance credit accessibility for women-led MSMEs. Under the credit guarantee scheme for MSMEs, women entrepreneurs now benefit from an increased guarantee coverage of up to 85 per cent, compared to 75 per cent for others. They also receive a 10 per cent concession in annual guarantee fees.
These policy measures reflect the government’s commitment to fostering an inclusive business environment and empowering women entrepreneurs.
As India continues to focus on economic growth and self-reliance, the rise of women-owned MSMEs is likely to play a crucial role in shaping the country’s economic future.
The announcement comes at a time when India is pushing for greater economic diversification and self-sufficiency, with MSMEs being viewed as a key driver of innovation, employment, and economic growth.
The increasing participation of women in this sector not only contributes to economic development but also promotes gender equality and women’s empowerment in the business world.
As the MSME sector continues to evolve, it will be interesting to observe how these government initiatives translate into tangible benefits for women entrepreneurs and the broader economy in the coming years.
