In the tapestry of India's economic transformation, the narrative of women's economic empowerment has emerged as a compelling thread, weaving through the fabric of progress and change. From a time when a woman's financial autonomy was a distant dream, India, under the leadership of Prime Minister Narendra Modi, has witnessed a paradigm shift. Today, women are not just equal participants but torchbearers of economic growth, confidently steering their own destinies and contributing to the prosperity of their communities. This is Modi's India.
Time and time again, India’s determined Nari Shakti has proven its mettle. They have shown that when provided with the right opportunities, they can truly reach not just their own potential but also help the community and the country prosper and reach greater heights.
The Wave of Women-led Development
With more women trained to start their own enterprises, they are empowered to take the nation forward. So far, over 53 % of those trained under Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) are women. Women-led development has taken over the country. Over 57% of e-Sanjeevani beneficiaries and more than 56% of participants in the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in FY23 are women.
The SHG Bank Linkage Project (SHG-BLP) has become the world’s largest microfinance project. There are approximately 82.6 lakh women's Self-Help Groups (SHGs) under the Deendayal Antyodaya Yojana National Rural Livelihood Mission (DAY NRLM). 15,000 Mahila Kisan drones being provided to women-led Self-Help Groups is another landmark event. Under the ‘Drone Ki Udaan’ initiative, SHGs will receive training on how to operate and maintain drones while Lead Fertilizer Companies will act as functional intermediaries between farmers and SHGs for the distribution of Nano Urea and pesticides.
Furthermore, from 2015 to 2022, over 59 lakh women have been trained under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) and 12.51 lakh women candidates have been provided employment under PMKVY between 2015-2023. The e-shram portal has registered 2.67 crore domestic and household women workers. Reflecting a remarkable positive societal shift, the female labour force participation rate increased to 37% in 2022-23.
A significant change can also be seen in more women making major household decisions, making them a crucial part of the economy. It has been noted that over 88% of women participate in major household decisions according to the National Family Health Survey (NFHS-5) data conducted between 2019-21, and 79% operate bank accounts at the all-India level. These statistics underscore the progress and empowerment of women across various domains in India.
Banking the Unbanked
Data shows how with the right opportunities women are capable of not only making their families prosper but also making their community and the country prosper. PM Jan Dhan Yojana is one of the largest financial inclusion initiatives in the world with over 50 crore Jan Dhan accounts opened as of November 8, 2023, since its launch in 2014. Out of these, nearly 56% or 27.82 crore of Jan Dhan account holders are women and 67% or over 33 crore Jan Dhan account owners belong to rural and semi-urban areas. Thus, a woman in Modi’s India has access to her own bank account. Gone are the days when one had to fend for transportation and travel long distances to meet their financial needs. With over 13 lakh banking touchpoints mapped on the GIS-based Jan Dhan Darshak App have ensured ease of access to banking services.
Nari Shakti: The Entrepreneurs of Tomorrow
Did you know that over 47% of startups in India boast at least one woman director! Under the visionary Startup India scheme, women entrepreneurs are not merely beneficiaries; they are architects of the future. Over 48,000 are registered as directors under Startup India. The scheme's capacity-building initiatives have nurtured a culture where women are not just running their enterprises but also inspiring the next generation. The PM MUDRA Yojana, launched in 2015, has been a game-changer, providing collateral-free loans to micro-entrepreneurs. The result? 70% of its beneficiaries are women, with a net additional employment of 69 lakh women from 2015 to 2018.
In Modi’s India, women are not limited to setting up their own enterprises. The Stand-up India scheme helps create an eco-system which provides a conducive environment for businesses to grow. Under the scheme, Rs. 40,710 crores have been sanctioned to 1.8 crore accounts, 81% of which belong to women.
Through the Udyam Sakhi Portal, the establishment of 6 lakh women-owned Micro, Small, and Medium Enterprises (as of 2023 is) a reality. Additionally, over 1.45 lakh women MSMEs have fulfilled 7.32 lakh orders worth Rs. 15,922 Crore Government e-Marketplace. This surge in women's entrepreneurship reflects a paradigm shift, underscoring the transformative role women play in the economic landscape of the country. These enterprises ranging from small-scale businesses to innovative startups, signify the resilience and ingenuity of women. The number of micro-enterprises crossed 27,000 as of 2021 through the Prime Minister’s Employment Generation Programme. These enterprises play a pivotal role in the nation's economic growth.
The PM SVANidhi scheme is in place to facilitate collateral-free working capital loans to street vendors to aid their businesses and offer incentives. 43% of the street vendors covered under this scheme are women. Thus, in Modi’s India, all women from those heading startups to those selling goods on the street feel financially secure.
Future-Proofing Women’s Savings
Financial independence isn't just about earning; it's about saving and securing the future. Enter PM Modi's initiatives, where over 14 lakh Mahila Samman Savings Certificate accounts have been opened, allowing women to save up to Rs. 2 lakh.
The narrative extends to rural India, where 9 crore women are active members of Self-Help Groups, evolving from passive participants to change agents in rural development. They are not passive members of society but are instead becoming active agents of change who are spearheading rural development.
Under PM Modi’s leadership, India’s Nari Shakti has been empowered to be the face of change and pave the way for women-led development. PM Modi's vision of women-led development is not confined to rhetoric; it's a living reality. These initiatives are not mere policy decisions; they are instruments of change, transforming the economic landscape of a nation. In Modi's India, women aren't just equal partners; they are the face of change, carving a unique path toward national development.
