New Delhi: According to a report, India has the potential to create more than 30 million new women-owned enterprises.

The report on the democratisation of entrepreneurship in India by consulting firm KPMG stated that this could translate to 150 to 170 million more jobs in the country.

The report said investing in women-led ventures can have a multiplier effect, as women are more likely to reinvest in their communities.

Further, boosting venture capital (VC) funding in women-led startups in India can enhance gender equity. It will also enable women founders to scale their businesses, create jobs, and contribute to the economy on a larger scale.

“More than 20 percent of India’s MSME startups were by women-led ventures and 45 percent of these came from tier II and III cities,” said Akhilesh Tuteja, Client’s and Market Partner, KPMG, at the TiE Global Summit 2024 in Bengaluru.

Meanwhile, according to the Ministry of Commerce and Industry, nearly half of the 1,52,139 startups supported by the government now have at least one woman Director (nearly 73,151 startups). This shows the importance of women in driving innovation and economic growth in the country.

It said the government has also implemented several flagship schemes to promote women-led startups. These include about Rs 3,107 crore invested in 149 women-led startups through Alternative Investment Funds (AIFs).

Since its inception in April 2021, the Startup India Seed Fund Scheme (SISFS) has approved Rs 227.12 crore in funding for 1,278 women-led startups.

The Credit Guarantee Scheme for Startups (CGSS), which has been operational since April 2023, has guaranteed Rs 24.6 crore in loans for women-led ventures, the ministry said.

Notably, the Startup India Initiative, launched in 2016, has also been a game-changer in fostering entrepreneurship in the country.

Women-led startups are thriving across more than 600 districts in India’s tech ecosystem. More than half of the startups in these districts are led by women.

 

 

 

 

 

 

–IANS