Indian Women Entrepreneurs React to Interim Budget 2024

Indian Women Entrepreneurs React to Interim Budget 2024

By: WE Staff

The Interim Budget 2024-25, has been presented by Finance Minister Nirmala Sitharaman on February 1, 2024, which has drawn attention globally. Along with some revolutionary initiatives the budget has some significant projects for women's welfare and empowerment in each sector. These include the Pradhan Mantri Mudra Yojana has provided 70 per cent of loans to women entrepreneurs, with a focus on skill development and aligning businesses with the Centre's 'Make in India' campaign through tax rebates and GST reductions. The budget aims to improve funding access for women-led businesses and empower women through agri-tech, with the government partnering with startups to integrate their solutions for smallholder farmers. Quality of education in the STEM fields and empowering the rural women entrepreneurs are also included in the budget.

Anooshka Soham Bathwal, CEO & Founder, Dhanvesttor

"In her address, the Honourable Finance Minister highlighted the achievements of the past decade, emphasizing the government's commitment to inclusive growth, particularly targeting Garib Youth Annadata and Nari. With a focus on bolstering infrastructure and unveiling strategies for upcoming initiatives in the 'Amrit Kaal', the government's progress under PM Awas Yojana is near completion, with plans to add 2 crore more houses in the next five years. Notably, the push for environmental sustainability aims to achieve net-zero emissions by 2070.
Empowering women remains a priority, evident in the increase of Lakhpati Didi targets to 3 crore and a substantial boost in infrastructure spending by 11.1%, along with a dedicated focus on railway infrastructure. Striving to achieve the goal of a developed Bharat by 2047, adherence to the FRBM goal of a 4.5% fiscal deficit by FY26 is commendable. The reduction of the fiscal deficit target from 5.9% to 5.8% and a further decrease to 5.1% in FY25 underscores fiscal prudence.
The budget also champions women's empowerment through entrepreneurship, with 30 crore Mudra loans allocated for women entrepreneurs and an increased scheme target of ₹3 crore. Aligning with market expectations, the budget emphasizes infrastructure, defense, and railways, with a significant allocation of ₹11.11 trillion for infrastructure development, promising opportunities for societal progress. This budget embodies a visionary approach towards fostering prosperity and equity for all."

Dr. Maithili Tambe, CEO, The Academy School (TAS)

“The budget of 2024 has brought about significant changes and reforms in the education sector, aiming to revolutionise the way we approach learning. With The Skill India Mission that has successfully trained 1.4 crore youth, The government has recognised the importance of skill development in fostering economic growth and has consequently increased its financial commitment to this mission. The female enrollment in STEM courses has been nothing short of remarkable, with a staggering 43% increase in participation in the last 10 years. This surge in female representation is a testament to the government's commitment to promoting gender equality and fostering diversity in the STEM workforce.”

Kavita Sharma, Co-founder and CEO, Ziyyara Edutech
As the Co-Founder and CEO of Ziyyara Edutech, I firmly believe in the transformative power of education, aligning with the progressive strides outlined in the National Education Policy 2020. PM Schools for Rising India (PM SHRI) exemplify our commitment to quality teaching, fostering holistic individuals. With thirty crore Mudra Yojana loans empowering women entrepreneurs and a commendable twenty-eight per cent rise in female higher education enrolment, we witness the impact of these reforms. The Skill India Mission, training 1.4 crore youth and establishing numerous institutions, resonates with our mission of accessible and personalized online tutoring. At Ziyyara Edutech, we stand proud in contributing to the educational landscape that empowers and equips the youth for a brighter future.

Richa Jaggi, Co-Founder & CMO, Awshad

"Empowering women through entrepreneurship has emerged as a transformative force in the last decade. As Co-Founder of Awshad, a premium CBD startup in the wellness sector, we are thrilled to witness Budget 2024's unwavering emphasis on fostering female entrepreneurship. With initiatives like the MUDRA Yojana, which has disbursed 30 crore loans to woman entrepreneurs, and a commendable 28% surge in female enrollment in higher education over the past 10 years, we anticipate a profound impact on the workforce. Awshad stands aligned with this vision, dedicated to pioneering positive change in the entrepreneurial landscape for women."

Prachi Kaushik, Founder & Director, VYOMINI

"As a social enterprise, we encounter numerous challenges within marginalized communities. This budget brings significant relief for both the middle and marginalized sections. Initiatives like FPO, Lakhpati Didi, Namo Drone Didi, Micro Enterprises Schemes, and Vishwakarma Yojna will establish new milestones, promising increased income and enhanced social security for the marginalized in the future".

Neeja Shah Goswami, CEO, Whiskers India

“My understanding is on outset the interim budget looks hopeful for women entrepreneurs in general. We need though see some impact on GST liability. If we want to increase e-commerce, we need to reduce transport cost to decrease logistics cost which very high due to fuel rates. As a country we need more digital security budget and reforms as we open ecommerce businesses to build trust and in turn increase digital spend of consumer.

Research and development are going to have big boost. Women entrepreneurs loans again is going to act as catalyst encourage small businesses done by women to grow.

As we delve into the details of the interim budget, it's heartening to witness a forward-looking approach that echoes the government's commitment to fostering growth. The extension of tax benefits for startups, focus on MSME training for global competitiveness, and empowering women entrepreneurs through initiatives like Mudra Yojana are steps in the right direction. The emphasis on inclusivity, especially for the Garib, Mahilayen, Yuva, and Annadata segments, aligns with our vision for a thriving beauty and grooming industry. We remain optimistic about the positive impact on our sector and eagerly await further developments as we collectively strive towards making India a Vikashit Bharat by 2047."

Richa Bhanot, Director, Wellessentials
"The disbursement of 30 Crore Loans to women entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY) is a groundbreaking step towards empowering women in the business sector. By directing financial support to female entrepreneurs, the government is not just fostering economic growth but also actively working towards bridging the gender gap in entrepreneurship.
With loans extending up to Rs 10 lakh, the PMMY scheme is a beacon of hope and support for women striving to establish or expand their businesses. As a woman in business, I understand the challenges we face in securing funding. The government’s focus on facilitating financial independence for women is a commendable move."
The significant increases in female enrollment in higher education and STEM courses statistics are not just numbers; they represent a societal shift where women are increasingly taking center stage in economic and educational spheres. The allocation of MUDRA loans is more than just financial assistance; it's a message of empowerment and faith in the capabilities of women entrepreneurs. It’s a step towards a more inclusive and equitable business landscape."

Aanchal Bajaj, Founder, Wonderkraftz

“Interim budget 2024 is guiding india towards the ambitious goal of a 5 trillion-dollar economy. It targets a fiscal deficit of 5.1% signifying a fiscal consolidation. This will reduce borrowing warrants a potential ease of inflation and enhanced public welfare. We welcome the move of announcing 1 lakh crore corpus for India’s “tech savvy youth” for providing finances and refinances to startups at low or nil interest rates. In essence the budget envisions a Viksit Bharat, narrative of empowerment specially the emerging women of the country and multifaceted economic development.”