7 Government Schemes to Empower Women

Empowering women is empowering the nation, and countries across the globe accentuate its importance, more than ever. Multiple initiatives are on the rounds and the issues businesswomen face are highly addressed and brought into the limelight to have them sorted.

The government of India has brought forth Schemes for Women, to help put the word out in the public. Such schemes help women meet the monetary requirements of setting up a business or being self-employed.

With the Government Schemes for Women, women now have the right to equal business opportunities and stand firm to their opinions and aspirations, more than ever. Let us go through some of the steps taken by the Indian government for women empowerment, specifically inclined towards entrepreneurs.

Schemes for Women – Bharathiya Mahila Bank Business Loan

Some government schemes give wings to women who dare to dream of owning a business with limited resources. Bharathiya Mahila Bank Business Loan is one such government scheme for women entrepreneurs. The aim of this scheme is to provide for underprivileged women. Women who wish to opt for this scheme can avail of as much as Rs 20 crores, the repayment threshold of which is seven years.

This scheme best suits the need of setting up a manufacturing business. One of the benefits under this loan is — no requirement of collateral for up to Rs 1 crore under the Credit Guarantee Fund Trust for Micro and Small Enterprises. The requisites of this scheme have not changed since its incorporation in 2017, even though the Bharatiya Mahila Bank merged with the State Bank of India.

As far as the interest rate of this loan scheme is concerned, it is 10.25+2% on the additional front. This takes the rate of interest up to 12.25%. We have stories that feature how successful this scheme is. One of the stories features Nirmala Devi, who set up a shop in her village, Aant, by borrowing Rs.25,000 from Bharatiya Mahila bank. Another story revolves around a woman from Gujarat, who borrowed Rs.5 lakh to make chocolate bouquets.

Mudra Yojana Scheme – Women Empowerment Schemes

Mudra Loan is a government scheme for women’s empowerment in India that would best serve Small business owners or aspirants. The target beneficiaries are not only women, but the scheme is a powerful tool for women.

Women who wish to expand their small-scale business or kick-start their entrepreneurial journey should seek it. Some business ideas this scheme best serves are beauty parlor, tuition center, tailoring unit, etc.

Individual loans up to Rs.50 lakh are granted, however, a group of women willing to collaborate can as well approach the scheme. The loan limit for this scheme is INR 50000 to INR 10 lakh. In case a woman wishes to opt beyond the threshold of INR 10 lakh, they should provide collateral and guarantors. Business owners can even check the interest rates on Mudra loans.

Here is the summary of the three categories, in which the scheme is classified.

• Shishu: loans up to INR 50,000/-
• Kishor: loans above INR 50,000/- up to 5 lakh
• Tarun: loans above INR 5 lakh and up to 10 lakh

Dena Shakti Scheme – Govt Schemes for Women

This scheme goes out for women practicing business in agriculture, manufacturing, micro-credit, retail stores, or similar enterprises sectors. For a requirement of up to INR 50,000 with a concession of 0.25% on the rate of interest, women can go for a loan under the micro-credit category.

Contrarily, women who are into the categories of education, housing, and retail trading, can avail of up to INR 20 Lakhs. Dena Bank provides this loan facility and women willing to pursue it should visit their nearest branch.

Government Schemes For Women Empowerment In India – Udyogini Scheme

There are multiple Indian government schemes for women’s education, but quite a few provide capital with no security. This scheme serves well to women who aspire to begin their entrepreneurial journey but have nothing to get started. With no biased restrictions to widowed, destitute, or disabled women, GOI aims this scheme for women who belong to a family that makes below INR 1.5 lakhs per annum.

The scheme offers as much as Rs 3 lakh, the interest rate of which is pretty low. The aim is to help women become self-reliant by establishing their own businesses, especially in economically backward societies. Women can set forth a journey in entrepreneurship through loan subsidies.

The Modi scheme for women 2019 has only encouraged this initiative and provides an opportunity to broadcast equality and empowerment. Basically, this initiative was inaugurated by the Karnataka State Women Development Corporation. Recently multiple banks have decided to inculcate this scheme into their list of offerings with slight changes. Bajaj Finserv, Punjab and Sind Bank, and Saraswat Bank belong to the list of banks that offer this scheme.

Cent Kalyani Scheme – Schemes for Women in India

Women who are into MSMEs would find this scheme directing MSME loan for new business highly beneficial. This scheme is for women who manage MSMEs or wish to start one. The authority credited for launching this scheme is the Central Bank of India and is named Cent Kalyani Scheme. Other beneficiaries of this scheme are women involved in agricultural work or engaged in retail trading.

Self-help groups, retail trade, and educational and training institutions are excluded from the list of beneficiaries of this loan. This scheme provides business loans without collateral, as loans of up to Rs 1 crore are sanctioned and no collateral or guarantors are required. Also, the business loan interest rate of the Cent Kalyani Scheme depends on the market. There is another benefit associated with this scheme, which is that there is no processing fee for women who choose it. To avail of the scheme, women can approach the nearest Central Bank of India branch or hit the World Wide Web and apply for a business loans Online.

Women Welfare Schemes – Mahila Udyam Nidhi Scheme

This government scheme for women’s empowerment in India 2021 targets Small Scale Industries (SSI) and renders support in favor of it. Punjab National Bank is the authority that introduced the scheme to the country and fosters a high level of support for women. Describing the exact idea of launching this scheme, the bank wants to bring up technical advancement and introduce the essence of modernization. The bank aims to enhance these aspects in the small-scale industries eliminating the issues of funds.

A woman can avail of Rs.10 lakhs under this loan, where the repayment duration provided is 10 years. This period includes a moratorium period of 5 years. Also, this scheme is not only limited to the Punjab National Bank; many other banks including SBI have adopted it. The interest rate of this scheme as well depends upon the market rates and would fluctuate eventually.

Women Entrepreneurship Platform (WEP)

Women Entrepreneurship Platform (WEP) is a great platform where women entrepreneurs and sponsors meet at a commonplace. The government of India plays a crucial role in bringing the respective parties together to encourage self-employment. Also, this scheme is not only limited to procuring funds but also targets helping women develop the likely skills to succeed. This community is a great place to learn the important aspects of entrepreneurship.

Some of the activities that are part of WEP or women entrepreneurship platform include –

• Women whose businesses are in the budding stage can choose to go through the incubation and acceleration program this community provides.
• Women who wish to set forth in the path of entrepreneurship in the tech sphere would receive skill training and mentorship programs in leadership, as a part of this community.
• The community as well provides marketing assistance to its counterparts, which is a critical element in the success of a business.
• The community provides support to all kinds of women and helps them set up a business that complies with laws and regulations.
• Sponsors are part of the community or respective funding parties, who provide funding and financial assistance.
• Summarizing the community in simple terms, the members are all like-minded women who gather together to uplift themselves and their fellow members.

Concluding Lines on Women Empowerment Initiatives

The schemes we discussed channel women empowerment in India, making the women of the country self-reliable. The objective of initiatives for women is to make them reliant and take a stand or decision, launch laws and rights that break gender-based discrimination while setting up businesses. The aforementioned women’s empowerment programs are the action plan to eradicate gender bias in every way possible, so women can take the path of self-employment.

Besides initiatives for business women, the constitution endorses the protection of women’s education, rights, and equality in all disciplines. There are multiple government schemes for women’s education and other schemes like Ujjawala, Rajiv Gandhi National Creche Scheme for the Children of Working Mothers, Women Empowerment and Livelihood Programme in Mid-Gangetic Plains, ‘Priyadarshini’. Other prominent schemes include Rashtriya Mahila Kosh (RMK), also known as the National Credit Fund for Women (NCFW), Central Social Welfare Board (CSWB), Development of Women and Children in Rural Areas (DWCRA).

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