The number of women directors in active companies surged from 2.58 lakh in 2014 to 8.83 lakh by August 2024, marking a more than 3.4-fold increase…reports Asian Lite News
Indian women are rising the corporate ladder as they are leading about 18 per cent of 111 unicorns (valued at $1 billion) in the startup and financial technology space, said Nirmala Sitharaman, Union Finance Minister.
Speaking at a conference organised by the FICCI-FLO Chennai Chapter in Chennai, Sitharaman said the number of women directors in active corporate companies has increased more than three times in the last decade.
From 2.58 lakh in 2014, women directors associated with active companies rose to 8.83 lakh — over 3.4 times higher — in the country by August 2024.
In Tamil Nadu, the number has risen by 4.3 times — from 15,550 in 2014 to 68,000 in August 2024, said the Finance and Corporate Affairs Minister, while lauding efforts undertaken by Prime Minister Narendra Modi-led government to boost women’s participation across sectors.
Sitharaman noted the efforts are visible in the amount of funds being allocated to the schemes related to women empowerment in the recent Union Budget.
In FY2014, the Centre provisioned Rs 97,134 crore as the Budget Estimate on the schemes for the welfare and empowerment of women. The amount has tripled to Rs 3.10 lakh crore in the FY2025 budget, the FM said.
Further, Sitharaman cited a study by research firm Deloitte to show that the number of women directors on the Board of Nifty 50 companies has also increased to 22 per cent. In 2019, it was 18 per cent.
Besides corporate roles, the FM also stated that women are now also “allowed in combat services across the three forces”.
She informed that the entry of women in various cadres in the Navy commenced in June 2023.
“Recruitment of officers in the IAF is now gender-neutral. Women officers are inducted into all the branches and streams of the IAF,” she said.
Meanwhile, the Indian startup ecosystem witnessed a surge in large funding rounds (over $100 million) in 2024, as startups’ focus has shifted to profitability along with growth.
In 2024 so far, there have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.
Quick e-commerce company Zepto has raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.
Funding of $200 million has been raised by Rapido, a taxi service providing company. The latest valuation of the company is $1.1 billion.
An eyewear startup, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.
Funding of $350 million, $275 million and $216 million has been raised so far in 2024 by Flipkart, Meeso and PharmEasy respectively.
The government also abolished angel tax in Budget 2024-25 to help startups to raise funds from foreign investors.
Around 31 homegrown startups raised more than $466 million in 22 deals last week.
The number of fintechs in the country has grown fourfold in the last four years, with a three-time surge in unicorns and soonicorns in the same period.
The government has recognised 1,40,803 entities as startups (as of June 30). More than 55 regulatory reforms have been undertaken by the Central government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem.
Meanwhile, the Centre approved four startups in the field of technical textiles with a grant of Rs 50 lakh each, along with new courses in various applications. The approved startup projects are focused on key strategic areas of composites, sustainable textiles and smart textiles
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