Speaking on the topic of "Women-Led Development" at the G20 Summit, Union Minister Smriti Irani emphasized the significant rise in women's participation under the current BJP-led government. During an event organized by Hindustan Times, Irani discussed various financial interventions that have positively impacted women's empowerment.

One such initiative highlighted by the Minister was the MUDRA scheme, which aimed to provide collateral-free loans to individuals from financially marginalized families looking to start small businesses. Although the loan program was not explicitly targeted at women, it was revealed that 70 percent of the beneficiaries among the 37 crore MUDRA loans were women. This statistic showcases the exponential growth in women's participation and their entrepreneurial spirit.

Irani shed light on the challenges faced by women entrepreneurs before 2014, particularly the lack of access to capital due to their inability to provide collateral. However, post-MUDRA, the scenario changed as women from rural areas and urban slums devised business plans and approached banks to secure loans. This marked a significant social change that is often overlooked.

The Minister emphasized that women's empowerment began with their recognition of the importance of financial linkages to established institutions and their ability to leverage them effectively. She highlighted the Jan Dhan scheme, which brought banking services to the doorsteps of citizens who were previously excluded due to lack of paperwork. As a result, India witnessed the opening of 450 million bank accounts, with 230 million of those belonging to women. Furthermore, 220 million women took loans, indicating a substantial shift in financial inclusion.

Another notable financial intervention discussed by Irani was the "Stand Up India" scheme, which made loans of up to ₹1 crore available. The Prime Minister mandated that at least one female-owned enterprise in every district should benefit from this initiative. Consequently, ₹40,000 crore has been disbursed under this program, with 80 percent of the beneficiaries being women.

Irani applauded the invaluable contributions made by these women, noting that they not only improved their own circumstances but also uplifted the status of women across the country. The Minister emphasized that these women have proven themselves to be reliable borrowers, reinforcing the trust of banks in women-owned enterprises.

Union Minister Smriti Irani's remarks at the G20 Summit shed light on the remarkable progress achieved in women's participation and empowerment under the BJP-led government. The financial interventions discussed by Irani have not only provided opportunities for women to establish and grow their businesses but have also paved the way for greater gender equality and socioeconomic development in India.