For the first time, Maharashtra drafts policy to empower women entrepreneurs

Mumbai, October 28: Maharashtra gearing up to bring women entrepreneurs to the mainstream, the state government has finalized the draft policy to promote women entrepreneurs in the state for the first time. The draft policy suggests that the state will pump in 15% to 35% of the investment cost in a project at a subsidized interest rate of up to 5% for five-year tenure, after the commencement of actual production. The state assistance will range from Rs 15 lakh to a maximum of Rs 1 Crore per project. 

The policy is aimed at strengthening the participation of women in mainstream industries and empowering them in the state,” Industries Minister Subhash Desai.

He further said that the government plans to make “necessary inclusions” in a few clauses of the policy so that the maximum number of women can benefit from it.

According to the policy, a woman entrepreneur is one who finances 100% of a project and hires at least 50% women employees. The policy additionally states that some stalls and zones in malls, commercial complexes and market yards would reserve for women businesspersons. Also, the land would be reserved for women industrialists in Maharashtra Industrial Development Corporation (MIDC) areas across the state. Spaces would be reserved to market products, too, at various public places, including malls, railway stations, bus stops, airports, movie theatres, foot over-bridges, subways and commercial complexes.

The women and child development department will also keep aside Rs 50 crore annually for the policy, which would be valid for five years or till further directives from the government.