FM Sitharaman reports 3 Fold Increase in Women Directors in India over last Decade

By: WE Staff | Thursday, 5 September 2024

A Conference on Women Rising - The Unseen Barriers in Power, Politics and Otherwise was organized by the FICCI-FLO Chennai Chapter where Union Minister Nirmala Sitharaman reported a three-fold increase in women directors in active corporate companies in the last decade, with Tamil Nadu's increase over fourfold. The Prime Minister Narendra Modi-led government has encouraged women's participation across sectors, with 18 per cent of 111 unicorns in India led by women specifically in the startup and financial technology space.

Union Minister further added that the number of women directors in active companies in India has increased by 3.4 times from 2.58 lakh in 2014 to 8.83 lakh in August 2024. In Tamil Nadu, the number has risen by 4.3 times, from 15,550 in 2014 to 68,000 women directors in August 2024. The government has allocated more funds to schemes aimed at women's welfare and empowerment, with the budget for these schemes tripling from Rs 97,134 crore in FY2014 to Rs 3.10 lakh crore in FY2025. She highlighted the increasing focus on women in government initiatives emphasizing the expansion of the gender budget as part of a broader trend towards increased women's participation.

FM Nirmala further mentioned that a 22 per cent increase in women directors on Nifty 50 companies' boards from 18 per cent in 2019 has been noted in a study conducted by Deloitte. She said that the Council of Scientific Industrial Research (CSIR), India's largest civilian research organization, welcomed its first woman Director General in 2022. Women are now allowed in combat services across three forces, and recruitment in the Indian Air Force is gender-neutral, which signifies diversity.