FLO launched Digital Ready Reckoner – Of MSME Schemes

Hyderabad, June 01, 2024: FICCI Ladies Organisation (FLO) organized an MSME-focused event called ‘Navigating to success: the MSME way’ at the National Institute of MSME (ni-msme) Yousufguda on Friday in the city.

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Several FLO members attended it, women-owned business owners. Addressing the gathering Dr S Glory Swarupa, DG ni-msme said 8 million women out of 60 million MSMEs from a 2016 data are women-led. 

According to Kinara Capital’s MSME Insights Report 2024, women-owned MSMEs hired 11 percent more women employees compared to those owned by men. The study highlighted that women MSMEs were better at cost optimization, income growth, and repayment of business loans than those owned by men. Thus, it proves that the social benefits of economic growth can only be maximized if women business owners are given equal opportunities to compete and succeed.

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Speaking further she said McKinsey Global Institute estimates that India could boost its GDP by $ 0.7 trillion by bringing more women into the workforce by 2025. The World Bank also reports that India could increase annual GDP growth by 1.5 percentage points by getting 50 percent of women into the workforce. 

Our mission is to double the number of women entrepreneurs in India, Dr S Glory Swarupa, DG ni-msme added.

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Giving opening remarks Ms Priya Gazdar, Chairperson of FLO said FICCI FLO, at the national level, is entering into a knowledge exchange collaboration agreement with ni-msme, the pioneering institute providing a pro-business environment to foster the progress of MSMEs, for over 62 years now. This MoU will be signed during an MSME Conclave FLO organized in the city on June 24th, 2024. 

In the last financial year, Priya said that we witnessed a significant 75% increase in women-led SMEs, rising from 4.9 lakh units to 8.59 lakh units. This growth underscores the resilience and determination of women entrepreneurs.

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As India aspires to become the world’s third-largest economy by 2030, this is a gap we must urgently bridge, Priya said. 

Priya added that FLO is determined to support women entrepreneurs with the right knowledge and tools to grant them greater economic and entrepreneurial freedom.

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 So, this year, FLO’s thrust is on bringing more women at all stages of business and levels of society into the MSME fold to reap the benefits of the far-reaching schemes and subsidies offered by the MSME Ministry, Govt. of India.

FLO Hyderabad launched a Digital Ready Reckoner – a comprehensive compilation of MSME schemes relevant to women entrepreneurs. The Ready Reckoner can be accessed by FLO’s 12000 members across 24 regional chapters pan-India, and it will be updated quarterly to ensure continued relevance and accuracy, Priya informed.

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She said we also launched an MSME Help Desk at FLO Hyderabad Chapter to focus on the Udyam Registration Drive for members and non-members. 

ni-msme senior staff members familiarized attendees with various schemes, loan formalities, and the Udayam Registration process.

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Many members did Udyam Registration, the registration of the MSME. 

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