Union Finance Minister Nirmala Sitharaman, during a visit to Bengaluru on Saturday, refuted claims that patriarchy hinders women's progress in India, pointing to the political ascent of former Prime Minister Indira Gandhi as a counterexample. Sitharaman made the remarks during an interaction with students at CMS Business School, where she also discussed a range of government initiatives aimed at youth empowerment, innovation, and digital banking transformation.
Patriarchy and Women's Empowerment
Sitharaman challenged the popular narrative that patriarchy impedes women's success in India, asking, "If patriarchy truly stopped women from achieving what they wanted, how did Indira Gandhi become Prime Minister?" Her comments sparked a lively discussion on the evolving role of women in Indian society, as she encouraged women to approach their goals with logic and self-confidence. While acknowledging the need for more support systems for women, she dismissed the concept of patriarchy as an "invention" of the Left, urging women to focus on their capabilities and opportunities.
Government Initiatives for Youth Employment
Sitharaman also highlighted several government-backed initiatives designed to empower young people, including a new scheme aimed at offering 1 crore internships for "unemployable youth" between the ages of 21 and 24. She underscored the importance of skill development for the youth and called on students to help connect their peers to platforms that would aid in enhancing their skills and employability.
Support for Innovation and MSMEs
The Finance Minister discussed the government's efforts to foster innovation in India, emphasising the creation of a supportive environment for startups and innovators. She pointed to the government’s commitment to market access for new ideas, and highlighted the role of the MSME sector, which contributes 40% of government procurement. “India now has more than 2 lakh startups, with over 130 achieving unicorn status. The opportunity is enormous, but it’s not fully realised yet,” she said.
Digital Banking and Financial Inclusion
Sitharaman also spoke about the transformative impact of digital banking in India, particularly through the Jan Dhan Yojana initiative, which has opened up financial services to millions of previously unbanked citizens. She noted that India’s approach to building digital infrastructure has been distinct from many other countries, where private players have often led the charge. “In India, the government funded the expansion of digital networks, ensuring that even the smallest users can access digital banking without incurring additional costs,” she said.
SIDBI’s Fund of Funds and Support for Small Businesses
The Finance Minister also mentioned the Small Industries Development Bank of India’s (SIDBI) 'Fund of Funds' initiative, which has been allocated Rs 10,000 crore by the government to support small businesses and innovative projects. She highlighted how private equity firms have been attracted to invest in these ventures, owing to government concessions that foster an environment conducive to growth.
Sitharaman’s remarks come at a time when the government is increasingly focusing on creating more opportunities for youth and women, as well as promoting innovation across various sectors.