In Visakhapatnam, a recent workshop organized by GITAM under the Indian Council of Social Science Research (ICSSR) shed light on the transformative impact of financial literacy on women's economic empowerment.

Experts from the banking and management sectors highlighted the significant role played by initiatives like the Pradhan Mantri Mudra Yojana (PMMY) in fostering women entrepreneurship and enhancing their financial well-being.

Associate Professor Radha Raghuramapatruni, the principal investigator of the project at GITAM's School of Business, outlined their empirical study focusing on the PMMY's effects on women entrepreneurs in North Coastal Andhra Pradesh.

Their interactions with 765 beneficiaries revealed a positive trend, with many rural women leveraging micro-enterprises to uplift their financial status.

Leela Rani, chairperson of the Andhra Pradesh Chamber of Commerce Women Entrepreneurship wing, emphasized the importance of financial literacy in enabling women to access government schemes effectively.

She encouraged women to explore micro-entrepreneurship opportunities, particularly utilizing agricultural resources available in the north coastal districts.

Professor Manjushri Naidu from the School of Business highlighted PMMY's role in providing micro-credits, with approximately 65 percent of its beneficiaries being women nationwide.

She underscored the significant contribution of women-led businesses to the GDP and the overall entrepreneurial landscape of the nation.

N. Rohith, assistant general manager at the Small Scale Industries Development Bank of India (SIDBI), noted PMMY's role in facilitating banking sector outreach into rural areas, thus broadening financial inclusion and accessibility for women entrepreneurs.

Overall, the workshop underscored the pivotal role of financial literacy in empowering women entrepreneurs, fostering economic growth, and strengthening the nation's entrepreneurial ecosystem.