- Date : 27/04/2023
- Read: 2 mins
Goldman Sachs’ education program adds Rs.2800 crore revenue
While women entrepreneurs are gradually carving out a niche for themselves, there still needs to be more untapped potential. The need for adequate representation, business capital, infrastructure, etc., are some of the problems women entrepreneurs face.
A leading financial services company, Goldman Sachs believes in promoting women's entrepreneurship. To this end, the company launched an education program for women in 2008 in partnership with the International Finance Corporation.
In recent years, the management and business program claimed that it generated 12,000 jobs for deserving women and added revenue of Rs.2800 crores. As per the data gathered by the Indian School of Business, here are some of the highlights of the program -
- The bank funded an education program for 2400 women.
- About 12,000 new jobs were created for the program beneficiaries over 18 months.
- In its maiden run in 2008, the program educated 10,000 women under its ‘Women Initiative'
- 10,000 women were able to double their existing workforce.
- They also increased their revenue four times and saw increased productivity by five times. They achieved the results within 18 months of graduating from the education program.
- Women are expected to increase their hiring and revenue figures in the future too.
- As of December 2021, about USD 720 million worth of loans were sanctioned under the education program for 38,000 women
The CEO and Chairman of Goldman Sachs reiterated the challenges that women entrepreneurs faced. He mentioned that 20% of businesses in India were represented by women, constituting 3% of the overall industrial output.
Also Read – Know more about the Mahila Samman Saving Certificate Scheme introduced in Union Budget 2023
Women entrepreneurs can change the face of the Indian business segment if their merits are realised. However, while Goldman Sachs’ program is helping many women, much more must be done before women get proper representation in the Indian corporate sector.
Also Read – How women can improve their financial situation
While women entrepreneurs are gradually carving out a niche for themselves, there still needs to be more untapped potential. The need for adequate representation, business capital, infrastructure, etc., are some of the problems women entrepreneurs face.
A leading financial services company, Goldman Sachs believes in promoting women's entrepreneurship. To this end, the company launched an education program for women in 2008 in partnership with the International Finance Corporation.
In recent years, the management and business program claimed that it generated 12,000 jobs for deserving women and added revenue of Rs.2800 crores. As per the data gathered by the Indian School of Business, here are some of the highlights of the program -
- The bank funded an education program for 2400 women.
- About 12,000 new jobs were created for the program beneficiaries over 18 months.
- In its maiden run in 2008, the program educated 10,000 women under its ‘Women Initiative'
- 10,000 women were able to double their existing workforce.
- They also increased their revenue four times and saw increased productivity by five times. They achieved the results within 18 months of graduating from the education program.
- Women are expected to increase their hiring and revenue figures in the future too.
- As of December 2021, about USD 720 million worth of loans were sanctioned under the education program for 38,000 women
The CEO and Chairman of Goldman Sachs reiterated the challenges that women entrepreneurs faced. He mentioned that 20% of businesses in India were represented by women, constituting 3% of the overall industrial output.
Also Read – Know more about the Mahila Samman Saving Certificate Scheme introduced in Union Budget 2023
Women entrepreneurs can change the face of the Indian business segment if their merits are realised. However, while Goldman Sachs’ program is helping many women, much more must be done before women get proper representation in the Indian corporate sector.
Also Read – How women can improve their financial situation
