“यत्र नार्यस्तु पूज्यन्ते, रमन्ते तत्र देवताः।” – मनुस्मृति (Where women are honoured, divinity blossoms; where they are dishonoured, all actions remain unfruitful.) In India, the reverence for women has been deeply ingrained in traditions and cultural heritage. Our society has long worshiped women, nature, and rivers, recognizing their nurturing and life-giving essence. However, despite this historical reverence, women have faced significant socio-economic challenges, particularly in achieving financial independence. While progress has been made, many women, especially in rural areas, still struggle with access to financial services and economic opportunities. Corporate Social Responsibility (CSR) initiatives play a crucial role in addressing these gaps, empowering women through financial inclusion and sustainable livelihood programs.
Financial inclusion is indeed a critical aspect of empowering women and marginalized communities. This is in line with some key initiatives from the Government of India: Pradhan Mantri Jan Dhan Yojana (PMJDY): Launched in August 2014, this scheme aims to provide universal access to banking facilities. As of now, over 55% of PMJDY account holders are women, and 66.69% of accounts are in rural areas. Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): These social security schemes provide accident and life insurance cover to account holders, further enhancing financial security. Atal Pension Yojana (APY): This scheme offers a guaranteed minimum pension to subscribers, ensuring financial stability in old age. And National Strategy for Financial Inclusion (2019-2024): This strategy outlines the vision and key objectives to expand and sustain financial inclusion in India. It focuses on providing access to formal financial services in an affordable manner, promoting financial literacy, and ensuring consumer protection. These initiatives collectively aim to bridge the gap between the financially included and excluded, ensuring that women and marginalized communities have access to essential financial services.
The Role of CSR in Financial Inclusion
Companies through CSR are strengthening these initiatives of the government as activities under mandatory CSR, in line with government and national priorities, ensuring that women, especially those from marginalized communities, can access banking services, credit facilities, and financial literacy programs. Many CSR initiatives focus on:
Microfinance and Self-Help Groups (SHGs): Companies collaborate with NGOs and financial institutions to provide micro-loans to women entrepreneurs, enabling them to start and sustain small businesses.
For example, Tata Trusts, through its partnerships with microfinance institutions, has supported over 50,000 women in setting up small-scale businesses in sectors like handicrafts, poultry, and food processing.
Digital Financial Literacy: With the rise of fintech, CSR programs train women in using digital payment platforms, mobile banking, and investment tools, promoting financial security. A notable example is HDFC Bank’s ‘Parivartan’ initiative, which has conducted extensive digital literacy training sessions for rural women, ensuring they can confidently manage their finances online.
Savings and Insurance Schemes: CSR-driven partnerships with banks help in providing affordable savings plans, pensions, and insurance tailored for women. ICICI Bank, under its CSR program, has introduced customized insurance and pension schemes for women in rural India, ensuring financial security for their families.
Economic Independence Through CSR
CSR initiatives also address economic empowerment by creating sustainable income-generating opportunities. These include:
Skill Development and Vocational Training: Many companies fund training programs in sectors such as handicrafts, textiles, retail, and technology to equip women with employable skills. For instance, Larsen & Toubro’s (L&T) CSR program trains women in masonry, carpentry, and electrical work, traditionally male-dominated fields, enabling them to secure stable employment.
Entrepreneurial Support: Women-led startups receive mentorship, seed funding, and market access through CSR-backed incubators and accelerator programs. PepsiCo Foundation, for example, runs women entrepreneur development programs, providing training, access to finance, and networking opportunities to help scale their businesses.
Employment Generation: Organizations implement inclusive hiring policies, providing direct employment opportunities to women in diverse fields. An excellent example is Infosys’ ‘Women in Tech’ initiative, which focuses on increasing female representation in STEM careers through scholarships, internships, and employment opportunities.
CSR as a Driver of Corporate Sustainability
CSR initiatives focused on women’s financial inclusion and economic empowerment not only uplift communities but also contribute to corporate sustainability and long-term business viability. By investing in women, companies create a stronger, more inclusive economy, enhance their brand reputation, and secure a loyal customer base. One notable example is Hindustan Unilever’s ‘Project Shakti’, which has empowered over 160,000 women across rural India. The initiative trains women as direct-to-home sales agents, equipping them with entrepreneurial skills and a sustainable income source while expanding Unilever’s rural market penetration. This model has been instrumental in fostering women’s financial independence, enhancing household incomes, and increasing Unilever’s rural reach. In turn, it has helped the company build a deeper, more trusted connection with local communities, strengthening its market presence and aligning business success with social progress.
CSR: A Catalyst for a Self-Reliant and Prosperous India by 2047
India is on a transformative journey, poised to become a self-reliant and prosperous economy by 2047. CSR is playing a pivotal role in this vision, driving financial inclusion and economic empowerment, particularly for women. While progress is evident, challenges such as cultural barriers, lack of awareness, and limited access to capital still persist. However, CSR initiatives are proving to be powerful tools in bridging gender inequality, fostering access to financial resources, skills, and employment opportunities. To deepen their impact and ensure lasting change, CSR programs must: Embrace a Multi-Stakeholder Approach: Stronger collaboration between corporates, government bodies, and civil society will enhance effectiveness and reach. Leverage Technology: Expanding digital financial services can bridge accessibility gaps, equipping women with the knowledge and confidence to manage their finances independently. And Ensure Sustainability: Moving beyond charity, programs should focus on long-term empowerment, integrating women into mainstream economic activities and fostering entrepreneurship.
As businesses align their CSR strategies with gender equity and economic growth, they contribute not just to corporate success but to the nation’s progress. Together, with a shared vision and unwavering commitment, we are paving the way for Viksit Bharat 2047—a future where every woman stands empowered, every opportunity is within reach, and economic prosperity knows no bounds.
Dr. K.K. Upadhyay
Professor & Chairperson – Centre for Sustainability & CSR
Birla Institute of Management Technology (BIMTECH)
