23 Feb Rahul Bajaj and The BYST
Rahul Bajaj and The BYST – Today Current Affairs
Rahul Bajaj believed that women micro entrepreneurs could fuel job creation in rural areas when given the appropriate financial support and mentoring.
Today Current Affairs
The BYST : The Hindu Analysis
With his support, the Bharatiya Yuva Shakti Trust (BYST) has created hundreds of women “grampreneurs” across all regions.
- Inspired by and modelled after the Prince of Wales Trust, U.K.
- Backed by visionaries like J.R.D. Tata (founding chairman) and Rahul Bajaj (founding trustee)
Rahul brought the guiding principles of equality and non-discrimination that shaped his life to the BYST.
- It supports, mentors and provides a robust business plan that stands microentrepreneurs in good stead,
- Helping them receive debt financing without any security or collateral to expand their enterprise.
- Each Grampreneur gets guidance and support from experienced industry experts.
For example- 1. Momchandi, a single child, who lost her father when she was one. Her mother, a homemaker, had no income. An acquaintance referred her to the BYST, with whose guidance, she received holistic training on entrepreneurship and took out a loan
- Growing rapidly from there, Momchandi’s turnover in FY 2019-20 alone was ₹79 lakh.
- Locally, she has created 42 jobs.
- Globally, she has showcased her business in many countries.
- She not only supplies clothing to the local market, vendors, clothing shops and schools but also exports to Russia.
Venture capital and angel funding, the most popular buzzwords for entrepreneurs, are not accessible for them.
For example- 2. when women like Panchamirtham entered and conquered the male-dominated domain of manufacturing tools and dies. Today Current Affairs.
The BYST stepped in when she could not meet customer demands due to lack of finance. Today, she has already created 20 jobs and plans to expand her product line.
EXISTING GOVERNMENT SCHEMES : The Hindu Analysis
- The Pradhan Mantri Rozgar Yojana
- The Startup India scheme
BUT , As per CIA study → 98% of women entrepreneurs are unaware of these Govt. backed schemes.
The BYST spreads awareness through business idea contests and campaigns across cities and towns.
Shree Rahul Bajaj felt a responsibility towards the women from Gandhiji’s land, Wardha.
Today Current Affairs
For example- 3. Vaishali from Wardha
From selling homemade pickle and papads door-to-door, making a meagre ₹5,000 a month, she now has a turnover of over ₹40 lakh.
With BYST’s support and her mentor’s guidance, she was able to acquire a business loan and expand her product line to include 40 high-quality food items.
Rahul believed that equality in its truest sense can be achieved when women have the right to participate in building the nation’s economy and that this could be achieved through public-private partnership.
As women job creators automatically pave the way for more women workers, and eventually to even more women entrepreneurs.
Women job creators → More women workers → even more women entrepreneurs → increased participation of women in the workforce → Better economic condition
With an increased participation of women in the workforce, the economic condition of the country would improve.
Rahul wanted the BYST to be a powerful presence behind this change.