FedEx backs minority entrepreneurship through United Way Mumbai partnership

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FedEx backs minority entrepreneurship through United Way Mumbai partnership

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Raj Subramaniam President, Chief Executive Officer, and Director FedEx Corporation | FedEx

By Sky Industry News

Nov 20, 2024

Federal Express Corporation is advancing its efforts in supporting inclusive entrepreneurship through the United Way Mumbai Saksham initiative. This collaboration aims to empower minority entrepreneurs in India by providing resources, training, and mentorship.

Since its inception in 2021, the Saksham initiative has delivered business kits to small business owners across sectors such as tailoring, food services, and beauty services. These kits are designed to help beneficiaries establish sustainable businesses. A post-distribution assessment conducted by United Way Mumbai highlighted significant outcomes from the May 2024 distribution:

- 38% of participants who previously had no income now earn an average annual income of ₹61,176.

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- 19% of those earning less than ₹15,000 annually have seen their earnings increase to an average of ₹66,782.

The initiative has also made a considerable impact on the LGBTQIA+ community. Initially, 45% of LGBTQIA+ participants were unemployed. After joining Saksham, 90% have secured employment or become self-employed. Among them:

- 68% are employed in private sector roles with monthly earnings between ₹14,000-₹15,000.

- 23% have successfully started self-employment ventures in cultural performances, beauty services, and tailoring.

“Small and medium enterprises (SMEs) are a driving force for economic growth," stated Suvendu Choudhury, vice president of India Operations at FedEx. "The Saksham initiative helps bridge that gap for women and LGBTQIA+ entrepreneurs." He added that FedEx is committed to helping these groups thrive within India's SME ecosystem.

Saksham is a key component of FedEx's Global Entrepreneurship CSR pillar in India. The program aligns with government efforts to support small businesses by promoting economic self-reliance among underserved groups.

FedEx offers a wide range of transportation and business services globally and has annual revenue of $88 billion. Known for being one of the most admired employers worldwide, FedEx employs over 500,000 people focused on safety and high ethical standards while striving for carbon-neutral operations by 2040.