About 95% Women Unaware Of Existing Govt Financial Schemes: Survey
This indicates women are turning to the informal sector for access to credit, the report says
In a shocking development, about 95 per cent of Indian women are unaware of existing government financial schemes or initiatives to leverage for their business, according to a survey report by the Bharat Women Aspiration Index (BWAI).
The report mentioned that this indicates women are turning to the informal sector for access to credit. About 52 per cent of women entrepreneurs have access to financial credit, indicating that one in two entrepreneurs has access to finance, while 47 per cent said they face challenges.
Interestingly, about 80 per cent of women agree that tailored financial programmes can make their entrepreneurial journey easy. Around 63 per cent of women claim to have access to mentorship to guide them in their businesses.
However, 90 per cent cite names of relatives, or close friends/family networks as ‘peers’, indicating a lack of structured programmes for women to network and upskill with business know-how.
The report also revealed that around 80 per cent of women recognise digital literacy is an important enabler. Around 51 per cent, or one in two, business owners face hurdles in accessing digital tools for business.
Family Support For Women Pursuing Entrepreneurs
Around 31 per cent of women want a better future for their family and 28 per cent wish to support their family with ‘additional income’. Also, 78 per cent rank family as the most important factor when starting a business. The majority, 77 per cent say that family has been the ‘key factor’ behind their success.
With family and community at the heart of the aspirations of women in business, entrepreneurs from Bharat are keen on building their businesses locally. Around 38 per cent of women feel that accessing the customer is easier, while 31 per cent felt that first mover advantage in the local market gives them a competitive edge in business and talent hunting.
Gurjodhpal Singh, Global Chief Executive Officer (CEO), Tide said, BWAI's findings have highlighted the aspirations, motivations, and challenges women in smaller cities face. The findings have inspired us to be a key partner in their success stories. Access to funding, mentors, and digital tools for doing business are tightly interwoven and interdependent.”
Singh mentioned that while women entrepreneurs from small towns report that they have access to credit, a large gap in their understanding of financial systems points to the presence of informal money lending channels that may not be in their best interest.
