In India, Women Are All Set To Transform Entrepreneurship Landscape
The old time has witnessed the marginalisation of women in every sphere; the underdevelopment of social infrastructure amplified it more. However, as women are known for their entrepreneurial capabilities since their birth, they manage the domestic space and have the best negotiating skills outside the house.
The footprint of history tells that the ladies have mastered leading the businesses. With their belligerence, they fought for their education rights and economic freedom. Women like Kalpana Saroj were the primary ideal figures who succeeded in achieving their goals despite of their adversities.
Today, Indian women are representing their cities and countries on world platforms of entrepreneurs in different sectors.
According to the EdelGive Foundation report, women-owned businesses in India are expected to increase by 90 per cent in five years, compared to similar businesses in the United States (US) and the United Kingdom (UK), which are expected to grow by 50 per cent and 24 per cent, respectively.
The high jump in the figure of women-owned enterprises in the country has multi-fold factors that encourage them to initiate their idea and shaped them into a business.
Government policies & programmes
Government welfare policies played a crucial role in the surging number of women entrepreneurs across the country. In October, President Draupadi Murmu launched a programme ‘herSTART’ to ensure more women's participation in the entrepreneurial space. herStart is an initiative by Gujarat University Startup and Entrepreneurship Council (GUSEC) which aimed at supporting women-led startups.
At the event, Murmu underlined the leading place of India in the field of startups. Mudra Yojana scheme is one more prominent programme of the central government to fill all the voids in the journey of aspiring women entrepreneurs.
Through Mudra Yojana, women entrepreneurs can apply for a loan ranging between Rs 50,000 to Rs 10 lakh. For MYS, Prime Minister said that this scheme is aimed at “funding the unfunded”.
Development of social infrastructure
The 21st century has witnessed a turning mindset of society for women and education is the dominant factor in this. The education of girls is being promoted by the governmental authorities on every level plus Indian families started acknowledging girls' education.
The development of social infrastructure provided basic support to the women to start their businesses.
"21st the century workforce the backdrop of the rising role of technology, climate change, demographic shifts and globalisation of value chains, is going to need cognitive, socio-emotional, technical and digital skills. Women are equally competent if not more in all these aspects and are succeeding in their sphere, be it a career i.e. the government, private or entrepreneurship," said Shobha Mishra, Former Assistant General, FICCI and Corporate Professionals.
Technology replenished every industry and also function to convert human resource into human capital, in terms of women's entrepreneurship technology work like a boon whether it is their training or monetary matters. Talking about the significance of technology for women entrepreneurs,
Shobha added, ‘‘Digital technologies have brought work to the doorsteps of our homes. This is a great enabler for women to continue in their chosen career path, unlike earlier times when they had to drop out of the workforce to fulfil their social obligations and commitments. As industry 4.0/5.0 technologies transform manufacturing, more and more women are coming into this space.’’
Acceleration of the Indian economy
Apart from the determinants affecting the involvement of women in entrepreneurial space, the women leading businesses are themselves influencing the Indian economy as a whole.
As per one of the reports of the Indian Brand Equity Foundation (IBEF), In India, 20.37 per cent of women are MSME owners which accounts for 23.3 per cent of the labour force. They are considered to be the backbone of the economy.
According to McKinsey Global, India can potentially add USD 700 billion to the global gross domestic product (GDP) by increasing women’s participation in the labour force.
“Women across the nation are now looking beyond the boundaries of the household and are leading various entrepreneurial ventures. Women's entrepreneurship offers a viable pathway to create jobs and fuel India's economic development," said Priyanka Chaudhary Raina, Co-founder, MAATE.
Raina added that it is known to have a multiplier effect by leading a translational impact on the lives of future generations in terms of conscious reproductive choices, better access to education and high-quality healthcare facilities.
Women are the most efficient section of Indian society and carry sufficient competency to fuel the Indian economy with their endeavours.
Indian policymakers have to sketch the policies to push them more in the direction so that in the coming decade these women entrepreneurs will be able to contribute maximum input.
