Women entrepreneurs driving India's economic expansion
This article is authored by Poonam Sharma, national president, FICCI FLO.
We see them everywhere; in boardrooms, in panels, as judges on funding-based reality shows, yet their contributions somehow miss the limelight. The case in point is women entrepreneurs being treated as a mere segment instead of a key driver of India’s economy. It has been reported that nearly 50% of India’s startup ecosystem is currently being powered by women. It’s time we recognised the long and winding road women traversed to reach this point, where they are acting as major stakeholders in the country’s business landscape.
Beauty, biotech, pharma, IT or banking, you name it, and women are leading successful businesses in the sector. Today, women make up nearly 15% of Indian entrepreneurs. An increase of more than 40% in credit borrowing by women has been observed of late, reflecting a strong drive for building enterprises in entrepreneurial capacity. Women are creating space for themselves and are refusing to be seen as a segment or left to the sidelines. They are making tough decisions, setting up businesses from scratch and continuously inventing ways to leave a mark on the so-called male-dominated world of entrepreneurship.
A key component of India’s priorities upon assuming the G20 presidency is the advocacy of women entrepreneurship for achieving growth and equality. And women entrepreneurs are quietly and consistently spearheading this goal and enabling the country to become a $5 trillion economy. We can all take a moment of pride to acknowledge that women are at the helm of over 20% of micro, small & medium enterprises (MSMEs) in India today. Job creation has also witnessed a boost as a result of these developments. Shattering societal shackles, women are accounting for more than 50% of employees in emerging sectors like electronic manufacturing.
Embodying power with purpose, women entrepreneurs are also acting as catalysts for societal change. The wealth generated through these ventures is often invested in household and community welfare. Women in power continue to lift other women through employment opportunities, training, mentorship, financial assistance and other means. Generations of women are getting access to quality education and apprenticeship programmes through initiatives started by women entrepreneurs.
{{/usCountry}}Embodying power with purpose, women entrepreneurs are also acting as catalysts for societal change. The wealth generated through these ventures is often invested in household and community welfare. Women in power continue to lift other women through employment opportunities, training, mentorship, financial assistance and other means. Generations of women are getting access to quality education and apprenticeship programmes through initiatives started by women entrepreneurs.
{{/usCountry}}Historically, industriousness and entrepreneurial prowess in women have been overlooked for a long time. And the aftershocks of these discriminatory practices are still prevalent. Systemic barriers often stand in the way of gender parity in entrepreneurship. It’s not uncommon for women entrepreneurs to encounter credit access obstacles, exclusion from business networks and policy-practice gaps, on their entrepreneurial journey. Bias is the biggest foe in this trajectory, often limiting opportunities for women.
{{/usCountry}}Historically, industriousness and entrepreneurial prowess in women have been overlooked for a long time. And the aftershocks of these discriminatory practices are still prevalent. Systemic barriers often stand in the way of gender parity in entrepreneurship. It’s not uncommon for women entrepreneurs to encounter credit access obstacles, exclusion from business networks and policy-practice gaps, on their entrepreneurial journey. Bias is the biggest foe in this trajectory, often limiting opportunities for women.
{{/usCountry}}The shift, however, is well underway. From D2C to technological and social enterprises, women are claiming their space across domains. A key impetus is when government intent aligns with women’s empowerment. Stand-Up India is one such scheme that aims to provide financial support to women entrepreneurs. Pradhan Mantri Mudra Yojana, on the other hand, has special provisions for micro/small enterprises owned by women. Similarly, the Women Entrepreneurship Platform is a forum geared towards offering support in the form of mentorship and funding information to women.
While these steps are truly commendable and will go a long way in bringing women to the forefront, there’s a lot to be done. Skills play a pivotal role in shaping entrepreneurs of the future. Opportunities must be extended to women across regions, communities and groups. Education, healthcare services, and hands-on exposure to work are some initiatives that must be taken by the entire ecosystem. To make change that actually endures, the focus must shift from tokenism to transformation.
(The views expressed are personal.)
This article is authored by Poonam Sharma, national president, FICCI FLO.
