Promoting women entrepreneurs is a cornerstone of India's G20 women-led development strategy. Research indicates that if women's participation in the formal economy equaled that of men, India's economy could expand by an additional 60% by 2025, adding a significant $2.9 trillion to its GDP. Presently, women lead only about 14% of enterprises in the country.
Based on the sixth economic census, women entrepreneurs constitute 13.76% (around 8.05 million) of the total 58.5 million entrepreneurs across India. Despite the increase in female entrepreneurship, progress has been uneven and slow.
A variety of obstacles impede the advancement of women entrepreneurs in India, such as:
To address these issues, innovative financing solutions tailored to women entrepreneurs' needs must be developed. Such solutions should break away from traditional models and involve extensive consultation with women.
Women entrepreneurs often lack a collective voice, which limits their negotiating power, ability to shape agendas, and visibility regarding opportunities and trends.
While initiatives like SEWA and Lijjat papad demonstrate potential for women's entrepreneurship, new scalable models are necessary to accommodate changing technologies and finance accessibilities. Furthermore, there's a noticeable gap between urban and rural entrepreneurship models.
The gig economy offers immense potential for women's entrepreneurship, with an estimated 23.5 million workers by 2030. Government backing is crucial for identifying, testing, and validating business models that are suitable for women entrepreneurs.
In conclusion, promoting women entrepreneurs is essential for India's economic growth and development. Overcoming the challenges and gaps in this sector demands a concerted effort from various stakeholders and innovative solutions tailored to women's needs. The aspirations of the G20 summit need effective implementation to truly empower women entrepreneurs.
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