Empowering women for growth
Updated: Jul 30
Women's Entrepreneurship and Development In India, because of culture and traditions, women are supposed to perform household activities and take care of their families. Because of these reasons, women's entrepreneurship is very low. But due to the widespread of education and social awareness during the last three decades, women are now showing interest in starting their own ventures. Hence, there has been considerable growth in the number of women entrepreneurs. Today, Indian women are willing to accept challenges and assume responsibility in economic, social, and political groups. Generally, they engage them in tiny or small cottage industries But recent studies show women have been starting ventures in all the sectors equivalent to men's.
According to a survey, women are more likely than men to become entrepreneurs because of a lack of job opportunities and the increasing cost of living due to high education, they are also entering into entrepreneurial activities There are a lot of opportunities in the market. Family background of having a business a) Though women are entering into business activities, they constitute 47.7% of the total population but women in the workforce constitute only 28% of the female population b) The total number of self-employed women engaged in an organised sector like handicraft, Agriculture, Handloom, or cottage base industries There is a federation, NGO, or industry association for women entrepreneurs that also supports women entrepreneurs. Besides this, at the state level, various programs are also conducted with the help of the government and Financial institutions. Current Scenario In India's economy, women entrepreneurs are becoming more substantial, and their contributions shouldn't be undervalued. These female entrepreneurs play a crucial role in the Indian economy and have a significant effect on it by generating employment, accelerating development, and fostering prosperity. As per recent figures, women comprise 14 percent of the total entrepreneurs in India, which works out to 8 million. Also, 10 percent of all formal enterprises are owned by women. About 20.37 percent of the MSME industry in India is made up of women-led businesses, which also employ about 23.3 percent of the labour population. Between 13.5 and 15.7 million businesses are owned by women, who also hire between 22 and 27 million individuals. They are thought of as the economic foundation of India. Not only can women's employment opportunities be expanded, but the strain of working two shifts per week can also be lessened. All areas of legislation must adopt the 3Rs approach, which involves recognising, Reducing, and Redistributing unpaid care work provided by women. The inclusion of women in the workforce has created jobs and assisted millions of families in escaping destitution. Because of their superior leadership abilities and higher levels of output, women predominate in new-age sectors where they make up a sizable portion of the workforce. This work ethic and admirable business acumen have also highlighted the significance of women in the contemporary workforce. According to a survey by Bain & Company, more than 45 percent of Indian women in rural areas were driven to start a business to gain recognition, and Women-led start-ups provide a 35 percent higher ROI compared to those led by men. The inherent need for women to provide for the family is a key factor. As they make 85 percent of purchase decisions, the need to provide a better lifestyle motivates women. With up to 40 percent of women finishing in the area of science and technology, India is among the top countries in the world for creating these professionals. Businesses that have women at the helm are considered to run very efficiently because businesses led by women require less investment but generate higher net revenue, women are great multi-taskers, women entrepreneurs are known to take more risks; and Women have a dynamic ability to adapt.” Women entrepreneurs are particularly active in sectors such as e-commerce, fashion, food, home-made products, education, healthcare, and technology. Women entrepreneurs are bringing new ideas and approaches to traditional industries, as well as creating new products and services. Despite facing numerous challenges, such as a lack of access to capital and limited opportunities for skill development, their resilience, and determination are helping to change attitudes towards women in business. "In every country in the world, women play a vital role in keeping the family stable and prosperous. Every task she embarks on and every piece of work she completes depend heavily on this special quality of hers. Educating a man would indeed educate that man as a person, but educating a woman is like educating the entire family and the country at large. Every person's existence must include education, but when women are educated, nations are strengthened and prosper. More than 163 million women began businesses globally in 2016, and another 111 million women were already operating their businesses, according to information provided by Franchise India. Women can prove their worth in any field by demonstrating their expertise, talent for creation, innovative mindset, and inclination to care for and protect." "According to the Ministry of Statistics and Programme, women make up 8.05 million or 13.76 percent of India's 58.5 million entrepreneurs. In Shark Tank season 2, 40 percent of the businesses being pitched were owned by women. The increasing number of women entrepreneurs and business owners is not only creating more job opportunities but also challenging deep-rooted gender norms and stereotypes, and they are acting as role models for other young women. This will lead to a large-scale societal mindset shift. Today, you find women entrepreneurs in every walk of life, from the health industry to nutrition, to social causes, branding, handicrafts, to e-commerce, to name it. Not only have they provided stability to their own families, by way of a second income, but they are also providing employment and growth opportunities across urban and rural India to other women, today’s youth."
Women are expected to dominate employment in India over the next few decades, helping to shape and improve the nation's future. By 2030, it is predicted that 150–170 million jobs will be generated by an additional 30 million women-owned companies. This might alter everything and make the economy's future more promising than ever. The prosperity of the nation could expand much more quickly if there were more women employed. Women currently make up 22 percent of India's GDP, which is lower than the global average of 45 percent. Women's business is a strong economic development driver. Even though entrepreneurship projects have their own set of difficulties, a supportive atmosphere will make this field extremely profitable and crucial to the development of the country. Progress of Woman Entrepreneurs in India: Entrepreneur Dr. Kiran Mazumdar-Shaw, Chairman and Managing Director of Biocon Ltd. The business and managerial skills of Dr. Kiran Mazumdar-Shaw have made her one of the richest business entrepreneurs in India. She ranks among the elite ranks of the Indian business fraternity and is a member of premier business organisations like the CII, MM Bangalore, and others. Ms.Ekta Kapoor, creative head of Balaji Telefilms Ekta Kapoor, the daughter of star actor Jeetendra and sister of Tushar Kapoor, is known in almost all Indian households for her K series serials. She is one of the frontrunners in the Indian television industry and has been responsible for the huge profits of her company, Balaji Telefilms. Balaji has made crores of rupees under her. Ms. Sunita Narain, an environmentalist and political activist A renowned social activist fighting for the importance of the Green concept of sustainable development, Sunita Narain has made India proud. She has been chosen as the director of the Society for Environmental Communications. She was also awarded the prestigious Padma Shri in 2005. Ms.Neelam Dhawan, Microsoft India's managing director A major name in the Indian business scene, Neelam Dhawan is the managing director of Microsoft’s sales and marketing operations. She is well known for implementing business strategies that have earned enormous profits for Microsoft. Ms. Naina Lai Kidwai was listed by Fortune magazine as one of the World’s Top 50 Corporate Women. She is the first Indian woman to crack the prestigious Harvard Business School. She is one of the top ten business women and the first woman to head operations I, of HSBC in India, was awarded the Padma Shri for her work.Ms. Sulajja Firodia Motwani, a known name in Indian business, is currently the Joint Managing Director of Kinetic Engineering Ltd. and manages the overall operations and business development strategies. She has been nominated as the Business ‘Face of the Millennium’ by the magazine India Today and also as the ‘Global Leader of Tomorrow’ by the World Economic Forum." Ms.Mallika Srinivasan, Director of TAFE India – Named one of the top ten business women of the year in 2006, Mallika Srinivasan is the director of TAFE India. Her skills and strategies have helped the company earn profits from a meagre Rs. 85 core to a mammoth Rs. 2,900 cores. She is also a leading figure in social services. Dr. Jatinder Kaur Arora – Dr. Jatinder Kaur Arora has made India proud through her scientific research for development of women. Presently serving the prestigious post of joint director in the Punjab State Council for Science and Technology, she was honoured with the national award for her brilliant work. Ms.Zia Mody, Senior Partner Zia Mody was listed as one of the top 25 most powerful business women by Business Today. Her strategies have helped AZB and Partners earn great profits. She has also been awarded the title of Best Knowledge Manager by Financial Express. Ms.Ritu Nanda, CEO, Escolife Ritu Nanda, the daughter of ace film personality, Raj Kapoor, has made her presence felt as one of the most prominent businesswomen in India. Currently serving as the CEO of Escolife, she was awarded the Best Insurance Advisor and entered the Guinness Book of Records for selling 17,000 pension policies in a day.
Shared by Shri.Nilesh Trivedi,Assistant Director, Incharge Branch MSME-DFO Tura Meghalaya Government of India Ministry of MSME.
Published By Dr. Rumi Borah,Editor -In -Chief - She Business Time.