Women entrepreneurs shaping future of India
“Women are the largest untapped reservoir of talent in the world.”
The achievements of women in our modern era are outstanding, with a lot of them making ground-breaking contributions to every field of work, especially entrepreneurship expert. And just like everywhere else on the globe, India’s economy has been greatly boosted by women entrepreneurs.
Shri Narayan Rane, the Union Minister for Micro, Small, and Medium Enterprises, reaffirmed this when he said, “Women entrepreneurs in India have played an important part in progressing the country’s economic development, and women-owned businesses are now growing significantly” at the Shakti National Conference 2023.
Role of women in the economy of India
In India, 20.37% of MSME owners are women, making up 23.3% of the working population. They are regarded as the foundation of the economy. By expanding women’s participation in the workforce, India has the potential to boost the global GDP by 700 billion US dollars, claims McKinsey Global.
Women make up a greater percentage of workers in manufacturing and agriculture than men do. These industries are frequently credited with raising household income and assisting families in escaping poverty. Also, women’s literacy rates increased by 8.8% in FY21, highlighting the nation’s promising future.
A survey claims that women own close to 20% of businesses in India. Since the country strives to alter its social and economic condition through women-owned businesses, a number of female entrepreneurs have shot to popularity thanks to their outstanding commercial skills.
Indian women entrepreneurs have been breaking glass ceilings in a variety of industries, including e-commerce, science, image consulting, and entertainment.
Impact of women-led business
Women-owned businesses provide the economy with a lot of energy. In India, there are 432 million women of working age, and 13.5 to 15.7 million of those businesses are owned by women. These businesses directly employ 22 to 27 million people. In addition, women are in charge of a lot of businesses. Indian women are self-reliant and highly motivated to launch their own businesses.
According to Boston Consulting Group, over the course of five years, start-ups that were formed or cofounded by women brought in 10% greater overall revenue. These start-ups offer a more welcoming workplace environment and hire three times as many women as men. Moreover, it is predicted that in the following five years, women-led firms will grow by 90%.
Some encouraging Indian women entrepreneurs
In India, the history of bold women entrepreneurs actually began pretty early with Kalpana Saroj, known as the first female entrepreneur in India and the creator of “Slumdog Millionaire.” In 2001, Kalpana took over the Kamani Tubes Company’s troubled assets and brought them back to profitability.
Menstrupedia was founded in 2012 by Aditi Gupta, a National Institute of Design, Ahmedabad graduate, and offers accessible knowledge about menstruation, cleanliness, and puberty via comic books and relatable media.
The resources provided by Menstrupedia have benefited about 13 million girls and women worldwide. Aditi was recognized for her pioneering work in menstrual education by being ranked in Forbes’ India Under 30 list and as one of the BBC’s 100 most important women.
Microbiologist Shaikh Razia, from Chhattisgarh, changed how people thought about Mahua blossoms, which are commonly consumed by tribal people and are typically used to make alcohol. Razia founded Bastar Foods, a company that used local tribal women to produce ladoos and other healthy treats from the flower, emphasizing its nutritional value.
Ela Bhatt, known as the “gentle revolutionary,” founded the Self-Employed Women’s Association (SEWA), a trade organization for independent female textile workers. She has made a remarkable contribution to empowering Indian women at the local level.
These are just a few notable examples; there are many more, with the government increasingly supporting the empowerment of women entrepreneurs in India.
Government programs have in fact significantly aided small female entrepreneurs over the past few years by giving them access to cheap and easily available capital, connecting them with prospective consumers, helping them develop their skills and markets, building their capacities, promoting financial literacy, and giving them access to simple microcredit facilities.
Undoubtedly, women’s entrepreneurship is crucial for a nation’s economic development. That’s why Salesflying offers free consulting services to women entrepreneurs. It also act as a potential tool to free women from the limitations imposed by the extremely pervasive gender inequalities, particularly when it comes to their participation in the workforce
Know more about free business consulting services.