The promotion of women's entrepreneurship is a crucial pillar of India's G20 women-led development agenda.
Studies suggest that if women's participation in the formal economy matched that of men,
India's economy could grow by an additional 60% by 2025, adding $2.9 trillion.
Currently, only about 14% of enterprises in India are led by women.
Current Scenario
According to the sixth economic census, women entrepreneurs make up 13.76% (approximately 8.05 million) of the total 58.5 million entrepreneurs in India.
Although there has been growth in the number of women entrepreneurs, progress has been uneven and slow.
Challenges and Gaps
Several challenges hinder the progress of women entrepreneurs in India. These include:
Lack of physical incubation/acceleration spaces tailored to women's unique needs.
The need for shared services, mentorship, peer support, and exhibition space.
Limited online/hybrid support, considering time and mobility constraints.
Access to finance remains a significant challenge due to non-tailored financial products and gendered loan approaches.
Tailored Financing Solutions
Addressing these challenges requires innovative financing solutions designed with women entrepreneurs' requirements in mind.
The design and delivery of such solutions should depart from traditional models and involve consultation with women.
Collective Voice
Women entrepreneurs lack a collective voice, which results in several limitations, including a lack of negotiating power,
inability to shape agendas, and limited visibility on opportunities and trends.
Scaling and Diversity
While models like SEWA and Lijjat papad have shown promise for women's entrepreneurship,
there's a need for new scalable models that account for changing technologies and finance accessibility.
Moreover, there's a significant gap in urban and rural entrepreneurship models.
Gig Economy Potential
The gig economy holds great potential for women's entrepreneurship, with an estimated 23.5 million workers by 2030.
Government support is essential for identifying, testing, and validating business models suitable for women entrepreneurs.
In conclusion, promoting women's entrepreneurship is essential for India's economic growth and development.
Overcoming the challenges and gaps in this sector requires a concerted effort from various stakeholders and innovative solutions tailored to women's needs.
The G20 summit's aspirations need effective implementation to empower women entrepreneurs.
