With few exceptions, women entrepreneurs in India have not yet been cast as role models and celebrities. But don’t be surprised if this changes quickly. India is on the cusp of a women’s business revolution. There is a growing list of pioneers.
Rashmi Sinha, the founder of SlideShare, which was acquired by LinkedIn in 2012, was named among the world’s 10 most influential women in Web 2.0 by Fast Company. Ashwini Ashokan, the founder of Mad Street Den who solves problems using artificial intelligence; Neeru Sharma, founder of million-dollar online retailer Infibeam; Anu Sridharan, the founder of NextDrop, which allows urban residents to track the availability of piped water; Sheetal Walsh, whose Shanti Life provides microfinance to slum dwellers to start businesses; and Sairee Chahal, founder of Sheroes, which connects talented professional women with career opportunities. The list is growing longer and more impressive by the day, strengthening the perception that in the days to come, women entrepreneurs will have a huge influence on the Indian economy.
The tendency of women to undertake has grown quietly. But historically speaking, this is a very natural trend in India, where women were well known for throwing ‘papads’ and pickles, and as early as 1959 the iconic ‘Lijjat Papad’, an Indian women’s cooperative, was born. Today it employs 42,000 people and has a turnover of over Rs 800 crore! With a legacy like that, can’t Indian women be at the forefront of entrepreneurship?
According to a 2015 report published by BNP Paribas covering the US, Europe, the Middle East and Asia, India ranks as the most active country for successful women entrepreneurs. The report finds that a staggering 49% of entrepreneurs in the country are women and puts India ahead of Hong Kong and France, the next two nations next to India in terms of active women entrepreneurs.
The trend is giving rise to multiple support systems and accelerators aimed at promoting and sustaining women entrepreneurs. In March 2014, NASSCOM launched Girls in Technology (GIT), a program to ensure that it is easier for women to establish Internet-based technology companies. FICCI recently launched ‘Swayam’ in Ahmedabad with the aim of supporting women entrepreneurs. HSBC India Chairman Naina Lal Kidwai chaired this event as her due. These are just two examples of a healthy and vibrant ecosystem that is quickly taking over to incubate and support women entrepreneurs in India.
Vocational education and training are the main drivers for realizing women’s entrepreneurial aspirations. But there are other socioeconomic reasons driving the transition of more and more women starting businesses as diverse as pet care clinics, loan recovery companies, presentation-sharing platforms, wheelchair manufacturing, telemarketing companies, health care products, and more. herb care, publications, public relations organizations. and learning management systems. Traditional family structures are changing from joint families to nuclear families, allowing women an independent voice; the gender gap between men and women has narrowed, allowing women to find a place and unleash their potential; women are coming out of kitchens to participate in all walks of life, from politics to medicine, and are becoming more visible; they are acquiring the confidence and security in themselves that are required to be a true entrepreneur; and they can network and find funding and mentoring more easily than ever.
At the bottom of this trend are government schemes and policies that support and encourage the entrepreneurial spirit of women, facilitating the development of business skills (through skills development programs) and the search for institutional financing, infrastructure and talent. . As examples, we have the Trade Related Business Development and Assistance Scheme (TREAD) provided by the Ministry of Micro, Small and Medium Enterprises (MIPYME). TREAD provides a subsidy of up to 30% of the project cost and the remaining 70% as a loan to women entrepreneurs. In addition, there are countless schemes launched by banks that target women entrepreneurs. In fact, the Bharatiya Mahila Bank, which opened in 2013 and is run by Usha Ananthasubramanian, another role model for women in India, targets unbanked urban and rural women and helps them set up their businesses.
The Organization for Economic Co-operation and Development (OECD) reports that the annual growth of the economy could improve to 2.4% if India implements pro-growth and pro-gender policies. To truly take advantage of this trend, India needs to ensure that women have easier access to education and training, to workshops that address skills development such as accounting, marketing, human resource management and production. It is important for women to have easier access to trade fairs and conferences in India and abroad, so they can meet others like them and interact with buyers in larger markets. And above all, it is imperative that a National Complaints Forum be established where the problems faced by businesswomen in day-to-day work environments are quickly addressed.
Women entrepreneurs are a precious resource and the trend of increasing entrepreneurship among women is very welcome. Women are strong, patient, competitive, resourceful, and loving by nature. They have the ability to bring innovation and new perspectives to business management, attributes that modern business management theories have come to recognize as critical to success. According to the World Economic Forum (WEF) Global Gender Gap Report 2014, Indian women make up just over a third of the workforce and thus their largest contribution to GDP and ability to earn. creating jobs could be a game changer for the Indian economy.
