Contribution Of Women Entrepreneurs Towards India's Economic Growth. How They Are Shaping The Future

About 20.37 per cent of the MSME industry in India is made up of women-led businesses, which also employ about 23.3 per cent of the labour population

The inclusion of women in the workforce has created jobs and assisted millions of families in escaping destitution.

Source : Getty

In India's economy, women entrepreneurs are growing 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 per cent of the total entrepreneurs in India, which works out to 8 million. Also, 10 per cent of all formal enterprises are owned by women. 

About 20.37 per cent of the MSME industry in India is made up of women-led businesses, which also employ about 23.3 per cent 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 also the strain of working two shifts per week for women can 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.

Manu Awasthy, CEO and founder, Centricity Wealthtech, said, “Women entrepreneurs and their increasing presence in India have significantly influenced the social and economic demographics of the country. Women entrepreneurs are empowering 50 per cent of India’s start-up ecosystem, driven by Recognition, Results, Fulfilling unmet needs and Education. According to a survey by Bain & Company, more than 45per cent of Indian women in rural areas were driven to start a business to gain recognition and Women-led start-ups provide 35 per cent higher ROI compared to those led by men. The inherent need in women to provide for the family is a key factor. As they make 85 per cent of purchase decisions, the need to provide a better lifestyle motivates women. With up to 40 per cent 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.”

Aman Mittal, vice-president, LPU, said, “ Indian women entrepreneurs are playing a crucial role in driving the country's economy forward by creating job opportunities, innovating in various sectors, driving growth in key industries, and overcoming social and cultural biases. They are particularly active in sectors such as e-commerce, fashion, 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 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 summary, Indian women entrepreneurs are making significant contributions to the economy and are helping to build a more inclusive and equitable society.”

Kanchana Latha, Secretary, KL Education Foundation (KLEF), said "In every country of 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 females are educated the 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."

Sonica Aron, Managing Partner, Marching Sheep, said, "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 per cent 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, handicraft, to e-commerce, to name it. Not only have they provided stability to their own families, by way of a second income, but are 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 employment will be generated by an additional over 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 in employment. Women currently make up 22 per cent of India's GDP, which is lower than the global average of 45 per cent. 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.

Nina Nair, senior vice-president & HRD head, India & Americas, said, "We have laid a strong focus on creating a gender-inclusive workplace. To achieve this, we have hired over three thousand two hundred women employees during the year, taking the overall number of women in its workforce to over one-third. The company’s equitable and inclusive policies and initiatives have been lauded by the industry. As an organisation, our clear focus in the past years has been to make our organisation gender diverse and inclusive. Our strong belief is that a collaboration of unique individuals creates inventive solutions."

Puja Issar, managing director, AnitaB.org India, said, "On this International Women's Day, let us celebrate the incredible women who are breaking barriers and driving innovation in Science, Technology, Engineering, and Mathematics (STEM), despite the inherent gender bias and discrimination. We all must also work towards creating more inclusive and diverse STEM communities that breaks down barriers and offer support to aspiring young women. It’s time to challenge the stereotypes that often hold women back in STEM and advocate for equal opportunities, pay and representation that help in the overall growth of the economy at the same time. By promoting gender diversity, we will be able to unlock new perspectives that drive innovation and solve some of the world’s most urgent issues. Because when women succeed, we all succeed."

Swetha Kochar, partner, PKC Management Consulting, said, "Women with families, even in today’s generation show hesitance when it comes to building their careers. Being an entrepreneur for nearly 5 years, I am yet to see proportional contributions of women in business. Especially when it comes to an industry like business consultancy, there are still more men than women. This is due to the lack of belief in oneself. Business minds have for years been associated with men, thereby undermining the intelligence of a woman without her even getting the chance to showcase her intelligence. I wish to see an increased number of serial women entrepreneurs and in C Suite positions who have the confidence and power to build themselves in career paths that are considered unfit for a family woman! People need to see that a house and a business can easily be built by a woman with just a little support from everyone."

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