Explore the impact of women entrepreneurs and workforce participation on India’s economy this International Women’s Day.
India is progressing rapidly, but there is a pressing need to increase the participation of women in this journey. Women’s empowerment is not only crucial socially but also accelerates our country’s economic progress.
Moreover, today, on March 8, 2024, as we observe International Women’s Day, let’s understand the role of women in India’s economy!
Promoting Women Entrepreneurship
International Women’s Day, celebrated every year on March 8, is a significant occasion to celebrate the rights and achievements of women.
Several studies indicate the importance of women’s leadership in businesses. For instance, as mentioned in the Economic Times, the World Bank data highlights that businesses led by women contribute 17% to India’s GDP. This figure underscores women’s entrepreneurial capacity and emphasises how empowering them bolsters the nation’s economy.
In line with this, at the recent 9th Annual Shakti International Women Entrepreneurs Summit in New Delhi, Minister for MSME Narayan Rane expressed pride in the unprecedented growth of women entrepreneurs in the MSME sector. He highlighted the fact that more than 1.40 crore MSMEs are now led by women, which is a commendable achievement.
Furthermore, he shared another piece of good news: Zed certification for MSMEs owned by women is now completely free. This certification enables MSMEs to meet the quality and safety standards of their products or services.
This step is a positive initiative towards encouraging women entrepreneurs and empowering them. It is hoped that in the coming years, the number of women entrepreneurs will continue to rise, playing an even more significant role in the Indian economy.
Participation of Women in India’s Workforce
Currently, women’s labour force participation rate in India is significantly lower than that of men. Bridging this gap will benefit not only women but also their families and the entire economy.
According to a study by Oxford Economics and Uber, if barriers to entry for an additional five lakh women in the workforce in the five largest cities of India are reduced over the next four years, the size of their economy could increase by up to 1.2%.
Government Efforts Towards Women’s Empowerment
According to CNBC TV18, a recent government review document shared statistics on efforts made for women’s empowerment. Let’s take a look at these figures:
Education: The Female Gross Enrollment Ratio (FGER) in senior secondary education increased from 24.5% in 2005 to 58.2% in 2022. Similarly, in higher education, this ratio increased from 6.7% in 2001 to 27.9% in 2021.
Financial Inclusion: 56% of account holders in Jan Dhan accounts are women, with two-thirds of these accounts located in rural and semi-urban areas.
Financial Literacy and Banking: Under the Mudra Yojana, 68% of loans were disbursed to women entrepreneurs.
Entrepreneurship: Out of the 2.1 lakh loans sanctioned under the Stand-Up India program, 84% were given to women entrepreneurs.
Skill Development: By June 2022, more than 59 lakh women had been certified through the Pradhan Mantri Kaushal Vikas Yojana, accounting for over 40% of the total certified individuals.
Digital Literacy: As of July 2023, more than 53% of beneficiaries under the Prime Minister’s Rural Digital Literacy Campaign (PMGDISHA) are women.
Housing: Out of the 2.4 crore houses built under the Pradhan Mantri Awas Yojana (Rural), only 26.6% are in the name of women, while 69% are jointly owned by spouses.
These figures demonstrate the government’s efforts to empower women in various sectors such as education, entrepreneurship, skill development, digital literacy, and housing.
In conclusion, International Women’s Day serves as a reminder of the importance of women’s empowerment in driving economic growth and societal progress. With concerted efforts from both the government and society, we can create a more inclusive and prosperous future for all.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The article is for information purposes only. This is not an investment advice.
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