- The ambitious and aspiring women entrepreneurs struggle with:
- Less favourable conditions.
- Pronounced cultural biases
- Lack of business resources such as (Funding infrastructure, training and developemnt)
- This not Only alters their confidence but also holds back other women who would gain strength and support seeing them outshine and prosper.
- A society in which women are unable to realise their full potential for innovtion, economic growth, and job creation.
SDGs by 2030
The global commitment for realising the sustainable development goals by 2030 focuses on:-
- poverty, tackling inequality and Injustice.
- Set distinct goals for ensuring economic empowerment.
- Well-being of women.
- In the coming decade, India will have the largest working-age population in the world with over 1 billion people.
- This demographic dividend, when pooled with an increasingly educated population, has the potential to change India’s economic and social development trajectory.
- Entrepreneurship opportunities for women has a vital role in boosting the economy through job creation but also deliver transformational social and personal outcomes for women.
MCKinsey’s Gender Parity Report 2018
If India is able to address gender inequality- we could add about $ 770 Billion to the GDP (Equivalent to 18% more than the usual)
PARTICIPATION OF WOMEN IN INDIAN ECONOMY
- The interlinkages between women labour force participation and social/economic development is much more directly proportional than described.
- Female labour force participation has been incessantly falling from 79% in 2005 to 20.79% in 2019 in India.
- The world average from women participation rate in the labour market stood at a whooping 5% in 2018.
RURAL PARTICIPATION OF WOMEN
- Rural jobs have been decreasing and rural women have not been able to make the transition to working in urban areas.
- India ranks 120 among 131 countries in female labour force participation rates and rates of gender-based voilence remain unsatisfactorily
Reason behind low participation of women
- The Societal Obligations for the women are a major reason for the setback in the participation rate in the labour force.
- The Cultural norms that place primary responsibility of routine Domestic tasks, keep the aspirations and strengths of women at bay.
- For developing countries like India, womens workforce participation is closely linked with financial Independence, confidence and ability to drive others as well to make an individual mark in the social environment.
Entrepreneurship enhances the social status of women through the ownership of assets and the freedom of decision making.
GOI Schemes and Programs for enhancing
- PRIME MINISTER’S EMPLOYMENT GENERATION PROGRAMME (PMEGP)
- Entrepreneurship Skill Development Programme (ESDP)
- STARTUp INDIA.
CHALLENGES FACED BY ASPIRING WOMEN ENTREPRENEURS.
- Deeply entrenched Socio-cultural expectation act as systemic barriers leading to less-than-ideal participation from women entrepreneurs.
ACCESS To CREDIT : Getting a loan from a financial institution requires adequate collateral and the gendered differences in asset ownership and the lack of sufficient savings, often disqualify women from receiving credit.
Domestic Responsibilities: Framework of Pre-assigned gender roles shouldering the role responsibility for domestic chores and care giving for dependents.
- OECD reports that the average Indian women spends nearly 6 hours on unpaid work each day with men contributing less than a single hour (52 minutes).
GENDER BIASES :- The undercurrent of gender biases is starkest in the investment space for women owned enterprises.
Information Asymmetry :– Limited exposure to the world of business makes women with entrepreneurial amnitions undermines themselves and question their ability to succed in the space.
Lack of Role Models :– Dearth of Role Models, limiting the confidence of aspiring women entrepreneurs, making success seem like an unbreakable glass ceiling.
GOI Initiatives to encourage and Support Women Entrepreneus
- Startup India vertical dedicate to women entrepreneurship
- National skill Development Program’s ‘Enabling women Enterpreneur’s skilling initiative’
- Special Provision of 3% public procurement for MSMEs owned by women.
Role of Niti Aayog to tackle the Gender Bias in Entrepreneurship
Based on the assessments and analysis of the data from the surveys and feedback from the women entrepreneurship Ecosystem, Key areas of support were identified.
These have been developed into SIX Parallel work streams.
- Community and Network
- Compliance and Tax Assistance
- Enterpreneur Skilling and Mentorship
- Funding and Financial Assistance
- Incubation and Acceleration
- Marketing Assistance
ATAL INNOVATION MISSION (AIM)
Initiated by NITI Aayog in the direction of supporting budding and existing entrepreneurs in their innovation expeditions.
AIM Programs :
- Atal Incubation centres (AICs) in Tier 1 cities
- Atal community innovation centres (ACIC) in Tier 2/3 cities.
- Asperational Districts across all states and Uts in India.
AIM Functions :
- AIM Provides support to AICs and ACICs in creating world-class incubation facilities across the country.
- Most of the AICs and ACICs are sector specific in areas such as manufacturing, transport, energy, health, education, agriculture, water sanitation, internet of things, cyber security, and promote unprecedented technological innovation in these sectors.
- AIM also runs a challenge-based program called Atal New India Challenge (ANIC).
ANIC is an initiative aimed at supporting innovators to create products/solutions based on advanced technologies in areas of national importance and social relevance through a grant-based mechanism.
CONCLUSION AND WAY FORWARD
- At this juncture, effective steps are needed to provide entrepreneurial awareness, Orientation and skill development programs to women.
- There is a need for a multi-dimensional approach from different stake holders, namely government, financial institutions, NGOs, acdemic/non-academic institution, existing women entrepreneurs as well as enterprises run by men for a flexible-integrated adn coordinated specific approach.
- The principal factor in developing entrepreneurship among women is of clearing the ground for their movement into entrepreneurship. For ages together they have been confined to a secondary role and confined to the homes and one has to make them self-reliant, self-respecting enterprising people.
NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT
- The RBI (Reserve Bank of India) at the insistence of the Government of India, Constituted a committee to Review the Arrangements for Institutional credit for Agriculture and Rural Develoment (CRAFICARD) to look into development of institutional credit in boosting rural economy.
- The Committee was formed on 30 March 1979, under the chairmanship of Shri B.Sivaraman, former member of planning commission, Government of India.
The Committee’s Interim Report :
- It Outlined the need for a new organisational device for providing undivided attention, forceful direction and pointed focus to credit related issues linked with rural development.
- Its recommendation was formation of a unique development financial institution which would address these aspiration.
- NABARD was approved by the Parliament through Act 61 fo 1981.
- NABARD came into existence on 12 july, 1982 by transferring the agricultural credit functions of RBI and refinance functions of the then agricultural Refiance and Development Corporation (ARDC).
- It was dedicated to the service of Nation by the Late PM Smt. Indira Gandhi on 5 November 1982.
- It was set up with and Initial capital of Rs. 100 crore, it’s paid up capital stood at Rs. 14,080 crore as an 31 March 2021.
- NABARD today is fully owned by Government of India.
It is a development Bank of the Nation for fostering Rural Prosperity.
- Promote sustainable and equitable agriculture and rural development.
- Institutional Development for securing prosperity.
BUSINESS INITIATIVES DEPARTMENT
- NABARD Infrastructure Development Assistance (NIDA)
- Direct-Refinance Assistance (DRA) to Co-Operative Banks.
- CREDIT FACILITY for Federations (CFF)
- DAIRY Processing and Infrastructure Development Fund (DIDF)
- FISHERIES and Aquaculture Infrastructure Development Fund (FIDF)
- Rural Infrastructure Assistance to State Governments (RIAS)