It may sound unlikely, but the fact remains that the number of women entrepreneurs in India have increased considerably since 2014. According to a recent report, the number of women-owned businesses have surged nearly 20 per cent in the last five years. It’s figures indicate that women comprise of 14 per cent of the total number of entrepreneurs in the country. Also, 10 per cent of all formal enterprises are owned by women. This is no mean achievement in a country where women empowerment still remains a distant dream, a result of several factors including the biased mindset of Indian society. So, women should be saluted, for becoming successful entrepreneurs overcoming substantial hurdles along the way. If the women of the country continue to show such exemplary courage in diminishing social taboos and stay determined to making a mark in fields which until recently were completely male-dominated, the dream of true equality may become a reality sooner than later.
Yet, for a majority of women in India hurdles are still aplenty, For instance only three per cent of women entrepreneurs have access to formal financial institutions, a major roadblock for women, who want to become successful entrepreneurs. Special initiatives should be started in order to finance women entrepreneurs and their enterprises. Moreover, the absence of a level-playing field due to the patriarchal nature of Indian society is posing a challenge to women entrepreneurs.
Despite all odds, if the number of women enterprises register a growth rate that is nearly double the amount of their male counterparts, it is because of reasons such as digital banking, e-commerce facilities and education among others. At present, there are a number of digital lending platforms which have made it easy for entrepreneurs to arrange the required capital, as such facilities do not demand collateral as a guarantee. Moreover, e-commerce has opened new vistas for all entrepreneurs allowing marketing of products to a wider demographic, which in turn has increased the volume of businesses considerably.
Surely, the success of women entrepreneurs in India will inspire many others to start their businesses with more vigour and hope. Considering the socio-economic barriers prevalent in India, entrepreneurship is one of the best possible ways to empower women in the country at a time when rape, molestation, and dowry deaths, are all rising at alarming rates. The need of the hour is to provide adequate opportunities to women in order to empower them to decide their own paths. Women are crucial partners in nation building and more should be encouraged and supported to contribute towards India’s economic and social growth.