In this article, we will discuss Women Entrepreneurs in India. So, let’s get started.
Women Entrepreneurs in India
Scenario of Startups in India
- After the United States (US) and China, India has emerged as the world’s third largest startup ecosystem
- In 2021, India added three unicorns (startup firms valuing more than $1 billion) per month, bringing the total to 51, ahead of the United Kingdom (32) and Germany (32).
- Five among those 51 unicorns in India are led by women.
- Data under MSME has shown that women have shown a surge in startups in the domain of fashion, textiles, and homemade accessories.
Reasons Why Women Entrepreneurs Should Join the Startup Rally
- Growth in Market Capitalisation: India is predicted to remain the fastest-growing economy in the years to come and India’s market capitalisation is growing even faster than its nominal Gross Domestic Product.
- Market segments such as consumer durables to textiles, food to footwear, agro-products to automobiles, all are expected to have double-digit growth as the economic recovery is gaining momentum.
- More Ideas and Mentorships Available: Given the market demand, startups need three basic ingredients: Idea, mentorship and finance. All three of them are available like never before to aspiring women entrepreneurs in India.
- Most of the colleges are offering mentorship programmes to women to encourage startup ideas by female graduates.
- Incubation and acceleration support is available through the Women Entrepreneurship Programme (WEP) offered by NITI Aayog.
- Special category benefits are available under the Pradhan Mantri Employment Generation (PMEG) programme of the Ministry of Small and Medium Enterprises (MSME).
- Opportunities for Financial Inclusivity: The Government of India and many state governments are running schemes to improve financial inclusivity for women. Pradhan Mantri Mudra Yojana is one such high-potential scheme for women because it offers collateral free loans.
- The Dena Shakti Scheme provides loans up to ₹20 lakh for women entrepreneurs in agriculture, manufacturing, micro-credit, retail stores, or small enterprises.
- The scheme also provides a concession of 0.25% on the rate of interest.
- The Government of India also launched the Stand Up India Scheme to leverage the institutional credit structure to reach out to the underserved sector of people such as SCs, STs and Women Entrepreneurs.
- Stree Shakti Yojana and Orient Mahila Vikas Yojana support women who have majority of ownership in the business.
- Women who want to enrol themselves in catering business can attain loan via the Annapurna Yojana.