In a bid to encourage entrepreneurship and create job opportunities, government is bringing in several strategies and initiatives. After Silicon Valley, it is India that is counted to have one of the best startup ecosystems. But it is still a long road ahead to bring enough woman entrepreneurs on board. To achieve this, the Indian government recently proclaimed its mission of “Stand up India for women and also the Dalits”. It also approved a fund of Rs. 8000-crore which will be given as loans to new ventures. Going by the act, the prime minister said that each of the 1.25-lakh branches of bank across the country should provide loan to at least one woman entrepreneur and a Dalit or Adivasi entrepreneur. It said that a funding will be provided to at least 2.5 lakh women entrepreneurs and the amount ranging from Rs 2.5 lakh to Rs 1 crore.
The union government has also successfully set up MUDRA Ltd which is a NBFC (non-banking finance company). This has already provided loans of worth Rs 72000-crore to 1.73 lakh beneficiaries. Their target for this fiscal year stands at Rs. 1.22 lakh crore. Also, under the program, banks will provide loans at interests much lower than the market standards.
Anjuly Chib Duggal, Financial Services Secretary said that NCGTC (National Credit Guarantee Trustee Company Ltd) will be the trustee for both MUDRA Funds and Stand Up India.
The government has also launched the first website ‘Mahile-E-Haat’ where women can sell their products. It is an initiative of the women and child development ministry. Women and Child Development Minister Maneka Gandhi said at the launch, “It is generally not possible for women to go to far-off places to sell products made by them. Hence, we decided to help in selling their products which can include anything ranging from clothes to toys to organic products.” The website was launched on the eve of International Women’s Day. Moreover, there is no fee, commission or hidden charges involved in this. Sellers can simply go to the website and upload their products.
The registration process is as simple as filling up a form or sending the details about the products via email/letter in a specific format. Moderators have been recruited to select the products that will be displayed on the website and who will inform the vendors as well. The sellers have the right to decide prices as per their own discretion. This will protect the women from all the brokers that they need to go through to sell their product which reduces their profit margin substantially. Through this website, they can claim full prices for their products.
This initiative will encourage many women to come forward who can open small businesses from their home without any hassle. They can sell handicraft products, food items etc. which are generally easy to make and sell sitting at home.
The problem with rural areas can be solved only through micro-finance. The upcoming startup networks and the ones that already exist can provide an effectual solution. Men and women should come together to discuss ideas and issues and solve problems together. Moreover, men should also encourage their female counterparts in the best possible ways. The pressing need for this is to increase the literacy rate of women across the country and also arrange seminars, workshops, etc. to enlighten women about the current scenario. This can help women to reach out to the right authority and audience which otherwise is not achieved due to lack to resources.
Gender gap, lack of funding, reluctance in providing loans to women and income disparities are the major barriers which are holding women back to compete with their male counterparts neck to neck. The Indian society and traditional mentality often shut doors in the face of women whenever they try to do something different. Despite all these, big names like Krithiga Reddy, Chanda Kochhar, Indra Nooyi, Arundhati Bhattacharya etc. have successfully encouraged women across the country to take steps. Although women entrpreneurship is rising, they are mostly confined to the big metro cities and women in the small towns and villages still remain unaware and unprivileged. Sometimes, even investors are reluctant to provide fund to women entrepreneurs. Providing employments to other women also become difficult most of the times.
It’s high time that all these issues should be paid attention and dealt with.
Can you think of some other improved ways which can promote womentrepreneurs in the country? Let us know by commenting below.
