Women entrepreneurship and their role in the development of the Indian economy
Author: Sneha Saha
The development of entrepreneurship among women is significant for the accomplishment of more extensive improvement destinations like development with value. Studies show that numerous women entrepreneurs are discovered working in a tough situation when contrasted with the men associate. The growth and development of the Indian economy need a great contribution of human, physical and financial assets. In the time of globalization changing forms like an exchange and advancing technologies require expertise improvement that numerous business visionaries in the continent are yet to have. An economy can proceed forward to more significant levels of development either by securing a bigger quantum of the variables of creation or through technical advancement. The goal of any arranged turn of events is to create human resources to their overflowing use. Industrialization is one of the methods of bringing about financial improvement in any country. The monetary advancement of a country is started generally by its venturesome soul. The trait of ambition rises out of the bury play of conduct and action of an exceptional portion of the populace known as entrepreneurs. It is likewise realized that a solid business climate is a fundamental prerequisite for pioneering development.
Whom to be considered as Women Entrepreneurs?
Women entrepreneurs are those women or the group of women who have a confident, creative, and innovative desire to run, organize and initiate a business enterprise. Women who are desiring monetary autonomy exclusively and at the same time setting out open employment opportunities for other people.
"An enterprise owned and controlled by a woman having a minimum financial interest of 51 percent of the capital and giving at least 51 percent of the employment generated in the enterprise to women." – Government of India
Uncommon impetuses and drives have been made in India to reinforce the development of women's business visionaries. So, it can be said that women entrepreneurs are those women who think about a business endeavor, start it, put together and join new creation, work the undertaking and embrace dangers and handle financial vulnerability implied in running it.
Evolving concept of Women Entrepreneurs
Earlier women doing business and being self-employed was not acceptable in society. Till the early 90s women were hardly engaged in any kind of business. During this period the women were pulled in towards various fields of work like banks, LIC, teaching, and so forth also in the low profitable sectors like farming and household chores. A woman taking part in a business field like medium and limited scope venture was a far-off thought. They were seen as a homemaker and a thought that women taking up an innovative action was a jest. up to the period 90s, it was just a male dominating society where more appreciation is given to men. After the presentation of the approach of privatization, advancement, and globalization the women began reacting to the progressions in the society and their entrance in the entrepreneurial activities was made noticeable. The starting period denoted the presence of women in the business identified with homemade items like pickles and papads. and then it was moved towards the innovative activities identified with the small and medium endeavors identified with the manufacturing products, exchanging, trading in different places and service sector.
The Indian Government through various strategies and projects is empowering Indian women to approach and include in various enterprising activities. The rising number of female entrepreneurs is at present a worldwide pattern, particularly in the non-industrial nations. In high-level market economies, women own more than 25% of all business. Numerous individuals contend that women are 'pushed' instead of 'pulled' into business proprietorship however, later, it can be seen that numerous women presently effectively pick independent work, particularly the younger women. Women entrepreneurs can essentially add to the decrease of the poverty level, preparation of innovative drives, and speeding up the accomplishment of more extensive financial targets. They have a great contribution to the socio-economic development of the country.
The government of India offers schemes that support financially to these women entrepreneurs are such:
Bharatiya Mahila Bank
Orient Mahila Vikas Yojana Scheme
Tread Scheme and many more
Contribution of women entrepreneurs
Women's economic contribution straightforwardly to development and effectiveness in managing business issues and decreasing poverty level is one of the principal issues for policymakers. Women entrepreneurs in India have likewise been utilizing the chances. Aided in expanding the nation's net public item and per capita which are significant measuring sticks for estimating the economic development. Women entrepreneurs in India having a great role in creating work both directly and indirectly. By small-scale enterprises, they extend employment opportunities to individuals. Women entrepreneurs in India to eliminate the local imbalance in economic development. They set up businesses in reverse zones to benefit from the assets concessions and endowments offered by the government. Entrepreneurs have contributed numerous advancements in the growing new products and the current products and administrations. All these have brought about financial advancement via creating business, more income. Accordingly, women entrepreneurs people in our nation are playing a significant part in environment assurance, backward and forward coordination, and subsequently adding to the economic development of the country.
Women are gaining recognition recently but there is a long way to go. The contribution in the economic development, reducing the poverty level and shaping the country in good way women has a huge part in it. From being a homemaker to a women entrepreneur and then succeeding and continuing in the business is not a piece of cake. A woman needs to learn from her encounters, adjust and defeat the difficulties in her field. She needs to use her qualities to defeat the dangers and grab all the chances to limit her flaws.