How women are critical for Modi’s $5-trillion GDP target

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How women are critical for Modi's $5-trillion GDP target

If women and men around the world participated equally as entrepreneurs, global Gross Domestic Product (GDP) could ultimately rise by approximately 3% to 6%, boosting the global economy by $2.5 trillion to $5 trillion reveals new analysis by Boston Consulting Group (BCG).

The report does not include India as one of the countries that the BCG analyzed. However, it has highlighted a very critical point about women entrepreneurs in India. “There are much discussion and debate about how to support female entrepreneurs — and rightly so… The focus is often on improving access to credit (financial capital) or providing training to help women build new skills (human capital) — two areas critical for improving the success of women-led businesses. However, another key factor in the success of these businesses tends to be overlooked: access to networks,” states the report.

It is necessary to accept that if the society and government (both state and central) can harness the full and true potential of women entrepreneurs, it can be a catalyst in innovation, economic growth, and job creation.

“I am happy that in recent years, we have seen an upward trend in women’s participation in decision making and entrepreneurship but we are yet to witness considerable participation,” was a concern recently raised by the Vice President of India, M. Venkaiah Naidu.

According to a reply in Lok Sabha early this year, given by Minister of State (Independent Charge) for Micro, Small and Medium Enterprises (MSME), Giriraj Singh, 1.38 lakh projects have been set up by the women entrepreneurs under Prime Minister’s Employment Generation Programme (PMEGP) Scheme since inception till January 23, 2019.

The projects set up by women entrepreneurs are about 30% of total projects set up under PMEGP.

This is one of the many programs that can help women entrepreneurs financially but, there is a need for a holistic scheme that can also help them grow in a gender-neutral way.

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