Policy and financial push, key to Indian women entrepreneurs

The growth in women entrepreneurship can help manage the difficulties of unemployment in the society, says a report by PHD Chamber of Commerce and Industry.

However, the report has pointed certain pain points in development of women entrepreneurs in India. It has drawn attention to the fact that in India as compared to other countries, the focus is still in spreading awareness about entrepreneurship. But in other countries the focus has shifted from awareness to participation, which eventually helps in involvement of women in policy related decision making.

Unlike India, other countries have sharply designed their cutting edge polices for women. Thus other countries like China and Singapore have moved a step ahead in commercialization and adding them to total technological asset created by country.

“Even today, India is still struggling with issues of social acceptability, changing mindsets, inequality and irrational judgments which are making the journey of a women entrepreneur more difficult,” states the report.

The apex industry chamber has suggested a few actions that will help to ensure, a steady growth of women entrepreneurs in India. Among them, that requires immediate action is development of an entrepreneurial ecosystem. It must be set up with a cluster approach in specific sectors and regions. These clusters will further support new ventures to nourish, fund and sustain the dynamic environment.

Another key, recommendation is: In addition to policies and schemes, there must be mentoring group at multiple levels inIndia, from districts to cities to state to central. These groups can assist the aspiring women entrepreneurs to convert their dreams to reality.

“While many Indian women have ambitions towards entrepreneurship, it is often more difficult for them to succeed. In fact, India has been found to be in a group of countries where women business owners (as well as women leaders and professionals) struggle with less favourable conditions,” says Dr. Sabrina Korreck a Senior Fellow at Observer Research Foundation in her article on ‘Women Entrepreneurs in India.