International Labor Organization concluded its research by stating that advancing women’s equality in business would increase the global GDP by USD 5.8 trillion by 2025.
The staggering number shines a bright light on how women around the world are contributing. Strong desire and determination to rise are empowering women to shatter glass ceilings, patriarchy, gender pay gap, sexist workplace policies, and male privileges.
Against all these odds, women are bringing victory home across different spheres of industries.
Now, there is new a dawn shining on women's development.
Women entrepreneurs – those women who are initiating, organizing, and operating enterprises – are coming forward and running their businesses with exemplary skills.
In a country like India, where women were traditionally confined in walls, women entrepreneurs are revolutionizing the business landscape as 72 percent of women entrepreneurs are postgraduates. These courageous women are paving the way to the creation of 30 million women-owned enterprises in the country.
“I want to be remembered as someone who put India on the scientific map of the world in terms of large innovation. I want to be remembered for making a difference in global healthcare. And I want to be remembered as someone who did make a difference to social-economic development in India.” – Kiran Majumdar Shaw – Chairperson & Managing Director of Biocon Limited.
Development of Women Entrepreneurs in India
There are approximately three million Indian women-owned enterprises today, employing some eight million individuals.
To further push the development and unleash the full potential of Indian women entrepreneurs, the private and public sectors need to work together. This will enable access to markets and funding, and therefore, women entrepreneurs will have an easier time facilitating business growth.
India is promoting women entrepreneurs so they can form an integral part of all development campaigns. They can boost India’s growth rate from 7.5 to 9 percent and thereby, increase the country’s GDP to USD 700 billion by 2025.
As impressive as these figures are, women entrepreneurs in the country are focusing on smaller-scale, community-level businesses. As women have a sound understanding of the overall needs of their communities and are motivated to improve the quality of life around them, they are more intended on MSMEs.
Hence, India needs to enable access at the national and state level to fully unlock women entrepreneurs’ potential.
27 percent of women entrepreneurs started because of becoming more creative while 20 percent were inspired to be their own boss.
Women have different reasons for choosing entrepreneurship and whatever they are, women entrepreneurs are the engine to boost India’s growth and take India into its next phase.