For the very first time in India, we have more women than men. The fifth National Family and Health Survey (NFHS) found that there are 1,020 women for every 1,000 men. Despite women overpowering in sheer numbers, we still have very few women entrepreneurs in our country.
The Mastercard Index of Women Entrepreneurs ranks India 52 in its list of 57 countries. Countries like Botswana, Chile, Ecuador, Ghana. Uganda and Nigeria have performed exceptionally well compared to India.
In the Global Gender gap Report of 2018, out of 149 countries, India ranks at 108th. The two categories where Indian women get the least benefit are the health and economic participation category.
This is because there are only 7 women entrepreneurs in every 100 Indian entrepreneurs. Sadly the reason for many women leaders to start their own operations is not freedom. They started due to necessities.
A Sixth Economic Census report claims that less than 14% of businesses are led by women. The Ministry of Statistics and Programme Implementation (MoSPI), reports the number to be 13.76%. The Economist reports that a mere 7% of working women of our country have paid jobs.
Currently, all working women add just 17% to India’s GDP. If we get half of all Indian women to participate and create work, then the current pace of economic growth, 1.5% will shoot up to 9%.
The one sector where women leadership in business is imminent is in the micro, small and medium enterprises (MSMEs) sector. Of all the 63 million MSMEs, around 8 million are women-led.
Although the number may seem small this is a step in the right direction. A report on entrepreneurship claims that women-run businesses can create employment for 150 to 170 million Indians.
Let’s support and help our women take charge of the businesses.