"Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve." – Mary Kay Ash, Founder, Mary Kay Cosmetics
Women entrepreneurs in India are paving new paths towards building their own identity in the world of business. Every year, countless women-owned MSMEs begin their entrepreneurial journey, which inspires more and more women to follow their path. The participation of women in the labour force has saved millions of families from poverty as it has created many job opportunities. In the financial year 2021–2022, Udyam Portal witnessed a 75% hike in the registration of women-owned MSMEs (micro, small, and medium enterprises) even as their share in the total registration count was only around 17 per cent. It is the living proof of women's empowerment in the modern workforce.
Women are well known for their leadership skills. Hence, they can dominate in new-age industries such as electronic manufacturing, trading, service sectors, etc. where more than 50% of the employees are women because of their high-precision work and better productivity levels.
Role of Women-owned MSMEs in Indian Economy
MSME women entrepreneurs in India are leading a cultural revolution. They play a crucial part in business, which has helped India's industrialisation, employment creation, and economic progress. They are considered as the cornerstone of the economy and women make up a greater percentage of the workforce in manufacturing and agriculture than men do. Moreover, literacy rates among women grew at 70.3% in FY22, which further highlights the bright prospects of the country.
What impact have women-owned MSMEs brought to the Indian economy? MSME women entrepreneurs provide a great impetus to the economy. India has 432 million working-age women and 13.5–15.7 million women-owned MSMEs that provide direct employment to 22–27 million people. Indian women are self-reliant and highly motivated to launch their own businesses. Their smart attitude towards work and commendable business skills have also highlighted the importance of women in the modern labour force.
Grow your MSME with collateral-free business loans
Reasons Why the Majority of MSME Women Business Proprietors Achieve their Desired Goals
- They believe in working consistently from the beginning.
- Instead of wasting time waiting for big ideas, they start working on smaller ones.
- They consistently practice their skills to refine them over time.
- They never let a setback stop them from attaining their goals.
- They understand the importance of time.
Various Schemes from Government to Encourage Women Entrepreneurs in India
Women are the major pillars of society, and when women are empowered, the whole world is empowered. The Ministry of Micro, Small and Medium Enterprises (MSME) is empowering women entrepreneurs through its different schemes, helping women spark their talent and build their own identity. Some of the government initiatives to encourage women's participation include:
Bharatiya Mahila Bank Business Loans
Set up in 2017, this type of business loan is aimed at helping women access cheap loans and dream big despite their lack of resources. The scheme provides MSME loans to women business proprietors of over Rs. 20 crores (US$ 2.46 million). Apart from that, a collateral-free loan can also be availed of for loans worth less than Rs. 1 crore (US$ 0.13 million).
Dena Shakti Scheme
This scheme was launched for women entrepreneurs in India looking to start their business in certain sectors such as agriculture, retail, and manufacturing. The scheme provides business loans at an interest rate that is 0.25% below the base rate. The maximum loan application is Rs. 20 lakh (US$ 26,468).
Women with an annual income of Rs. 1.5 lakh ($1,985) are eligible for this program. It provides loans of up to Rs. 3 lakh (US$ 3,890) for women wishing to start a business without capital.
Women Entrepreneurship Platform
This is a flagship platform initiated by NITI Aayog to promote women entrepreneurship. A variety of workshops and educational activities are held on the platform to encourage women to launch their own businesses.
Pradhan Mantri Mudra Yojana
Even though the scheme was designed to provide institutional loans of up to Rs. 10 lakhs (US$ 13,240) to anyone wishing to launch a micro or small business, women seemed to use it more frequently.
India was a country where a woman even owning a bank account was remarked as a major benchmark. However, it currently has over 15.7 million women-owned MSMEs, with women leading the start-up ecosystem. They are striving hard to make a difference in this male-dominated business world. Their drastic transformation from homemakers to independent entrepreneurs clearly underlines the potential of Indian women and their determination. India is expected to undergo a significant shift in the upcoming decades as women dominate the workforce as well as shaping and enhancing the future of the country. It is estimated that over 30 million women-owned MSMEs are expected to provide 150–170 million jobs by 2030. This might certainly be a game-changer and make the economic outlook appear more promising than ever.
Every path leading to a successful business begins with baby steps. Finding the right lender to provide adequate financing is one of the tiny steps for female business owners on the long journey to conquering the mountain of their dreams. It helps them in covering costs such as new inventory, upkeep, paying employees, and other business expenses. Kinara Capital, one of the top MSME lenders, has a particular programme for women entrepreneurs named HerVikas. Through the HerVikas programme, women small business proprietors get an automatic discount without any additional documentation. To check your loan eligibility in just 1 minute, download the myKinara app from the Google Play store now. Furthermore, you can also avail a collateral-free business loan from Kinara Capital by giving a missed call at 080-68264454. By providing women the tools they need to follow their entrepreneurial aspirations, Kinara enables them to become growth-drivers and make a meaningful contribution to the community across generations.
Female entrepreneurs can continue their business journey without interruption as they get discounted business loans. They can expand their business without needing any additional documentation. Along with the quick and flexible MSME loan for women, Kinara also provides doorstep customer service to MSME entrepreneurs with their preferred vernacular language.
- MSME Women
- MSME women entrepreneurs
- MSME Women Business Proprietors
- women business loan
- MSME loan for women
- MSME loans for women
- Entrepreneurs in India