Union Commerce and Industry Minister Piyush Goyal on Wednesday called upon BRICS countries to work together to expand opportunities for women entrepreneurs and women-led enterprises in international trade, stressing the need for easier access to credit, markets and predictable business rules.
Addressing the BRICS WBA Women-Led Development Conference in New Delhi as the Chief Guest, Goyal said an entrepreneur seeking to enter international business has to cross three key barriers — access to credit, access to buyers and markets, and access to predictable rules that encourage free trade and open opportunities.
Goyal said India would like to bring the lessons learnt from its experience in addressing challenges faced by entrepreneurs, particularly women entrepreneurs, to the BRICS Women’s Business Alliance (WBA) and the larger BRICS business engagement.
He said India has focused on empowering women financially and socially through education, skills and improved quality of life, with the objective of making women drivers of the country’s growth, according to a press release issued by the Ministry of Commerce and Industry.
Nearly 300 million bank accounts opened for women
Highlighting India’s experience in expanding financial inclusion among women, Goyal said that around 12 years ago, most women, particularly in rural India, did not have bank accounts, assets in their own names or credit histories and were often not eligible for loans.
He said India has since put houses in the names of women, opened nearly 300 million bank accounts for them and provided collateral-free loans to women seeking to start their own work, including those without a credit history.
100 million rural women part of 9 million SHGs
Goyal said around 100 million rural women are today members of nine million self-help groups, small cooperatives or groups of women working together on different ideas and enterprises.
The number of women earning more than Rs 1 lakh in personal income has crossed 30 million. These women are referred to as ‘Lakhpati Didis’, he said, adding that India hopes to continue expanding both their number and their income.
560 million loans to small entrepreneurs
He said India has provided around 560 million loans to small entrepreneurs, with more than 68 per cent of these loans going to women entrepreneurs.
The objective, he said, is to ensure that women become economically independent and are not dependent on other family members. When women stand on their own feet, they can become drivers of India’s growth engine, he added.
Women’s share in formal workforce needs to rise
Goyal noted that India’s female workforce participation had been around 19 per cent until about a decade ago and expressed confidence that as income levels rise, education improves, skills develop and talent comes forward, the number will increase to 50 per cent or more.
He said that in developed societies, the proportion of women in the formal workforce has crossed 50 per cent.
He said the government’s effort is to ensure equal opportunity and availability of the tools required for a person to start a business or become an earning member of the family.
“This, he said, is the essence of women-led development, as distinct from merely women development.”
BRICS platform could connect women entrepreneurs with global markets
On expanding access to international markets, Goyal referred to the meeting of BRICS Commerce and Industry Ministers held in Jaipur last month, where ministers agreed on voluntary principles for assessing small exporters.
He said the assessment should not be based only on invoices and payments, but also on the entrepreneur’s ability and the change from the past to the present and the future.
Goyal said foreign trade should not be viewed only as a collateralised business, but as an opportunity to integrate societies and businesses and provide opportunities to marginalised sections that may otherwise never imagine going overseas.
He said BRICS countries had also agreed in the Jaipur Consensus to explore a common BRICS platform for international trade, which could help address the second challenge faced by entrepreneurs — access to markets and buyers.
Goyal said such a platform could allow product requirements in one BRICS member country to be known to other members, while invoices raised between participants could also be publicised across the platform.
A number of financial intermediaries could join the platform to support women entrepreneurs and small entrepreneurs as trade among BRICS countries expands, he added.
Goyal calls for more women-led BRICS business delegations
Referring to the BRICS work plan on member countries’ shared understanding of global value chains, Goyal urged governments to encourage women-owned enterprises to participate more actively in international expositions, conferences, seminars, exhibitions and business forums.
He urged BRICS countries to consider more women-led business delegations on a sectoral basis.
Goyal suggested that BRICS countries could organise sector-specific women-led delegations, such as a fully women-led textile delegation travelling from one BRICS member country to another.
Such delegations could receive greater traction, help integrate value chains and create opportunities for women entrepreneurs to engage with markets beyond BRICS as well, he said.
He said women can play an important role in areas such as mobility and different types of services, as well as in the rapidly growing digital economy.
Goyal emphasised the tremendous potential for BRICS countries to work together to improve service delivery and enable women entrepreneurs and MSMEs to participate in services and the digital economy.
India records 7.8% growth in Q1
Goyal also highlighted India’s economic growth, noting that the economy grew by 7.8 per cent at constant prices during the first quarter from April to June, describing it as the highest growth rate in the world.
He said India is recognising its true potential and working with the world from a position of strength and confidence.
Goyal said India is no longer afraid of engaging with the world and wants to open its doors wider to globalisation and international trade.
He emphasised that India sees significant opportunities in a competitive global environment through honest business practices and high ethical standards in trade.
India targets $30 trillion economy by 2047
Goyal said India has set a target of growing from a $4 trillion economy today to a $30 trillion economy by 2047, when the country celebrates 100 years of Independence.
He said the target has been supported by a roadmap, with responsibilities assigned across every element, and described it as the collective commitment of 1.4 billion Indians.
He said the country is committed to achieving this through women-led initiatives.
Quoting Prime Minister Narendra Modi, Goyal said, “When women prosper, the world prospers.”
He said women are increasingly telling their own stories and expressed confidence that young women would shape the journey towards greater prosperity and a better future for citizens across the world.
-with PIB Inputs
