Policy Approaches to Promote Women Entrepreneurship in India

Policy Approaches to Promote Women Entrepreneurship in India

Nishi Tyagi, Rinkal Sharma, Pallavi Jain
DOI: 10.4018/978-1-7998-7951-0.ch009
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Abstract

Women are traditionally regarded as homemakers and are restricted to household affairs and family customs. At the same time, the Indian society is a male-dominated one in the sociological setup, and the women are considered weak and dependent. The major problems of women's entrepreneurship development in India are poor degree of financial freedom for rural women, lack of direct ownership of the property, low risk bearing ability, and lack of contact with successful women entrepreneurs. Through their diligent work, determination, integrity, and dedication, these ambitious women are making a reputation for themselves and gained wealth. The primary objective of this chapter is to discuss the status and problems along with the solutions of women entrepreneurs in India. It also includes the significance of women's entrepreneurship and analyzes the policies of the Indian government for women in urban and rural areas. It will initiate a dialogue with policymakers on how to foster enhanced innovation in women-owned enterprises in India.
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Introduction

Today, there is a need to know about Women Entrepreneurs. It is a fact that we have very little knowledge or information about women entrepreneurs. One main reason can be that women entrepreneurs are involved in so called petty business - like running shops from home or involved in small cottage industries that too not in main cities or town. Women entrepreneurs are a category that has been understudied. We know very little about women entrepreneurs, and our lack of understanding of this important demographic is a major concern in any effort to increase the total number of entrepreneurs in our economy. They have entrusted themselves to petty business and small cottage industries by and wide. Business established or owned by women is about the place of Women in Society as well as acceptance in entrepreneurs’ group. As per latest reports out of total recorded entrepreneur’s 10% share goes to women and it is increasing at a steady pace. This signifies the role of females to transform and lead the business. Women's entrepreneurship is concerned with both the status of women in society and the role of entrepreneurs. Women increasingly strengthen, lead, and transform the face of how business is done today. It is reported that about 10% of the total entrepreneurs in India are currently female entrepreneurs. It is also clear that this percentage is increasing year after year. However, since traditions are deeply entrenched in Indian culture, Indian women will have to put in a lot of effort to achieve parity in terms of rights and roles. Although present day women have much more support from family as well as society but still financial liberty and dependence on family plays a major part to come forward to start a business. Women's entrepreneurship growth in India is hampered by a lack of financial independence for rural women, a lack of direct property ownership, a lack of risk - taking capacity, and a lack of communication with established women entrepreneurs. Many women have been influential in their work, despite all the social barriers. Through their diligent work, determination, integrity, and dedication, these ambitious women are making a reputation for themselves and gained wealth (Dhameja et al., 2000).

The growing status of women as entrepreneurs has resulted in a shift in the country's market demographics and economic development. Women - owned businesses resulted in societal empowering and job creation in the country. To promote successful growth in the country, women entrepreneurs must develop sustainably, and Start - up India is entrusted to ushering the environment for women entrepreneurship. Because of the push and pull factors, female entrepreneurs participate in the business, allowing women to have an autonomous profession and stand on their feet. In this complex environment, women entrepreneurs have become a component of the global expedition for long - term monetary and social growth change. The wave of women - owned businesses is gaining momentum in almost all places of world because of rapid urbanisation, industrialization, and the expansion of reach to quality education and personal rights. Women’s entrepreneurship is a rising industry worldwide. It is on the agenda of several National and international development organisations. Agencies and multilateral organizations and are a priority of several civil society organizations and foundations. Women, however, remain significantly under - represented as entrepreneurs, even in countries where women are not represented. Participation in the labour market has risen gradually. In addition, some gaps in information remain on the obstacles that impede the role of women in promoting sustainability (Coughlin & Thomas, 2002).

Many other recent policy initiatives to assist women entrepreneurs are emerging. Several countries are looking into the possibility of using procurement processes to help women gain access to new markets. They are attempting to increase funding for progressive female entrepreneurs. With dedicated support incubator and acceleration initiatives, the need to offer better opportunities for innovative women entrepreneurs is required. Lower levels of entrepreneurial expertise, intimidating social and cultural attitudes, challenges in receiving start - up funding, less successful entrepreneurial channels, and policy environments that discourage women from participating in entrepreneurship are among the obstacles that women encounter when starting a business. Traditional methods including training and funding do not cover the entire population, so these strategies must be extended (Chandra, 1991).

Key Terms in this Chapter

Entrepreneurial Aptitude: Ability to think beyond the box, as well as creative service and product concepts to ensure great results.

Global Competitiveness: Global competitiveness refers to an ability of nations to supply high - quality goods and services at reasonable costs, resulting in satisfactory returns.

Gender Gap: The gender gap focuses on the systematic differences in labour-market outcomes between men and women. The numbers of men and women in the labour force, the types of jobs they choose, and their relative salaries or hourly wages all reflect these disparities.

Women-Owned Enterprises: A women-owned and managed enterprise with a minimum financial stake of 51% of capital and at least 51% of the enterprise's jobs produced by women.

Autonomy: Being empowered to make your own decisions without being influenced by others.

Sustainable Growth: Basic concepts of sustainable growth refer to the amount of growth that a business or country can achieve without running into problems.

Industrialization: Industrialization is the process by which an economy shifts from being primarily agricultural to one based on the production of goods.

Marketing Cooperative: A marketing cooperative works as a sales outlet for the products that its members supply. It is a cost-effective way for smaller farmers to sell their products at a higher price than they could achieve on their own, especially when selling to large food companies.

Unemployment: Unemployment takes place when a person seeking work is unable to find a job. Unemployment is frequently used to evaluate the performance of the market.

Economic Forces: The nature and direction of the economy in which businesses operate are referred to as economic forces.

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