4 DECEMBER2022Editor NoteWomen Owned MSMEs On a Steady Rise Half of India's population is made up by women, however womenfolk have not received equal treatment at the hands of the society for ages. Age old societal norms have pulled women back from fulfilling their aspirations and achieving financial independence. Social constructs such as gender stereotypes, familial obligations, early nuptials, lack of focus on girls' education etc have created deep gender inequality. Indian women suffer from lack familial, structural and social support and infrastructure & opportunities, which makes it harder for women to join the workforce. The pandemic only intensified this challenge as more women fell out of the labor force that before. However, Indian women are known for their resilience and `can-do' attitude. With perseverance women have managed to turn the tides in their favor, gradually yet steadily. From being a nation where very few women owned even a bank account in their name to having reached a stage where women are actively partaking in the business landscape, India has come a long way. Women entrepreneurs and business leaders have created significant impact on India's social & economic demographic and continue to do so. Women participating in the labour force have helped millions of Indian families to alleviate from poverty.Surveys have found that women-led businesses provide great impetus to the Indian economy. According to government data India has close to 13.5 ­15.7 million women-owned businesses. Women have also become job providers. According to government data the number of women-led MSMEs registered on Udyam Registration Portal increased by 75 percent in the financial year 2021-22. However, we have to admit that women still own only 17 percent of all Indian MSMEs, however, their numbers have been increasing steadily. As compared to 4.9 lakh MSME registrations in FY21, the number increased to 8.59 lakh in the next year. Women are considered to be the backbone of the economy as these businesses play a crucial role in providing employment to 22­27 million people. Women owned businesses also statistically fare well in today's highly competitive business landscape. A Boston Consulting Group report found that start-ups that were founded or co-founded by women generated 10 percent more cumulative revenue over a five-year period. Women founded organizations also tend to be more inclusive in nature and employ three times more women than men. Experts believe that the coming decade will bring with it a revolution of sorts where women will dominate the workforce and hence have a strong impact on the Indian economy. According to McKinsey Global, we can add $700 billion to the global GDP by increasing women's participation in the labour force. The opportunity is massive and too good to be missed. We hope that India will make every effort possible to turn this into a massive win for the Indian economy. Do let us know your thoughts. Rachita SharmaManaging Editor
< Page 3 | Page 5 >