The Indian economy experienced accelerated growth in 2023, making it one of the fastest growing and one of the most stable economies in a year that was filled with uncertainties. We spoke to young women entrepreneurs about their outlook on growth in 2024 and their lofty vision for progress in the new year.
2023 has been a roller coaster of a year for India. A host of international and domestic challenges befell the Indian economy’s path throughout the year. However, the Indian business landscape dealt with each headwind with courage and forethought.
The year began on a rather pessimistic note however, the first quarter saw India achieve a 6.1 percent GDP growth. Gradually, Indian economy saw rise in demand, dealt with global inflation and other geo-political issues. With 7.8 percent GDP growth in Q2 and 7.7 growth in Q3, the Indian economy held strong when it was most required. The expectation for positive Q4 growth numbers is also high. It is safe to say that in 2023 India gained ground as one of the fastest growing economies in the world.
The path for 2024 is just being lit with high hopes and expectations.
We reached out to Indian women entrepreneurs to share their outlook and plans for 2024 with team Women Entrepreneur India. These founders and leaders shared with us their hopes, action plans and much more.
Kanishka Tripathi, CEO & Founder, Mahāsa Ghar sheds light on the growth outlook for Indian e-commerce sector in the coming year. She says, "stepping into 2024, the e-commerce retail sector reflects a vibrant combination of redefined luxury, cutting-edge technology, and ethical thinking. The 'Quiet Luxury' movement, which emerged in 2023, is characterised by its utilitarian elegance and clean lines, prioritising substance above ostentatious riches. Meanwhile, the creative environment is being transformed by the incorporation of technology into fashion, which uses augmented reality, 3D printing, and artificial intelligence to create sustainable and customised designs. As customers want transparency and support for locally produced goods that help marginalised areas, ethical sourcing is taking centre stage. In 2024, the emphasis will change from ostentatious spending to substance in this era of authenticity. Technology will democratise trends and create a consumer environment that supports ethical principles and transparency."
Yamini Bhat, Co-Founder & CEO, Vymo keeps an eye of 2023 and highlights the trends she expects will develop in 2014. "The existing mindset of financial prudence and strategic growth will continue in 2024. Which means start-ups will keep sharpening and nurturing their unique value proposition and making operations and processes more agile, so when the storm has passed, they have built enough energy to help them pole-vault towards their goal.
Another trend that defined this year and will continue to shape up next year is the use of generative AI. deeper collaborations with chatbot applications, augmented reality, and so on can help start-ups drive more impact on their customers. Another trend is the rise of vertical SaaS, and more and more start-ups are attracting investor attention and customer mindshare by focusing on tailored solutions for a specific vertical.
In all this, continued focusing on branding gives important leverage as start-ups establish a strong market presence and differentiate themselves in 2024,” says Yamini.
Shedding light on the prospects of education sector in 2024, Alka Kapur, Principle, Modern Public School Shalimar Bagh says, “As we bid farewell to 2023, the horizon of 2024 unfolds with boundless possibilities. As a forward-thinking individual and a leader in education, my paramount objective for 2024 is to harness cutting-edge technologies not only to redefine teaching methods but also to cultivate an environment where creativity and curiosity thrive.”
She further adds, “In my dedication to nurturing future leaders, I place a strong emphasis on empowering both educators and students, fostering a culture that esteems social responsibility and leadership. Let us embark together on a journey where learning transcends traditional boundaries, creating an environment where the pursuit of knowledge becomes a shared endeavor.
I am optimistic that 2024 will further solidify collaborative growth and educational innovation.”
Corporate Trainer, Executive Coach and founder of Embrace Consulting Shruti Swaroop shares with us her vision for expanding her company’s footprints across the globe, “In 2024, we hope to broaden conversations, nurture diverse perspectives, and create spaces where everyone feels a sense of belonging. We hope to further expand our extensive network of more than 6000 facilitators and coaches in India and around 1300 facilitators and coaches overseas. We are currently providing services in India, Brazil, Western Asia, China, the USA and Canada. In 2024 we wish to increase our reach and continue to learn and spread awareness.”
Innovation has become the cornerstone of success in the modern world. Young entrepreneur Riddhi Bhagat, Founder Binge on Baked (BOB) intends to focus on the same in the new year. She says, “As we bid adieu to 2023, the dawn of 2024 beckons us with new opportunities and challenges. That's why, being the founder of BOB (Binge on Bake), I aspire to foster innovation and sustainable growth in the upcoming year.”
She further talks about her vision to evolve and grow as a leader, “In 2024, I envision a relentless pursuit of excellence, pushing all possible boundaries in the snack industry. I would love to evolve myself as a business leader where the key objective will be to empower my team, encourage them to embrace change and imbue unwavering determination in them. Filled with all such aspirations, my message to all my teammates is to welcome the new year not just as a passage of time but as an era of transformative leadership, where we rise to the occasion and redefine success.”
The theme of fostering innovation continues with Kejal Shah, Co-Founder, BeBetta’s vision for 2024. The young entrepreneur says, “As we usher in 2024, I envision fostering even greater innovation and impact at BeBetta. My aspiration is to lead our team towards new heights of excellence, pushing the boundaries of sports engagement. In 2024, I commit to nurturing a culture of continuous learning, embracing emerging trends, and fostering collaboration. As a leader, my focus will be on empowering our team, leveraging technology to enhance user experiences, and steering BeBetta towards becoming a trailblazer in the dynamic landscape of fantasy sports. The new year holds the promise of exciting possibilities, and I am eager to lead BeBetta into a future defined by innovation and success."
These women and their vision is a clear indicator of Indian business landscape’s scope of growth in the new year.
We hope and wish to create a more prosperous and strong Indian economy that is also inclusive.
Wishing everyone a very happy new year.
