Alleviation: An International Journal of Nutrition, Gender & Social Development, ISSN 2348-9340 Volume 5, Number 5 (2018):
© Arya PG College, Panipat & Business Press India Publication, Delhi
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Role of Women Entrepreneurship in Indian Economy

1. Kavita*,2. Prashant Kumar & 3. Suman Duhan
1 PhD Research Scholar, Department of Management Studies BPSMV, Khanpur Kalan, Sonipat, Haryana, India
2 PhD Research Scholar, Department of Business Administration Chaudhary Devi LaL University, Sirsa, Haryana, India
3 Faculty, Department of Law BPSMV, Khanpur Kalan, Sonipat, Haryana, India
*Email: kavitajangra384@gmail.com

Introduction

A woman entrepreneur is a woman or group of women who initiate, organize and operate business enterprise for personal gain. The concept of woman entrepreneur is related to the concepts like the women empowerment and emancipation. Today we find women in different fields as compared to the earlier days where the activities of the women were limited only to the domestic work. Women entrepreneurs face many obstacles, specifically in marketing their product (including family responsibilities) that have to be overcome in order to give them access to the same opportunities as men. The entry of rural women in micro- enterprises must be encouraged and aggravated. Now, the need is for knowledge regarding accessibility to loans, various funding agencies, procedures regarding certification, awareness on government welfare programmes, motivation, technical skills and support from family government and other organizations. Moreover, formation and strengthening of rural women entrepreneur’s network must be encouraged.
The role of women entrepreneur in economic development is also being recognized and steps are being taken to promote women entrepreneurship. The principal factor in developing entrepreneurship among women is not in terms of infrastructure or financial assistance or identifying an enterprise but it is a question of clearing the ground for their movement into entrepreneurship. The significance of women entrepreneurship is as follows:
• Innovative thinking
• New challenges and opportunities for self fulfillment
• Employment generation
• Government policies and procedures
• Family occupation and need for additional income
• Bright future of their wards
• Education and qualification self identity and social status
• Increasing standard of living and socio-economic awareness
Problems Faced by Women Entrepreneurs
• Family problem
• Lack of technical training
• Obtaining finance and managing finance
• Managing manpower and managing material
• Lack of experience in financial planning
Review of Literature
Tambunan (2009) made a study on recent developments of women entrepreneurs in Asian developing countries. The study focused mainly on women entrepreneurs in small and medium enterprises and found that in Asian developing countries SMEs are gaining overwhelming importance: more than 95 per cent of all firms in all sectors on average per country. Shrikrishna and Chandrakant (2011) presented that the Tenth Five-Year Plan (2002-07) aims at empowering women through translating the recently adopted National Policy for Empowerment of Women (2001) into action and ensuring survival, protection and development of women and children through rights based approach. Sultana Afiya (2012) analyzed that women have been successful in breaking their barriers within the limits of their homes by entering into varied kinds of professionals and services. Skill, knowledge and adaptability in business are the main reasons for women to emerge into business ventures. This study was carried out to analyze the motivational factors and other factors that influenced women to become entrepreneurs, the major strength and weakness of women entrepreneurs and the environmental opportunities and threats which promoted the entrepreneurship. Shiralashetti (2013) explained that women entrepreneurship is emerging trend in development of economy, family and nation. The government has been providing tremendous opportunities to opening up of enterprises for women. The present study was conducted on the data collected from the 1250 women entrepreneurs from the districts of north Karnataka. Vijayakumar and Naresh (2013) revealed that Government of India has been implementing several policies and programmes for the development of women entrepreneurship in India. The government has also made several relaxations for women to facilitate the participation of women beneficiaries in this scheme. Bharthvajan (2014) described that government also announces from time to time Entrepreneurship Development Programme (EDP) especially for the first generation of women who desire to be entrepreneur. For the purpose of training and skill development, there are many important institutions namely National Institute of Micro, Small and Medium Enterprises (MSME), Hyderabad; National Institute of Entrepreneurship and Small Business Development (NISESBUD), Noida and Indian Institute of Entrepreneurship (IIE), Guwahati and National Small Industries Corporation (NISC), Delhi. Nirmala (2015) explained the efforts of government and its different agencies which are ably supplemented by non-governmental organizations that are playing an equally important role in facilitating women. At present, the Government of India has over 27 schemes for women operated by different departments and ministries. Johar (2015) examined the development of women entrepreneurship in Ghaziabad city. Women are showing their talent in all fields competing equally with the men. Women entrepreneurship is essential for every nation. The success of women is not equal in all countries; based on social, cultural, demographical, geographical environments; it is changing from one country to another country. Now, women require certain unique motivational factors apart from economical support and government support. Junare and Singh (2016) highlighted that industrial policies of the Government announced from time to time, have laid considerable emphasis on promotion of women entrepreneurship, particularly among first generation women entrepreneurs, through various training and support services. Entrepreneurship Development Programmes (EDPs) for women are being run and approximately 1500 women participated in these training programmes. Yadav and Unni (2016) presented that entrepreneurship for women development is an essential part of human resource. The progress is more visible among upper class families in urban areas. This paper focuses on current status of women entrepreneurs in India. Purpose of this empirical study was to find out various motivating and demotivating internal and external factors of women entrepreneurship. Raghuvanshi, Agarwal and Ghosh (2017) revealed that role of women entrepreneur in economic development is inevitable. Women entrepreneurship must be built properly with entrepreneurial traits and skills to meet the changes in trends, challenges of global markets and also be competent enough to sustain and strive for excellence in the entrepreneurial arena.
The present study intends to explore the various challenges faced by women and their role in economic development. The present paper also aims to discuss various government schemes for women.
Research Methodology
This is a theoretical paper based on secondary sources including online publication, magazine, research papers and articles, government websites. Descriptive approach has been used to cover the content of present study.
Results and Discussion
Role of Women Entrepreneurship in Economic Development
Economic contribution: Women’s economic activities contribute directly to growth and efficiency in dealing with informal business problems and poverty reduction is one of the main issues for policy makers
Capital formation: Entrepreneurs mobilize the idle savings of the public through the issue of industrial securities. Investment of public savings in industry results in productive utilization of national resources.
Improvement in per capita income: women entrepreneurs in India have also been exploiting the opportunities. They convert the latent and idle resources like land, labour and capital in to national income.
Generation of employment: Women entrepreneur in India are playing an important role in generating employment both directly and indirectly. By setting up small scale industries, they offer jobs to people.
Social Contribution: Women entrepreneurs are also contributing towards improving the balanced regional development and standard of living in the country.
Balanced regional development: Women entrepreneurs in India remove regional disparities in economic development. They set up industries in backward areas to avail the resource concessions and subsidies offered by government.
Improvement in living standards: With the setting up of small scale industries, reduction of scarcity of essential commodities and introduction of new products can be achieved.
Innovation: Innovation is the key to entrepreneurship. It implies the commercial application of an invention. As an innovator, the entrepreneur assumes the role of a pioneer and an industrial leader.
Government’s Initiatives for Women Entrepreneurs
The government has also made several relaxations for women to facilitate the participation of women and has over 27 schemes for women operated by different departments and ministries. These are:
Swarnajayanthi Gram Swarojgar Yojana (SGSY): Government provides funds such as per individual is 30 per cent of the total capital investment if the total investment is less than Rs. 7,500 and 50 per cent of the investment for SC/STs if the investment is less than Rs. 10,000.
Rastriya Mahila Kosh (RMK): It was established by the Government of India in March, 1993 as an autonomous body under the Ministry of Women and Child Development. It was registered under the Societies Registration Act 1860. The aims and objectives of the Kosh are to undertake activities for the promotion of credit as an instrument of socio-economic change and development through the provision of package of financial and social development services.
Stree Shakti: Stree Shakti Scheme is another initiative by Karnataka government to empower women with the services provided under the scheme. The scheme ensures that rural women are getting all facilities which they deserve and make sure they are contributing to the family expenses. This is one of the ways to bring them into main stream.
Khadi and Village Industries Commission (KVIC): It came into existence in April, 1957. The KVIC took over the work of All India Khadi and Village Industries Board and it aims to promote and develop Khadi and Village Industries and produce Khadi and Village Industries products.
Annapurna Scheme: This scheme is offered by the State Bank of Mysore for those women entrepreneurs who are setting up food catering industry in order to sell packed meals and snacks etc. The amount granted as a loan under this scheme can be used to fulfill the working capital needs of the business like buying utensils and other kitchen tools and equipments.
Udyogini Scheme: This scheme is offered by Punjab and Sind Bank so as to provide women entrepreneurs involved in agriculture, retail and small business enterprises to get loans for business at flexible terms and concessional interest rates.
Trade Related Entrepreneurship Assistance and Development (TREAD): Ministry of Micro, Small and Medium Enterprises (MSME) is operating a scheme titled “Trade Related Entrepreneurship Assistance and Development (TREAD)” to promote women entrepreneurs.
Indira Mahila Yojana: Indira Mahila Yojana is another women development programme initiated by the Government, which was launched in August 1995 in more than 200 blocks of the country. The main objective of this programme is to give a forward thrust to the women education, awareness income-generation capacities and the empowerment of women.
Mahila Samriddhi Yojana: The Mahila SamriddhiYojana is a centrally sponsored scheme, which was launched on 2.10.1993. Through MSY (Mahila Samriddhi Yojana), every rural woman aged 18 and above can open Mahila SamriddhiYojana account of money she can save. The government contributes an incentive money of 25 per cent of her savings.
Mahila Vikas Nidhi: Mahila Vikas Nidhi is specially designed fund for economic empowerment of women. Training and employment opportunities are provided to them through creation of necessary infrastructure. Besides supply of improved inputs, production and technological improvements are also covered under the MVN (Mahila Vikas Nidhi) scheme.
Conclusions
The study highlights the various measures and efforts being taken by the government and economy for Indian women to give equal rights of participation and equal opportunities in education and employment. Apart from that the study suggested that proper technical education to the women is essential and improvement of identification mechanism of new enterprise is required. Moreover, assistance in project formulation and follow up of training programs is necessary for growth of women. In this regard, women enterprises research and application from time to time must be documented.
References
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