The days when women were confined to their homes are long behind. Today’s women excel in their roles at work, at home, and in society, as they overcome stereotypes and social conventions. Especially in the business world, present-day women are making significant progress, gaining prominence in leadership positions while carving the pathway for the upcoming generation of women to follow. As per the Ministry of Statistics and Programme Implementation, women make up around 14% of all entrepreneurs in India or 8.05 million out of the total 58.5 million entrepreneurs.
Whether it is electronic, automobile, technology, or e-commerce, modern-day women are making substantial contributions in practically all industries. Particularly in light of the steady advancements in the Indian startup scene, the share of women entrepreneurs is growing. They are actively taking over the primary industries and assuming leadership positions like never before.
Encouraging women’s entrepreneurship in India, the government has also stepped up and introduced WEP (Women Entrepreneurship Platform). WEP, in conjunction with NITI Aayog, aims to create a supportive environment for women entrepreneurs in India. Today’s independent women are becoming better business entrepreneurs and making major progress in every field they set foot in.
Factors promoting women’s entrepreneurship development in India
Educational advancement: Advanced education is one of the fundamental cornerstones supporting female entrepreneurs. Superior educational opportunities have enabled women to develop the crucial skills and mindset necessary to excel in the corporate sector. A growing number of women today are pursuing STEM (Science, Technology, Engineering, and Mathematics) related educational fields—once thought to be exclusively male-oriented—as a result of expanding corporate prospects. In addition to STEM fields, women are increasingly pursuing specialized management education in fields like international business, finance, logistics and supply chain, textiles, and so on. This trend has strengthened the pool of capable women entrepreneurs.
Changing social norms: The advancement of women entrepreneurship is significantly influenced by societal attitudes and cultural norms. Changes in defined gender roles and expectations have empowered women to pursue their professional aspirations. The implementation of supportive policies, such as flexible options like remote work and family-friendly initiatives, is playing a substantial role in enhancing the overall well-being of women entrepreneurs, allowing them to flourish in both personal and professional spheres. Moreover, gender-neutral work policies are playing a major part in boosting women’s entrepreneurship. The SEBI mandate, one of these ground-breaking efforts to enhance gender diversity at the highest levels, requires at least one female director to serve on the boards of all listed companies.
Diversity and inclusion: As organizations in India enter a new era and recognize the potential of inclusive teams, diversity has become a need. There are now more opportunities available to women in the corporate sphere thanks to the increased emphasis on workplace diversity. As a result, women entrepreneurs have equal access to a variety of work environments, both domestic and foreign, helping them advance their knowledge and skills in their chosen fields.
Women entrepreneurs: Reshaping corporate arena
From the time when women were mostly in charge of household chores to the time when successful women entrepreneurs are predominating the corporate sector, the position of women has changed dramatically over time. This drastic shift demonstrates the power and possibilities of contemporary women.
It is reasonable to predict that the number of women-led organizations will increase in the future given the significant contributions that women are making in the world today. IBEF projects that during the next five years, the number of women-owned businesses will rise by 90%. Thus, this has the potential to significantly contribute to the nation’s growing economy.