“Be it education or science, women of the country are at top…Be it sports or battlefield, India’s women are stepping forward with a new capability and confidence. I see immense contribution by women in 25 years to come, much more than that in the 75-year journey,” PM Modi.
On Independence Day 2022, PM Narendra Modi quoted the above, applauding all the Indian women in diverse fields. And rightfully, said so! Over the years, Indian Nari Shakti or woman power has shown spectacular achievements in international sports, corporate boardrooms, STEM etc.
In the Union Budget 2022 presentation, Finance Minister Nirmala Sitharaman declared that Nari Shakti is the harbinger of India’s bright future. Recognizing the importance of Nari Shakti, the Government of India comprehensively revamped the schemes of the Ministry of Women & Child Development.
Why Nari Shakti?
Under the present government of India, a woman’s stride has played a pivotal role in bringing national transformation. From women’s development, the focus has shifted to women-led development, which is the essence of Nari Shakti.
Nari Shakti is the most critical prerequisite to economic growth. And through skilling, training, and financial aid, women can catapult themselves into the nation’s growth story.
MSME and Nari Shakti
“MSME sector is the backbone of the Indian economy, and the government is taking concrete steps to uplift and empower the sector,” said Sitharaman.
MSMEs, once considered a sector for men, are now increasingly witnessing a surge of women entrepreneurs. Women have an important part in the overall growth of the MSME sector. And this means they have a significant role in boosting the Indian economy.
However, to sustain the growth of women-led businesses, key barriers such as deep-rooted social barriers, lack of financial institutions, credit needs, and biases have to be addressed and tackled.
A few compelling reasons that show the potential of Nari Shakti in MSMEs and women-led businesses are-
Higher return potential: Reports reveal that women-led start-ups provide 35% higher than those led by men. It proves their potential to contribute towards innovation, job creation and economic growth.
Narrowing gender gap: In the 2022 budget presentation, Nirmala Sitharaman, stressed that women-led development is one of the important pillars of inclusive development. Hence, minimizing the gap in labour force participation can usher in a new era of women-led inclusive business growth.
Social change: Women entrepreneurship can lead paths for more women to be financially secure and independent.
India is expected to be home to more than 150 unicorns by 2025. It’s no better time than now to provide impetus to the sustainable growth of Nari Shakti. Encouraging Nari Shakti to step up in the sectors of MSME and entrepreneurship could be the key to spurring India’s economy onward.
