Women Transforming India Awards

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Context: NITI Aayog organised the Women Transforming India (WTI) Awards.

Details

NITI Aayog organised the fifth edition of the Women Transforming India (WTI) Awards.
This year, as part of the Azadi ka Amrit Mahotsav to celebrate 75 years of India’s independence, the WTI Awards were conferred on 75 women achievers to celebrate their contribution towards a ‘Sashakt Aur Samarth Bharat’.
Award ceremony recognized women entrepreneurs who have made their mark across different sectors.
The selection process spanned several months, and the 75 awardees were chosen on the basis of nominations received on WEP and through short listing by a search-and-select committee.

About Women Transforming India Awards

The Women Transforming India Awards is NITI Aayog’s annual initiative to highlight the commendable and ground-breaking endeavours of India’s women leaders and change-makers.
The WTI Awards have continuously recognized role models who have broken glass ceilings and created a positive impact.
Since 2018, the Awards have been hosted under the aegis of NITI Aayog’s Women Entrepreneurship Platform (WEP), with a special focus on entrepreneurship.
- Women Entrepreneurship Platform (WEP) is an aggregator portal that aims to catalyse the entrepreneurial ecosystem for women and address information asymmetry.
- To build a vibrant ecosystem for women-led enterprises, the platform works to strengthen industry linkages and increase awareness of existing programmes and services.

Women Entrepreneurs in India

Nearly 3 million micro, small, and medium enterprises with full or partial female ownership contribute more than 3 % of industrial output and employ over 8 million people
78% of women enterprises belong to the services sector.

"SAMARTH" initiative to promote Women Entrepreneurship

On the occasion of International Women’s Day 2022, the Union Ministry of MSMEs has launched a Special Entrepreneurship Promotion Drive for Women "SAMARTH".
The initiative aims to develop entrepreneurship culture among women by offering several additional benefits for women in the schemes implemented by the Ministry.
Following benefits will be available to aspiring and existing women entrepreneurs:
- 20% Seats will be allocated for women in free Skill Development Programs organised under skill development schemes of the Ministry.
- 20% of MSME Business Delegations sent to domestic and international exhibitions will be dedicated to women owned MSMEs.
- 20% Discount on annual processing fee on Commercial Schemes.
- Special Drive for registration of women-owned MSMEs under Udyam Registration.
Through this initiative, the Ministry of MSME will provide Skill Development and Market Development Assistance to women and more than 7500 women candidates from rural and sub- urban areas will be trained in the FY 2022-23.
Thousands of women will get marketing opportunities to showcase their products in domestic and international exhibitions.
Single Point Registration Scheme.

Concerns

Social status of women and prevalent social norms in India influence financial institutions and the ability of women entrepreneurs to access finance.
Absence of collateral security and guarantee/support.
Limited financial awareness and understanding of financial products/ services.
Bank branches are unwelcoming to women customers.
Lack of confidence or hesitation to approach financial institutions.
Lack of reliable information about financial management makes the women entrepreneurs less attractive to financiers.

Way Forward

Access to finance is a key for the growth of the MSME sector in India.
Micro finance plays a key role in expanding access to finance for low-income women aspiring to become entrepreneurs.
Training programs on human resources, financial management, business management, marketing, and financing the venture.
Learning from Global Best Practices for Women-owned Enterprise Financing; Westpac Banking Corporation (AUSTRALIA), American Express (USA).
DFCU BANK in UGANDA created a “land loan” specifically for women. Women can take a loan to purchase property that they can later use as collateral for business loans.
Ensure access to business and financial management training through the bank’s partnerships with local universities.
Simplify the approval process to reduce the number of visits to branches.
Explore potential for “doorstep financial delivery model” branchless banking and other innovative delivery systems tie-ups with NGOs, microfinance institutions, SHGs.
Remove dependence on male members of the family as a prerequisite to access finance.
Promote a friendlier environment for women customers.
Governments should promote Equal rights to property, joint property registration, land ownership of women.
Formulate women-focused policies to promote women-owned enterprises. Create an online customer care support.