4 DECEMBER2022Editor NoteWomen-Led Businesses Provide Strong Support ToThe Indian Economy Women form nearly half of India's population. For years societal norms pulled women back from achieving financial independence. Various social constructs such as familial reasons, early nuptials, lack of focus on girls' education has given rise to deep gender inequality. Women often suffer from a lack support, infrastructure and opportunities, which makes it hard for women to join the workforce. But the tides today are gradually changing. From being a nation where women hardly even owned a bank account in their name to having reached a stage where women are actively partaking in the business landscape, India has come a long way. Women entrepreneurs and business leaders have significantly influenced India's social and economic demographic. Women's participation in the labour force has aided millions of families to alleviate from poverty and has also contributed to job creation.Women-led businesses render great impetus to the Indian economy. According to government data India has close to 13.5 ­15.7 million women-owned businesses. In India, 20.37 percent of women are MSMEowners which accounts for 23.3 percent of the labour force. Women are considered to be the backbone of the economy as these businesses play a crucial role in providing employment to 22­27 million people. If statistics are to be believed, women owned businesses fare well in today's highly competitive business landscape. A report by Boston Consulting Group, concluded that start-ups that were founded or co-founded by women created 10 percent more cumulative revenue over a five-year period. Women founded organizations are also more inclusive in nature and employ three times more women than men. Experts believe that the coming decade will bring with it a revolution of sorts where women will dominate the workforce and build a strong influence. According to McKinsey Global, India stands to add $700 billion to the global GDP by increasing women's participation in the labour force. According to estimates by 2030, more than 30 million more women-owned businesses are expected to provide 150­170 million jobs. The opportunity is massive and too good to be missed. We hope that the country will make every effort possible to turn this into a massive win for the Indian economy. Do let us know your thoughts. Rachita SharmaManaging Editor
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