The FICCI Ladies Organisation (FLO) hosted an inspiring event titled "Navigating to Success: The MSME Way" at the National Institute of Micro, Small, and Medium Enterprises (ni-msme) in Yousufguda, highlighting the pivotal role of women entrepreneurs in India's economic landscape.
Dr. S Glory Swarupa, Director General of ni-msme, addressed the gathering, noting that 8 million of the 60 million MSMEs in India were women-led as of 2016. Highlighting insights from Kinara Capital's MSME Insights Report 2024, she pointed out that women-owned MSMEs employed 11% more women compared to those owned by men. The report also revealed that women-led businesses excelled in cost optimization, income growth, and loan repayment, underscoring the broader social benefits of empowering women entrepreneurs.
Dr. Swarupa emphasized the significant economic impact of increasing female workforce participation, citing McKinsey Global Institute's estimate that India's GDP could rise by $0.7 trillion by 2025 with more women in the workforce. Similarly, the World Bank suggests that annual GDP growth could increase by 1.5 percentage points if women’s workforce participation reaches 50%.
Priya Gazdar, Chairperson of FLO, highlighted the organisation's commitment to supporting women entrepreneurs. She announced that FLO will enter a knowledge exchange collaboration agreement with ni-msme during an MSME Conclave on June 24, 2024. This partnership aims to foster a pro-business environment that has been ni-msme's hallmark for over six decades.
Reflecting on the past financial year, Gazdar noted a remarkable 75% increase in women-led SMEs, rising from 4.9 lakh to 8.59 lakh units. This surge exemplifies the resilience and determination of women entrepreneurs.
As India aims to become the world's third-largest economy by 2030, Gazdar stressed the urgent need to bridge the gap in gender equality in business. FLO is dedicated to providing women entrepreneurs with the knowledge and tools necessary for greater economic and entrepreneurial freedom. This year, FLO's focus is on integrating more women at all business stages and societal levels into the MSME sector, leveraging the extensive schemes and subsidies offered by the MSME Ministry, Government of India.
The event underscored FLO's mission to double the number of women entrepreneurs in India, fostering a robust and inclusive economic growth trajectory for the nation.
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