India calls on BRICS partners for women-led enterprises in global trade

Union Minister of Commerce and Industry Piyush Goyal has urged BRICS nations to collaborate on broadening prospects for women entrepreneurs and women-led enterprises within international trade, emphasizing the necessity of simplified access to credit, markets, and consistent regulatory frameworks. Addressing the BRICS WBA Women-Led Development Conference in New Delhi as the Chief Guest, he stated that an entrepreneur venturing into international business faces three critical challenges: securing access to credit, penetrating buyer and market channels, and navigating predictable rules fostering free trade and open opportunities.

Goyal conveyed that India intends to share insights derived from its efforts in overcoming hurdles encountered by business owners, especially women entrepreneurs, with the BRICS Women’s Business Alliance and the broader BRICS business forum. He noted that India has prioritized the financial, social, and educational advancement of women, alongside skills development and enhanced living standards, aiming to position women as catalysts for the nation’s economic expansion.

Goyal emphasized India’s trajectory in advancing financial inclusion for women, observing that approximately twelve years prior, a significant portion of women, especially in rural areas, lacked bank accounts, individually held assets, and established credit histories, often rendering them ineligible for credit. He detailed that India has since implemented policies including property ownership for women, facilitated the creation of nearly 300 million bank accounts for women, and extended collateral-free loans to women entrepreneurs, even those lacking prior credit profiles.