How Female Entrepreneurs are Contributing in Indian GDP Growth
India accounts for nearly 58.5 million entrepreneurs, of which only 14% or 8.05 million are female. Such low participation of women in the entrepreneurship base is concern-worthy, especially since several studies suggest the substantial economic value that would be added if females ran the business vista shoulder-to-shoulder with males.
One of the primary hindrances that result in such low female entrepreneur numbers is the lack of proper financial assistance.
Therefore, several financial institutions are providing unsecured business loans at more convenient terms for females to address the issue of low participation.
Moreover, there have been numerous studies that show how females can add more value to the entrepreneurship circle, both domestically and globally, compared to males.
For instance, as per a study by the Centre of Entrepreneurship, female businesspersons are more likely to take calculated risks compared to men, who are more likely to be impulsive.
Furthermore, as per this study, women can more readily detect opportunities compared to men. Such statistics largely indicate how women can more expertly handle and utilise financing facilities in their businesses’ favour.
Nevertheless, female entrepreneurs ought to consider an unsecured business loan for numerous reasons apart from it being collateral-free. For instance, such collateral-free loan involves minimal documentation and therefore, can be considerably easier to avail.
Furthermore, such business loans can range up to Rs.30 lakh with no end-use restriction, thus providing ample financial leeway to defray numerous business expenditures.
Therefore, such a loan is ideal to capitalise on the multiple opportunities present within the current economic conditions.
June 5th, 2020