A report launched by the United Kingdom-based business financial platform Tide on Wednesday has shed light on the challenges faced by women entrepreneurs in India, particularly in accessing credit and leveraging government financial schemes. The report, titled “Bharat Women Aspiration Index (BWAI),” surveyed over 1,200 new and existing business owners across the age group of 18-55 years from Tier-II towns.
One of the key findings of the report is that 47 per cent of women still face difficulties in obtaining credit, highlighting the persistent barriers in accessing financial resources. Furthermore, a staggering 95 per cent of women surveyed expressed unawareness of existing government financial schemes or initiatives that could potentially support their businesses.
However, the report also revealed that 52 per cent of women entrepreneurs have access to financial credit, indicating that one in two entrepreneurs has been able to secure financing for their ventures.
Oliver Prill, the global chief executive officer of Tide, emphasized the significance of reliable data by gender and region, particularly in Tier-II towns and beyond. He stated, “One of the biggest barriers to financial institutions supporting women entrepreneurs is the lack of reliable data by gender and region (especially Tier-II towns and beyond). The lack of awareness, data, and other insights into the trends of women entrepreneurs in semi-urban and rural areas translates into a broader impact where targeted action and support, either financial or mentorship, can be lacking.”
The report also highlighted that around 80 per cent of women recognize digital literacy as an important enabler for their businesses, while 51 per cent, or one in two, business owners face hurdles in accessing digital tools for their operations.
Additionally, Tide’s report revealed that 38 per cent of women feel that accessing customers is easier, while 31 per cent believe that being a first-mover in the local market gives them a competitive edge in business and talent hunting.
Gurjodhpal Singh, chief executive officer, Tide India, said, “The findings have inspired us to be a key partner in their success stories. Access to funding, mentors, and digital tools for doing business are tightly interwoven and interdependent. While women entrepreneurs from small towns report that they have access to credit, a large gap in their understanding of financial issues remains.”
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