Emphasis on promoting women-led trade in BRICS calls for easier access to credit and global markets

Union Commerce and Industry Minister Piyush Goyal has urged the BRICS countries to work together to increase opportunities in global trade for women entrepreneurs and women-led businesses. He said that entrepreneurs venturing into international trade mainly face three major hurdles, which include access to credit, access to buyers and markets and clear and predictable rules of trade. Addressing the 'BRICS WBA Women Lead Development Conference' held in the national capital, Piyush Goyal said that India has shared its experiences in addressing the challenges faced by women entrepreneurs in the wider trade activities of BRICS Women's Business Alliance and BRICS. wants to do He said that India has focused on women's economic and social empowerment along with education, skills and better quality of life. He said that about 12 years ago, a large number of women, especially rural women, lacked bank accounts, property in their names and proper credit records, which made it difficult for them to get loans. After that, houses were provided in the name of women in India, about 30 crore bank accounts were opened and unsecured loans were provided to women who wanted to start a business. According to Piyush Goyal, today about 10 crore rural women are involved in 9 million self-help groups, small cooperatives and various women's groups. The number of women earning more than Rs 100,000 per annum from their personal income has crossed three crore, known as 'Lakhpati Didi'. India has provided about 56 crore loans to small entrepreneurs, of which more than 68 per cent loans have gone to women entrepreneurs, he said. He said that making women economically self-sufficient is a priority of the government, because when women stand on their own feet, they become a strong driver of the country's economic growth. The commerce minister said that about a decade ago, women's labor force participation in India was about 19 percent, but it is expected to increase to 50 percent or more in the coming years with education, skills and income growth. He said that India's economic growth can be accelerated by more women engaging in formal employment. Piyush Goyal said that women should not be seen as mere beneficiaries of government schemes but as 'architects of a new India'. The benefit of providing education and skills to a woman reaches the entire family and the foundation for a better future of the children is strengthened. Emphasis on opening the doors of global markets for women entrepreneurs In relation to access to global markets, he emphasized the need to establish a common trading platform among the BRICS countries. According to him, through this platform, the demand for a product in one member country can be reported to other member countries and financial institutions can also be connected to this system, which will benefit women and small entrepreneurs. He said that women-led delegations in various sectors, including textiles, could strengthen business linkages and global value chains by visiting BRICS member countries. Piyush Goyal said that trade requires predictability and certainty in laws, open borders and an enabling environment for free trade. He also urged the BRICS countries to create a common platform for electronic trade documents, e-invoice, electronic bill of lading and e-customs declaration. He urged governments to encourage women-owned enterprises to participate more in international exhibitions, conferences, seminars, business forums and buyer-seller meetings. He said that a progress report should also be issued every year, so that it can be known which businesses have been successful and which areas need more attention.
Referring to India's 'One District, One Product' initiative, Piyush Goyal said that various products have been identified in around 780 districts of the country, which are being tried to reach global markets. He said that the initiative is now extending to the services sector and efforts are underway to promote various districts as export hubs. He said that the growing demand for Indian fruits and vegetables in the global market, especially in the Gulf countries, could create huge opportunities for small farmers and women entrepreneurs in the field of packaging, designing and food processing.
The commerce minister said that despite difficulties and uncertainties in global trade, India's exports of goods have increased by more than 15 percent during April-August of the current financial year. He said that the growth rate of the Indian economy at constant prices in the first quarter of April to June was 7.8 percent, which is the highest growth rate in the world. He said that India wants to strengthen its trade ties with the world instead of retreating from global trade and globalization. India has set a target of increasing the current $4 trillion economy to $30 trillion by 2047, and women-led development will play an important role in achieving this goal. Piyush Goyal, quoting Prime Minister Narendra Modi, said, "When women develop, the world develops." He said that young women can play an important role in creating greater prosperity and a better future globally.