26 July 2023

Economic Empowerment for Women: Entrepreneurship and Financial Inclusion

The economic empowerment of women is crucial for the overall development and progress of a nation. It not only contributes to the growth of the economy but also plays a vital role in achieving gender equality and social justice. 

In India, where gender disparities have historically been significant, empowering women through entrepreneurship and financial inclusion has emerged as a powerful tool for uplifting women from poverty and ensuring their economic independence. One notable organization that has made significant contributions in this regard is the Narayan Seva Sansthan (NGO). 


Problems and Obstacles that Indian Women Entrepreneurship Face

India has witnessed a significant rise in women’s participation in entrepreneurial ventures in recent years. However, despite this positive trend, women entrepreneurs in India continue to face numerous challenges and barriers that impede their progress and hinder their success. 


Societal and Cultural Constraints:

One of the primary challenges faced by women entrepreneurs in India is deeply entrenched societal and cultural norms. Traditional gender roles and expectations often relegate women to domestic responsibilities and undermine their decision-making authority. Society’s perception of women as primary caregivers can limit their access to resources, opportunities, and networks essential for entrepreneurial success. Gender biases and stereotypes also persist, affecting the confidence and credibility of women entrepreneurs.         


Lack of Access to Capital:

For a business to start up and grow, it needs access to cash. However, women entrepreneurs in India often struggle to secure financial resources due to several reasons. Discrimination in lending practices, lack of collateral, and limited financial literacy contribute to the difficulty women face in obtaining loans and investments. The gender pay gap and limited representation of women in corporate leadership roles further exacerbate this challenge, making it harder for women to access capital for their ventures.


Limited Access to Networks and Mentorship:

Networking and mentorship play a crucial role in the success of entrepreneurs. However, women entrepreneurs in India often face a lack of access to supportive networks and mentors. Male-dominated business associations, clubs, and industry gatherings may create exclusionary environments, making it difficult for women to establish meaningful connections. Additionally, a dearth of female role models and mentors can hinder their professional growth and limit their exposure to valuable guidance and support.


Balancing Work and Family Responsibilities:

Women in India often bear the burden of balancing work and family responsibilities. The societal expectation of women fulfilling traditional gender roles as caregivers can lead to a significant time and energy drain, making it challenging for women entrepreneurs to dedicate themselves fully to their ventures. The lack of affordable and reliable childcare services further exacerbates this challenge, forcing women to make difficult choices between their family and entrepreneurial pursuits.

Limited Institutional Support and Policies:

While the Indian government has introduced various policies and initiatives to promote women entrepreneurship, implementation gaps and limited institutional support persist. The effectiveness of programs such as the Stand-Up India Scheme and the MUDRA loan scheme is hindered by bureaucratic hurdles and inadequate outreach efforts. Moreover, the absence of gender-specific policies that address the unique challenges faced by women entrepreneurs impedes their progress.


Perceived Lack of Credibility:

Women entrepreneurs in India often face skepticism and doubts regarding their abilities and credibility. Investors, customers, and even family members may question their competence or assume a male co-founder is necessary for success. Overcoming this bias requires women entrepreneurs to consistently prove their capabilities, which can be an additional hurdle to navigate.



How to Overcome Challenges and Barriers Faced by Women Entrepreneurs in India


Limited Access to Financial Resources:

One of the major challenges faced by women entrepreneurs in India is limited access to financial resources. Traditional norms and biases often result in women being denied loans or facing stringent criteria for funding. To overcome this barrier, several measures can be implemented:

a) Government Support: The Indian government should introduce specialized schemes and initiatives that provide financial assistance, subsidies, and loans specifically targeted at women entrepreneurs. This could include setting up dedicated funds and simplifying loan application processes.

b) Financial Literacy Programs: Initiatives to enhance financial literacy among women entrepreneurs are crucial. Providing training and mentorship programs on financial management and investment strategies would enable women to present their business ideas more effectively and access funding opportunities.


Social and Cultural Barriers:

Deep-rooted social and cultural barriers continue to impede the progress of women entrepreneurs in India. Gender biases, societal expectations, and stereotypes limit their opportunities for growth. To deal with these problems, you need to use more than one strategy:

a) Awareness and Sensitization: Conducting awareness campaigns and sensitization programs at educational institutions, workplaces, and community centers can help challenge gender stereotypes and encourage support for women entrepreneurs.

b) Role Models and Mentorship: Highlighting successful women entrepreneurs as role models and establishing mentorship programs can provide guidance and inspiration to aspiring women entrepreneurs. This can boost their confidence and help them navigate the challenges they face.


Lack of Networking Opportunities:

Networking plays a crucial role in business growth, but women entrepreneurs often face limited networking opportunities. Male-dominated industries and professional associations tend to exclude women, hindering their access to valuable connections. Overcoming this barrier requires concerted efforts:

a) Establishing Women-Centric Networking Platforms: Creating women-centric networking platforms and organizations can facilitate connections, knowledge sharing, and collaboration among women entrepreneurs. Such platforms can provide a supportive environment and encourage the exchange of ideas and experiences.

b) Encouraging Diversity in Existing Networks: Encouraging existing professional associations and industry networks to promote diversity and inclusion would ensure that women entrepreneurs are not excluded. Offering mentorship programs and opportunities for women to showcase their expertise can help bridge the networking gap.


Work-Life Balance:

Juggling personal and professional responsibilities remains a significant challenge for women entrepreneurs. The expectation to fulfill traditional gender roles and societal pressures often create obstacles to career advancement. To overcome this barrier:

a) Supportive Policies: Implementing policies that promote work-life balance, such as flexible working hours, parental leave, and affordable childcare facilities, would empower women to pursue entrepreneurship without compromising their personal commitments.

b) Building Supportive Networks: Encouraging the creation of support networks for women entrepreneurs can provide a platform for sharing strategies to manage work-life balance effectively. These networks can offer guidance on time management, self-care, and stress management.

The Narayan Seva Sansthan, a prominent NGO in India, has been dedicated to the upliftment of marginalized sections of society, with a particular focus on women. It has made significant contributions to the economic empowerment of women through various initiatives.



Economic empowerment of women through entrepreneurship and financial inclusion is vital for India’s sustainable development and achieving gender equality. The Narayan Seva Sansthan, as an exemplary NGO, has played a crucial role in empowering women by providing entrepreneurship programs, promoting financial literacy, and facilitating access to banking services. By focusing on the economic empowerment of women, India can unlock the untapped potential of half its population, leading to inclusive growth, poverty reduction, and a more equitable society.