India to work with BRICS partners to expand opportunities for women-led enterprises in global trade: Piyush Goyal

Addressing the BRICS WBA Women-Led Development Conference in New Delhi as the Chief Guest on Wednesday, Goyal said that an entrepreneur seeking to enter international business has to cross three key borders: access to credit, access to buyers and markets, and access to predictable rules that encourage free trade and open opportunities.

According to the press release, Goyal said India would like to bring the lessons learnt from its experience in addressing the challenges faced by entrepreneurs, particularly women entrepreneurs, to the BRICS Womens Business Alliance and the larger BRICS business engagement.

He said India has focused on empowering women financially, socially and through education, skills and improved quality of life, to make women the drivers of the countrys growth.

Highlighting Indias experience in expanding financial inclusion among women, Goyal said that around twelve years ago, most women, particularly in rural India, did not have bank accounts, assets in their own names or credit histories and were often not eligible for loans. He said India has since put houses in the names of women, opened nearly 300 million bank accounts for them and provided collateral-free loans to women seeking to start their own work, including those without a credit history.

He said around 100 million rural women are today members of nine million self-help groups, small cooperatives or groups of women working together on different ideas and enterprises. The number of women earning more than Rs. 1 lakh in personal income has crossed 30 million. These women are referred to as Lakhpati Didis, he said, adding that India hopes to continue expanding both their number and their income.

Goyal further said that India has provided around 560 million loans to small entrepreneurs, with more than 68 per cent of these loans going to women entrepreneurs. He said the objective is to ensure that women become economically independent and are not dependent on other family members. He added that when women stand on their own feet, they can become drivers of Indias growth engine.

He noted that Indias female workforce participation had been around 19 per cent until about a decade ago and expressed confidence that as income levels rise, education improves, skills develop and talent comes forward, the number will increase to 50 per cent or more. He said that in developed societies, the proportion of women in the formal workforce has crossed 50 per cent. He emphasised that India can achieve a significant delta in economic growth as more women enter the formal workforce.

The Union Minister said the governments effort is to ensure equal opportunity and availability of the tools required for a person to start a business or become an earning member of the family. This, he said, is the essence of women-led development, as distinct from merely women's development.

Goyal said that educating or skilling a woman supports the entire family, as she leads the family and helps provide children with a better future. He said that across various schemes and programmes focused on womens development and women-led development, women should not be viewed merely as beneficiaries but as the architects of New India.

On expanding access to international markets, Goyal referred to the meeting of BRICS Commerce and Industry Ministers held in Jaipur last month, where ministers agreed on voluntary principles for assessing small exporters. He said the assessment should not be based only on invoices and payments, but also on the entrepreneurs ability and the change from the past to the present and the future.

He said foreign trade should not be viewed only as a collateralised business, but as an opportunity to integrate societies and businesses and provide opportunities to marginalised sections that may otherwise never imagine going overseas. He said BRICS countries had also agreed in the Jaipur Consensus to explore a common BRICS platform for international trade, which could help address the second challenge faced by entrepreneurs, namely access to markets and buyers.

Goyal further said that once such a platform is built, a product requirement in any one BRICS member country could be known to the other members, while invoices raised between participants could also be publicised and made known across the platform. He said several financial intermediaries could join the platform to support women entrepreneurs and small entrepreneurs as trade among BRICS countries expands.

Referring to the BRICS work plan on member countries shared understanding on global value chains, Goyal urged governments to encourage women-owned enterprises to participate more actively in international expositions, conferences, seminars, exhibitions and business forums. He said this would enable engagement across multiple platforms.

He urged BRICS countries to consider more women-led business delegations on a sectoral basis. He suggested that BRICS countries could organise sector-specific women-led delegations, such as a fully women-led textile delegation travelling from one BRICS member country to another. He said such delegations could receive greater traction and help integrate value chains while creating opportunities for women entrepreneurs to engage with markets beyond BRICS as well.

On the third challenge of predictable rules for doing business, Goyal said business cannot be conducted without sufficient predictability and certainty, open borders and an environment that encourages free trade. He said all BRICS members have committed to protecting and strengthening the multilateral trading system within WTO rules of trade, which would provide policy space for less developed and developing nations.

Goyal said BRICS members should work towards a common platform enabling electronic trade documents, e-invoices, electronic bills of lading and e-customs declarations. He also referred to the voluntary principles agreed upon to facilitate the delivery of services online across borders, while respecting and protecting each countrys laws.

Calling for greater engagement among BRICS countries, Goyal said dialogue and diplomacy are the way forward towards a more prosperous future for member countries, partner countries and the world.

He said BRICS countries have worked towards global peace and bringing nations together around a common understanding to support international trade in both goods and services. He noted that services trade among BRICS members has not received sufficient attention. With global services trade at almost $10 trillion, he said the relatively low level of services trade among BRICS countries indicates significant potential for growth.

He said women can play an important role in areas such as mobility and different types of services, as well as in the rapidly growing digital economy. He emphasised the tremendous potential for BRICS countries to work together to improve service delivery and enable women entrepreneurs and MSMEs to participate in services and the digital economy.

Piyush Goyal also highlighted Indias experience in government procurement through the Government e-Marketplace, where central, state and local governments are encouraged to procure goods and services transparently and where procurement opportunities are available for people to see. He said special focus and encouragement are given to women-led enterprises to provide goods and services to the government at central and local levels, with women-led enterprises accounting for a very large share.

Highlighting Indias One District, One Product initiative, Goyal said that India has around 780 districts and has identified one, two or three products in each district for promotion. He said the initiative is now also moving into services. He referred to Uttar Pradeshs initiative to identify cuisines, noting that India experiences changes in cuisine and taste across relatively short distances, with different products, tastes, spices and combinations offering significant potential to become businesses in markets across the world.

He said products, services and cuisines identified in different districts are being promoted by state governments and local administrations with the objective of developing global markets and making districts export hubs. (ANI)