Women-led rural enterprises face unique challenges such as limited access to finance, markets, and business networks compared to their urban and male counterparts. Granting priority sector status would help address these barriers by:
- Mandating banks to lend a certain percentage of their loan portfolio to women-led rural enterprises
- Providing tax incentives and subsidies to support the growth of these businesses
- Improving access to government schemes and programs designed for the priority sector
Empowering rural women entrepreneurs has far-reaching benefits for families, communities, and the economy as a whole. Studies show that when women have greater control over household income, they are more likely to invest in their children's education and health.
Supporting women-led rural enterprises is a win-win for gender equality and local economic development. By recognizing the 1immense potential of these businesses, policymakers can help unleash a new wave of innovation and growth in rural India.
Granting priority sector status to women-led rural enterprises could significantly benefit them in several ways:
1. Mandating banks to lend a certain percentage of their loan portfolio to these enterprises would improve their access to much-needed financing.
2. Priority sector status often comes with tax incentives and subsidies that can support the growth and competitiveness of women-led rural businesses.
3. It would allow these enterprises to access various government schemes and programs designed for the priority sector, such as the Micro & Small Enterprises Cluster Development Programme (MSE-CDP) which provides financial assistance for common facility centers and industrial infrastructure.
4. Schemes like ASPIRE aim to create jobs and livelihood opportunities in the agro-rural sector, which could benefit many women-led rural enterprises.
5. Initiatives like Mission Shakti in Odisha are already working to strengthen livelihoods, provide marketing platforms, and build an ecosystem for women's economic empowerment. Extending priority sector status could further boost these efforts.
A priority sector tag would open up critical financial and non-financial support for women entrepreneurs in rural India, helping them overcome barriers and grow their enterprises. This in turn can drive women's economic empowerment and local development.
Citations:
[1] [PDF] Fostering Female Growth Entrepreneurship in Rural India http://documents1.worldbank.org/curated/en/099062524230036167/pdf/P177443105a4530c181b316189b12e6ba1.pdf
[2] MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSME) https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1992842
[3] Skill India Digital Hub (SIDH) - Upskilling, reskilling, career growth ... https://www.skillindiadigital.gov.in/news
[4] [PDF] Women Led Entrepreneurship - Mission Shakti https://missionshakti.odisha.gov.in/sites/default/files/2022-03/Coffee-Table-Book-III.pdf
[5] [PDF] MSME- Schemes in e-booklet https://msme.gov.in/sites/default/files/FlipbookEnglishSchemeBooklet.pdf
[6) priority-sector-tag-needed-for-women-led-rural-enterprises-world-bank-124070201289_1.html https://www.business-standard.com/economy/news/priority-sector-tag-needed-for-women-led-rural-enterprises-world-bank-124070201289_1.html
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