Indian Economy News

India to work with BRICS partners to expand opportunities for women-led enterprises in global trade: Union Minister of Commerce and Industry Mr. Piyush Goyal

Union Minister of Commerce and Industry Mr. Piyush Goyal called upon BRICS countries to work together to expand opportunities for women entrepreneurs in international trade, addressing the BRICS WBA Women-Led Development Conference in New Delhi as Chief Guest. He said entrepreneurs face three key barriers: access to credit, access to buyers and markets, and access to predictable trade rules, and shared India's experience in financial inclusion, noting nearly 300 million bank accounts opened for women, around 100 million rural women organised into nine million self-help groups, and over 30 million women earning more than Rs. 1 lakh (US$ 1,058) in personal income, known as 'Lakhpati Didis'. He said India has provided around 560 million loans to small entrepreneurs, with over 68% going to women, and expressed confidence that female workforce participation, currently around 19%, could rise to 50% or more.

On market access, Mr. Piyush Goyal referred to the Jaipur Consensus, where BRICS members agreed to explore a common trade platform and a Women's Advancement Fund, and called for more women-led business delegations and participation in BRICS exhibitions. He noted global services trade stood at almost Rs. 945.50 lakh crore (US$ 10 trillion), with significant potential for growth among BRICS countries, and cited an example of women entrepreneurs supplying consignments worth around Rs. 9,455 (US$ 100) to government departments. He highlighted India's merchandise exports grew over 15% during April-August despite global headwinds, GDP growth of 7.8% in Q1, and India's target of growing from a Rs. 378.20 lakh crore (US$ 4 trillion) economy to a Rs. 2,836.50 lakh crore (US$ 30 trillion) economy by 2047.

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