New Delhi, July 16
The Women Empowerment vertical of the BRICS Chamber of Commerce and Industry (BRICS CCI), BRICS CCI WE has urged the finance minister to announce policies and initiatives to empower women entrepreneurs across the country.
The organization highlighted that women entrepreneurs often face challenges due to gender biases and limited resources, which hinder access to finance, technology, and market insights among other obstacles. To address these challenges, the organization has submitted 10 key recommendations for the Finance Minister to consider for the upcoming Union Budget 2024-25. These recommendations include allocating resources for gender-disaggregated data collection on women entrepreneurs, increasing financial schemes specifically for women-led MSMEs, and enhancing funding for Skill India to include specialized training programs for women in digital literacy and e-commerce. Additionally, BRICS CCI WE has suggested increasing support for initiatives that provide mentorship and facilitate global market linkages for women entrepreneurs. They also recommend implementing targeted policy interventions to ensure greater participation and equity in the e-commerce landscape, and investing in safer urban environments to encourage women's participation in entrepreneurship. The organization further suggests allocating funds to expand childcare facilities and caregiver services for women entrepreneurs. The government should encourage female-focused venture capital funds through financial incentives and grants aimed at scaling up women-owned businesses and breaking funding barriers. The budget should also provide higher tax deductions and relaxations specifically for women entrepreneurs and startups to reduce financial burdens and encourage growth. BRICS CCI is a non-governmental organization founded in 2012 by a group of professionals and entrepreneurs dedicated to promoting commerce and industry in BRICS and other friendly nations. It focuses on initiatives and policies aimed at women's empowerment, striving to create a supportive system for women entrepreneurs and professionals worldwide. Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, in her third straight term. As part of the Budget preparations, she has met with stakeholders and experts from various industries to gather their suggestions. As the country navigates a complex global economic landscape, the upcoming Budget is anticipated to focus on strengthening the country's economic resilience, fostering innovation, and enhancing competitiveness.