Union Minister of Commerce and Industry Piyush Goyal has called upon BRICS nations to collaborate in expanding opportunities for women entrepreneurs and women-led businesses in international trade. He emphasised that women require easy access to credit, markets, and clear, reliable trade regulations to grow their businesses.
Addressing the BRICS WBA Women-Led Development Conference in New Delhi, Goyal noted that entrepreneurs entering international trade primarily face three major challenges: access to finance, access to buyers and markets, and the need for reliable, clear business regulations.
Emphasis on Connecting Women to Business and Global Markets
Goyal stated that India wishes to share its experiences with the BRICS Women’s Business Alliance and the broader BRICS business cooperation framework. India has focused on empowering women financially, socially, and educationally, while also improving their skills and standards of living, to enable them to become key partners in the country’s economic growth.
He pointed out that about 12 years ago, a large number of women in rural areas lacked bank accounts, assets in their own names, or credit histories, and struggled to secure loans easily. Subsequently, India undertook measures such as providing homes in women’s names, opening approximately 300 million (30 crore) bank accounts, and offering collateral-free loans.
Today, around 100 million (10 crore) rural women are associated with 9 million (90 lakh) Self-Help Groups (SHGs), small cooperative groups, and other women’s collectives. Furthermore, the number of women earning an annual income exceeding ₹1 lakh has surpassed 30 million (3 crore); they are known as ‘Lakhpati Didis’.
According to Goyal, approximately 560 million (56 crore) loans have been disbursed to small entrepreneurs, with women entrepreneurs receiving over 68 per cent of them. He stated that the objective is to make women economically self-reliant.
He also noted that about a decade ago, female workforce participation in India stood at around 19 per cent. There is potential for further growth in this figure as income, education, and skill levels rise. Greater participation of women in the formal workforce could significantly boost India’s economic growth. Goyal stated that women should not be viewed merely as beneficiaries of schemes but as architects of a ‘New India’.
Proposal for a Shared Trade Platform for BRICS
Addressing the challenge of accessing international markets, Goyal referred to the BRICS Commerce and Industry Ministers’ meeting held in Jaipur last month. He noted that a consensus was reached there on voluntary principles for the assessment of small exporters.
He emphasized that business assessment should not be based solely on invoices and payments; the entrepreneur’s potential and the evolution of their business over time should also be taken into account.
Goyal mentioned that under the ‘Jaipur Consensus’, BRICS nations have agreed to explore a shared BRICS platform for international trade. This could assist entrepreneurs in connecting with buyers and accessing new markets.
He suggested that such a platform could facilitate the sharing of information regarding product demand in one BRICS country with other member nations. It could also allow for the sharing of invoice details, enabling financial institutions to provide financial assistance to women and small entrepreneurs for their businesses.
He urged BRICS nations to provide greater opportunities for women entrepreneurs to participate in international exhibitions, conferences, seminars, business forums, and buyer-seller meets.
Goyal also proposed the formation of sector-specific, women-led business delegations. For instance, he suggested sending a textile delegation led entirely by women entrepreneurs from one BRICS country to another. This could help integrate value chains and assist women in accessing markets beyond the BRICS bloc.
He urged BRICS nations to work towards creating a shared platform for electronic trade documents, e-invoices, electronic bills of lading, and e-customs declarations. He also emphasised the importance of advancing voluntary principles to promote cross-border online services.
Proposal for Concrete Initiatives for Women Entrepreneurs by 2030
Goyal asked the BRICS Women’s Business Alliance and the BRICS Business Council to incorporate the specific needs of women exporters into the study regarding the invoice discounting platform. He also urged banks and Exim banks to take such invoices into account when extending credit.
He called for transforming the proposal for a ‘Women’s Advancement Fund’ into a concrete initiative. Furthermore, he suggested increasing the participation of women entrepreneurs in BRICS exhibitions, fairs, and buyer-seller meets, and reviewing progress on this annually.
Citing the example of the Government e-Marketplace (GeM), Goyal noted that the procurement processes of central, state, and local governments in India have been made transparent. He highlighted that special emphasis is placed on providing opportunities to women-led enterprises in government procurement.
He remarked that today, even a woman entrepreneur located nearly 2,500 kilometres away from New Delhi is able to send small consignments—worth around $100—to the Ministry of Commerce or the Prime Minister’s Office. This demonstrates the growing capability and reach of women entrepreneurs.
He also highlighted the ‘One District, One Product’ (ODOP) initiative, noting that distinct products are being identified and promoted across approximately 780 districts in India. Services are now also being included in this initiative.
He stated that efforts are underway to take products, services, and local cuisines from various districts to global markets and to transform these districts into export hubs.
Goyal also mentioned the rising demand for fresh Indian fruits and vegetables, driven by the presence of around 10 million Indians in the Gulf region. He remarked that small farmers and women entrepreneurs could tap into new opportunities in global markets through improved packaging, design, and food processing.
Over 15% Growth in India’s Exports
Goyal suggested that to simplify business-related regulations and procedures, entrepreneurs should identify the specific documents, certificates, and processes that hinder their operations. He noted that if a potential solution is proposed alongside the problem, it becomes easier for the government and policymakers to take action.
He emphasised the need to boost trade among BRICS nations and maintain engagement with the rest of the world, despite the prevailing challenges in global trade.
Goyal highlighted that, notwithstanding the slowdown in global trade and existing challenges, India’s merchandise exports grew by more than 15 per cent between April and August.
He noted that India’s economy grew at a rate of 7.8 per cent at constant prices during the first quarter (April-June), marking one of the fastest growth rates among major global economies.
Goyal stated that India aims to further open its doors to globalisation and international trade, seeking opportunities in the competitive global market while upholding honest business practices and high ethical standards.
He mentioned that India has set a target to expand its economy from the current level of approximately $4 trillion to $30 trillion by 2047. He expressed confidence that rapid progress towards this goal could be achieved through women-led initiatives.
