Green Innovation and Women Entrepreneurs in India
Union Minister's call for greater innovation among Indian start-ups emphasizes the need for supporting green innovation, especially by women entrepreneurs, to address climate challenges and economic opportunities.
Current Scenario and Challenges
- Market Potential: Odisha's green economy has a market potential of $23 billion. Scaling this across sectors like renewable energy, bio-packaging, and e-waste recycling can significantly boost India's economy.
- Women-led Enterprises: Only 18% of start-ups were led by women in 2024, slowing down India's green potential.
Key Challenges for Women Entrepreneurs
- Access to Finance:
- Women face difficulties in securing finance, with 79% being self-financed and only 1.1% borrowing from financial institutions.
- The presence of a male co-founder improves credit access, despite evidence of women being better borrowers.
- Need for Tailored Mentorship:
- Initiatives like BRICS bootcamp and NITI Aayog’s Women Entrepreneurship Platform are beneficial but more such programs are needed.
- Collaborations with large corporations and educational institutions can enhance training and networking opportunities.
- Engineering Education:
- Women represent only 19.2% in engineering fields.
- Updating curricula to include automation advances and offering scholarships can help increase participation.
Government and Corporate Initiatives
- Government Support:
- The 2025 Budget's term loans for SC and ST women entrepreneurs set a positive precedent.
- Simplifying access to these schemes can boost women’s participation.
- Corporate Responsibility:
- Banks and investment firms should allocate a portion of their portfolio to green innovations, with a focus on women-run businesses.
- Programs like Tata Steel's 'Women of Mettle' provide scholarships to women engineers.
Conclusion
Empowering women entrepreneurs in the green economy is crucial for realizing India's sustainable growth potential. By addressing financial access, mentorship, and educational challenges, India can foster a robust green business ecosystem led by women, aligning with the vision of a sustainable, developed nation by 2047.