Isolating women from the labor force will hinder economic growth HP Singh Satin Creditcare
India needs to strengthen the women’s business sector not only by providing financial support but also by promoting these businesses nationally, said HP Singh, President and CEO of Satin Creditcare Network in an interview with BW Businessworld. Edited excerpts:
What do you think is the current state of the gender employment gap?
We live in a society with strong patriarchal roots. The employment gap and wage disparity between men and women in our society has existed for decades now. In our society, men are even more likely to receive a promotion. Also, the pay gap has narrowed in recent years, but women are still paid less than men despite having the same experience and skills. While this is recognized and changes are being made, we still have a long way to go.
Tell us about the state of emerging women-led businesses in India
The women of our country work hard not only to provide for their families, but also to build a sustainable future. Brimming with talent and ideas, they break down the barriers of society and open up a new path for future entrepreneurs.
However, in order to build these businesses, they also face capital and acceptance issues. Obtaining a loan becomes difficult for many of them as they do not have any collateral to secure the loan. Therefore, we have a strong focus on empowering these women through an unsecured microcredit system.
Closing the jobs gap can boost India’s GDP by almost a third by 2050. Do you agree with this statement? If yes, how ?
We wholeheartedly agree with Bloomberg Economics’ analysis that the jobs deficit can boost India’s GDP by almost a third by 2050. Jobs play a major role in the growth of a country’s GDP and GEGI is a tool that was created to measure this long-term development.
We believe that supporting these women, whose ideas and hard work are easily overlooked by society and equipping them with the tools to help them analyze community needs and curate insightfully designed products can help transform the lives of women. one community at a time while alleviating poverty from within society.
In today’s world, not only are women pursuing higher education and creating history through innovation and genius, but they are also fighting the stigma of female employment. Recognizing and empowering these women will only lead to the development of our nation.
How can ignoring the major gap affect India’s economic growth?
A nation’s economic growth is highly dependent on its working population. The women of our nation are working hard to pursue higher education and to change the dynamics of employment within our nation.
With increasing global demands and demands within our nations, there is a void to be filled for the services and goods provided. In order to meet this growing demand, it is essential to appoint people with the necessary skills to train and manage businesses, production, sales and distribution.
The exclusion of women from the labor demographic can be a major loss for our country in the long run and can hamper our economic growth.
Although women in India make up 48% of the population, they contribute only around 17% of the GDP, compared to 40% in China. Why is that?
Many factors contribute to a nation’s GDP. The low employment rate of women in our country is one of the factors. The employment gap between men and women in our country, although recognized, continues to be a major problem.
Men are more likely to be promoted to leadership positions despite having the same skills as their female colleagues. Moreover, our society is still adapting to the idea of women’s employment and still expecting women to be more dedicated to their families by managing the household instead of providing financial support.
Women in rural areas are still prone to early marriage and lack access to education, which limits their ability to support themselves and their families financially.
All of these factors will only widen the employment gap, which will translate into lower GDP. However, if we focus on empowering women and creating access to education and job opportunities that do not have pay and promotion biases, it can significantly increase GDP by our country in the years to come.
Do you think Indian women don’t have the chance to actively participate in India’s growth story?
I find it difficult to answer this question with a simple yes or no due to its complexity. I believe that the employment gap in our country is due to many factors.
The pay gap and gender-biased promotions are disrespectful to hard-working women in our society. In almost every industry, women face some form of discrimination.
Their growth is hampered by the patriarchal mentality of society, which limits their opportunities to actively participate in India’s growth stories. However, the women of our country are also fierce, experienced and talented.
In almost every industry, women have challenged stereotypes and overcome obstacles to create incredible business results and success.
They have also worked hard to find innovative solutions that can solve the problems that our country and the world are currently facing. Due to discrimination, these women have cultivated a strong passion to blaze new trails for other women while stepping forward to help our nation move forward.
What are the main entrepreneurial loan options that women can benefit from?
There are a few entrepreneurial loan options available to women. The four main categories include small business loans, commercial business loans, title loans and personal loans.
The Government of India has also introduced various loan schemes for women such as Mudra loan scheme for women, Dena Shakti scheme, Bharatiya Mahila Bank business loan and Udyogini scheme to name a few. .
Are there any challenges women entrepreneurs may face when obtaining various loan schemes?
Obtaining financial support is very important for any business. Women-led businesses are highly motivated in our country to promote employment and business development opportunities for women.
However, obtaining a loan is a long process and women face many obstacles during this process. Lack of knowledge is one of the biggest obstacles.
Also, many loans are available against collateral, and we live in a country where the collateral is usually in the name of a woman’s father or husband.
In addition, few families support these businesses, which further complicates this clause of the loan schemes.
What are the necessary steps that India should take to improve the socio-economic status of women?
India is a developing country that has recognized the employment gap between men and women. However, due to our patriarchal history, it is difficult to explain the importance of women’s employment and empowerment to the people.
India needs to strengthen the women’s business sector not only by providing financial support but also by promoting these businesses at the national level. It is important to remove the obstacles to women’s education and to tackle the problem of wage disparities.