Now women in India are not limited to just home, but are rapidly making their mark in the business world. In recent years, there has been a big change in the economic participation of women. Now they are starting businesses not only on a small scale but also on a large scale and are strengthening the country’s economy.
According to a recent report by NITI Aayog, by the year 2025, the total loan taken by women in India has reached Rs 76 lakh crore. This accounts for about 26% of the total credit of the country, which shows that the financial participation of women is continuously increasing. The special thing is that this figure has increased by about 4.8 times as compared to 2017.
At present around 16 crore women are actively taking loans in the country. That means women’s share in total credit access has reached about 36%. Although this figure is good, there are still a large number of women who are not able to get the facility to take a loan. According to estimates, about two-thirds of eligible women aged 18 to 64 are still outside the formal credit system.
Digital transformation changed the picture
A major reason behind this increasing participation of women is the rapid spread of digital systems. Now the processes related to identification, payment and loan have become easier than ever. With the help of mobile and internet, women are able to easily apply for loans and avail financial services without much hassle. Whereas earlier women used to borrow mostly from informal sources, now they are easily taking loans from banks and other institutions. This is helping them grow their business and they are getting the benefit of a secure financial system.
Sharp increase in business loans
According to the report, the share of women in business loans has increased rapidly. Since 2017, the loan portfolio of women entrepreneurs has increased by about 7.5 times. This clearly shows that women are now paying more attention towards starting their own business rather than working. Initially women take loans for small expenses, but gradually they are moving towards big business loans also. This change reflects their confidence and economic understanding.
Steps for women’s participation
It has also been said in the report that some steps are necessary to make women stronger. First of all, their financial identity and records have to be improved so that they can easily get loans. Apart from this, the path to move from small loan to big loan will have to be made easier. Especially for women below 35 years of age, it is important to make special plans, so that they can start business quickly. Besides, it is also important to give them better information about digital finance and saving.
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