BRICS CCI WE urges finance minister to empower women entrepreneurs through the budget
Jul 16, 2024
New Delhi [India], 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 organisation said that women entrepreneurs often face challenges because of gender biases and limited resources that hinder access to finance, technology, and market insights among others.
To address these challenges, the organisation has submitted 10 key recommendations to the finance minister to consider for the upcoming Union Budget 2024-25.
These include allocating resources for gender-disaggregated data collection on women entrepreneurs, increase financial schemes specifically for women-led MSMEs, and enhance 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, 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 also suggests allocating funds for expanding childcare facilities and caregiver services to 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 give 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 Union Budget on July 23, in her third straight term. As part of the Budget preparations, the Finance Minister has met stakeholders and experts from various industries and took 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.
