In India, we call our country Mata (Mother), and centuries back, the world called it “Sone Ki Chidiya” (Golden Bird). The ancient Indian economy was once a major exporter of spices, cotton, iron, sugar, and pearls, almost rural regions. However, unfortunately, many industries, and notably rural enterprises were stifled during colonial administration. After independence, the economic growth was very slow for obvious reasons. However, the 21st century arrived with a bang, and the growth started to speed up. Moreover, despite all of its devastation, the pandemic brought one fortune digitalization everywhere, especially Entrepreneurship.
So in 2022, India is looking at Rural Entrepreneurship and implementing numerous innovations and technologies. It is critical for people living in rural areas, particularly women, to learn about the prospects for becoming entrepreneurs. Despite the scarcity of resources and other essential features of rural areas, one should consider the possibility of establishing a small or medium-sized business there. A proper analysis of rural locations and determining the strengths favouring rural women entrepreneurs would encourage more young male and female entrepreneurs to shop in rural areas.
Rural Women Entrepreneur
Women make up half of the world’s population and work 66 percent of the time. They obtain 10% of the income and own less than 1% of the world’s resources. It is quite ironic that the Economic progress of any country, society, or world will be impossible unless the female population is encouraged to engage in entrepreneurship. When a guy pursues Entrepreneurship, he becomes an Entrepreneur on his own, whereas when a woman seeks Entrepreneurship, the entire family becomes Entrepreneurial. Women have more excellent soft skills, such as politeness, appealing manners, and patience when studying. Education and training are critical components of knowledge- and skill-oriented businesses. As a result, suitable possibilities for Young Women to participate in educational and training programs are required. The success stories of women who have made a name for themselves in other industries, such as sports, astronomy, administrators, and management, inspire young women to pursue business.
Future of Rural Women Entrepreneurship
Entrepreneurship’s future directly showcases the nation’s future. Given the importance of developing the rural economy, the anticipated doubling of farmers’ income, and the provision of urban utilities in rural regions, we can confidently predict that the future of Rural Women Entrepreneurship in India is bright. The future of rural management will be determined by including rural management as a discipline in all Indian universities. All of this has begun to occur like Rural Technology Parks (NIRDPR, Hyderabad, for example) are being constructed to showcase the success of rural firms. However, there is an urgent need to build and improve Rural Management Institutions to provide adequate education, training, mentoring, documentation, and dissemination of Rural Women Entrepreneurship success stories.
Rural Women Entrepreneurs’ Contribution to Economic Development
Create economic entities using their abilities to monitor, analyse, and locate opportunities in the surroundings. They serve as catalysts for economic development, social transformation, and change agents by making efficient and effective national resources. They are critical to economic progress in the following ways:
Entrepreneurs attract investment by presenting attractive business concepts, ensuring private participation in the industrialization process; idle savings are channelled for investment in commercial initiatives that generate a return. As a result, savings are reinvested, creating a multiplier effect in capital development.
Entrepreneurs are constantly on the lookout for new changes in their surroundings. They use government incentives, subsidies, and infrastructure to establish their businesses in underdeveloped areas. As a result, entrepreneurs help to alleviate regional development imbalances and inequities.
This is the inherent allure of becoming an entrepreneur. They are employment creators and providers, not job seekers. Entrepreneurs and their businesses are the sole hope for direct and indirect job creation in these circumstances.
Improved Living Conditions
Entrepreneurial effort through job creation results in increased income and purchasing power spent on consumer goods. Increased demand for goods and services drives more industrial output. Economies of scale and cheap manufacturing costs will result from large-scale production.
The current marketing idea entails developing demand and then filling it. New creative and diverse quality items at the most competitive rates make an ordinary person’s life more comfortable and contribute to the entrepreneurial initiative. Entrepreneurs’ income per capita growth converts resources such as land, labour, and capital into commodities and services, boosting a nation’s income and wealth. The growth in national income reflects an increase in the country’s net GDP.
Entrepreneurs are regarded as economic agents since they organise the means of production. All production variables, namely land, labour, capital, and enterprise, are brought together to obtain the intended product. This will assist in making use of all production aspects with sound judgement, perseverance, and knowledge of the business world. As a result, a tiny combination of elements can prevent unnecessary resource waste. As a result, entrepreneurs are critical to creating new businesses that energise the economy.
Fostering Rural Women Entrepreneurship in India will improve people’s economic situations in rural areas and ensure that they can earn a living in their particular village regions rather than migrating to metropolitan and suburban areas for survival. Rural Women Entrepreneurship contributes significantly to the development of the rural regions and reduces poverty levels.
Planting the seeds of Rural Women Entrepreneurship will aid in developing and flourishing slum communities. In addition, there will be numerous jobs for individuals trapped in the claws of poverty and unemployment by the start-ups and eventually help them get out of the below the poverty status.
Reduced Rural-Urban Income Gap
It is critical to close the economic gap between rural and urban natives by raising the likelihood of rural inhabitants not receiving benefits in their lives. Rural locals’ confidence has been shattered by unequal income distribution, and they now believe they are worthless.
The Government of India encourages Rural Women Entrepreneurship through vocational courses and various programs to put the income of the rural population on par with that of urban privileged people.
Increased Literacy Rate
Because of India’s rising literacy rate in urban areas, the development of rural residents and entrepreneurs demands special attention as well. On the other hand, the slow literacy rates for rural natives drives them to seek work in cities far from their villages. But what could be better than earning money while remaining at home? Rural Women Entrepreneurship aims to make money and broad scope in rural areas due to constant growth and development.
Rural Women’s Self-Sufficiency
Women must participate actively on other fronts and demonstrate that their excellence is not restricted to household chores because women can accomplish beyond domestic responsibilities such as cleaning, cooking, etc. It is also very important to mention practical support to the economically disadvantaged women in building a name for themselves by training their hearts to become entrepreneurs.
People living in remote or rural areas will be able to nurture themselves as employment producers with the support of Rural Women Entrepreneurship, rather than joining the mob as job seekers. We seek to set the rural people, particularly rural women, on a road of transformative progress.
Rural Women Entrepreneurship is not a novel notion in India. India has one of the oldest developed rural economies. The concept of village self-rule (gram-swaraj) is indigenous to India. We must reimagine our economic prowess, and Rural Women Entrepreneurship will accelerate India’s economic development because most of the population still lives in villages. Fortunately, politicians (at all levels of government, including the federal government) are thinking in lockstep on this issue, as the country faces severe rural misery. The current circumstance offers a fantastic chance for rural women entrepreneurs to thrive and is necessary to enhance Rural Prosperity.