The Women Entrepreneurship Platform (WEP), originally incubated by NITI Aayog in 2018, has made significant strides in its mission to enhance the ecosystem for women entrepreneurs in India. Transitioning into a public-private partnership in 2022, WEP’s objective is to realize women-led development by creating a collaborative and supportive environment for women entrepreneurs. This commitment was exemplified by the second convening of the Financing Women Collaborative (FWC) held at the Taj Mahal Palace Hotel in Mumbai on July 5, 2024.
Strengthening Women Entrepreneurship: The Role of WEP
WEP has established itself as a central forum for stakeholders from various sectors, including government, business, philanthropy, and civil society, to collaborate on initiatives aimed at supporting women entrepreneurs. With over 20 public and private sector partners, WEP’s collaborative approach ensures scalable and sustainable programs that have a meaningful impact on the entrepreneurial landscape for women in India.
The Financing Women Collaborative (FWC): A Strategic Initiative
Launched in September 2023, FWC is an innovative initiative designed to improve access to finance for women entrepreneurs. Chaired by the Small Industries Development Bank of India (SIDBI) and co-chaired by TransUnion CIBIL (TU CIBIL), with MicroSave Consulting (MSC) serving as the secretariat, FWC is a pioneering example of a public-private partnership. This initiative aims to create a supportive financing ecosystem for women by fostering collaboration, enhancing credit readiness, and sharing research and best practices.
Key Objectives of FWC
- Fostering Collaboration and Commitment: FWC brings together financial service providers and organizations working with women entrepreneurs to create a supportive environment for women’s access to finance.
- Enhancing Credit Readiness: Through mentorship, capacity building, and resources, FWC helps women entrepreneurs become more credit-ready.
- Amplifying Research and Best Practices: By sharing research evidence and good practices, FWC supports women entrepreneurs in navigating financial challenges.
The Mumbai Convening: Highlights and Key Outcomes
The second convening of the FWC brought together a diverse group of stakeholders, including senior officials from NITI Aayog, the Reserve Bank of India (RBI), the Ministry of Finance, the Ministry of Micro, Small, and Medium Enterprises (MSME), SIDBI, public and private sector financial institutions, and women entrepreneurs. This event provided a platform for meaningful discussions and the launch of several initiatives aimed at improving access to finance for women entrepreneurs.
Notable Speakers and Panels
The event featured prominent speakers such as Mr. Neeraj Nigam, Executive Director of RBI, and Mr. Jitendra Asati, Director of Financial Inclusion at the Department of Financial Services, Ministry of Finance. Their insights underscored the importance of relooking financial inclusion through a gender lens to promote women-led economic development.
Key sessions included:
- Perspectives on Encouraging Banks to Finance Women Beyond SHG Groups: This session explored how banks can expand their financial services to support women entrepreneurs beyond self-help groups.
- Panel Discussion: Accelerating Women’s Access to Finance: This discussion focused on unlocking the potential of the women-led economy to achieve Vision 2047.
Launch of New Initiatives
Ms. Anna Roy, Mission Director of WEP and Principal Economic Adviser at NITI Aayog, announced several new initiatives to strengthen access to finance for women entrepreneurs. Key highlights included:
- Partnership between MAVIM and MSC: This collaboration aims to improve access to finance through alternate credit rating mechanisms and tailored products for women entrepreneurs in Maharashtra.
- MoU Exchange between WEP and GroW Network: Founded by AfD, SIDBI, and Shakti Sustainable Energy Foundation, this partnership will further support women entrepreneurs.
- Launch of the “Seher” Program by TU CIBIL: This program aims to enhance credit readiness for women-led enterprises.
- Launch of the Shine Program in Partnership with CreditEnable: This initiative focuses on strengthening the credit readiness of women entrepreneurs.
- SEWA Bank’s Commitment: SEWA Bank announced its commitment to reaching more women entrepreneurs as a member of FWC.
Addressing Demand-Side Constraints
FWC’s approach is comprehensive, addressing both supply and demand-side constraints to financial inclusion. While many initiatives have effectively tackled supply-side issues, FWC’s focus on demand-side constraints is crucial for creating a holistic solution. By enhancing the credit readiness of women entrepreneurs and fostering collaboration among financial service providers, FWC aims to create a robust financing ecosystem that supports women’s entrepreneurial endeavors.
Conclusion: A Collaborative Effort for Women-Led Development
The second convening of the FWC in Mumbai was a significant step towards accelerating access to finance for women entrepreneurs. The collaborative efforts of WEP, in partnership with TU CIBIL, MSC, and other stakeholders, highlight the importance of a unified approach in addressing the challenges faced by women entrepreneurs. By fostering collaboration, enhancing credit readiness, and amplifying research and best practices, WEP and FWC are making significant strides in creating a supportive ecosystem for women entrepreneurs in India.
As India moves towards achieving Vision 2047, initiatives like WEP and FWC are essential for promoting women-led development. By addressing both supply and demand-side constraints and fostering a collaborative environment, these initiatives are paving the way for a more inclusive and equitable entrepreneurial landscape for women in India.
