Union Minister of Commerce and Industry Piyush Goyal has called upon BRICS countries to work together to expand opportunities for women entrepreneurs and women-led enterprises in international trade. According to reports from Business Standard, Goyal addressed the BRICS WBA Women-Led Development Conference in New Delhi as the Chief Guest, emphasizing the need for easier access to credit, markets and predictable rules of business for women entrepreneurs. As per the Ministry of Commerce and Industry press release, Goyal stressed that foreign trade should not be viewed only as a collateralised business, but as an opportunity to integrate societies and businesses and provide opportunities to marginalised sections that may otherwise never imagine going overseas. According to the latest reports, Goyal said India would like to bring the lessons learnt from its experience in addressing the challenges faced by entrepreneurs, particularly women entrepreneurs, to the BRICS Women's Business Alliance and the larger BRICS business engagement. Goyal emphasized that India was ready to share its experience in empowering women entrepreneurs with the BRICS Women's Business Alliance and the wider BRICS business community. Describing women-led development as distinct from women development, Goyal said the government's effort is to ensure equal opportunity and access to the tools required for a person to start a business or become an earning member of the family, urging women to not only be the recipients of development programs but also active participants and builders of New India.
As reported by Business Standard, Goyal identified three critical barriers that entrepreneurs, particularly women entrepreneurs, face when entering international business: access to credit, access to buyers and markets, and access to predictable rules that encourage free trade and open opportunities. The minister stressed the importance of addressing these challenges through collaborative efforts among BRICS nations. According to the latest reports, Goyal noted that BRICS countries had also agreed in the Jaipur Consensus to explore a common BRICS platform for international trade, which could help address the second challenge faced by entrepreneurs - access to markets and buyers. The platform could allow product requirements in one BRICS member country to be known to other members, while invoices raised between participants could also be publicised across the platform. Goyal further said that financial intermediaries could join the platform to support women entrepreneurs and small entrepreneurs as intra-BRICS trade expands. On access to finance, he urged the BRICS Women's Business Alliance and BRICS Business Council to ensure that ongoing work on an invoice-discounting platform reflects the actual requirements of women exporters, and called on governments, banks and export-import banks to consider trade invoices when making lending decisions. Goyal also called for the proposed Women's Advancement Fund, highlighted in the Jaipur Consensus, to be converted into a concrete initiative. On access to buyers, he called for women-owned enterprises from BRICS member and partner countries to participate in more BRICS exhibitions, fairs and forums, along with buyer-seller meets, and suggested annual reporting on progress, including which businesses have worked.
According to Business Standard, Goyal highlighted India's significant progress in expanding financial inclusion among women over the past twelve years. He noted that most women, particularly in rural India, did not have bank accounts, assets in their own names or credit histories and were often not eligible for loans around twelve years ago. India has since implemented comprehensive measures including putting houses in the names of women, opening nearly 300 million bank accounts for them and providing collateral-free loans to women seeking to start their own work, including those without a credit history. The latest data reveals that around 100 million rural women are today members of nine million self-help groups, small cooperatives or groups of women working together on different ideas and enterprises. Additionally, India has provided around 560 million loans to small entrepreneurs, with more than 68 per cent of these loans going to women entrepreneurs. Goyal emphasized that the objective is to ensure that women become economically independent and are not dependent on other family members, noting that when women stand on their own feet, they can become drivers of India's growth engine. The minister also expressed confidence that India's female workforce participation would rise substantially as education, skills and income levels improve, with greater participation of women in the formal workforce providing a significant boost to India's economic growth. India's female workforce participation had been around 19 per cent until about a decade ago and expressed confidence that, as income levels rise, education improves, skills develop and talent comes forward, the figure will increase to 50 per cent or more, noting that women's share in the formal workforce has crossed 50 per cent in developed societies.
As reported by Women Entrepreneurs Review Team, Goyal highlighted the significance of digital trade and transparent business rules, urging the use of electronic trade documents, electronic trade invoices, electronic bills of lading and e-customs declaration in BRICS countries. He emphasized the importance of empowering women to be more economically independent and contribute to the development of India. The minister urged women to not only be the recipients of development programs but also active participants and builders of New India. Goyal also recommended the creation of additional sector-specific women-led business delegations to facilitate entrepreneurs to establish international networks and become part of the global value chains. He suggested that BRICS countries could organise sector-specific women-led delegations, such as a fully women-led textile delegation travelling from one BRICS member country to another. Such delegations could receive greater traction and help integrate value chains while creating opportunities for women entrepreneurs to engage with markets beyond BRICS as well. Goyal also highlighted voluntary principles aimed at facilitating the online delivery of services across borders while respecting the laws of individual countries. He called for greater participation of women-owned enterprises in international exhibitions, conferences, seminars, business forums and buyer-seller meets, and pointed to opportunities in mobility, digital services and other areas where women entrepreneurs and micro, small and medium enterprises can play a greater role. Goyal said services trade among BRICS members has not received sufficient attention, noting that with global services trade at almost $10 trillion, the relatively low level of services trade among BRICS countries shows significant growth potential.
Goyal highlighted India's economic growth, noting that the economy grew by 7.8 per cent at constant prices during the first quarter from April to June, describing it as the highest growth rate in the world. He said India is recognising its true potential and working with the world from a position of strength and confidence. According to the latest reports, Goyal said India has set a target of growing from a $4 trillion economy today to a $30 trillion economy by 2047, when the country celebrates 100 years of Independence. He noted that the target has been supported by a roadmap, with responsibilities assigned across every element, and described it as the collective commitment of 1.4 billion Indians. The minister also revealed that the number of women earning more than ₹1 lakh in personal income has crossed 30 million, which he referred to as 'Lakhpati Didis', expressing confidence that the country hopes to continue expanding both their number and their income. Goyal highlighted India's merchandise exports, noting that merchandise exports grew by more than 15 per cent between April and August, despite prevailing global trade uncertainties. He also pointed to India's One District, One Product (ODOP) initiative, under which products from districts are being identified and promoted with the objective of creating global markets and developing districts as export hubs. Goyal cited growing demand for Indian fruits and vegetables, particularly in Gulf markets with large Indian communities, as an opportunity for small farmers and women entrepreneurs involved in packaging, processing and food product development. He stressed that women should not be viewed merely as beneficiaries of development programmes but as "architects of New India", underlining the government's focus on women-led development. Goyal said global trade is showing signs of strain amid volatility and uncertainty, with two wars currently underway, making collective efforts to increase business among BRICS countries important while continuing engagement with the rest of the world.
