Bridging the Gender Gap: Financial Sector's Role in Empowering Women

Reserve Bank Governor Shaktikanta Das highlights the financial sector's crucial role in bridging the gender gap by offering more employment opportunities to women and devising specific schemes for their businesses. He stresses the need for inclusive growth and targeted initiatives to empower women and drive economic development through MSMEs.

Reserve Bank Governor Shaktikanta Das emphasized on Thursday that the financial sector can play a pivotal role in bridging the gender gap by increasing employment opportunities for women and creating specific support schemes for businesses led by women. Das addressed the pressing need for inclusive growth where every citizen, irrespective of socio-economic status, can access financial services and acquire financial literacy.

Speaking at the Annual FIBAC 2024 Conference organized by FICCI and IBA, Das pointed out that India's female labor force participation is lower than the global average, highlighting an urgent need for targeted measures like improving girls' education, skill development, and addressing societal barriers.

He emphasized that entrepreneurship serves as a significant component of economic empowerment, yet less than one-fifth of MSMEs in India are owned by women. Women entrepreneurs face hurdles such as limited access to capital and restrictive societal norms. Das advocated for the financial sector's role in supporting women entrepreneurs through tailored financial products, government-sponsored schemes, and leveraging fintech innovations to improve access to finance.

(With inputs from agencies.)