BRICS nations join forces with India to boost women entrepreneurs' global trade prospects

Union Minister of Commerce and Industry Shri Piyush Goyal called upon BRICS countries to work together to expand opportunities for women entrepreneurs and women-led enterprises in international trade. He highlighted India's experience in empowering women financially, socially, and through education, skills, and improved quality of life. India has made significant progress in providing financial inclusion among women, with around 300 million bank accounts opened and 560 million loans provided to small entrepreneurs, with over 68% of these loans going to women entrepreneurs.

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Prelims-testable facts

01India aims to expand opportunities for women-led enterprises in global trade through cooperation with BRICS countries.
02Union Minister Piyush Goyal emphasized the need for easier access to credit, markets, and predictable rules of business for women entrepreneurs.
03India has provided collateral-free loans to women seeking to start their own work, including those without a credit history.
04Approximately 100 million rural women in India are members of self-help groups, small cooperatives, or groups of women working together on different ideas and enterprises.
05The number of women earning more than Rs. 1 lakh in personal income in India has crossed 30 million, referred to as 'Lakhpati Didis'.
06India has provided around 560 million loans to small entrepreneurs, with more than 68% of these loans going to women entrepreneurs.
07India's female workforce participation has increased from around 19% to a target of 50% or more, with the minister expressing confidence that income levels, education, and skills will drive this growth.

Trap alerts

Most people think that India's female workforce participation is already above 50%, but actually it is still a target and has increased from around 19%.
Most people think that India's efforts to empower women are limited to financial inclusion, but actually it also includes social and educational empowerment.
Most people think that the 'Lakhpati Didis' term refers to women earning above a certain income threshold, but actually it refers to women earning more than Rs. 1 lakh in personal income.

Prelims Practice MCQs

Single facteasy

Around how many bank accounts have been opened for women in India?

A.100 million
B.200 million
C.300 million
D.400 million

Around 300 million bank accounts have been opened for women in India as part of the government's efforts to empower women financially.

Statement I & IIhard

Consider the following two statements: Statement-I: India has focused on empowering women financially, socially, and through education, skills, and improved quality of life. Statement-II: This focus has led to the opening of nearly 300 million bank accounts for women and provided collateral-free loans to women seeking to start their own work. Which one of the following is correct in respect of the above statements?

A.Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
B.Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I
C.Statement-I is correct but Statement-II is incorrect
D.Statement-I is incorrect but Statement-II is correct

Statement 1 is true as per fact 3. Statement 2 is also true as per facts 5 and 6, which describe the outcomes of India's focus on empowering women.

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