India ranked 52nd among 57 countries in the Mastercard Index of Women Entrepreneurs (MIWE), according to the findings of its second edition released on Wednesday. The only comfort is that the latest ranking for India remains unchanged from the previous year.
The MIWE focuses on female entrepreneurs’ ability to capitalise on opportunities granted through various supporting conditions within their local environments.
India’s low ranking in the index suggest that the underlying conditions for women business ownership/entrepreneurship in the country are less favourable compared to the countries with high index score.
India came significantly behind the US (4th) and China (29th) in the latest MIWE. According to the report, the Indian women business owners, leaders or professionals exhibit less inclination towards business ownership due to cultural bias.
They are also less likely to grow their business, whether locally or overseas, and are more prone than other regions to discontinue their businesses due to unprofitability or lack of finance.
Commenting on India’s position on the Mastercard Index of Women Entrepreneurs, Manasi Narasimhan, Vice-President, Marketing and Communications, Mastercard, said, “Learning from top-ranked countries in the Index such as the US and China, India needs to cultivate an environment where women have higher participation in the workforce and access to tertiary (post-secondary) education and financial services.”
The Mastercard report highlighted that the progress of women entrepreneurs was held back by one or more obstacles in nearly all of the 57 economies covered. These obstacles are largely caused by perceptions of gender bias, which contribute to poor social and cultural acceptance, lack of self-belief and access to financial funding or venture capital.