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• GS 2: Issues Related to women, Social Empowerment
• Tags: #WomenEmpowerment #InclusiveFuture  #mint  #Editorial  #UPSC

Why in the News?

In today’s economy, more than merely a matter of social justice, women’s participation in the contemporary economy is now a vital economic factor. Mentorship is key to empowering women entrepreneurs globally.

Unlocking Women’s Economic Potential

Women’s role in the modern economy goes beyond social justice; it’s now a crucial economic necessity. Extensive research shows that gender diversity in the workplace leads to creativity, increased productivity, and higher profitability.

• McKinsey’s ‘The Power of Parity’ study, as cited by The Economist, highlights the substantial GDP growth potential (5% to 20%) if women’s participation in the workforce matched that of men. 

Empowering Women through Self-Help Groups (SHGs) in India

• India’s success with self-help groups (SHGs) stands as a powerful evidence to women’s potential and their significant contributions to economic growth.
• A potent illustration of the effectiveness of SHGs is provided by the outstanding accomplishments of the Mann Deshi Mahila Sahakari Bank and the Self-Employed Women’s Association(SEWA)
• These programs have demonstrated the transformational potential of female-led entrepreneurship by providing Micro-loans to rural women business owners.

How can we help all women succeed alongside men?

• The problem may be solved in a variety of ways, including by implementing a strong mentorship plan and by providing equitable chances in terms of networks, education, access to funding, and networks.
• With the help of a dynamic mentoring framework, we can unleash hidden potential and promote wider social and economic advancement.

 Mentorship for women entrepreneurs

• With the development of specifically focused projects, mentoring has become an essential strategy and a valuable resource for female entrepreneurs throughout the world.
• With an emphasis on closing the gender gap in technology, Women Who Tech has aided more than 8,000 businesses in raising more than $200 million.
• The Cherie Blair Foundation’s one-on-one mentorship program crosses international borders to improve the business skills of nearly 6,000 women, and WEConnect International helps thousands of entrepreneurs get access to international markets.
• The fellowship program of the Tory Burch Foundation has helped 27% of its fellows achieve sales of more over $1 million.

Empowering Women for Global Economic Revival

• Collectively, these diverse programs bring out distinct viewpoints and approaches that have effectively closed gender disparities, stimulated innovation, nurtured leadership, and promoted empowerment.
• Their tangible influence has been significant and diverse, leaving a lasting and revolutionary mark on the global landscape for female entrepreneurs.
• As nations stuggle with recovery and geopolitical issues, the adoption and full acceptance of these concepts may be critical in accelerating women’s economic involvement and reviving global economic development.

India’s G20 Presidency Promotes Women’s Empowerment

India’s G20 presidency coincided with a global recovery amidst the pandemic’s aftermath and geopolitical tensions.

• Prime Minister Narendra Modi has shifted the focus from women’s empowerment to ‘women-led development,’ which is now a part of G20 discussions.
• India’s initiatives acknowledge the importance of mentoring throughout a woman’s life cycle. This life-cycle approach recognizes that the needs and challenges of women entrepreneurs change over time, requiring a flexible and adaptive mentorship framework.
• The mentorship isn’t one-size-fits-all, it’s customized to fit the unique circumstances of each stage in a woman’s personal and professional journey.
• It caters to early-stage entrepreneurs seeking initial guidance and established business leaders looking to expand in the market.
• The life-cycle approach involves dynamic relationships, long-term engagement, and continuous assessment to keep the mentorship relevant.
• India’s G20Empower global mentoring and capacity-building platform, known as WEPmentor, is a prime example of this approach, offering support to aspiring and established women entrepreneurs.

Diverse Mentorship Initiatives Empowering Entrepreneurs

• The platform provides comprehensive programs comprising four distinct mentorship initiatives.
• These initiatives are designed to address the varied needs of entrepreneurs.
• The mentorship is tailored to both individuals and organizations.
• It benefits from the knowledge and experience of multiple organizations.
• Additionally, there are Personalised mentorship workshops and opportunities for peer-to-peer mentoring.
• These offerings contribute to a rich selection of options, fostering skill development and mutual learning within the entrepreneurial ecosystem.

Empowering Women: A Moral and Economic Imperative

• Grassroots Success to Global Impact: Evidence from India’s achievements, starting at the grassroots level and extending to global initiatives, strongly emphasizes the importance of investing in women’s empowerment.
• Moral Imperative: Empowering women is not just a matter of economics; it is also a moral duty to ensure equal opportunities and rights for all.
• Global Policy Frameworks: Integrating mentorship into global policy frameworks serves as a blueprint for other nations, highlighting the importance of mentorship in advancing women’s economic participation and leadership.

As we progress, we must continue to innovate, cooperate, and invest in mentorship and women’s empowerment. Women’s contributions pave the way to economic growth and social progress, and mentorship is an important stepping stone on this path. The time has come to broaden and deepen these efforts in order to pave the path for a more inclusive and prosperous future.

Source: Livemint

Mains Question

Explain the significance of mentorship in empowering women entrepreneurs globally. Provide examples of organizations and initiatives that have bridged gender gaps through mentorship?