OECD's Policy for Women Entrepreneurs - A Comparative Analysis for the Indian Scenario

Women entrepreneurs have been designated as new engines of growth in developing countries. The World Economic Forum identified women entrepreneurs as ‘the way forward' in their annual meeting in 2012. A variety of stakeholders have identified women entrepreneurs as an important ‘untapped source' of economic growth and development. Despite the growing number of women-led businesses and a significant increase in the initiatives, policies and resources designed to promote and develop women's entrepreneurship, there have been constraints which deter their growth. Women's entrepreneurship is playing an important role in economic development and industrial growth, particularly in India. In order to realize the benefits of policy changes, it is important to incorporate a women entrepreneurial dimension while considering all Small and Medium Enterprises and growth policies. The Organization for Economic Cooperation and Development (OECD), which was established in 1960 with 20 member countries, at its second Conference of Ministers responsible for SME's, which was held in Istanbul, Turkey, in June2004, laid down policy measures for women's entrepreneurship and their issues. This paper discusses the policy measures critically and analyzes their impact in the Indian scenario. The paper outlines the current policies for women entrepreneurs in India, presents a comparison of these policies with the policies of OECD, and provides an explanation of the gaps existing between them. Secondary data which has been derived from reports, policies of the government, official websites and journals of repute has been used in this paper. Suggestive measures and recommendations for the relevant policy changes which could facilitate the growth and development of women entrepreneurs, especially in the Indian scenario, have been discussed. This paper emphasizes upon the need for policies to focus on weaving in local dimensions along with exposure to foreign markets and foraying into international networks, both of which are vital in a globalized world