Piyush Goyal Calls for BRICS Cooperation to Boost Women-Led Businesses in Global Trade

Union Commerce and Industry Minister Piyush Goyal has urged BRICS nations to work collectively to create more opportunities for women entrepreneurs and women-owned businesses to participate in international trade. Speaking at the BRICS Women’s Business Alliance (WBA) Women-Led Development Conference in New Delhi on Wednesday, Goyal stressed the importance of improving access to finance, markets and stable business regulations. Goyal said entrepreneurs looking to expand into international markets generally face three major barriers. These include securing credit, finding buyers and gaining access to markets, and operating under clear and predictable rules that support trade and business growth.

Addressing the gathering, Goyal said India was keen to share its experience with the BRICS Women’s Business Alliance and the wider BRICS business community, particularly its efforts to remove barriers faced by women entrepreneurs. He said India’s approach has focused on improving women’s financial independence, education, skills and overall quality of life so that they can become active contributors to economic growth. Highlighting India’s progress in financial inclusion, Goyal said the situation for many women, particularly in rural areas, was very different around a decade ago. Many lacked bank accounts, assets in their own names and a formal credit history, making it difficult for them to obtain loans. He said India has since expanded women’s access to banking, placed housing assets in women’s names and provided collateral-free credit to people seeking to start businesses or income-generating activities.

According to Goyal, nearly 300 million bank accounts have been opened for women, while around 100 million rural women are now associated with approximately nine million self-help groups, cooperatives and other collective enterprises. He added that the number of women earning more than Rs 1 lakh in personal income has crossed 30 million. These women, commonly referred to as ‘Lakhpati Didis’, are expected to play an increasingly important role in India’s economic expansion.

The minister also said that about 560 million loans have been extended to small entrepreneurs, with women receiving more than 68 per cent of these loans. He said the larger objective is to help women achieve financial independence rather than remain dependent on other family members. Goyal pointed to the rise in India’s female workforce participation as another area with significant potential. He said the participation rate had been around 19 per cent roughly a decade ago and expressed confidence that it could eventually reach 50 per cent or higher as education, skills, incomes and employment opportunities improve. He noted that economies with higher levels of women’s participation in the formal workforce have been able to unlock an important source of additional economic growth.

According to Goyal, women-led development goes beyond simply providing welfare benefits to women. The government’s objective, he said, is to ensure that women have equal opportunities and access to the financial, educational and institutional tools needed to become entrepreneurs or earners. He added that empowering a woman can have a wider impact on her family because educated and financially independent women can contribute to better outcomes for their children and communities.

Turning to international trade, Goyal referred to the recent meeting of BRICS commerce and industry ministers in Jaipur, where members agreed on voluntary principles for assessing small exporters. He said financial records such as invoices and payment histories should not be the only factors considered when evaluating smaller businesses. Their capabilities and progress over time should also be taken into account. Goyal said international trade should not be treated simply as a transaction requiring extensive collateral. Instead, it should be viewed as a way of connecting businesses and communities while giving smaller and previously excluded entrepreneurs an opportunity to enter overseas markets.

He also highlighted the Jaipur Consensus and the proposal to explore a common BRICS platform for international trade. Such a system, he said, could make it easier for businesses to identify demand in other BRICS markets and connect with potential buyers. Financial institutions and other intermediaries could also participate on the platform, potentially helping small and women-led businesses secure funding as cross-border trade expands.

Goyal further encouraged BRICS countries to increase the participation of women-owned businesses in international exhibitions, conferences, seminars and trade forums. He suggested that member countries consider organising sector-specific women-led business delegations, including initiatives where women entrepreneurs from one country could travel collectively to another market. Such programmes, he said, could strengthen business relationships, connect value chains and create opportunities beyond the BRICS bloc.

On the issue of regulatory certainty, Goyal said businesses require predictable rules, open markets and greater clarity to operate successfully across borders. He noted that BRICS members have committed to strengthening the multilateral trading system under World Trade Organization rules while preserving policy space for developing and less-developed economies. The minister also called for greater cooperation on digital trade infrastructure, including electronic trade documents, e-invoices, electronic bills of lading and digital customs declarations. He said voluntary principles for cross-border online services could further facilitate international business while ensuring that national laws and regulations are respected.

Goyal also highlighted the largely untapped potential of services trade among BRICS countries. With global trade in services approaching $10 trillion, he said the relatively limited level of services exchange within BRICS represents a major opportunity for future growth. Women entrepreneurs, he added, could play a significant role in areas ranging from mobility and professional services to the rapidly expanding digital economy.

India’s Government e-Marketplace, or GeM, was cited by Goyal as another example of how technology can create business opportunities. He said the platform has brought greater transparency to government procurement and allows businesses to access purchasing opportunities from central, state and local authorities. Women-led enterprises are being encouraged to participate in this market and supply goods and services to government institutions. Goyal also referred to the One District, One Product initiative, under which products from India’s districts are identified and promoted with the aim of creating wider domestic and international markets. With around 780 districts, India has identified one or more products in many districts for promotion, while the initiative is increasingly being expanded to include services.

He cited the example of Uttar Pradesh, where local cuisines and food traditions are also being explored as potential economic opportunities. Goyal said India’s diverse tastes, ingredients, spices and culinary traditions can become valuable products in international markets if properly promoted. He said the broader objective of such initiatives is to transform local products, services and skills into globally marketable businesses and help more districts emerge as export hubs.

Goyal concluded by calling for deeper engagement among BRICS nations, arguing that dialogue and cooperation can help build a more prosperous global economy. He said stronger collaboration in both goods and services, particularly through greater participation by women and small businesses, could help BRICS countries expand international trade and create new opportunities for millions of entrepreneurs.

Disclaimer: This image is taken from ANI.