Union Commerce and Industry Minister Piyush Goyal addressed the BRICS WBA Women-Led Development Conference in New Delhi, proposing concrete initiatives to expand opportunities for women entrepreneurs in international trade among BRICS countries. He identified three key barriers for entrepreneurs: access to credit, access to buyers and markets, and access to predictable trade rules.
Goyal highlighted India's significant progress in financial inclusion for women, noting that nearly 300 million bank accounts have been opened for women, with around 560 million loans provided to small entrepreneurs—over 68% of which went to women entrepreneurs. Approximately 100 million rural women are members of nine million self-help groups, and the number of 'Lakhpati Didis' (women earning over ₹1 lakh personal income) has crossed 30 million. Female workforce participation, which was around 19% a decade ago, is expected to rise to 50% or more as education and skills improve.
Regarding BRICS collaboration, Goyal proposed four concrete suggestions: developing an invoice discounting platform reflecting women exporters' needs; creating a Women's Advancement Fund as emphasized in the Jaipur Consensus; increasing participation of women-owned enterprises in BRICS exhibitions, fairs, and buyer-seller meets; and establishing a common BRICS platform for international trade to facilitate product requirements visibility and invoice publication across members. BRICS Trade Ministers have recommended the Strategy for BRICS Economic Partnership 2030 for leaders' endorsement.
Goyal emphasized the need for predictable trade rules, electronic trade documentation (e-invoices, e-bills of lading, e-customs declarations), and greater services trade integration among BRICS countries, noting that global services trade stands at almost $10 trillion with significant growth potential. He also mentioned India's One District, One Product initiative, which identifies 1-3 products per district for promotion and is expanding into services, including regional cuisines from Uttar Pradesh.
Despite global trade headwinds and a VUCA environment marked by volatility and uncertainty, India's merchandise exports grew by more than 15% during April-August 2026, and the economy grew by 7.8% at constant prices during April-June 2026—the highest growth rate in the world. India has set an ambitious target to grow from a $4 trillion economy to $30 trillion by 2047, supported by women-led initiatives.