KATHMANDU, May 7: The Federation of Women Entrepreneurs’ Associations Nepal (FWEAN) has urged the government to prioritize women entrepreneurs in the upcoming budget for the fiscal year 2024/25. Finance Minister Barsha Man Pun hosted a program at the ministry on Monday to gather suggestions from women entrepreneurs regarding the upcoming budget.
During the program, Finance Minister Pun discussed with the office-bearers of FWEAN. Shova Gyawali, the president of FWEAN, along with other women entrepreneurs, presented suggestions for promoting women-led enterprises in the upcoming budget. The FWEAN has made 14 recommendations to Finance Minister Pun.
FWEAN President Gyawali requested that the budget should support women-run businesses with concessional loans, allocate funds for establishing industrial villages, and conduct business fairs for women entrepreneurs in all districts.
The FWEAN also recommended establishing women's entrepreneurship facilitation centers at the local level and promoting women's entrepreneurship through various programs. Additionally, the umbrella organization of the women entrepreneurs in the country suggested that public bodies be mandated to procure domestic goods of up to Rs 2 million produced by women-run enterprises through any channels.
In response, Finance Minister Pun stated that the country's economy cannot grow unless women’s economic status is improved. He mentioned that he is considering special provisions for women entrepreneurs in the upcoming budget and asked for suggestions on how to support more women to become entrepreneurs.
“If the economic condition of women improves, it will facilitate quality education for daughters,” Finance Minister Pun said, “With quality education, daughters can become self-reliant.” Minister Pun stressed that while women's participation in politics is commendable, their role in business should also be encouraged.
Minister Pun also pointed out that 27 percent of women now own property due to a policy that waives registration fee for the real estate when it’s registered in the names of women. “Since 27 percent of women have property, they can get bank loans to start businesses. With parents now sharing property rights, the idea that both sons and daughters should be educated has gained momentum.”
“This is a positive shift due to policy reforms in property rights. Traditionally, a man could start a business by mortgaging his property, but women with fewer assets had limited options for taking loans,” FinMin Pun said, “I’m thinking about how thousands of women can be made entrepreneurs in this upcoming year's budget.”
Pun suggested that experienced women entrepreneurs guide the newcomers in business. He added that when property is in women's hands, their confidence also grows.