Empowering Young Women Entrepreneurs for Economic Growth in Mizoram, North East India

Abstract

India's economy, currently the fifth largest globally with a GDP of $3.7 trillion, aims to reach $5 trillion by 2025 and $7 trillion by 2030. Achieving this ambitious goal requires innovative contributions from all sectors and individuals. India boasts the world's largest youth population, with over 908 million people under 35, accounting for 66% of the total population. Among them, more than 255 million are aged 15-24. Despite this demographic advantage, the country struggles to effectively harness these human resources, leading to an unemployment rate of 7.6% as of March 2024 (CMIE report). In Mizoram, the unemployment rate is higher at 11.9% as of June 2023, with women facing an even higher rate of 16.4%. To foster economic development both nationally and locally, promoting entrepreneurship among the youth is crucial. In Mizoram, many young women entrepreneurs are expanding their ventures beyond traditional sectors like handloom and handicrafts. This paper, drawing on primary and secondary data, examines the challenges and contributions of young women entrepreneurs in Mizoram's economic development.