- NewBiz Report
With a Master's degree in Nepali Language and Literature from Tribhuvan University and 13 years of teaching experience, Shyam Badan Shrestha felt that her success should benefit others. “I wanted many women and sisters like me to be financially empowered,” she said.
This vision led Shrestha to open Nepal Knotcraft Center 40 years ago. A prominent figure in the Nepali handicraft industry, Shrestha continues to serve Nepal Knotcraft as its president to this day. Her business, which now employs 300 women, logs an annual turnover of up to Rs 10 million.
In her early days, Shrestha produced different handicraft products from raw materials available in the Kathmandu Valley. She later travelled to 65 districts of the country looking for indigenous raw materials. She identified 45 types of fibrous plants, including allo, cardamom, corn husk, bamboo, straw, cane, and nigalo (Himalayan bamboo) for handicraft production.
In 2018, Shrestha received the World Craft Council Award of Excellence for Handicraft for her work with fibrous plants and won the first prize in the SAARC Women Entrepreneurship Competition. Her industry, based in the Patan Industrial Area, exports goods to Europe, the US and Japan as well as many other countries. The company also distributes its products in the domestic market. Shrestha emphasises the use of Nepali raw materials to preserve and promote endangered Nepali handicrafts.
Reflecting on her journey, Shrestha said her motto in life is to help other women achieve financial independence. “I wanted many women and sisters like me to be financially empowered,” she said, explaining her decision to establish the Nepal Knotcraft Center.
Recognizing her invaluable contributions, Shrestha was awarded with the ‘Lifetime Achievement in Women Entrepreneurship’ at the 4th NewBiz Business Women Summit and Awards 2024.
Financial Inclusion a Priority for the Central Bank
Financial inclusion is a priority for us at the central bank, and I am pleased to see that women's participation and access in the financial sector are increasing. We currently have 126,000 borrowers under the subsidised loan program managed by the central bank, with 75,000 of them being women. Women entrepreneurs have taken loans amounting to Rs 43 billion from the banking system. When financial institutions provide small loans, they should be ready to support these entrepreneurs as they grow. However, providing loans does not mean neglecting risk analysis. I understand concerns about husbands misusing loans taken in the name of women. However, if the loans have improved the business and family circumstances, the focus should not be on the misuse. Ninety-five per cent of the loans are directly taken by women. The subsidised loan program should not be halted just because a portion has been misused. We are committed to meeting the demands of women entrepreneurs.
Entrepreneurship Leads to Women Empowerment
In the past, it was believed that women were limited in their capabilities. However, the current situation has proved that there is nothing women cannot do. Despite these advancements, the current achievements are not sufficient. Women have taken on roles ranging from tempo drivers to army personnel, pilots to heads of state, and chief justice. Yet, this progress alone is insufficient. It is necessary to strengthen the campaign for women to become independent citizens. Until a few decades ago, women had to fight for equal property rights. Today, women of all backgrounds are recognised as equally entitled to property. Currently, 37% of women own property and land, demonstrating that laws, policies and programs are crucial for women's empowerment. There are also laws in place to further empower women, with timely amendments made to support this cause. However, due to a lack of awareness about these laws, many women have been unable to benefit. Additionally, as more women enter the workforce, they are balancing the responsibilities of both home and office. It is now essential for men to share housework and the load.
Female-led Industry is an Important Market for us
The female-led industry is also an important market for us. Investing in women entrepreneurs is essential to increase economic inclusion. According to a report by the International Finance Corporation (IFC), there is a significant gender disparity in the use of financial resources globally. Banks need to work to eliminate this gap. Recently, international media reported that the paper used for the production of banknotes in Japanese banks is exported from Nepal, with a significant participation from Nepali women. Standard Chartered Bank's priority is to support, encourage and collaborate with entrepreneurial women.
