Micro, Small and Medium Enterprises (MSME) sector plays a significant role in fostering entrepreneurial talent and distribution of income & wealth at grassroots level. It contributes immensely in manufacturing output, exports, generation of employment and gross domestic product. The contribution of female entrepreneurs cannot be ignored in this sector, especially in rural areas where they have strengthen the rural economy by generating employment in micro enterprises. But the growth of the female entrepreneurship has been slow owing to social attitudinal and practical problems. This paper focuses on the status of female entrepreneurs in regard to analysis of the findings of the NSS 73rd Round of NSSO, related to female entrepreneurs. It examines the obstacles of women entrepreneurs and the initiatives taken for the growth and development of women entrepreneurship. Finally suggestions have been specified for obliterating the hindrances and creating better environment for nurturing female entrepreneurship.