Role of Women workforce to grow Indian Economy
India is one of the fastest-growing economies in the world, India could add up to $700 billion, more than 18 percent of its GDP by 2025 — simply by giving equal opportunities to women.
The good news is that participation of women in the Indian economy and business is slowly being recognized for what it is sound business sense. The bad news is that despite, all the data, we are still not making the right progress to change the status quo.
Guess this is why they say, ‘culture eats data’.
One industry that has taken a progressive leader in the journey to inclusion is IT. With over 35 percent of women in the workforce, the diversity journey of the industry has transcended from policies and awareness to specific interventions to become a CEO agenda, for instance.
To add another USD 700 billion to the GDP growth India needs to increase women’s participation in the workforce to a global average of 48 percent in the next 10 years
It isn’t feasible for India to develop at high paces of 9-10 percent if half of the populace isn’t in the workforce, and fundamentally, that duty falls on men to guarantee that ladies get into a position of the administration
India is evaluated to be US$700 billion of included GDP by 2025.
The IMF gauges that the equivalent interest of ladies in the workforce will expand India’s GDP by 27 percent.
In India’s NSSO one classification avoided from business (and accordingly even from being included in the work power) is code 92: the individuals who “took care of residential obligations as it were”.
That incorporates every one of the exercises that comprise the consideration economy, that is caring for the youthful, the wiped out and the older just as other solid family individuals. Another category excluded is code 93, those who “attended to domestic duties and were also engaged in free collection of goods (vegetables, roots, firewood, cattle feed), sewing, tailoring, weaving, etc for household use”.
The LFPR for women aged 15-29 fell by eight percentage points between 2011-12 and 2017-18 to 16.4%, the LFPR for women fell by at least seven percentage points for every age bracket between 30-50 as well. The decline was highest among women aged 35-38 years. Among women in the prime working ages of 30-51, more than two in three women are not in the workforce, with the majority of them reporting that they are “attending to domestic duties only”.
This demonstrates a colossal disappointment of an open approach. It is on the grounds that progressive governments have not offered supremacy to such basic as power, funneled water, and effectively available and reasonable cooking fuel, that ladies are as yet compelled to spend extended periods of time in such assignments. Things are probably going to have intensified in country India with progressive long periods of the dry season and declining of frameworks of open pleasantries in urban zones.
The invisibility of such women workers is appalling because such work is essential to the survival of society and provides a huge and unnoticed subsidy to the “formal” economy. It is also inefficient and unjust, adding significantly to the relational inequalities that are so entrenched in Indian society. It undermines even paid ladies laborers since thus what ladies do is underestimated, and adds to huge sexual orientation holes in compensation. Furthermore, it enables policymakers to disregard the states of a huge number of laborers on whom the whole economy depends.