Investing In India’s Women Can Unlock The Country’s Economic Potential

India has the world’s fastest-growing major economy and a well-educated workforce that’s expected to soon pass China’s in size. Still, I can’t shake the notion that in the race for global economic leadership, India is running with just one shoe.

I say that because nearly half of the country’s working-age population is being left behind. According to the World Bank’s May 2017 India Development Update, India has among the lowest female labor force participation rates in the world, well below what would be expected for its level of income and what is observed in neighbors such as Bangladesh, Sri Lanka and Nepal.

Despite college graduation rates of around 42 percent, the percentage of women in the workforce has been dropping since 2005. What’s more, India is home to the highest number of illiterate women in the world. There are more than 3 million eligible, yet out-of-school girls throughout India. And almost 40 percent of girls aged 15 to 18 years drop out of school and college.

The World Bank suggests India’s GDP growth could surge more than a point if India closed just half of the labor force participation rate gap it has with Nepal. It makes one wonder how powerful India could be if its women’s workforce participation was on par with its men’s. The impact would be unquestionably huge.

For India to compete effectively on the global stage and realize her full potential, businesses need to help and invest in high-impact solutions now—solutions that enable girls and young women to access quality education and develop the skills needed to succeed.

Deloitte recently committed to do just that. Through financial support, pro bono work and engaging with NGO partners, we intend to help drive transformational change and positively impact 10 million women and girls by 2030. This investment is aligned with WorldClass, Deloitte’s organization wide ambition to help 50 million people succeed in the new economy by enabling access to education, skills development and job opportunities.

Through WorldClass in India, we’ll collaborate with organizations that share Deloitte’s vision and can help us put our talent and experience to work. The first two of those organizations are Katha and Pratham, which are improving the learning outcomes of millions of women and girls in schools and communities across India. By pursuing collaborations with nonprofits such as these—as well as government and other businesses—we are better positioned to help bridge the gap between the abilities people have and the skills employers need.

That’s critical in a world on the brink of a seismic shift with the emergence of Industry 4.0. To thrive in it, concerned and capable entities must work together so that all the world’s people have opportunities to achieve their full human potential. This will allow more people to access opportunities and improve the communities where they live and work.

And when we educate women and girls, especially in places like India, we can positively impact entire families. We also know when women are empowered to participate in social, economic and political decision-making, they are more likely than men to invest in their children, families and communities. That can be a catalyst for long-term, sustainable change and have a positive impact on the next generation of talent.

We have a tremendous opportunity to make a meaningful impact in India by creating pathways for women of all ages to fulfill their aspirations. When that day comes, India will be able to race ahead at full speed, without impediments. The prospect of that happening is promising not just for those who’ll benefit directly, but also for India and the world.

Originally published March 7, 2019 on Forbes.com.