Are Women the Missing Link in India's Economic Growth?

"There are two powers in the world; one is the sword, and the other is the pen. There is a third power stronger than both, that of women."?– Malala Yousafzai, Nobel Laureate.

According to World Bank figures for 2021, less than one in five Indian women engaged in jobs and informal work. The data is equivalent to Afghanistan's female labour participation rate before the Taliban took over in 2021 – not a standard India should aspire to be proud of.?

India's female labour force participation rate is declining as the country's economy expands. The percentage of women in the Indian workforce dropped to 19% in 2021 from 32% in 2005. The global labour force participation rate for women is 50.83% compared to 80% for men.?

The average for 2022, based on 176 countries, shows that the women's highest workforce was in the Solomon Islands at 84% and the lowest in Yemen at 6.2%. More than 83 per cent of women in Madagascar actively participate in the workforce, making it the second country with the highest rate of working women.

In the modern world, many occupations see equal representation for women and men. However, some fields attract women, like education, child care services, employment services, nursing, social services, and pharma. These professions have a predominantly female workforce.?

Wealth-wise, women own much less than men. The gender wealth gap is considerably more significant than the gender wage gap. Families headed by women hold just Rs.55 in wealth for every Rs.100 owned by families headed by men.

Even though more women in India enrol in schools than before, the situation is alarming. Economists say this is because of the narrow view of women's employment in Indian society; it is still a matter relative to family needs and an emergency measure.?

The conservative view of Indian women in society segregates them into household and family roles and glorifies functions, such as sacrifice, care, and nurture, over professional achievements.?

As India seeks to reap its demographic dividend and pursue higher-quality growth, it is imperative that the respect for working women increases, and the corporate world needs to include its women. Historically, women in India have faced various social, cultural, and economic challenges that have hindered their full participation in the workforce and overall development.

The social anxiety around women's participation in the workforce stems from concerns for safety and accessibility. Job opportunities in the formal economy abound in urban spheres. With high migration rates within India and as its cities get crowded by the wealthy and middle classes, policymakers need to encourage female job creation as a metric of social development.

The situation requires corporate participation, both in the public and private sectors, where more women feel valued as productive employees and see growth paths for themselves.?

There is an urgent need for socialisation at the community level – in schools and community associations to address the bias and traditional attitudes towards women in the public sphere. The government must conduct public programs at all levels to promote women's empowerment and freedom to work and explore economic choice.

Presently, there is a need to address gender disparities seriously to empower women to contribute more effectively to the country's growth. Mandating Board-managed corporations to have women directors is an essential initiative of a high order.?

Significant action points to enhance the role of women in India's growth story are:

1.?Gender Equality and Economic Growth: Numerous studies have shown a strong correlation between gender equality and economic growth. Given equal opportunities and access to resources, women significantly contribute to economic productivity and development.

2.?Women in the Workforce: Increasing women's participation in the formal workforce can positively affect the economy. It can lead to higher labour force participation rates, increased consumer spending, and a diverse and skilled workforce.

3.?Empowerment and Education: Improving women's access to education and skill development is crucial for empowerment and economic participation. Educated women seek better job opportunities, earn higher incomes, and invest in the family's well-being.

4.?Entrepreneurship: Encouraging and supporting women entrepreneurs is vital to India's growth story. Women-led businesses have the potential to drive innovation, create jobs, and harness economic development.

5.?Mitigating Challenges: Despite progress, women in India still face significant challenges of gender discrimination, limited access to resources, and social norms discouraging economic participation. Addressing these challenges requires policy interventions, cultural shifts, and sustained efforts from various stakeholders. The government must fix annual targets to mitigate these challenges.?

Women play a crucial role in India's growth story. Much work is still required to ensure their participation in India's economic growth.?

Empowering women and promoting gender equality can unlock their untapped potential, leading to more inclusive and sustainable economic development to take the Indian economy to dizzy heights.

A human does not need extraordinary strength to perform strenuous jobs. Instead, having proper technique, agility, and speed is adequate. A female worker who picks up the requisite qualities remains calm and controls herself can perform equally essential roles that her male counterparts can handle.?

There is no limitation to women's power in India. Let us empower them to actualise India's full economic potential. The valuable female workforce shall remain a missing link in India’s economic growth unless nurtured proactively through a sustained planning process embedding equality, empowerment and trust.?

Rightly said,?"A world full of empowered women isn't one where men are marginalised. It's a world where everyone thrives."