By Rupa Bohra
India surprisingly ranks among the 20 lowest countries in terms of female workforce participation. With only 29.4% of women aged 15 to 59 actively participating in the labor force between 2012–2022, a concerning decline from its 2004 peak of 35%, the nation’s economy remains largely untapped. However, the potential that they possess, remains untapped and thus, recognizing and harnessing this potential is not merely a quest for gender equality, but a strategic move for nations eager to unlock their full economic potential.
Statistics show that countries with higher levels of gender equality tend to have stronger economies. A World Bank report estimated that India’s GDP could boost growth by 1.5% points to 9% per year if around 50% of women join the workforce. This underscores the critical role that women play in driving economic progress. Their active participation in the workforce would act as a catalyst, contribute significantly to GDP growth and make the country a global economic powerhouse.
Women Rising: From Challenges to Change-makers in India
Even though women hold immense potential, gender-based discrimination, limited access to education, and deeply entrenched cultural norms still stand as major hurdles to their development. These challenges illustrate the pressing need for comprehensive reforms that empower women at all levels of society. Despite these challenges, stories of women battling societal expectations and prejudices to pursue their economic dreams are becoming common.
Across India, many unsung women are making remarkable impacts. Pabiben Rabari, a class 4 dropout, created a unique embroidery style ‘Hari Jari’ and started a business that helps tribal women earn and keeps her community’s craft alive. Chetna Sinha started the Mann Deshi Bank to support rural women financially and Anitha Devi introduced many women in Bihar’s Nalanda district to organic mushroom farming, giving them a steady income. Their stories show that women from all parts of India are stepping up, and the rise of women-led businesses is a clear sign of their growing role in our economy.
Success stories around, from rural women entrepreneurs to women breaking barriers in traditionally male-dominated industries. These stories serve as beacons of hope and motivation for others striving for economic independence.
Transformative Measures for Women’s Economic Rise
When we talk about women’s economic empowerment, a question arises: Is this achievable only by raising voices or idolizing a few, and doing nothing from our end to encourage and support the women around us? The answer will be No! These challenges must be addressed accurately, primarily by educating women so they become cognizant of their abilities. By providing women with quality education and vocational training, we equip them with the tools to break down barriers and pursue their economic aspirations. Thus, education and skill development programs are key to breaking the cycle of gender inequality in all aspects.
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India has made strides in this area with programs like “Beti Bachao, Beti Padhao”, and “Skill India”, enhancing women’s job prospects and income-earning capabilities. The recently passed Women’s Reservation Bill of 2023 for reserving one-third of the total number of seats in Lok Sabha and state legislative assemblies for women is also a major boost to women representation in our government.
Such government policies and legislation play a crucial role in promoting women’s economic empowerment. Equal pay laws, maternity benefits, and reservation quotas for women in local bodies are steps in the right direction. These initiatives hold the promise of transforming their lives and the nation’s economic landscape.
The Power of Unified Efforts in Women’s Economic Progress
Corporate partnerships with NGOs are spearheading women’s economic empowerment in India. Take “Women on Wheels”, where Uber teamed up with a women-centric NGO, or the ‘Udyogini’ initiative, backed by leading corporates, which empowers rural women through skill development and resource access. These aren’t mere CSR ticks but steps towards sustainable business.
Across the nation, several NGOs focus on uplifting vulnerable groups, especially rural women entrepreneurs. They mentor these women, enhancing their skills, connecting them to markets, and facilitating finance. The vision? Empower women to challenge societal constraints and foster entrepreneurial spirit.
To ensure the longevity and efficacy of such initiatives, it’s vital to celebrate their successes and measure their impact. Evaluating factors like income growth and business expansions will gauge the true difference these programs make.
Crafting India’s Economic Legacy, One Success at a Time
Advocacy and awareness campaigns must continue to challenge stereotypes and champion the cause of women. It is not only the responsibility of governments but also individuals, organizations, and communities to ensure a brighter economic future for women in India. Empowering women is not just a moral imperative; it is an economic imperative that can reshape the destiny of nations.
With the rapid development of India’s economy and prosperity, it is evident that India is to stand as an economic leader, and undoubtedly, women hold the key to unlocking a brighter economy. In order to sustain this fact, it becomes the responsibility of each individual to support, recognise and appreciate women at workplaces. As they deserve equal accountability in the economic factors of the nation as they marshal for a brighter future.
(The author is Managing Director, TNS India Foundation. Views expressed are the author’s own and not necessarily those of FinancialExpress.com)