HomeEconomyEconomy Focus: Role of Women’s in the economic development of India and...

Economy Focus: Role of Women’s in the economic development of India and how they are engaged in the economic development sectors.

Over the past few decades, professional women have worked hard, with their talent, dedication and enthusiasm. They contribute significantly to India’s economic growth and prosperity. Currently, there are 432 million women of working age in India, of whom 343 million are employed in the informal sector. A report by the McKinsey Global Institute estimates that by simply providing equal opportunities for women, India could add $ 770 billion to its GDP by 2025. However, the current contribution of women to GDP remains at 18%. A very wise and powerful man once said, “The best measure of a nation’s development is the way it treats its women.” Over the centuries, women have faced challenges and obstacles and that has given them endless patience, perseverance and only helped them to look strong.

Even in rural India, women have been reaching new heights every day. Despite social and family exclusion, women have affirmed their right to financial independence, built businesses from the beginning and encouraged those around them. In the panchayat program, 50% booking is offered to women while many national programs, such as the ‘National Rural Livelihood Mission’, offer leadership opportunities to them at the grassroots level. Government initiatives such as the ‘Swachh Bharat Mission’ and the ‘Mahatma Gandhi National Rural Employment Guarantee Act’ have provided women workers with employment opportunities.

Today, India is the 3rd largest ecosystem according to Startups in the world and, the third largest in the Unicorn community. However, only 10% of them are led by female founders. The need for an hour to mobilize additional support – psychologically and financially – for women entrepreneurs and help them begin their journey. Fortunately, the past few years have seen a paradigm shift across the process of women becoming business leaders and start-up companies.

However, due to the challenges posed by the epidemic, India’s gender gap has grown by 4.3%, due to the immersion of economic opportunities for Indian women, which has led to a decline in their participation in the legal profession. The quake after the epidemic is also felt in the illegal labor market. The amount of unpaid work limits a woman’s time and, therefore, her ability to make decisions. This hinders them from pursuing higher education and skills development, hindering their business growth.

The way to improve women’s economic empowerment is not only to increase employment opportunities for women, but also to reduce the double burden on women. There is a need for the adoption of the 3Rs approach, which includes Recognizing, Reducing and Redistributing the free care work done by women in all aspects of policy making. This can be done by promoting women’s work as an investment in community-based care infrastructure. Only 2% of India’s GDP investment in the care economy, could not only create 11 million jobs, but could also boost women’s economy and social well-being as they enter formal employment. It is important that there are women-centered and women-centered policies aimed at promoting and supporting women entrepreneurs in India. There is also an urgent need to ensure that significant interventions take place to facilitate access to banks and other financial institutions, as well as tax compensation.

The CII National Women’s Development Committee works with industry to strengthen women’s role and participation in economic and social issues, focusing on gender equality and preventing sexual harassment in the workplace and the empowerment of women at the community level. CII also established the CII Woman Exemplar Annual Award for women who have worked to achieve development programs in the field of education and learning, health and small businesses. The Committee, along with its partner organizations such as the United Nations Fund for Women (UNIFEM), conducts periodic studies on women’s workplace development and hosts conferences, seminars, workshops, and gender awareness programs.Empowering women for gender equality is a key to basic human rights and is essential to our journey to a peaceful, prosperous and stable world. The development and closing of gender inequality is inevitable and is made possible by the equal opportunities and equal representation of women.

READ ALSO : Women Empowerment Focus: National Award in recognition of exceptional work for women empowerment in India

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