India must close gender gap in workforce to reach $30 trn economy by 2047: Study

New Delhi, Oct 24 (IANS) India must close the gender gap by integrating 145 million 'missing' women into the workforce by 2047 to reach its ambitious $30 trillion GDP target by 2047, according to a new report.The report by Magic Bus India Foundation, an NGO working in the education and skilling space, in collaboration with Bain & Company, a management-consulting firm, showed India must double the female labour force participation rate (FLFPR) from its current 35 per cent-40 per cent to 70 per cent by 2047.Despite favourable socio-economic conditions, including a positive demographic dividend and supportive policies, India’s workforce is projected to add only 110 million women to its workforce by 2047, reaching an FLFPR of 45 per cent, that is, 255 million women.This leaves a staggering gap of 145 million ‘missing women’ who need to be integrated into the workforce to meet the country’s economic goals. This initiative is critical not only for economic growth but also for achieving gender equality in the job market. These are among the findings from this latest joint report.“Empowering women is more than a moral choice; it is also an economic lifeline. To meet our $30 trillion GDP target by 2047, we must address the challenge of increasing female labour force participation to 70 per cent, which means bringing 400 million women into the workforce,” said Jayant Rastogi, Global CEO, Magic Bus India Foundation.“India’s growth story is unlikely to play out fully without enhanced women’s participation in the labour force, yet their participation remains far below its potential. Whether it’s empowering rural women through an ecologically embedded entrepreneurship ecosystem (E4) model that solves for skill building, mentorship, market linkages, and access to capital, or, enabling professional readiness, growth, and resilience (PROGRES) for urban women through tailored skills training, flexible work environment and childcare support, India can unlock $14 trillion in economic value from women alone, making a significant impact on India’s journey to becoming a $30 trillion economy by 2047,” added co-author Navneet Chahal, Partner at Bain & Company.Furthermore, the report highlights that approximately 70 per cent of the women out of the workforce by 2047 are expected to reside in rural areas, where limited job opportunities and unstable work environments reduce workforce participation.On the other hand, urban women face challenges such as job-skill mismatches, undervaluation of domestic work compared to market jobs, and wage disparities.The report also noted that aspirational homemakers (about 86 million), high-potential youth (about 37 million) home-based and nano entrepreneurs (about 39 million), casual labour, including gig workers (about 26 million) -- are key segments for immediate action to close the gender participation gap.The report calls for a cohesive and collective effort from the government, private sector, nonprofits, and investors to create the necessary infrastructure, policies, and funding to support women’s integration into the workforce. It advocates for gender-inclusive policies, financial literacy programmes, and improved market access for women entrepreneurs.--IANSrvt/

HamroGlobalMedia

Oct 25, 2024 - 08:51

New Delhi, Oct 24 (IANS) India must close the gender gap by integrating 145 million 'missing' women into the workforce by 2047 to reach its ambitious $30 trillion GDP target by 2047, according to a new report.

The report by Magic Bus India Foundation, an NGO working in the education and skilling space, in collaboration with Bain & Company, a management-consulting firm, showed India must double the female labour force participation rate (FLFPR) from its current 35 per cent-40 per cent to 70 per cent by 2047.

Despite favourable socio-economic conditions, including a positive demographic dividend and supportive policies, India’s workforce is projected to add only 110 million women to its workforce by 2047, reaching an FLFPR of 45 per cent, that is, 255 million women.

This leaves a staggering gap of 145 million ‘missing women’ who need to be integrated into the workforce to meet the country’s economic goals. This initiative is critical not only for economic growth but also for achieving gender equality in the job market. These are among the findings from this latest joint report.

“Empowering women is more than a moral choice; it is also an economic lifeline. To meet our $30 trillion GDP target by 2047, we must address the challenge of increasing female labour force participation to 70 per cent, which means bringing 400 million women into the workforce,” said Jayant Rastogi, Global CEO, Magic Bus India Foundation.

“India’s growth story is unlikely to play out fully without enhanced women’s participation in the labour force, yet their participation remains far below its potential. Whether it’s empowering rural women through an ecologically embedded entrepreneurship ecosystem (E4) model that solves for skill building, mentorship, market linkages, and access to capital, or, enabling professional readiness, growth, and resilience (PROGRES) for urban women through tailored skills training, flexible work environment and childcare support, India can unlock $14 trillion in economic value from women alone, making a significant impact on India’s journey to becoming a $30 trillion economy by 2047,” added co-author Navneet Chahal, Partner at Bain & Company.

Furthermore, the report highlights that approximately 70 per cent of the women out of the workforce by 2047 are expected to reside in rural areas, where limited job opportunities and unstable work environments reduce workforce participation.

On the other hand, urban women face challenges such as job-skill mismatches, undervaluation of domestic work compared to market jobs, and wage disparities.

The report also noted that aspirational homemakers (about 86 million), high-potential youth (about 37 million) home-based and nano entrepreneurs (about 39 million), casual labour, including gig workers (about 26 million) -- are key segments for immediate action to close the gender participation gap.

The report calls for a cohesive and collective effort from the government, private sector, nonprofits, and investors to create the necessary infrastructure, policies, and funding to support women’s integration into the workforce. It advocates for gender-inclusive policies, financial literacy programmes, and improved market access for women entrepreneurs.

--IANS

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