Indian women, despite constituting 48% of the population, contribute only 18% to the gross domestic product (GDP), found a study by the National Family Health Survey.
Bridging the gender gap in employment could potentially lead to a 30% increase in the country’s GDP, as per the study.
Another study, by McKinsey Global Institute (MGI), said advancing women’s equality could lead to a $28 trillion increase in the global GDP. For India, this means a potential annual GDP boost of $770 billion by 2025, 18% higher than the expected business-as-usual GDP.
In 2023, women made up nearly 53% of the employable population.
India has the third largest ecosystem in terms of startups in the world, and 10% of them have been led by women founders.
Several such studies, throwing light on the relation between gender parity and socio-economic progress, were highlighted during the launch of a coffee table book, titled ‘Empower Her’, at a programme organised by Aviom, a housing finance company, and The Economic Times on Friday.
“True meaning of women empowerment is when a woman can take all her decisions on her own,” said Ranjan Kumar Barun, deputy general manager of National Housing Bank, who was the chief guest on the occasion. The event was organised to mark Women’s Day and “Aviom Women Financial Empowerment Series’ organised by the housing finance company.
Globally, 65% women face challenges in accessing formal banking due to socio-cultural hurdles, a higher percentage compared to men, according to an International Monetary Fund report. On the other hand, 72% of men reported having an account at a financial institution.
According to another report, from the International Labour Organization, 88% of women working in industries operate in the informal sector. Additionally, 7% of women employed in services belong to the informal workforce.
