An additional 68 million women could potentially enter the labour force over the coming decade which if channelled properly could help India build competitive advantage.
India's GDP could see an additional increment of $0.7 trillion-$2.9 trillion by 2025 if woman participation in the labour force increases, says a new study by McKinsey Global Institute (MGI).
The study estimates that an additional 68 million women could potentially enter the labour force over the coming decade which if channelled properly could help India build competitive advantage in sectors such as ready-made garment manufacturing, electronics assembly, business process outsourcing, health care and wellness services, and tourism.
BRIDGING THE GAP
But achieving this would require concerted effort with targeted government intervention in key areas.
MGI identifies eight areas which require close attention:
(1) Bridging gender gaps in secondary and tertiary education in states such as Uttar Pradesh
(2) Creating commensurate employment opportunities
(3) Ensuring skill training for women in key sectors
(4) Increasing the reach of the financial sector in order to service women entrepreneurs better
(5) Promoting gender diversity policies and practices in private sector organisations
(6) Strengthening legal provisions for women and the enforcement of these laws
(7) Addressing infrastructure issues and providing services to ease the burden of domestic work, which currently engages them and
(8) Reshaping societal attitudes and beliefs about women participation in the labour force.
Ishan Bakshi evaluates different scenarios highlighted in the report.