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News: Women in India have been in top positions in almost all the sectors like politics, administration and financial sector as well. However, despite this progress, we have a long way to go before we could say that there is complete gender equality in every respect. Glass ceilings are beginning to shatter, but there is a lot more to be done.
How giving equal opportunity to women can help Nations advance in their journey of growth?
Economic Growth: It has been proven time and again that when more women enter the workforce, economies grow faster. Studies conducted in various nations have proven that there is a direct correlation between greater gender diversity and higher GDPs.
Poverty eradication: Empowerment of women helps in poverty eradication.
Human Capital: By empowering women, we increase their right to economic resources, as well as their decision-making powers. This, in turn, benefits their households and their communities. Women begin investing more in their children’s education, and thus the quality of human capital improves, which leads to economic prosperity.
Also, If women are not empowered, the nation’s economy loses. A recent study by the World Bank found that countries lose $160 trillion in wealth due to the differences in lifetime earnings between men and women.
What is the situation in India like?
According to World Bank Women’s participation in the workforce in India is still among the lowest in the world at 19.9%. Only 3.7 per cent of the leadership positions in corporate India are occupied by women.
What is the way forward?
The traditionally male-dominated sectors like mining need to improve not only in terms of their gender representation, but also in terms of the work culture.
It is the culture at the workplace that determines not just whether a woman gets a seat at the table, but also whether her voice is heard.
Source: This post is based on the article “If women are not empowered, the economy loses” published in Indian express on 9th Mar 2022.