Chennai: Women in the workforce has to go up by 50 per cent for the country to become a $7 trillion economy by 2030.
If India wants to be the third-largest economy after the US and China by 2030, boosting female participation in the workforce is crucial to speed up this growth. Women can contribute significantly across industries, from farming to tech, creating value, and wealth, further driving the GDP to $7 trillion, finds NLB Services.
Currently, millions of Indian women are employed in unorganised sectors as daily wage labourers. Participation in the organised sector is below 30 per cent.
The manufacturing sector, contributing about 16-17 per cent to the national GDP, exhibits a pronounced gender imbalance. Certain industries such as chemicals, computers and optics, printing, reproduction of media, and motor vehicles have seen a decline in female workers.
Further, there is a widening wage gap, with states like Puducherry, Rajasthan, and Tamil Nadu showing the widest disparities, where women earn only Rs 74.1, 75.5, and 78.4 respectively for every Rs 100 earned by a male worker.
“India can achieve a GDP growth rate of 8 per cent provided women account for nearly half of the new workforce set to be created by 2030. Increasing women's participation in traditionally male-dominated sectors is essential for bridging the gender gap and driving India's goal to become a $7 trillion economy by the end of this decade,” Sachin Alug, CEO, NLB Services said.
Closing the gender disparity in the workforce necessitates collaborative endeavours from individuals, industry, academia, and government. Employing a gender-inclusive strategy in innovation, technology, and digital education can enhance women's awareness and engagement.
Organizations should promote inclusive work culture and implement policies that give equal opportunities at the workplace while removing the wage gap. Moreover, it's crucial to provide women with opportunities for upskilling and re-skilling, particularly in critical sectors like manufacturing, EV, and technical roles such as data science and artificial intelligence.
