March 5, 2024
1 min read

‘Female Workforce Key to India’s $7 Tn Dream’

Lack of education, marriage and family planning, pay gap, and societal barriers are some major reasons for low women participation. …reports Asian Lite News

India’s goal to become a $7 trillion economy is only possible when participation of women in the workforce increases by 50 per cent, according to an expert on Monday.

While millions of Indian women are working in the country, the majority are employed in unorganised sectors as daily wage labourers and women’s participation in the organised sector is below 30 per cent.

Sachin Alug, CEO, NLB Services, a global technology and digital talent solutions provider, said that removing gender disparity and including women in industries, from farming to tech, creating value, and wealth, can help in increasing the GDP of the country.

Lack of education, marriage and family planning, pay gap, and societal barriers are some major reasons for low women participation. Moreover, certain sectors, particularly male-dominated ones such as manufacturing, construction, transport, and IT/BPO pose obstacles for women entrepreneurs and employees.

“Empowering women isn’t merely a moral obligation; it’s an economic imperative for India’s prosperity. Industry reports indicate that 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. Closing the gender disparity in the workforce necessitates collaborative endeavours from individuals, industry, academia, and government,” said Alug, in a statement.

“Employing a gender-inclusive strategy in innovation, technology, and digital education can enhance women’s awareness and engagement. Organisations should promote inclusive work culture and implement policies that give equal opportunities at the workplace while removing the wage gap,” he added.

However, companies are addressing this gap through initiatives like promoting diversity, ensuring workplace safety, and offering flexibility.

Alug emphasised the need 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”.

“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,” he said.

ALSO READ: UAE Extends Additional Cut of 163K BPD

Previous Story

China’s Delicate Dance with Russia Amid War

Next Story

Tata Motors to Divide Business

Latest from Business

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

Nvidia slams US chip export curbs as ‘failure’

Jensen Huang said the US move has backfired by accelerating China’s self-sufficiency in semiconductors and diminishing American dominance in the global chip market…reports Asian Lite News Nvidia CEO Jensen Huang has sharply

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Thai mission directs VFS Global to process visa applications in Nepal

VFS Global is the world’s largest outsourcing and technology services

Serum Institute to start vaccine production in London

In an interview with The Times, CEO of Serum Institute