Categories: BUSINESS

International Women’s Day 2024: Investing in Women for Economic and Social Growth

International Women’s Day: Women truly have an indispensable role in driving economic growth and social advancement. Domains including business, politics, environment, sciences, social works and many others are today being significantly shaped by the dedication, innovation, and skills of women. Besides, women have always applied these qualities and attributes in their roles as homemakers and nurturers of their families.

Speaking strictly in terms of the potential of the contribution of women towards the economic growth of a nation, The McKinsey Global Institute survey offers a compelling statistic – advancing women’s equality in employment could increase India’s GDP by nearly $770 billion by 2025. This clearly underscores the untapped potential within the country and is also a call to be more inclusive and narrow the gender gap in our workforce.

Investing in women and inspiring inclusion entails a multi-pronged approach aimed at removing barriers and generating more and equal opportunities for women across domains, key dimensions being economic upliftment through equal pay and similar job opportunities, financial independence through greater financial literacy, entrepreneurship support through targeted funding and mentorship, education and skill development (including necessary school education, vocational training, and life skills training), healthcare and well-being, and digital literacy, among others.

Increased participation of women in the workforce signifies a more inclusive, innovative, and resilient economy; these dimensions transcend mere economic output, and offer increased depth of skill, resourcefulness, a wider extent of problem-solving capabilities, and greater diversity of thought. These factors translate into more equitable distribution of opportunities and increased societal benefits, boosting economic growth and fostering social cohesion, thus helping in the development of a more harmonious and progressive society.

However, it would take a combined and protracted effort by industry leaders, changemakers, and government bodies towards mentoring women leaders and investing in their growth and development to forge a society where women are equally represented across sectors. I believe investing in women and inspiring inclusiveness is more than a mere social obligation—it is an economic necessity that could propel significant growth and innovation.

This International Women’s Day, we must reiterate and reinforce our commitment towards women’s empowerment, the realization of a truly empowered and inclusive society, and by extension, the economic and societal growth of our nation.

By Radhika Kalia, Managing Director, RLG Systems India Private Limited