international women`s day
Category : Significant Days | Sub Category : Posted on 2024-03-08 03:09:53
“Men can do certain things well and women other things. Men and women are complementary to each other. One need not prove one’s strength.”
--Sudha Murthy
Indian educator, author, philanthropist
and former chairperson of the Infosys Foundation
In 2024, India`s workforce is likely to witness a significant transformation with an increasing number of women joining various sectors. According to recent reports from the Ministry of Labour and Employment, the female labor force participation rate has risen to 29.7%, marking a notable increase from previous years. This surge underscores the shifting societal attitudes towards women`s roles in the workforce and their economic empowerment and with the International Women`s Day (March 8) around the corner, India is already aligned with the theme of the year,‘Invest in Women: Accelerate Progress’.
In contemporary times, the landscape for women in India saw a surge in female entrepreneurship driving economic growth and innovation. The rise of female entrepreneurs in India was instrumental in socioeconomic development. According to recent data, women-led businesses are flourishing, creating employment opportunities, and contributing significantly to India`s economic prosperity. Advancements in female education as per the National Sample Survey Office (NSSO) data indicates a steady rise in female literacy rates, with more girls accessing primary and secondary education than ever before. The Finance Minister of India Nirmala Sitharaman while presenting the interim Budget 2024-25, declared that ₹30 crore Mudra Yojana loans have been given to women entrepreneurs. “Female enrolment in higher education has gone up by 28 per cent in 10 years. In STEM (science, technology, engineering, mathematics) courses, girls and women constitute 43 per cent of enrolment-one of the highest in the world," the minister said. This trend signals a promising future where women are better equipped to pursue higher studies and professional careers.
However, the gender pay gap continues to plague the Indian workforce, with women earning significantly less than their male counterparts across various industries. Despite legislative measures such as the Equal Remuneration Act, disparities in wages persist, reflecting deep-rooted biases and discriminatory practices in the workplace; a poignant issue that is yet to find a resolution. Empowering women is not just a moral imperative; it is also smart economics. Studies have shown that advancing gender equality can lead to increased productivity, improved societal well-being, and enhanced economic growth.
In the foreseeable future, women are projected to play a dominant role in the workforce of India, significantly influencing and enhancing the trajectory of the nation. Projections suggest that by the year 2030, the emergence of over 30 million women-led enterprises will contribute to the creation of approximately 150–170 million job opportunities. This transformative shift has the potential to revolutionize various aspects of the economy, paving the way for unprecedented growth and prosperity. Currently, women contribute only 22 percent to the country`s GDP, a figure notably lower than the global average of 45 percent.
Nina Nair, Senior Vice President and Head of Human Resources Development for India and the Americas, emphasized the organization`s commitment to fostering gender diversity and inclusivity in the workplace. Through strategic initiatives, such as the recruitment of over three thousand two hundred women employees in the past year, the company has successfully achieved a workforce composition where women represent over one-third of its employees.The organization`s equitable policies and inclusive practices have garnered recognition from the industry, underscoring the importance of collaboration among diverse individuals in driving innovation and success.
In the wake of International Women`s Day 2024, India stands on the cusp of a transformative era, witnessing a surge in female workforce participation and entrepreneurship. Despite strides in gender equality, persistent challenges like the wage gap remind us of the work ahead. Yet, with concerted efforts, the future promises a more inclusive and prosperous society.
