Current Female Labour Force Participation
Currently, India’s Female Labour Force Participation Rate (FLFPR) is between 35% and 40%. To meet its economic ambitions, the report outlines a roadmap to double this rate to 70% by 2047. Despite favorable socio-economic conditions, projections indicate that only 110 million women will be added to the workforce by 2047, resulting in a total of 255 million women and an FLFPR of just 45%.
The Economic Imperative
The integration of an additional 145 million ‘missing women’ into the workforce is essential, not only for economic growth but also for promoting gender equality. Jayant Rastogi, Global CEO of Magic Bus India Foundation, underscores this point, stating, “Empowering women is more than a moral choice; it is also an economic lifeline. To meet our $30 trillion GDP target, we must increase female participation to 70%, bringing 400 million women into the workforce.”
Navneet Chahal, Partner at Bain & Company, adds, “India’s growth story cannot be fully realized without enhanced women’s participation. Our report provides a clear strategy to close the 145 million ‘missing women’ gap, enabling India to unlock $14 trillion in economic value.”
Identifying Barriers and Models for Empowerment
The report identifies several barriers faced by women in both rural and urban areas, necessitating targeted interventions. To address these challenges, it presents two key livelihood models:
- E4 Model: This model supports rural women entrepreneurs by providing them with an ecologically embedded entrepreneurship ecosystem that includes skill-building, mentorship, market linkages, and access to capital.
- PROGRES Model: This model focuses on enabling job readiness for urban women through tailored skills training, flexible work environments, and childcare support.
A Call for Collective Action
To close the gender participation gap, the report emphasizes the need for ecosystem collaboration among the government, private sector, and nonprofits. Key recommendations include:
- Creating gender-inclusive policies.
- Implementing financial literacy programs.
- Enhancing market access for women entrepreneurs.
The findings of this report serve as a rallying call for action. By prioritizing the integration of women into the workforce, India can not only achieve its economic goals but also foster a more equitable society, ensuring that women’s empowerment is integral to the nation’s growth narrative.
