How is the increased participation of women entrepreneurs shaping India’s economic growth?
Looking ahead to the very first Economic Summit of the Republic of India, which will see the most influential names in the industry, to examine the world’s fastest growing large economy under a microscope, Republic World takes an in-depth look at some of its key drivers. This includes the increasing participation of women in the Indian economy.
Over the past decades, women have laid the foundation for economic growth and prosperity in India, through their talent, dedication, enthusiasm and hard work. Venturing into the male dominated market, women started their own businesses and worked tirelessly to prove that they are as adept and successful in the entrepreneurial arena as their male counterparts.
According to the periodic labor force survey carried out by the Ministry of Labor, the participation of female labor force in the Indian labor market has increased year by year, leading to a decrease in the unemployment rate. of the female workforce.
According to statistics, the periodic labor force of women aged 15 and over stood at 30% in 2019-20, compared to 24.5% in 2018-19 and 23.3% in 2017-18. As a result, the unemployment rate of the female workforce fell to 4.2% for 2019-20 from 5.1% in 2018-19 and 5.6% for 2017-18. Notably, in 2019, India elected women to occupy 78 of the 542 seats in the lower house of parliament, a record.
The richest businesswomen in India
Making their mark in business, women have also become billionaires in various industries. Some of the wealthiest businessmen who have brought India to the global charts include Savitri Jindal, Chairman Emeritus of OP Jindal Group, Roshni Nadar Malhotra of HCL Technologies, Kiran Mazumdar-Shaw, Chairman of Biocon Limited, among others. . The recent businesswoman to make the list was Falguni Nayar, founder and CEO of Nykaa, who this month became India’s richest self-made billionaire woman.
There is enough evidence to suggest that the opportunity and access to knowledge and resources can make all the difference. In the 2021-2022 Union budget, Finance Minister Nirmala Sitharaman announced that women would be allowed to work in all categories and also in night shifts with adequate protection. This was done to ensure that the lack of security is not a barrier to women’s participation in economic and personal improvement.
The budget further increased the allocation for pro-women programs from Rs 1,14,893 crore to Rs 1,28,065 crore – an increase of 11.46%.