India must address gender gap to become $30 trillion economy by 2047, Finds Report

By: WE Staff | Friday, 25 October 2024

The report titled "From Aspiration to Action: Building India's 400 Million Women Workforce" was launched by the Magic Bus India Foundation in collaboration with Bain & Company and outlines a roadmap to double India's female labor force participation rate (FLFPR). The report aims to boost FLFPR from 35-40 per cent to 70 per cent by 2047 to create a formidable 400-million-strong women workforce.

The report aims to increase women's contribution to India's GDP by 45 per cent by 2047, addressing challenges like limited job opportunities, higher dropout rates, wage disparities, and job-skill mismatches. It categorizes Indian women into seven archetypes and proposes tailored solutions, such as an entrepreneurial ecosystem for rural women and job readiness initiatives for urban women. The report further highlights the E4 Model for rural women, focusing on entrepreneurship and skill development, and the PROGRES Model for urban women, emphasizing job readiness and resilience. It emphasizes the need to empower women to unlock economic value and drive gender equality in India, despite projected workforce growth of 110 million by 2047.

The report categorizes Indian women into seven archetypes, with the key OLF categories being Aspirational Homemakers, Settled Homemakers, and High-Potential Youth. It calls for immediate action to close the participation gap in these key segments, advocating for government, private sector, nonprofits, and investors to create infrastructure, policies, and funding.