The National Family Health Survey recently released a report with startling statistics regarding the gender gap in the workforce and the economic contribution of women.
Despite accounting for nearly half of the population, women only contribute 18% of the GDP of the nation. According to the report, closing the gender gap in the workforce can have a significant impact on the economy of the nation, resulting in at least 30% more growth.
The disparity between genders’ contributions to the economy and labor force participation is still a major global concern. Despite accounting for 53% of the employable population in 2023, research showed that women only made up 25% of the workforce in India. According to the NFHS report, women only make up 18% of the GDP, which indicates a stark gender gap in the workforce.
According to the survey, closing the gender gap in the workforce could result in a 30% increase in the GDP of the nation. According to a different McKinsey Global Institute (MGI) study, improving women’s equality might raise the world GDP by $28 trillion.
According to the study, increasing the number of women in the workforce could result in a $28 trillion boost to the world economy. This could result in an increase of $770 billion for India by 2025. But realize that potential is threatened by the major obstacles women face in terms of career opportunities.
Statistics on the gender pay gap show that women generally make less money than men do in several different industries, which adds to the economic inequality. Research shows that women account for only one-third of the world’s labor force and own less than 15% of all agricultural land.
Quoting an International Monetary Fund (IMF) report, analysts have noted that a higher percentage of women than men—65%—have difficulty accessing formal banking due to sociocultural barriers. Furthermore, according to a report by the International Labour Organization (ILO), 88% of women employed in industries and 7% of women working in services are also part of the informal workforce.