Tag: Women

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Women-Owned MSMEs Surge to 1.84 Crore in India

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Women-owned MSMEs have seen a spurge in India.

The country now has over 1.84 crore women-owned MSMEs, marking a significant development for the nation’s economic landscape.

The announcement underscores the growing role of women entrepreneurs in India’s business ecosystem.

Policy push:

Since launch of the Udyam and Udyam Assist Platforms (UAP) in July 2020 and January 2023, women owners have accounted for 39% of MSMEs registered. As of July 23, 2024, there are 1,84,59,809 MSMEs owned by women, Jitan Ram Manjhi, Union Minister, Micro, Small, and Medium Enterprises, said during question hour in the on-going Monsoon session in the Parliament.

Among the programs to boost the involvement of women in the MSME industry, the government amended the Public Procurement Policy in 2018. It now mandates central ministries, departments, and undertakings to obtain at least 3 percent of their annual requirements from women entrepreneurs.

The GoI has also implemented policies to improve women-owned MSMEs’ access to credit. One of the policies to improve financing options for women-owned MSMEs, offers up to 85% guarantee coverage and a 10% reduction on annual guarantee fees.

The government aims to create an inclusive business environment and empower women entrepreneurs, with the rise of women-owned MSMEs expected to significantly impact India’s economy.

Our take:

India’s economic self-sufficiency and diversity are being bolstered by MSMEs, which are driving job creation, innovation, and economic expansion, promoting gender equality and women empowerment.

The future of the MSME sector will be marked by the impact of government initiatives on female entrepreneurs and the economy as a whole.

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MSME, DEI, Youth: Three Focus Areas of Budget 2024

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The MSME sector in India has received a green boost in Finance Minister Nirmala Sitharaman’s seventh Union Budget for 2024-25.

The FM signaled financial support for conducting energy audits for MSMEs, which should lead to increased adoption of cleaner fuels.

“Investment-grade energy audits will initially be conducted for traditional MSMEs in 60 clusters including the glass and ceramic industry. In due course, 100 more clusters will be added,” she said.

The Finance Minister reiterated the government’s vision of establishing a fully functional ‘solar power value chain’ within the country.

She also included higher standard deductions, revised tax rates, and emphasis on supporting MSMEs with credit guarantee schemes and enhanced credit assessment models by public sector banks.

Besides the focus on the MSMEs, the budget focused on nine sectors comprising agricultural productivity, employment, social justice, production, city development, energy safety, infrastructure, innovation, R&D, and reforms for the next generation.

The DEI Push:

It included five schemes and incentives with an outlay of Rs 2 lakh crore to help 4.1 crore youth in five years with employment, skills, and other opportunities.

The FM allocated Rs 2.66 lakh crore for rural development, including rural infrastructure, and reduced the current Rs 10 lakh limit of mudra loans to Rs 20 lakh.

The government announced plans to review the agricultural research system, provide challenge mode funding to both the government and private sector, introduce 109 new, high-yielding, climate-resilient varieties of 32 crops, and introduce one crore farmers to natural farming over two years.

The government also aims to increase women’s workforce participation by establishing childcare facilities and women’s hostels in partnership with businesses.

It announced renewed thrust on programs like PM Vishwakarma, PM SVANidhi, National Livelihood Missions, and Stand-Up India to support the economic activities of craftsmen, artisans, self-help groups, scheduled castes, schedule tribes, women entrepreneurs, and street vendors.

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India Slips to -2 in WEF’s Gender Parity Index 2024

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India, ranking 129th in the world with a population of over 1.4 billion, has closed 64.1% of the gender gap by 2024.

The Southern Asian economy is ranked -2 in this result, slightly lower than in the previous edition (0.17 percentage points).

According to a World Economic Forum-Global Gender Gap 2024, report, economic participation and opportunity are slightly improving. But educational attainment and political empowerment are slightly declining, which is the main cause of this regression.

Despite an upward trend over the last four editions, India’s economic parity score would require an additional 6.2 percentage points to reach its 2012 score of 46%, the WEF report states.

WEF Data points:

To achieve the goal, India must bridge and increase:
• The gender gaps in management, senior officials, and legislative roles (14.4%)
• Labor force participation (45.9%)
• Estimated earned income (28.6%)
• Professional and technical workers (49.4%)

The country ranks among the top 10 in the political empowerment sub-index with a head-of-state indicator score of 40.7%.

It continues to have relatively low scores for the percentage of women in parliament (17.2%) and in ministerial positions (6.9%) at the federal level.

This is due to declines in educational attainment and political empowerment. But the country has slightly improved in economic participation and opportunity, the report says.

Overall, the countries with the lowest levels of economic parity are Bangladesh (31.1%), Sudan (33.7%), Iran (34.3%), Pakistan (36%), India (39.8%), and Morocco (40.6%).

All listed economies have less than 30% gender parity in income and under 50% in workforce participation.

Globally, women’s underrepresentation in the workforce, particularly in senior and managerial roles, is a significant weakness, with senior roles having the lowest gender parity.

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Shifting sands: 5 Takeaways from Women@Work Survey

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Deloitte’s Women@Work survey highlights organizations’ increasing focus on women’s equal opportunities and workplace safety and welfare.

The survey represents the views of 5,000 women across 10 countries, including India. Now in its fourth edition, the survey explores some of the key workplace and societal factors that have a big impact on women’s career paths.

The loyalty, productivity, motivation, and belongingness scores of women employed by gender equality leaders are three times greater than those of women employed by laggards.

Here are the 5 key takeaways:

Inclusive practices make a concrete difference: On a scale of 100, women working for Gender Equality Leaders (GELs) scored their loyalty at 76, productivity at 75, and motivation and sense of belongingness at 71.

These women professionals are more likely to recommend their organizations to other women.

They feel far more satisfied with the mental health support, and are comfortable talking about their mental health in the workplace.

They are also much more optimistic about their career prospects and confident that being a woman is not a disadvantage in their organization.

Women working for “laggards” perform significantly poorly on all these parameters.

Priority areas for organizations in India: Return-to-work approaches need to factor in unique situations. The transition to full-time work has resulted in difficult adjustments for many women professionals.

Forty-one percent have asked for a reduction in their hours

31 percent say it has negatively impacted their mental well-being

36 percent think less of their employer

These parameters are better for those who are returning to the office in a hybrid setup.

Organizations need to be more supportive of professionals as they harmonize work with life commitments.

Nearly 96 percent believe that requesting or taking advantage of flexible working opportunities will affect their career progression.

91 percent feel they can’t talk with their managers about challenges with work/life balance.

94 percent don’t think their workload would be adjusted accordingly if they were to take advantage of flexible working opportunities.

4. Male professionals need to be encouraged to share the load at home: Inclusive practices should improve male professionals’ allies in work and home, enhancing policies related to parental care and adult caregiving, and implementing facilities like nanny reimbursement.

Women in India are still shouldering the bulk of the responsibility when it comes to childcare and caregiving for adults.

The instances where the partner shoulders these responsibilities or where there is an equal split are higher when the woman is the primary breadwinner.

Even in such situations, there is a far higher reliance on paid help in India than with global counterparts (31 percent in India vs. 6 percent globally).

5. Safety concerns:

Forty-six percent of Indian respondents cited personal safety at work or when traveling to/from work as a top concern.

A little over a quarter of respondents feel that they could be attacked or harassed due to the location or neighborhood of their workplace.

Although to a lesser degree, other concerns are related to harassment or uncomfortable behavior by clients, harassment while traveling to work, and harassment by a colleague.

Saraswathi Kasturirangan, Chief Happiness Officer, Deloitte India, emphasizes the importance of promoting equal participation of women in the workforce, focusing on behavior change, addressing microaggressions and gender bias, and investing in areas beyond control. This includes extending zero-tolerance policies to vendors and customers, implementing night-time travel policies, and providing sensitization training.

“Much has been said about the business case for inclusive practices. These findings corroborate that point of view with hard facts. If an organization truly wants to grow, all its people need to be able to put their best foot forward. When your policies targeted at growing the careers of women professionals translate into action, you will be much better placed to grow, because you’re getting the best perspectives and a driven, gender-diverse workforce. Moreover, and importantly, you’re nurturing a nourishing and safe workplace,” she says.

 

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Headwinds in Favor of Female Bonding

Sonal Desai

Female Bonding is on the rise globally.

Globally, the winds are changing in favor of female bonding. As a DEI advocate, I am happy to be part of this transformation. More women are taking the lead as a result of this transformation. Conversations are shifting toward serious matters–business strategies, economics, communications structures, investments, politics, financial inclusion, etc. Women are actively participating at all levels as against the earlier period where they were `allowed to talk‘ about family, children’s education, or domestic issues.

Well-intentioned partners and customers continue to plan women-centric events centered around special days, but the theme and concept in all likelihood is not restricted to beauty and childcare. Conversely, work pressure is one major reason for women to connect and find solace, the financial freedom that is achieved also makes women realize the need for self-care-both physically and mentally.

I acknowledge that I am among the few extremely fortunate women who have had easy access to both employment and education. Furthermore, I do not believe that there is an urban-rural divide in India or anywhere else in the world. Regardless, though, I am seeing a shift—a positive shift in female bonding. In addition to taking care of their she-brethren, more women are entering the workforce, more girls are graduating, and more women are pursuing careers in areas that were previously dominated by men. Take, for example, Admiral R Hari Kumar, Chief of the Naval Staff, a recent proposal to the Defence Ministry to make the nomenclature of various ranks gender-neutral. This initiative aligns with the recent induction of women sailors and is a positive shift toward inclusivity.

This camaraderie is giving women the platform to voice concerns (which are unique to women) and get help. Discussions about sexual abuse, domestic violence, etc are no longer closed-door chats. These platforms empower women to ask for support, seek therapy, and make the brave decision to leave their partner—sometimes even with their kids in tow!

As a result, many new-age women are more aware of their rights and are courageously refusing to participate in issues/things that they are not convinced about. This change is the result of several interrelated factors. Women no longer feel embarrassed to demonstrate their ambition, determination, and ability to overcome any obstacle to achieve their goals.

I have learned from my many conversations that things are changing—even in Bharat—very, very slowly. The way women manage their finances and strive for financial independence is changing thanks to corporate social responsibility initiatives, NGOs, and co-ops. It is imperative to incorporate these women into society, support them in maintaining their careers, and help them educate their children.

As time progresses, the urban-rural divide will narrow. But I am sure that urban women can learn a lot about resilience, cooperation, and cooperation from our rural counterparts. Let’s take a pause and think about not just the stories that our maternal/paternal grandmothers told, but look closely at how they managed to stay independent in closely-guarded joint families.

I believe there should be more female leaders in the workforce. In addition to providing for and raising their families’ standard of living, their empathy can help society as a whole. This could be a step toward closing the gender gap.

The opportunities are expanding. The possibilities are endless.

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Global Gender Gap Wider-than-Expected: World Bank

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Access to childcare and women’s safety topped a new World Bank Group report that analyzes the global gender gap in the workplace. The report notes that women enjoy less than two-thirds of men’s rights and no equal opportunity.

Global gender gap analysis:

The latest Women, Business, and the Law report provides a comprehensive analysis of the challenges women face in achieving global workforce participation and economic prosperity. The analysis expands to include safety from violence and access to childcare services as critical indicators in determining women’s options. The analysis reveals women only enjoy 64% of the legal protections men do, down from 77%, when including safety from violence and access to childcare services.

The report reveals a significant implementation gap in 190 economies, with only a small percentage of countries implementing laws granting equal pay to women, despite 98 economies enacting legislation mandating equal pay. Only 35 economies, less than one in five, have implemented pay transparency measures or enforcement mechanisms to address the pay gap.

The successful implementation of equal-opportunity laws requires a robust framework, including robust enforcement mechanisms, a system for tracking gender-related pay disparities, and accessible healthcare services for victims of violence, the World Bank report said.

For example, Togo, a Sub-Saharan economy with 77% women’s rights, has only established 27% of the necessary systems for full implementation of equal-opportunity laws, highlighting the ongoing challenges for these countries.

Women’s safety and child care:

In 2023, governments pushed for legal equal-opportunity reforms in pay, parental rights, and workplace protections, but faced challenges in access to childcare and women’s safety.

Global women’s safety score is 36, with only 39 countries having laws against domestic violence, sexual harassment, child marriage, and femicide. 151 economies have workplace laws against sexual harassment, but 39 prohibit it in public spaces, often preventing women from using public transportation to work.

Most countries also score poorly for childcare laws. Women spend an average of 2.4 more hours a day on unpaid care work than men—much of it on the care of children. Expanding childcare access boosts women’s labor force participation by 1 percentage point. However, only 78 economies provide financial or tax support for parents with young children, and 62 have quality standards.

Women face significant obstacles in entrepreneurship, with only one in five economies mandating gender-sensitive criteria for public procurement, limiting their $ 10 trillion-a-year economic opportunity. Women earn only 77 cents for every $1 paid to men, and the rights gap extends to retirement. Women live longer but receive lower pay, take time off, and retire earlier, leading to smaller pension benefits.

What do the World Bank Executives say?

“It is more urgent than ever to accelerate efforts to reform laws and enact public policies that empower women to work and start and grow businesses,” said Tea Trumbic, Lead Author of the report. “Today, barely half of women participate in the global workforce, compared with nearly three out of every four men. This is not just unfair—it’s wasteful. Increasing women’s economic participation is the key to amplifying their voices and shaping decisions that affect them directly. Countries simply cannot afford to sideline half of their population.”

“Women have the power to turbocharge the sputtering global economy,” said Indermit Gill, Chief Economist, the World Bank Group and Senior Vice President for Development Economics. “Yet, all over the world, discriminatory laws and practices prevent women from working or starting businesses on an equal footing with men. Closing this gap could raise global gross domestic product by more than 20% – essentially doubling the global growth rate over the next decade—but reforms have slowed to a crawl. WBL 2024 identifies what governments can do to accelerate progress toward gender equality in business and the law.”

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Women Contribute Only 18% to India’s GDP: Report

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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.  

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The story of rising women participation in the Indian workforce

Sonal Desai

The participation of women in the country’s workforce saw a 30 percent growth and increased to 37 percent in FY2022-23, as against 23 percent in FY2017-18.

PM Narendra Modi’s women-focused schemes have helped in raising the participation of women in the workforce.

Union Education Minister Dharmendra Pradhan also asserted at a Rozgar Mela that women are more industrious than men. “There has been balanced growth in society as there has been a rise in women’s participation in the workforce.”

Data:

The data aligns with a recent report that highlights the upward trend in women’s labor force participation rate (LFPR) based on annual periodic labor force survey (PLFS) reports.

According to the most recent Annual PLFS Reports available, India’s estimated LFPR on usual status for women aged 15 and over was 30.0%, 32.5%, and 32.8% in 2019–20, 2020–21, and 2021–22, respectively.

Encouraging trends:

As per Statista, the female labor force participation rate in India increased by one percentage point (+4.35 percent) in 2022 in comparison to the previous year. In total, the rate amounted to 23.97 percent in 2022. Female labor force participation is the share of women over 15 who are economically active.

The Nari Shakti Vandan Adhiniyam, also known as the Women’s Reservation Bill 2023, passed by both Rajya Sabha and Lok Sabha, reserving one-third of seats in the Delhi assembly, State Legislatures, and Lok Sabha, will boost women’s participation in governance.

A Barclays report highlights the importance of increased female workforce participation and improved labor productivity through upskilling for India’s goal of an 8% GDP growth rate by 2030.

Over the past decade, the Indian IT sector has seen a significant rise in female employees, now comprising 36% of the overall workforce. This is in addition to the high rate of female workforce in nursing, social services, employment, education, and child care services.

According to market reports, TCS’s workforce comprises 36% women, with a 60% increase in senior women executives over five years, while Infosys’ workforce comprises 39.4% female employees. The share of women in the workforce for Wipro increased from 36.1% in fiscal 2022 to 36.4% in fiscal 2023, with a net addition of 13,793 employees.

Central initiatives:

The Central Initiatives have boosted women’s workforce participation, prioritizing leadership and policy-making roles. Upskilling and reskilling are crucial for women to adapt to evolving technologies, the minister said.

Additionally, creating jobs and enhancing employability are top priorities for the government. In light of this, the Indian government has implemented several initiatives aimed at creating jobs within the nation.

The Code on Social Security, 2020: allows women to work night shifts with proper safety precautions, increased paid maternity leave from 12 to 26 weeks, and mandatory crèche facilities in establishments with 50 or more employees.

The Code on Occupational Safety, Health, and Working Conditions (OSH), 2020: Women may work in aboveground mines, including opencast mines, between 7 p.m. and 6 a.m., and in belowground mines, between 6 a.m. and 7 p.m., in technical, supervisory, and managerial positions where constant presence may not be necessary.

The 2019 Code on Wages: Prohibits discrimination based on gender or sex in employment, including wages for similar work; prohibits discrimination unless prohibited by law; and requires employers to recruit employees for similar work.

Additionally, employers are not allowed to discriminate based on a worker’s sex when hiring someone for the same job or a similar job with the same terms of employment, except in situations in which it is illegal or restricted for women to be employed in such jobs at this time.

WriteCanvas PoV:

The GoI has taken significant initiatives to integrate women into the workforce. The codes have the right intent. But what is happening at ground level? Is there a system in place to monitor whether the codes are being implemented? To what extent and what is the impact?

No doubt, the 30 percent rise of women in the workforce is an encouraging number. Data, too is available. What is now required is a pause:

Pause to evaluate the strategies announced and their impact.

A pause to gauge whether the policy needs a tweak and what can be done

A pause to involve the impacted women and query them about what they want and whether their needs are included in the policy.

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