Introduction
A recent report by Bain & Company, titled "From Aspiration to Action: Building India's 400 Million Women Workforce," presents a comprehensive roadmap to significantly increase India's female labor force participation rate (FLFPR) by 2047. The report highlights the economic and social benefits of integrating 400 million women into the workforce, aiming to achieve a $30 trillion economy.
Key Highlights
- Current FLFPR: The current female labor force participation rate in India stands at 35-40%.
- Target FLFPR: The report aims to double the FLFPR to 70% by 2047.
- Economic Impact: Achieving this target could unlock up to $14 trillion in economic value.
- Challenges: The report identifies distinct challenges faced by rural and urban women, including limited job opportunities, unstable employment, wage disparities, and job-skill mismatches.
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Models for Inclusion: The report proposes two key models: the E4 Model for rural women, focusing on entrepreneurship and ecological sustainability, and the PROGRES Model for urban women, emphasizing job readiness, growth, and resilience.
Importance of the Report
The report underscores the critical need for coordinated action from the government, private sector, and non-profits to create sustainable and accessible job opportunities for women. By addressing these challenges, India can move towards an inclusive growth model, significantly boosting the nation's economic trajectory and promoting gender equality.
Conclusion
The "From Aspiration to Action" report by Bain & Company provides a clear strategy to double female labor force participation in India by 2047. By implementing the proposed models and addressing the unique challenges faced by women, India can unlock significant economic value and achieve its ambitious GDP target.
