Indian economy will get 27 per cent richer

Prime Minister Narendra Modi recently quoted at an event that ‘financially empowered women are a bulwark against societal evils.’ Rajiv Ranjan Singh, CEO, Karvy Stock Broking Ltd seconds his opinion and so does the data from the International Monetary Fund (IMF) which reported that India could be 27 per cent richer if more Indian women were involved in the workforce

The Indian economy has grown around seven percent for the last two decades; but ironically the number of women working in India has dropped to 26 per cent, as compared to 35 per cent recorded in 2005 and high contrast to the worldwide average 50 per cent recorded in 2017.

Women in India do 90 percent of the unpaid and domestic work, the highest proportion in the world. The report claims, if this unpaid work is included in the national account, it can represent nearly 50 percent of the GDP. But Indian women are by large expected to be homemakers and lack the social support to get employed.