If there is one thing about growth, it is equality and inclusion, voice and representation. The same thing goes for economic growth, it is important to have inclusive growth, with equal rights and opportunities for every individual. Gender equality is more than a moral term, it is a foundational base of sustainable economic development. Gender equality goes beyond gender and recognizes the worth of an individual, irrespective of their gender. It ensures that all have equal opportunity to contribute to society and benefit from it. This article is about gender equality and its economic implications, exploring its role in the reduction of poverty, fostering economic growth and empowering women in various fields. This article is about the economic implications of Gender Equality and its role in reducing poverty.
Research from the International Monetary Fund suggests that narrowing the gender gap in labor markets could increase GDP in emerging markets and developing countries by almost 8%. The gains from fully closing the gender gap would be even higher, lifting GDP in those countries by 23% on average. In other words, equal roles and contributions in work by women bring about great results, both individually and for the economy. The question remains intact, how does gender equality solve poverty? Gender Equality acts as a catalyst for poverty reduction. A study by UN Women reveals that, more women than men are living in poverty overall. Currently, more than 10% of women globally are trapped in a cycle of extreme poverty, living on less than USD 2.15 a day. At the current rate of progress, as many as 342 million women (8 %) will still be living in extreme poverty by 2030.
Women’s poverty is fueled by discrimination in the world of work, and limited access to resources and financial assets that limit women’s participation in education, decent employment, and decision-making while burdening them with a larger share of unpaid care and domestic work. By breaking down these barriers and providing quality education, resources, and employment opportunities to women, gender equality can significantly reduce the rate of poverty.
Participation of women in the workforce is a powerful tool to drive economic growth, when women have access to education, training, and employment opportunities, they can contribute their skills and talents to the economy thereby, increasing productivity and innovation. Women’s economic participation promotes agricultural productivity, and enterprise development at the micro, small, and medium enterprise levels, as well as enhances business management and returns on investment. In addition to boosting economic growth, investing in women pr effect – women reinvest a large portion of their income in their families and communities. Women also play key roles in creating peaceful and stable societies –important factors for economic growth. Unfortunately, these benefits have not been universally recognized and have therefore not translated into women’s full economic participation. Women still face obstacles when trying to establish new businesses or expand existing ones. Among the biggest hurdles are discriminatory laws, regulations, and business conditions, as well as women’s lack of access to property rights, finance, training, and networks. This study also explains how investments are made to advance women’s economic opportunities, they are in the fields of finance, agriculture, enterprise, and business leadership.
Financial inclusion – support efforts to increase women’s access to financial services, such as credits, savings, insurance, and payment systems through better regulation and technology.
Women and Agriculture – highlight women’s vital role in advancing agricultural development and food security and encourage policy and programmatic support for female farmers and agricultural businesses owned by women.
Enterprise Growth – support NGOs, industry associations, and corporations advocating for policy and programmatic solutions that enable women’s economic participation, including reforming discriminatory laws and practices that hinder access to capital, land tenure, and inheritance rights and encouraging a policy climate conducive to the growth of women-run SMEs.
Business Leadership – encourage best practices to increase women’s representation in senior management positions, including corporate boards.
Addressing the barriers to Gender Equality
Significant efforts have been made to achieve equality, however barriers still exist that hinder this process. These barriers include, gender-based discrimination, unequal access to education and employment opportunities and gender-based violence.
Gender-Responsive policies
To promote gender equality and ensure equal opportunities, the Government of India has introduced “gender-responsive” policies.
A number of legislations have been passed both at Central and state levels that address the issue of gender disparity and aim to secure equal rights for women in various spheres of social and personal life. These legislations are also called ‘women-oriented’ or ‘women-centric/specific’ legislations. Some examples of such legislations are the Protection of Women from Domestic Violence Act, 2005; the Commission of Sati (Prevention) Act, 1987; the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013; the Immoral Traffic Prevention Act, 1956; the Indecent Representation of Women (Prohibition) Act, 1986, etc. At the international level, India has ratified and endorsed various conventions, instruments, initiatives, and strategies that aim to secure equal rights for women, the most significant among them being the Convention on Elimination of All Forms of Discrimination Against Women (CEDAW) which was ratified by India in 1993.
Status of goal 5 as per SDG India Index & Dashboard 2020-21(Third Edition)
WOMEN IN LEADERSHIP: On average, 8.46% of total seats in legislative assemblies are held by women.Target number: 50% of seats each for men and women.The Legislative Assembly of Chhattisgarh has the highest representation of women at 14.44%, followed by West Bengal at 13.61%.Nagaland and Mizoram are the worst performers with no women representation
WOMEN IN MANAGERIAL POSITIONS: For every 1000 persons in managerial positions, 190 are women.Target number: At least 245 women for every 1000 persons.The highest number of women in managerial positions was recorded in Puducherry with 615 women.The lowest number of women in managerial positions was recorded in Meghalaya(111) and J & K and Ladhak(100).
FEMALE LABOR FORCE PARTICIPATION: As of 2018-19, the ratio of Female to Male LABOUR FORCE Participation Rate(LFPR) is 0.33.Target number: The ratio of female to male LFPR is the highest in Himachal Pradesh at 0.8, while it is the lowest in Bihar at 0.06.
Conclusion : While India has been making significant efforts towards bringing “Gender Equality” and eradicating the gender gaps in every step possible, it is important to track down the growth and efficiency of the programs at each step. The path forward requires a multi-faceted approach including, financial inclusive incentives, women’s participation in agriculture and entrepreneurship. Within this survey, India’s score for “Women in Trade Facilitation” reached 77.8 percent, marking a notable improvement from 66.7 percent in 2021. The UN survey attributed this increase to India’s trade facilitation efforts, which in turn improved women’s participation in trade and women’s representation in the National Trade Facilitation Committee and similar governing bodies.
By working together, with Government, businesses, NGOs and individuals, a better place can be created, where economies thrive and achieve their goals.
REFERENCES
The Economic Power of Gender Equality by “Nadia Calvino” (UN Women)
https://www.eib.org/en/stories/gender-equality-power
How can gender equality reduce poverty? (UN Women)
https://www.unwomen.org/en/news-stories/explainer/2024/02/how-can-gender-equality-reduce-poverty#:~:text=Gender%20equality%20is%20a%20powerful,create%20healthier%20and%20just%20economies.
Promoting Women’s Economic Participation (U.S. Department of State)
https://2009-2017.state.gov/s/gwi/econ/index.htm
Government policies for Gender Equality in India
Status of goal 5 as per SDG India Index & Dashboard 2020-21(Third Edition)
https://www.niti.gov.in/writereaddata/files/SDG_3.0_Final_04.03.2021_Web_Spreads.pdf
Inspiring inclusion in India’s trade ecosystem : A Data-Driven Approach
https://www.stimson.org/2024/inspiring-data-driven-inclusion-in-indias-trade-ecosystem/
