Breaking Barriers, Building Economies: Empowering Women for Economic Equality

International Women’s Day and the Imperative for Women’s Economic Empowerment

International Women’s Day serves as a poignant reminder of the ongoing struggle for gender equality and the imperative need to empower women across all spheres of life. Economic empowerment stands out as a crucial aspect of women’s empowerment, as it not only uplifts individual women but also drives overall economic growth and development. Sustainable Development Goal 5 aims to achieve gender equality and empower all women and girls. This principle is also engraved in the Indian Constitution and manifests itself in Fundamental Rights, Directive Principles of State Policy, and Fundamental Duties.

Women’s Participation in the Labor Force and its Impact on Economic Growth

Women’s participation in the labor force increases their chances of having more empowerment through control over resources, helps in increasing household income, and contributes to macroeconomic growth. According to the Periodic Labour Force Survey (PLFS) 2022-23 data, 37% of women were part of India’s labor force, as compared to 29.4% in the preceding year. The male Workforce Participation Rate (WPR) stands at 73%. India’s Female Labor Force Participation Rate (FLPR) has been low in comparison to men, highlighting gender inequality. Research shows that even when FLPR is low, it often increases during times of crisis, indicating its counter-cyclical nature. In the 1999-2000 to 2004-05 period in India, for example, women’s participation in the labor force increased to supplement falling incomes in response to distress conditions in agriculture.

The Imperative Role of Women in Driving Economic Growth

Women constitute half of the world’s population and play a pivotal role in economic activities, both formal and informal. From agriculture to entrepreneurship, women contribute significantly to GDP growth, employment generation, and poverty reduction. Studies have shown that increasing women’s participation in the workforce can boost productivity and drive innovation, leading to more inclusive and sustainable economic development.

• Women have been at the forefront of entrepreneurial ventures.
• According to the Sixth Economic Census (2013–14), women-owned enterprises accounted for nearly 14% of the total number of establishments in India.
• Government schemes such as the Stand-Up India initiative have played a crucial role in fostering entrepreneurship among women.

Indian women currently only account for 18 percent of the GDP, despite comprising 48% of the population. This glaring disparity underscores the potential economic boost that could be achieved by simply closing the gender gap in employment, with estimates suggesting a potential GDP increase of up to 30 percent. Moreover, empowering women economically has a multiplier effect on society. When women earn income, they reinvest a significant portion of it in their families and communities, leading to improvements in health, education, and overall well-being.

Existing Barriers to Women’s Economic Empowerment

Despite their significant contributions, women continue to face numerous barriers to economic empowerment. Structural inequalities, discriminatory laws and policies, limited access to resources and finance, unequal pay, and gender-based violence are some of the key challenges that hinder women’s economic participation and advancement.

• Cultural norms and societal expectations relegate women to traditional roles as carers and homemakers, limiting their opportunities for education, employment, and entrepreneurship.
• Women often lack access to land, property rights, and financial services, making it difficult for them to start businesses or access credit to invest in their economic ventures.
• Gender-based violence, including sexual harassment in the workplace, poses a significant barrier to women’s economic empowerment.
• The significant burden of household care responsibilities disproportionately shouldered by women is not reflected in the GDP.

The Transformative Impact of Empowering Women

Despite these challenges, empowering women economically yields transformative results for individuals, communities, and economies at large. When women have equal access to education, employment, and entrepreneurship opportunities, they can unleash their full potential and contribute to economic growth and development.

• Empowering women economically leads to greater gender equality and social cohesion.
• Women gain financial independence and decision-making power, challenging traditional gender norms and stereotypes.
• Empowering women creates role models and mentors for future generations of women.

Collective Responsibility for Creating Inclusive Economic Landscapes

Achieving women’s economic empowerment requires a multi-faceted approach involving governments, businesses, civil society organizations, and communities.

• Governments play a crucial role in enacting and enforcing laws and policies that promote gender equality and protect women’s rights in the workforce.
• Businesses have a responsibility to create inclusive workplaces that value diversity and promote women’s leadership and advancement.
• Civil society organizations advocate for women’s rights and provide support services for women facing barriers to economic empowerment.
• At the community level, individuals can challenge gender stereotypes and support women’s economic empowerment through grassroots initiatives and advocacy efforts.

Conclusion

Empowering women for economic equality is not only a matter of human rights but also a fundamental driver of sustainable development and prosperity for all. As we celebrate International Women’s Day, let us reaffirm our commitment to breaking down barriers and building inclusive economic landscapes where women can thrive. By working together across sectors and stakeholders, we can unlock the full potential of women and create a brighter, more equitable future for generations to come.

SDGs, Targets, and Indicators

1. SDG 5: Gender Equality

   • Target 5.1: End all forms of discrimination against all women and girls everywhere
   • Target 5.4: Recognize and value unpaid care and domestic work through the provision of public services, infrastructure, and social protection policies and the promotion of shared responsibility within the household and the family
   • Target 5.5: Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic, and public life
   • Target 5.a: Undertake reforms to give women equal rights to economic resources, as well as access to ownership and control over land and other forms of property, financial services, inheritance, and natural resources
   • Target 5.c: Adopt and strengthen sound policies and enforceable legislation for the promotion of gender equality and the empowerment of all women and girls at all levels

   The article addresses the issue of gender equality and the economic empowerment of women, which is the focus of SDG 5. The targets mentioned in the article include ending discrimination against women (Target 5.1), recognizing and valuing unpaid care work (Target 5.4), ensuring women’s participation in decision-making (Target 5.5), giving women equal rights to economic resources (Target 5.a), and promoting gender equality through policies and legislation (Target 5.c).

2. SDG 8: Decent Work and Economic Growth

   • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value
   • Target 8.8: Protect labor rights and promote safe and secure working environments for all workers, including migrant workers, in particular women migrants, and those in precarious employment

   The article discusses the economic empowerment of women through their participation in the labor force and entrepreneurship. These issues are related to SDG 8, which aims to promote decent work and economic growth. The targets mentioned in the article include achieving full and productive employment for women (Target 8.5) and protecting labor rights for all workers, including women (Target 8.8).

Table: SDGs, Targets, and Indicators

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Source: businesstoday.in

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