'India needs 145 million more women in workforce by 2047'
A joint report by Magic Bus India Foundation and Bain & Company has highlighted the necessity for India to add another 145 million women to its workforce by 2047. This inclusion is crucial for the nation to achieve its goal of becoming a $30 trillion economy, the report said. The study recommends increasing the female labor force participation rate (FLFPR) from 35%-40% to 70% by the target year.
Projected shortfall in female labor force participation
Despite favorable socio-economic conditions, projections show only another 110 million women will enter the workforce by 2047. This would take the total number of women in the workforce to 255 million, which would mean an FLFPR of merely 45%. To fill this gap and meet the economic target, the report stresses integrating another 145 million "missing women" into India's workforce.
'Empowering women is more than a moral choice'
Jayant Rastogi, Global CEO of Magic Bus India Foundation, emphasized the economic importance of empowering women. "Empowering women is more than a moral choice; it is also an economic lifeline," he said. Rastogi stressed that increasing female participation to 70% is important to achieve the $30 trillion GDP target. Echoing his sentiments, Navneet Chahal, Partner at Bain & Company added that "India's growth story cannot be fully realized without enhanced women's participation."
Report outlines strategies to close gender gap in workforce
The report outlines a clear strategy to bridge the gap of 145 million "missing women," which could help India unlock $14 trillion in economic value. It highlights challenges for both rural and urban women and details two key livelihood models: the 'E4 Model' for rural women entrepreneurs, and the 'PROGRES Model' for urban women's job readiness. The study calls for government, private sectors, and nonprofits to work together to create gender-inclusive policies and ensure market access for women.
