McKinsey report suggests gender inequality is curbing Indian growth
With a population of over 300 million, India is also home to the largest number of youths in the country. This is a clear sign of economic potential and growth in a country. Despite brilliant demographics we may not be realising our full potential. And the reason for that? Gender disparity. A new research by Mckinsey Global Institute shows that India’s GDP (Gross Domestic Product) can grow by a massive 60% by 2025 if only the gender inequality in the country is reduced. This research report was named; The Power of Parity.
It is a very obvious and a logical way to increase the growth if the entire youth including the women are given equal chance and opportunities. Today, in any developed country, women play the same role in homes or workplaces as men. To reach to that level, we need to encourage women in our country as well to recognize their full potential and help boost country’s economic impact.
“Economic development enables countries to close gender gaps, but progress on four indicators in particular-education level, financial and digital inclusion, legal protection, and unpaid care work-could help to accelerate progress,” said Anu Madgavkar, an MGI senior fellow based in Mumbai, reports NDTV.
In India, women generate only 17% of the regional GDP. The analysis of 95 countries suggests, right now female workers produce 37% GDP which is much less than the 50% share possible b y the global working-age population. 15 indicators were kept in consideration when analysing gender equality for 95 countries in total. These 95 countries own 93% women of the entire world population and generate 97% of world GDP.
Apart from GDP, a lot of other things are reflected by the report like the difference in the distribution of household responsibilities between men and women. The report also calculated that almost 75% of the unpaid work is undertaken solely by women. A country can only group if both its men and women work shoulder to shoulder.
Picture Credit- Firstpost