The business case for gender diversity is established. Numerous studies prove that companies with women on their boards and in senior management positions do better than those that are wholly or predominantly male.
Translating this knowledge into action now is critical for India as growth falters and the country slips 20 places to 108 in the new global Gender Gap Index released by the World Economic Forum. Compared to China where 40% of the labour force is made up of women contributing a robust percentage of GDP, in India women continue to drop out of the labour force. According to a World Bank study only one in four women over 15 years is working or even actively looking for a job in India. India needs to create a lot more jobs for women if it is to reverse this drain on growth.
By enabling women to participate on par with men, the McKinsey Global Institute estimates that India can increase its 2025 GDP estimate by at least $4.83 trillion or between 16-60 %. Similarly, Ernst and Young, in research undertaken along with the Peterson Institute for International Economics, highlights that when companies have over 30 % of women in leadership positions, they can expect a corresponding 6 % increase in net profit.
Bringing more women into the work place represents a huge increase in growth, reduction in poverty and offers the chance of a fulfilling life to those who make up the youngest country in the world.
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