145 million women ‘missing’ workforce to reach India’s $30 trillion GDP target by 2047 – Economy News

India is likely to miss its target of reaching a $30 trillion economy by 2047 as there could be a shortage of 145 million female workers to meet the country’s economic goals, according to a report by the firm consultancy Bain & Company and Magic Bus India Foundation.

India it is projected to add just 110 million women to the labor force by 2047, reaching a female labor force participation rate (FLFPR) of 45%—that’s a total of 255 million working women by 2047. However, the country needs 400 million women. Strong women’s workforce by 2047 to reach $30 trillion in gross domestic product (GDP) over the next 23 years, the report says.

“A contribution of nearly 45% ($14 trillion) from the country’s female workforce will be integral to achieving this economic goal. This implies a doubling of FLFPR among Indian women aged 15-59 from 35-40% today to around 70% by 2047,” the report said.

The report points out that the challenges of joining the formal workforce are distinct for rural and urban women. For example, women in rural areas face limited job opportunities and unstable work environments, which reduce their labor force participation. Urban women, on the other hand, face challenges such as job and skills mismatches and wage disparities.

The report says a concerted effort by government, the private sector, non-profit organizations and investors is needed to create infrastructure, policies and funding to support women’s integration into the workforce. It also called for gender-inclusive policies, financial education and improved programs market access for women entrepreneurs.

“India’s growth story is unlikely to fully unfold without increased participation of women in the workforce. However, their participation remains well below potential. The report lays out a clear strategy to double women’s labor force participation by 2047. Whether it’s empowering rural women through an eco-embedded entrepreneurship ecosystem model, or enabling the Professional Training, Growth and Resilience (PROGRES) for urban women through tailored skills training, flexible working environment and childcare support, India can unlock $14 trillion in economic value from women alone,” said Navneet Chahal, Partner at Bain & Company.