The study - The Power of Parity: How equality for women could drive $12 trillion in global growth - says that India has the potential to increase its 2025 gross domestic product (GDP) by 16% to 60%, if women participation in the economy is on par with men.
Gender is no longer only a social and cultural issue, but an economic one as well, as shown by a recent study by Mckinsey Global Institute (MGI) that has brought forth some interesting facts about the economic repercussions of gender disparity.
The study - The Power of Parity: How equality for women could drive $12 trillion in global growth - says that India has the potential to increase its 2025 gross domestic product (GDP) by 16% to 60%, if women participation in the economy is on par with men.
The study that was conducted in 95 countries has estimated the India's GDP at $4.83 trillion by 2025.
The upper end of that range -- full potential scenario -- states that women can add $2.9 trillion to India’s 2025 GDP, and at the lower end -- best-in-region scenario -- where all the countries only match the rate of improvement of the best country in the region — women can add $700 billion.
The report says that globally, if women are allowed to participate equally, they will add as much as $28 trillion, or 26%, in the best-case scenario, and bottomline, they can add 11% to the world's 2025 GDP.
Women of the 95 countries considered for the study generate 37% of the global GDP currently, despite accounting for 50% of the global working-age population, while in India, the output generated by women is only 17%.
Globally, political participation of women is found to be very low, with the number of women in ministerial and parliamentary roles only 22%, compared to the rest made up by men. The study says that in India, women's leadership in local politics has been found to reduce corruption.
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