Putting into effect the roadmap for making India a $5 trillion economy by 2027-28, the Government continues to focus on growth at the macro level and complementing it with all-inclusive welfare at the micro level, promoting digital economy and fintech, technology-enabled development, energy transition and climate action and relying on a virtuous cycle of investment and growth.

As per the vision of USD 5 trillion Indian Economy, the current structure and emerging dynamics provide ground to target achieving $1 trillion from agriculture and allied activities, $1 trillion from manufacturing and $3 trillion from service sector.

(Source: Press information bureau GOI-Vision of a USD 5 Trillion Indian Economy)

In the fiscal year 2022-23, the nominal GDP contributions stood at 18.4% for agriculture, 28.3% for industry, and 53.3% for services. (Source: Times of India)

As per statistics, currently women contribute to 18% of India’s GDP and their contribution has been increasing. In India’s journey to reach a $5 trillion economy, women would play a crucial part as their contribution is vital for the country’s growth and prosperity. Be it starting businesses, having important positions in organisation, taking up profession which hitherto were the exclusive domain of the other gender, women continue to make a big difference. A report by McKinsey Global Institute estimates that just by offering equal opportunities to women, India could add US$ 770 billion to its GDP by 2025.

Further reducing gender disparities in the economic domain will have to be given a higher priority to enable them to play a bigger role in economic growth and development. Despite recent economic advances, India’s gender balance in the economic domain remains among the lowest in the world, according to analysts. Improving this balance is an important step for India’s development and its achievement of greater economic growth and gender equality enabling the country to achieve her target of becoming a $5 trillion economy.

India’s belief in contribution from women is evident in Hon’ble Prime Minister Narendra Modi’s remark at the G20 Summit in Bali, “global development is not possible without women’s participation”

The potential for a significant boost in GDP and a faster achievement of the $5 trillion goal if more women join the workforce- said by Ms. Ashima Goyal (one of the three external members on the Reserve Bank of India’s (RBI) six-member monetary policy committee).






Sustainable Development Goal 5 (SDG 5) aims to achieve gender equality and empower all women and girls. In any progressive society, gender equality and women’s empowerment have long been seen as the most important cornerstones of success.

Ensuring women and girls have equal access to education, healthcare, decent work, and representation in political and economic decision-making processes is essential for fostering sustainable economies and benefiting societies and humanity as a whole.

The Indian government has launched various initiatives and policies to promote gender equality and empower women.



Unpaid domestic work is an important aspect of productive activities and an indispensable factor that contributes to the well-being of household and economy.

In SBI Research report dated 28th February 2023 it states that as per the data provided by NSS report (Jan-Dec’19) regarding the unpaid domestic plus caregiving services by women for household members the average time (in minutes) spent in a day per participant of age 6 years and above is around 432 minutes (or 7.2 hours). Using latest female population in the age group of 18-60 years and assuming monthly income of Rs 5000 and Rs 8000 in rural and urban areas (for 8 hours per day), respectively and further considering 5% of these women in rural areas and 30% in urban areas are working for wages in the formal set-up. The analysis indicates that the total contribution of unpaid women to the economy is around Rs 22.7 lakh crore.

(Rural: Rs 14.7 lakh crore and Urban: Rs 8.0 lakh crore) which is almost 7.5% of the India’s GDP.



According to the Periodic Labour Force Survey (PLFS) Annual Report 2022-2023, the participation of women in the workforce rose from 23.3% in 2017-18 to 37% in 2022-23. While the growth rate remains gradual, upcoming government initiatives to empower women through entrepreneurship and improved education are expected to accelerate the increase in female participation faster.


*Labour force participation rate (LFPR) is defined as the percentage of persons in labour force (i.e. working or seeking or available for work) in the population. 



In the corporate world, the principle of gender equality emphasizes fair treatment for both men and women. This involves equal pay, benefits, job consideration, opportunities for advancement, timely career progression, and access to training and career development programs. However, male executives predominantly occupy senior management positions in both developed and developing countries, making it challenging for women to attain such roles.

According to the seventh edition of Deloitte Global’s Women in the Boardroom report published in 2022, women held 17.1% of board seats in India in 2021. According to research by the International Labour Organization (ILO), advancing women’s equality in business would increase the global GDP by US$5.8 trillion by 2025. Not surprisingly, doubling the percentage of women in the workforce would boost India’s growth rate from 7.5% to 9% and raise the country’s GDP to US$700 billion by 2025.

Another report by EY in 2022 titled “Diversity in the Boardroom: Progress and the Way Forward” indicated that women occupied 18% of board seats in India in 2022, compared to 13% in 2017 and 6% in 2013.

Additionally, the report highlights an increase in women’s representation on boards across various industries such as energy & utilities, technology, and life sciences in 2022 compared to the figures from 2017.

This underscores the crucial role of women, which significantly contributes to the country’s GDP. Considering that much of the progress made by Indian organizations in board diversity is due to mandatory regulatory intervention, it’s anticipated that most industries will exhibit similar levels of women’s representation on boards.


In a recent interaction of Ms Smriti Irani, Union Minister of Women and Child Development with industry body, she mentioned that organizations with a higher percentage of women in leadership roles outperformed male-dominated companies

A survey by a consulting firm found that 70% of respondents think that diversity, equality and Inclusion (DEI) initiatives are mostly buzzwords for corporates used for marketing and still not part of core business values of organisations. However, in the gradually changing workplaces, women are playing a crucial role in India’s journey towards the fastest growing economy. Their involvement in various sectors, such as business, education, and healthcare, is vital for economic growth. By empowering women and providing them with equal opportunities, India can unlock the full potential of its female workforce, driving innovation and prosperity. Achieving gender equality isn’t just the right thing to do; it makes economic sense too and hence is essential for India’s economic success and the well-being of society as a whole.


Akansha Rathi and Associates (ARACS), Company Secretary Firm in Navi Mumbai is engaged into compliance related services. We have a team of experts who not only possess required skills and experience but also have worked in complex business environment and were engaged in providing complex solutions in terms of providing related Compliance services to our clients.

Akansha Rathi and Associates (ARACS) provides POSH Advisory services. Mrs. Akansha Rathi, Founder of ARACS is also a certified POSH trainer and has conducted more than 100+ online/offline POSH sessions.


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