Women's Economic Participation: Birla Calls for 'Double Engine' Growth

Mumbai, Jan 4 (PTI) Industrialist Kumar Mangalam Birla on Thursday pitched for higher participation of women in economic activities, saying it has the potential to accelerate growth dramatically.

In the comments that come amid concerns about a low share in women's participation in the labour force, the Aditya Birla Group chairman said India deserves a "double engine" of growth, where women play an important role in the economy.

An official data released in October 2023 said that India's female labour force participation rate increased to 37 per cent in FY23, but there have been some concerns about the rate being lower when compared with other countries.

"I believe that having a development model that embraces women is strategically astute. Such an approach unlocks untapped potential. A sharp increase in the participation of women in the economy will dramatically accelerate our growth trajectory," Birla said at an event organised by Bombay Chartered Accountants' Society (BCAS) here.

"India deserves double engine growth this way," he added, noting that the country is "actively advancing" on this aspect.

Birla said empowering women is an important lever in his re-imagination of India of the future, and added that we need to depart from conventional stereotypes to make it happen.

He coined an acronym for the re-imagination of India of the future, called "SWADES", standing for Sustainability, Women empowerment, Artificial intelligence, Digitalisation, Entrepreneurship and Synergies.

India is at the cusp of rapid growth and this is the country's moment in history, he said, exuding confidence that the country will be a superpower.

Over the next decade, nearly a fourth of the incremental contribution to the global workforce will be from India, Birla said, adding that by 2040, the country will have a billion people in the workforce.

Birla said that his father pushed him to become a chartered accountant, and added that the qualification has helped him in the business.