Womenomics: Importance and challenges in Indian Context - Seeker's Thoughts

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Tuesday, 4 September 2018

Womenomics: Importance and challenges in Indian Context


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What is Womenomics? 
Technically Womenomics is a term used in economics lately for the entry of women into workforce and Positions of leaderships. Throughout history women have been considered less resourceful and underutilized. Highly educated women, they go entire life unproductive in various countries. So it can be understood like treating women equal and taking her into economics.
Beginning of it- Originally Womenomics was started by the Japanese president Abe. OECD (Organization for Economic Co-Operation and Development) calculations show that growth could be boosted by up to 2 percentage points.

The Importance- Womenomics plan also contained reforms like removing tax penalty for working mothers, and introducing new baby subsidies to help them return to the workplace as it will remarkably bring the economic development upward as well as will help in addressing issues where aging population is on rise.
Indian Context- Indian parliament has recently took various steps like passing maternity benefit bill yet Labor Force Participation Rate has been falling. According to the data of National Sample Survey, the participation rate of women fell down by 11 percent since 2005 to 2011. 
Most of the work done by women remains as unpaid in house and in supporting families. Pay gap is also substantial, still women don’t get equal pay for equal work. However, MGNREGA remain exception to it. Women need to be skilled, the pay parity has to be removed, and women have to be encouraged to join leadership roles like politics. 
The Challenge- The country has cultural hurdles where role assigned to women are keeping them away from contributing to the society. The LFPR pattern shows U shaped relationship with women. As women get more education, the LFPR initially falls. That means they are restricted to home.  
Women staying at home are often considered to increase a family’s social status, explaining part of negative association between family income and women’s economic participation. That means more prosperous family women have, the lesser opportunity to get the job women receive.
The facts are that other, compare to other emerging markets; female labor participation in India has dropped. Many women work in low productive jobs often without social benefits. Women don’t join jobs because of lack of suitable jobs and lack of marketable skills.
There is strong evidence according to OECD paper which quantitatively estimates key determinants of low participation of women in the job market in India. It confirms the strong impact of socioeconomic factors especially in south and west India in reducing participation. In East India cultural factors such as religion dominate as happened in Nagaland, where the state government tried to provide 33 percent reservation for women and due to protest the bill could not be passed in the state.  Moreover, stringent labor laws also discourage women participation.
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