According to a recent Barclays analysis, boosting the number of women in the workforce and raising labour productivity are prerequisites for India’s 8% GDP development.
According to the report “India’s breakout moment,” if women make up more than half of the new workforce expected to be formed by 2030, India can attain GDP growth rates of 8%. In order to properly use its younger population, the research also emphasized the need to boost labour productivity through upskilling.
The current rate of female labour force participation (FLFPR) is 37 percent. However, India must raise its FLFPR to 43.4% by 2030 in order to guarantee gradual growth in the country’s labour force.
Growth of Non-Agricultural Careers: The research stressed the need of quicker growth in non-agricultural jobs to employ surplus labour, in addition to the importance of increasing the number of women in the workforce. It also touched on the necessity of formalizing employment more.
In the upcoming years, industries such as manufacturing, wholesale, retail trade divisions, and construction could provide chances for the growing workforce. Jobs in the real estate, professional, and financial services sectors will also be available in the upcoming years.
A focus on education and skills training in new technologies and capital-intensive sectors is necessary to enhance labour productivity and contribute to the creation of more formal sector jobs, in addition to creating jobs. According to the research, increasing labour productivity will help India’s labour market contribute more to GDP than “just shifting away from agriculture.”
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