India's Economic Growth: Why Gender Equitable Growth is Key to a Brighter Future
An IIM Ahmedabad alumnus, Prakash boasts of a 36 years long career during which he has worked with organizations such as Gujarat Narmada Valley Fertilizers & Chemicals, ONGC, and DRDO, prior to joining Medtronic in 2011. Additionally, he has also served in the Indian Navy, where he held the position of Commander.
Equity starts beyond our workplace. For a society to progress economically, socially and technologically, gender equality, especially in terms of equal opportunities is an imperative. Women are making a significant contribution to the Indian economy, with their participation in STEM (Science, Technology, Engineering, and Mathematics) fields playing a key role. From the healthcare sector to engineering and technology development, women are playing an increasingly important role in India’s economic growth story. However, there is a need for more women in STEM fields. This is since women are often underrepresented in these fields.
In fact, despite the rapid leap of technology, research shows that women continue to be less likely to enter STEM fields and less than 30 percent scientific and technological researchers globally are women. In India, where women constitute less than 20 percent of the workforce, studies indicate that the economic impact of achieving gender equality is estimated to be $700 billion of added GDP by 2025, and that the equal participation of women in the workforce will increase India’s GDP by 27 percent. By providing the same opportunities to both men and women, we can achieve a sustainable path of development which ensures equal allocation of resources to everyone’s interests.
The Gaping Gender Gap
India is one of few countries globally, to produce the highest number of scientists and engineers. India’s figures for women graduates in STEM are impressive at 43 percent as opposed to the US (34 percent) and Canada (31 percent), and several other countries. But only 14 percent of Indian women in STEM are employed in research and development institutions. As per a report by World Bank on ‘The Equality Equation: Advancing the Participation of Women and Girls in STEM’ – women account for only 33 percent of researchers, 22 percent of professionals working in artificial intelligence and 28 percent of engineering students across the world. According to experts this imbalance is due to deep-rooted social stigma, biases, discrimination, and expectations that influence the quality of education of girls and the opportunities offered thereafter. Having an equal representation of women and men will not only act as a catalyst for the Indian economy but also improve the quality of innovations with a diverse perspective in STEM.
How Can Organizations Bridge the Gender Gap
Many organizations are already focusing on creating cultural and organizational changes to do their bit to increase inclusion, diversity and bring in equity (ID&E). A diverse and inclusive workplace is one where employees feel valued and are treated fairly. Hiring more women may be a starting point, but businesses must make an effort to make their workplaces truly inclusive – from focusing on diversity right from the recruitment process to offering flexible and supportive employee benefits. A diverse workforce brings unique perspectives to the table and an inclusive culture allows these unique perspectives to become unique solutions, which is good for business to attracting and retaining top talent. In R&D, our work is powered by innovation and innovation in business can only be powered by unique perspectives and new ideas.
At Medtronic, our unwavering commitment to ID&E means zero barriers to opportunity and a culture where all employees belong, are respected, and feel valued for who they are and the life experiences they contribute. To engineer the extraordinary, we must unleash the full potential of every single employee and innovate from a range of perspectives as diverse as the patient communities we serve.
.jpg "Divya Prakash Joshi, VP & Site Leader, Medtronic Engineering & Innovation Center")
Equity starts beyond our workplace. For a society to progress economically, socially and technologically, gender equality, especially in terms of equal opportunities is an imperative. Women are making a significant contribution to the Indian economy, with their participation in STEM (Science, Technology, Engineering, and Mathematics) fields playing a key role. From the healthcare sector to engineering and technology development, women are playing an increasingly important role in India’s economic growth story. However, there is a need for more women in STEM fields. This is since women are often underrepresented in these fields.
In fact, despite the rapid leap of technology, research shows that women continue to be less likely to enter STEM fields and less than 30 percent scientific and technological researchers globally are women. In India, where women constitute less than 20 percent of the workforce, studies indicate that the economic impact of achieving gender equality is estimated to be $700 billion of added GDP by 2025, and that the equal participation of women in the workforce will increase India’s GDP by 27 percent. By providing the same opportunities to both men and women, we can achieve a sustainable path of development which ensures equal allocation of resources to everyone’s interests.
The Gaping Gender Gap
India is one of few countries globally, to produce the highest number of scientists and engineers. India’s figures for women graduates in STEM are impressive at 43 percent as opposed to the US (34 percent) and Canada (31 percent), and several other countries. But only 14 percent of Indian women in STEM are employed in research and development institutions. As per a report by World Bank on ‘The Equality Equation: Advancing the Participation of Women and Girls in STEM’ – women account for only 33 percent of researchers, 22 percent of professionals working in artificial intelligence and 28 percent of engineering students across the world. According to experts this imbalance is due to deep-rooted social stigma, biases, discrimination, and expectations that influence the quality of education of girls and the opportunities offered thereafter. Having an equal representation of women and men will not only act as a catalyst for the Indian economy but also improve the quality of innovations with a diverse perspective in STEM.
How Can Organizations Bridge the Gender Gap
Many organizations are already focusing on creating cultural and organizational changes to do their bit to increase inclusion, diversity and bring in equity (ID&E). A diverse and inclusive workplace is one where employees feel valued and are treated fairly. Hiring more women may be a starting point, but businesses must make an effort to make their workplaces truly inclusive – from focusing on diversity right from the recruitment process to offering flexible and supportive employee benefits. A diverse workforce brings unique perspectives to the table and an inclusive culture allows these unique perspectives to become unique solutions, which is good for business to attracting and retaining top talent. In R&D, our work is powered by innovation and innovation in business can only be powered by unique perspectives and new ideas.
At Medtronic, our unwavering commitment to ID&E means zero barriers to opportunity and a culture where all employees belong, are respected, and feel valued for who they are and the life experiences they contribute. To engineer the extraordinary, we must unleash the full potential of every single employee and innovate from a range of perspectives as diverse as the patient communities we serve.
