Women are the bedrock of a nation's economic growth

Women play a variety of roles and have long been the backbone of the nation's economic success. According to a survey by the McKinsey Global Institute, offering women equal opportunity may boost the country's GDP by $770 billion by 2025. 

This emphasises the relevance of a female workforce in increasing the country's GDP. Women have repeatedly exhibited their ability and success in profitable industries and businesses, demonstrating that they are proficient and successful not only in the entrepreneurial sphere but also in traditionally male-dominated professional disciplines. 

India can grow its GDP by providing enough and equitable opportunities for women in the workforce. Along with the financial benefits, having more women in the workforce brings social and personal benefits as well. 

Also Read: What India Needs to Do to Address its Gender Gap

Economically and domestically, women are creating an environment to upscale development. Today we see, women leading companies and organisations because they can provide better mentorship.

Organisations must recognise the importance of diversity in achieving business success. As an accomplished organisation that has touched its 60th year, we have always supported women in striking a balance between work and personal life.

Women leaders spearheading our growth, such as Kranti, our COO stand as strong role models. 
A major challenge that organisations must take on is supporting women in transitioning from middle management to leadership.

Organisations must work to identify talent and groom mid-level talent into next-level leaders, preparing them to eventually take on leadership positions. 

As an organisation, it is crucial to systematically evaluate mid-level talent and provide them with the right interventions to grow into leadership. 

Interventions such as learning initiatives, coaching, mentoring, and management development programmes should be specifically designed and leveraged to help women transition into leaders. 

Also Read: Gender disparity: Out of 5 investors in India, just 1 is a woman, study shows

When women rise to positions of leadership, they bring a unique mix of abilities, creative insights, and, most crucially, structural, and cultural distinctions that help drive effective solutions. 

A new level of awareness will emerge from bringing a creative perspective, allowing organisations to unplug tiny nuances that may otherwise go unnoticed. 

Wearing multiple hats within one's role is a regular occurrence in a woman's life. They frequently manage employment, houses, and parental supervision, among other things.

These factors work together to assist women leaders in quickly adapting to new settings and focusing on real-world job concerns. 

Giving women more economic power enables them to gain more access to financial resources and more control over important decisions that affect themselves, their families, and their communities. 

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These rights include the ability to manage their own time, income, and participation in existing markets on an equal footing. Their well-being and economic status improve as they gain more authority. 

It is, therefore, also important to address the gender wage gap, which can also translate into a gender opportunity gap, a possibility that is frequently disregarded. 

When men and women begin their careers from the ground up, men are typically given more opportunities that lead to higher-paying positions. 

More women in leadership positions, on the other hand, can reach a larger goal and close the pay gap more effectively, in addition to giving organisations an improved perspective through varying ideas, perspectives, and approaches. 

(The author is Director, Shemaroo Entertainment Ltd.)