Analysis Of Kurukshetra Magazine: ”Financial Empowerment Of Women”

Analysis Of Kurukshetra Magazine
”Financial Empowerment Of Women”

Relevance

”GS 1: Role of Women, Salient Features of Indian Society, Social Empowerment, Women’s Issues”

Introduction

• Investing in women’s economic empowerment sets a direct path toward gender equality, poverty eradication and inclusive economic growth.
• Women make enormous contributions to economies, whether in businesses, on farms, as entrepreneurs or employees, or by doing unpaid care work at home.

कुरुक्षेत्र पत्रिका का विश्लेषण ”महिलाओं का वित्तीय सशक्तिकरण”

What is women’s economic empowerment?

• Women’s economic empowerment is the process by which women increase their right to economic resources and power to make decisions that benefit themselves, their families and their communities.
• Investing in women’s economic empowerment sets a path for poverty reduction and for equality between men and women.

Impact of Covid-19 on imparting gender gap?

• According to the World Economic Forum’s ”Global Gender Gap Report, 2021” another generation of women will have to wait for gender parity due to Covid-19.
• As the impact of the COVID-19 pandemic continues to be felt, closing the global gender gap has increased by a generation from 99.5 years to 135.6 years.

Key Benefits of financial empowerment of Women

• Women’s economic empowerment is central to realizing women’s rights and gender equality.
• Key to achieving the 2030 Agenda for Sustainable Development – particularly Goal 5, to achieve gender equality, and Goal 8, to promote full and productive employment and decent work for all
• When more women work, economies grow – it is estimated that gender gaps cost the economy some 15 per cent of GDP.
• Increasing women’s and girls’ educational attainment contributes to women’s economic empowerment and more inclusive economic growth – Increased educational attainment accounts for about 50 per cent of the economic growth in OECD countries over the past 50 years.
• Women’s economic equality is good for business – It is estimated that companies with three or more women in senior management functions score higher in all dimensions of organizational performance.

About UN Women

• UN Women is the UN organization dedicated to gender equality and the empowerment of women.
• A global champion for women and girls, UN Women was established to accelerate progress on meeting their needs worldwide.
• Several international agreements guide the work of UN Women.

Global Gender Gap Report 2021

• As per the Global Gender Gap Report 2021 published by the World Economic Forum, India is ranked at 140 out of 156 countries with a score of 0.625 (out of 1).
• The Global Gender Gap Report provides scores on Global Gender Gap Index (GGGI) which examines the gap between men and women in four dimensions, namely, Economic Participation and Opportunity, Educational Attainment, Health and Survival and Political Empowerment.

Why did India perform so poorly in the Global Gender Gap Report 2021?

• Compared to last year, Indian score has come down largely due to the ‘Political Empowerment’ dimension.
• India’s score in this dimension should be one of the highest in the world as India has provided 30% reservation to women at local self-government level and representation of women in the local self-government bodies is more than 30% at present.
• However, the publishing agency, World Economic Forum, takes into account the representation of women in Parliament only.

Major initiatives by the Government of India for improving the Economic Participation of Women

Beti Bachao Beti Padhao

• It ensures the protection, survival and education of the girl child.

Scheme for Adolescent Girls

• It aims to empower girls in the age group 11-18 and to improve their social status through nutrition, life skills, home skills and vocational training.

Working Women Hostel

• It ensures the safety and security of working women.

The National Crèche Scheme

• It ensures that women take up gainful employment by providing a safe, secure and stimulating environment for the children.

Pradhan Mantri Awaas Yojana

• It aims to provide housing under the name of the woman also.

Pradhan Mantri Kaushal Vikas Yojana

• It aims to enable a large number of Indian youths including women to take up industry-relevant skill training in securing a better livelihood.

DDU National Urban Livelihoods Mission

• It focuses on creating opportunities for women in skill development, leading to market-based employment.

Sukanya Samriddhi Yojna

• Under this scheme, girls have been economically empowered by opening their bank accounts.
  

Skill Upgradation & Mahila Coir Yojna

• It is an exclusive training programme of MSME aimed at the skill development of women artisans engaged in the coir Industry.

Prime Minister’s Employment Generation Programme

• It is a major credit-linked subsidy programme aimed at generating self-employment opportunities through the establishment of micro-enterprises in the non-farm sector.

Pradhan Mantri Mudra Yojana

• It provides access to institutional finance to micro/small businesses.

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