'McKinsey study says that India can add $700 billion to our GDP if we bridge the gender gap', Chanda Kochhar said
Policy changes are needed to encourage more women to enter high-growth fields, including science and technology, said speakers led by Ivanka Trump, advisor and daughter to the United States (US) President Donald Trump, at the Global Entrepreneurship Summit on Wednesday.
Participating in a discussion on the topic — We Can Do It! Innovations in Workforce Development and Skills Training — Ivanka Trump said the policies aimed at closing the gender wage gap in the industry have stagnated in the US and successive Presidents have been trying to change the situation.
“All the women are working women, whether they are working to raise their families or working in a professional field. Out of every dollar earned by women, 90 cents are invested back into their families and community. Unfortunately, women participated in sectors that are undervalued and underpaid financially," Ivanka said.
In the US, only 24 per cent women represent computer professionals and 13 per cent of entrepreneurs are women. The US Government is currently working to bring more women into STEM (science, technology, engineering and mathematics) education in order to bridge the gap, added Ivanka.
ICICI Bank Managing Director Chanda Kochhar said — education, encouragement and empowerment — are the three most important aspects to make women succeed in business and career. She said India has made great strides in women empowerment and that has been reflected in the presence and achievements of women in many fields, including sports, defence and politics.
"India has come a long way and has realised that there is a lot more to do. Not even 25 per cent of the graduating women participate in the workforce. McKinsey study says that India can add $700 billion to our GDP if we bridge the gender gap," Kochhar said.
Cherie Blair, the wife of former United Kingdom (UK) Prime Minister and founder of Cherie Blair Foundation for Women, said there was no need for women to feel inferior to men as they will be far superior to men in many aspects if they get access to technology.
"We have to find solutions to enable women to perform better at what they do without giving up on their enterprises. Capacity, confidence, capital are the three things women entrepreneurs need to flourish. Its all about choice and diversity, as well as, about respecting each other's choices," Blair said. (more)
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