Left: Murals depictingBollywood actors atBollywood Park inMumbai.Right: A propertyexhibition in Mumbaiin May 2022.Below: A customerat a recently openedIKEA store in Mumbai.The Swedish brandopened two suchstores in Mumbaibetween December2020 and December2021, to meet growingdemand for itsproducts.WOMEN AT WORKAN OFTEN UNDER-UTILISED RESOURCECOULD BE A POSSIBLE NEW SOURCE OFGROWTH FOR INDIA – WOMEN.Ministry of Statistics findings indicate that thefemale labour participation rate in India fell to16.1 per cent during the July-September 2020quarter, the lowest among the majoreconomies, while World Bank estimatesput the figure at about 20 per cent.“Over the next 10 years we wouldn’t besurprised if that doubles,” says Darren Aw,Asia economist at research consultancy CapitalEconomics. “We’re upbeat on that, becauseright now the percentage is very low when youcompare it to other emerging markets.”Damage to labour markets during lockdownshas been severe in India, but unemploymentrates have dropped quickly upon resumption of‘normal’ life and business across the country.Aw says limitations with social safety nets anda high rate of informally employed peoplemean that labour markets are probably not asbig a concern as in other developed markets.However, he believes rising female labourparticipation could be one factor that helpsdrive economic growth.intheblack.cpaaustralia.com.au June 2022 35
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