Women's economic empowerment refers to the ability for women to enjoy their rights to control and benefit from resources, assets, income and their own time, as well as the ability to manage risk and improve their economic status and well being.
Entire nations, businesses, communities and groups can benefit from the implementation of programs and policies that adopt the notion of women empowerment. Empowerment is one of the main procedural concerns when addressing human rights and development. The Human Development and Capabilities Approach, the Millennium Development Goals, and other credible approaches/goals point to empowerment and participation as a necessary step if a country is to overcome the obstacles associated with poverty and development.
In the world, INDIA has the biggest gender-related issues. Seeing gender equality still remains a lofty dream in India but women empowerment is still fought for. Though women have made a huge progress in promoting themselves economically, they still face problems applying for jobs, owning land and inheriting property. "The leaders need to know that the young women and girls are here and they are not a statistic. The leaders need to create time to meet, dialogue, listen and then act. The Indian Government working with other organisations are working hard to improve gender equality and make the lives of the Indian women easier.
Most women across the globe rely on the informal work sector for an income. If women were empowered to do more and be more, the possibility for economic growth becomes apparent. Empowering women in developing countries is essential to reduce global poverty since women represent most of the world's poor population.Eliminating a significant part of a nation's work force on the sole basis of gender can have detrimental effects on the economy of that nation.
In addition, female participation in counsels, groups, and businesses is seen to increase efficiency.For a general idea on how an empowered woman can impact the economy, a study of Fortune 500 companies found that "those with more women board directors had significantly higher financial returns, including 53 per cent higher returns on equity, 42 per cent higher returns on sales and 67 per cent higher returns on invested capital (OECD, 2008)." This study shows the impact women can have on the overall economic benefits of a company. If implemented on a global scale, the inclusion of women in the formal workforce (like a Fortune 500 company) can increase the economic output of a nation. Therefore, women can also help businesses grow and economies prosper if they have, and if they are able to use, the right knowledge and skills in their employment.