More earning women in India enrich us all

With more young people joining India's workforce, the number of women entering the professional arena, approximately 38% of the total, will outstrip men at 33%. And the ladies are earning twice the money they did earlier. An IMRB survey finds the average monthly income of urban women rising from Rs 4,492 in 2001 to Rs 9,457 by 2010. A direct result - women are both spending and saving more. In the last decade, it's estimated the number of women with a savings account grew by 33%. And women owning a credit card - a paltry 4% in 2001 - boomed to one in every 10 women by 2010.

The implications are revolutionary. Most importantly, having her own money empowers a woman to participate with strength in family decision-making - a huge change for Indian women whose lives are often circumscribed due to gender and economic weakness. Women appreciating education's liberating impact will invest intensively in the same for their children - great news for Indian society. Markets can cheer too - women are spending more on themselves, with young sectors in fast-moving consumer goods (FMCG), like beauty-care and furnishings, growing.

But it's not just lipstick and lampshades - women are transforming longer-term sectors. With more women - generally more prudent beings - receiving better insurance terms, healthcare services are investing in women's medical care, automobile groups in training more female drivers, etc. Greater consumption is just one result. Knowing the average woman's financial prudence, higher national savings are likely, important considering sagging savings hitting India recently. No wonder a survey projects earning women making India 12% richer by 2015, 25% richer by 2025 - while enriching it immeasurably all the way.