NEW DELHI // Indian women still face some of the world’s worst inequality despite years of rapid economic growth, according to the World Economic Forum on Tuesday.
India fell to 114th place out of 142 countries surveyed, results of the annual Gender Gap Index showed.
It ranked 101st out of 136 countries surveyed last year.
That puts India below other fast-developing nations including China which ranked 87, and Brazil at 71.
Nordic nations led the world in promoting equality of the sexes, as they have for many years – Iceland, Finland, Norway, Sweden and Denmark occupied the top five spots.
The United States climbed three places to 20th, thanks to a narrowing wage gap and more women occupying political offices.
“Achieving gender equality is obviously necessary for economic reasons. Only those economies who have full access to all their talent will remain competitive and will prosper,” Klaus Schwab, WEF founder and executive chairman said.
Yemen, Pakistan and Chad remained at the bottom of the index, which ranks countries based on government statistics in four categories: health and survival, access to education, economic opportunity and political participation.
India ranked an impressive 15th for female political participation, given a large number of women were holding public office. But it was among the bottom 20 in terms of income, literacy, work force participation and infant survival.
Indian voters gave new Prime Minister Narendra Modi’s party an enormous election mandate this year after he campaigned on promises of creating a fairer society and reviving economic growth, which slumped to below 5 per cent in recent years after averaging 8 per cent for a decade.
Mr Modi has also spoken publicly against rape and violence against women, giving many hope for change after decades of political apathy in addressing women's concerns, including violence such as rape and physical abuse, high rates of maternal mortality and female infanticide.
The Gender Gap Index placed India second to last, ahead of Armenia, in terms of health care and survival.
Mr Modi’s government has said it plans to launch a new programme next month to improve the health of pregnant woman and empower young girls.
India’s female-male sex ratio has fallen to its worst level since the country gained independence in 1947.
According to the United Nations, the ratio has deteriorated from 976 girls to 1000 boys in 1961, to 927 girls in 2001, to 918 girls in 2011.
It is illegal for medical workers to reveal the sex of a child before it is born, a measure to prevent families from aborting female babies.
“The intent looks good so far from the prime minister, but it’s too soon to say,” said Ranjana Kumari, director of the Delhi-based Centre for Social Research, who called for more effort in guaranteeing the country’s wealth is used to benefit women and the poor.
“There is no natural trickle down. India needs legislation to make sure that happens.”
* Associated Press
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
More from Neighbourhood Watch:
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC