International Women’s Day 2024: Don’t let anyone diminish your dreams, economist Madhavi Arora tells all women

Embrace your ambitions and pursue your passions with confidence and determination. Believe in your abilities, and don't let anyone diminish your dreams. 

That is the message from Madhavi Arora, Lead Economist at Emkay Global Financial Services, to women from all walks of life—especially those in the early years of their careers. 

Surround yourself with positive influences and role models who inspire and uplift you. Stay true to yourself and your values as you navigate your career path,” says Arora in a candid interaction with Zeebiz.com to mark the occasion of International Women’s Day 2024. 

The economist, whose career as a macro-economist spans more than 15 years, also reveals five other success mantras to celebrate not just another day on the calendar but the true spirit of International Women’s Day: 

• Trust your instincts and be willing to take risks to pursue opportunities that align with your goals and aspirations
• Embrace lifelong learning and continuous growth
• Invest in your education and skill development
• Stay curious and open-minded about new possibilities and experiences
• Remember that you have the power to make a difference in the world, no matter what challenges you may face along the way

At Emkay, Arora spearheads macroeconomic research for India and major developed and emerging nations. 

Women empowerment: A lot done, but also a lot to do

While acknowledging that India has made significant strides in the areas of women's empowerment and gender equality, Arora laments that there is “still a long way to go”. 

Over the years, there have been improvements in areas such as education, employment, and political representation for women in the country. 

Lauding government initiatives such as the Beti Bachao Beti Padhao (BBBP) campaign—a central initiative focused on countering gender-biased sex selective elimination and ensuring the survival, protection, and education of the girl child—that have aimed to address issues such as female infanticide, improve access to education for girls, and enhance women’s participation in politics and decision-making roles, she says: “Despite these efforts, India continues to face challenges such as gender-based violence, discrimination, unequal access to resources, and cultural norms that limit women's opportunities.”

The evolving role of women in the vast world of finance, but…

India has indeed come a long way, even in the financial domain, with its first full-time female finance minister assuming office in 2019, and its first chairperson of the capital market regulator taking charge in 2022. But Arora strongly believes that there is a constant need for women to both enter and prove their mettle in the vast world of finance with confidence, and that there are many like her. 

“Deep-rooted patriarchal attitudes still prevail in many parts of the country, hindering progress towards full gender equality. So while India has made progress in certain areas, there is still much work to be done to achieve true gender equality and to empower women in all aspects of life,” she explains. 

“In India, the financial sector, like many other industries, has traditionally been male-dominated, particularly at the top levels of leadership and decision-making,” says Arora. 

Although several corporates operating in banking and financial services are taking steps to promote gender diversity and inclusion, the representation of women in senior leadership positions remains relatively low in the space compared to their male counterparts, an imbalance owing to persistent issues such as cultural norms, unconscious bias, and structural barriers within organisations, says Arora, adding: “The road ahead for India to achieve greater gender diversity in the finance sector involves concerted efforts from companies, policymakers, and the society as a whole.” 

Arora lists out four steps that can go a long way in accelerating progress in these areas: 

• Implementing proactive diversity and inclusion initiatives to attract, retain and promote talented women in finance
• Encouraging mentorship and sponsorship for women
• Promoting flexible work arrangements
• Fostering a culture of inclusion 

Encouraging women to always remember that their voices matter and carry the power to shape destiny, Arora concludes by saying: “Be bold, be fearless, and be proud of who you are. Together, we can build a future.”