8 SEPTEMBER2023INFOCUSINFOCUSOla has set an ambitious goal of employing 20,000 women workers at its Future Factory within the next two years. The move is aimed at addressing the gender disparity in India's workforce while elevating the role of women in the automotive manufacturing industry. Bhavish Aggarwal, co-founder and CEO of Ola, expressed his vision for the factory, emphasizing the need to overcome the lack of adequate female participation in the workforce.Ola's Future Factory expansion plans include the production of an impressive 10 million electric vehicle (EV) units annually. Notably, the company envisions that one in every seven units produced will be crafted by women, showcasing their increasing impact in the EV sector. Aggarwal, during a recent event, referred to the women workers at the factory as "lionesses of Ola," underscoring their significance in the company's drive toward innovation and progress.Ola has recognized the importance of investing in its workforce. The company has taken substantial measures to train and upskill its 1,500+ women-strong workforce in core manufacturing skills. This investment aligns with Ola's commitment to providing women with attractive opportunities within the EV industry, while also promoting their empowerment and advancement.The efforts of Ola highlight the broader trend of women's increasing participation in the EV space. As the EV sector is poised to create 750,000 jobs over the next five years, women's contribution is projected to grow from 11-15 to 30 percent, reflecting a significant shift in the industry's dynamics. Ola's Future Factory stands as a beacon of change, showcasing the potential for gender equality and innovation in a traditionally male-dominated field. OLA'S FUTURE FACTORY PIONEERING GENDER EQUALITY IN INDIA'S EV SECTORFINEDGE SURVEY FINDS INDIAN WOMEN INVEST IN EQUITY FUNDS AT AN AVERAGE MONTHLY RATE OF INR 14,347A survey conducted by FinEdge which is a reputable investment management firm, states that after the Covid-19 pandemic ended, there has been an increase in the number of women investing in stocks and mutual funds. The number of female investors has increased by 42 per cent in the past year, and on average, they are saving 5 per cent more per month than men for their future investments.Child education planning is the priority of 32.82 per cent of women whereas retirement planning for 30.82 per cent of women is the second priority of women. With this new shift, a new era of independent retirement planning by women or equal contributions to joint plans to ensure financial resilience is increasing significantly. Women also seek equity-oriented SIP investments at 86.7 per cent slightly less than men who choose them at 89.9 per cent.Women investors have an average age of 38.67 years which is about 2 years younger than male investors which is 40.34 years. The survey also states that women exhibit resilience in goal-based SIP investments as well, with a 19 per cent lower stoppage rate, they are highly dedicated to long-term financial goals.Women also invest an average of Rs 14,347 per month, slightly more than men which is Rs 13,704. Women save 5 per cent more each month than men for future securities.The survey was conducted in August 2023 and included a sample of 3,763 women who were FinEdge customers and ranged in age from 23 to 76.To be noted, the West and North zones had higher percentages of female investors at 34.54 per cent and 32.98 per cent respectively whereas the East zone lagged with 7.54 per cent female investors.Another study conducted by AMFI shows that between December 2019 to 2022, the proportion of female investors between the ages 18 to 24 increased by four times whereas in the meantime, the number of female investors in the 25 to 35 age group grew at 33 per cent. Value Research noted that the older age groups grew at 11 per cent which was relatively slow.
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