NATIONAL: Time, Money, and Gender: Kunal Shah’s Economic Wake-Up Call
Valuing Time Over Monetary Savings
Kunal Shah, CEO of Cred, highlighted a critical oversight in India’s approach to wealth: the undervaluation of time. In a recent Forbes interview, Shah noted that unlike their American counterparts, who are acutely aware of their hourly worth, many Indians lack clarity on their time’s financial value. This disconnect, he argues, results in significant long-term economic inefficiencies.
The Cost of Misallocated Time
Shah illustrated his point with a striking example: individuals earning substantial hourly wages often spend excessive time chasing marginal savings. For instance, dedicating an hour to save Rs. 500 on a flight ticket undermines the potential earnings lost in that time. Such practices, Shah contends, reflect a broader cultural tendency to prioritize immediate savings over strategic time allocation.
Gender Disparity in Workforce Participation
Shifting the focus to energizing India’s economic landscape, Shah emphasized the stark gender imbalance in professional settings. He observed that women significantly outnumber men in product and tech companies, particularly in financial roles, yet their overall representation in India’s workforce remains disproportionately low. This gap poses a structural challenge to economic growth.
Economic Implications of Low Female Representation
Shah underscored that India’s per capita income growth hinges on greater female workforce participation. He argued that economic progress driven predominantly by male labor is insufficient to elevate the nation’s economic standing. Increasing women’s involvement, particularly in high-skill sectors, is essential for sustainable development.
A Call for Systemic Change
Addressing these challenges requires a paradigm shift in societal and corporate priorities. Shah’s insights urge a reevaluation of time as a critical economic asset and advocate for policies that enhance female workforce inclusion. These steps are pivotal for India to unlock its full economic potential and compete globally.