Corp. of India“The issue of inclusion of the LGBTQ community in the rate sector and the economy has recently taken an important turn. Long confined to purely social and legal spheres, this discussion has now found its way into the corporate boardroom from an economic perspective. Recruitment, employee retention, productivity, consumer behavior, and healthcare spending are part of India’s recent economic debate, according to a recent report by the World Bank. Discrimination against the LGBTQ community costs the country $1.9 billion to $30.8 billion per year in the country’s gross domestic product. 0.1 percent to 1.7 percent of GDP.
This inequality is not limited to social strataRather, its impact has spread to the labor market, corporate performance and the health sector. As a result of discrimination and insecurity in the workplace, men in this community have rates of depression six to twelve times higher than the general population and are seven to fourteen times more likely to commit suicide. HIV infection rates among gay men are estimated to be 15 times higher than the national average. According to the study, India’s annual economic loss due to health alone is $712 million to $23.1 billion.
Today, it is impossible for brands to ignore the diverse consumer market. Keshav Churi, Executive Director, Lalit Churi Hospitality Group, DrIndia has about 135 to 140 million odd people with a purchasing power of about $168 billion. On consumer behaviour, Sahil Asha Verma, co-founder of Asha Meet-Up, has made it clear that they will not financially support any organization that is openly anti-social in the current era. Similarly, drag queen Beta Non Stop has commented that she is only interested in doing business with brands that openly endorse her. On the other hand, Suyash Srivastava points out that while being anti-queer is a downside for any brand, product price and quality also have a significant impact on consumer decisions.
Corporation“In the interest of recruiting and retaining talent in the rate sector, there is now a special focus on diversity, equality and inclusion programmes. The Godrej Group aims to have 40 per cent of its total workforce be women, persons with disabilities and members of the LGBTQ community by 2031. A shift between Steel’s Mosaic, Goldman Sachs’ internal network, and Barclays India’s Spectrum efforts to promote awareness and a safe environment in the workplace is also evident in the hospitality sector, where PR manager Andre Jenny comments that they don’t just want a place to sleep in a hotel, but a free environment and access to a lobby where they can enter.
overallAfter the abrogation of Article 377 in 2018, visibility has increased in urban areas but lack of legal recognition and social recognition is a major challenge today. As India moves towards establishing itself as a global services hub, it is increasingly impossible for corporate bodies and policymakers to ignore the economic impact of this discriminatory attitude.