Abrogation of Section 377 - A Business Case for Pinkwashing

Abstract

India is the fastest growing economy with so many sub-cultures existing together. Perhaps no nations face the greatest challenges and opportunities for LGBTQ Community than India. 92% of India’s transgender population is deprived of the right to participate in any form of economic activity (Human Rights Commission Report, 2017). Less than half of them have an access to education and those (62% approx.) who have access face abuse and discrimination against them. India is said to have incurred the loss of $32 Billion of GDP due to Homophobia and Transphobia (World Bank Report 2016). Experts have opined that there is a strong business case in favour of LGBTQ inclusion. In the historic verdict on September 6, 2018, Honorable Supreme Court decriminalized Section 377 of the Indian Penal Code (IPC) that violated rights of the Lesbian, Gay, Bisexual, Transgender (LGBT+) community. Given the huge number of LGBTQ population in India, this judgement is expected to have significant implications for various stakeholders of the society as well as business. This paper attempts to analyze the business and economic impact of this legislation in India. The paper also seeks to examine the challenges of LGBTQ Inclusion in India and across the world and offer suitable suggestions to the various stakeholders for bringing out inclusion in true sense for the overall wellbeing of the economy.