Report titled ‘Formulating a Strategy for India’s Care Economy: Unlocking Opportunities’ Published | Current Affairs | Vision IAS
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    Report titled ‘Formulating a Strategy for India’s Care Economy: Unlocking Opportunities’ Published

    Posted 07 Mar 2024

    Updated 25 Mar 2024

    2 min read

    • Report was prepared by the Confederation of Indian Industry (CII) along with others.
      •  CII was supported by the Ministry of Women and Children development
    • Care economy consists of the paid and unpaid labour and services that support caregiving in all its forms.
      • It includes domestic chores, taking care of family members such as children and elderly or looking after individuals who are ill or have disabilities. 

     

    • Need for Care Economy in India
      • Changing demographic landscape (from2020 to 2050) of India, may lead to
        • demand for more elderly care
        • substantial dependency burden on children
      • Wide gender gaps in unpaid domestic and care work represents an economic value of almost 15%-17% of the GDP. 
      • Investments in care infrastructure will create new business opportunities and generate jobs. 

     

    • Key Recommendations (Five Pillars)
      • Maternity and Paternity leave Policies should involve incentives for MSME/starts up and have market based financing.
      • Subsidies for Care Services for elderly and childcare to NGO/SHGs.
      • Public Investment in care infrastructure and mobilisation of Public Private Partnership. 
      • Skill training for care workers with certification 
      •  Institutional mechanisms for quality assurance such as establishment of Sector skill council, and collection of data. 

     

     

    • Tags :
    • CII
    • Care Economy
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