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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