Finshots Daily Can the Care Economy boost women’s workforce participation?
Sep 3, 2024
Explore how India's care economy can revolutionize women's workforce participation. The discussion highlights the difference between paid and unpaid care work. It emphasizes the importance of investing in this sector to alleviate time poverty. Successful international models are analyzed, advocating for increased public and private support. This could lead to significant advancements in gender equality and economic growth.
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The Importance of Women in the Workforce
- Closing the gender gap in the workforce could boost India's GDP by up to 35%, says the WEF.
- India's Female Labour Force Participation Rate (FLFPR) is below the global average, presenting a significant opportunity.
The Unseen Care Economy
- The care economy, including paid and unpaid work, is crucial for India's economy.
- A significant portion of women's work is unpaid, not reflected in FLFPR calculations.
Untapped Potential of Care Work
- Unpaid care work by Indian women could represent 15-17% of India's GDP.
- The demand for care services will rise with India's aging population, creating opportunities in the care economy.