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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.
07:26
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Quick takeaways
- The significant gender disparity in unpaid care work in India contributes to lower female workforce participation, necessitating recognition and investment in the care economy.
- Potential growth in India's care economy could create 11 million new jobs by 2030, thereby enhancing opportunities for women's employment and economic empowerment.
Deep dives
The Hidden Value of Unpaid Care Work
Unpaid care work constitutes a significant yet overlooked component of India's economy, encompassing vital tasks such as cooking, cleaning, and caregiving for family members. Women in India currently dedicate an average of 5.6 hours daily to unpaid care tasks, while men contribute only about 30 minutes. This imbalance contributes to time poverty for women, reducing their ability to engage in paid employment, thereby impacting the overall Female Labour Force Participation Rate (FLFPR) which remains significantly lower than the global average. If this unpaid labor were formally valued, it could represent approximately 15% to 17% of India's GDP, demonstrating the critical need for recognition and investment in this sector to assist in closing the gender gap in the workforce.
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Discover
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