Refer - Financial Express
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· The ‘care economy’ is statistically invisible. The lack of a comprehensive care economy policy is the single-most significant reason for the falling rate of female labour force participation.
· If we want to reap the demographic dividend before it vanishes, designing a comprehensive care economy policy in India should be the policy mantra.
· This policy is relevant from an ‘efficiency and equity’ perspective and also from ‘human rights’ perspective.
· Care economy is core to macroeconomic policy frameworks. The macro policy decisions say, fiscal austerity measures—impact men and women differently.
· For instance, if the fiscal austerity is by reducing the health spending in a country, the reduction in hospitalisation days or in-patient days can directly impact women as they are the primary caregivers in a household.
· Women, thus, bear the brunt of macroeconomic policy decisions. At the same time, more often, macro policy is not designed to integrate household caregiver’s perspectives, which otherwise needs an enormous attention as we cannot take the support from the care economy system as infinite.
· India has designed a fully-paid childcare leave policy for two years—a leading example of such policies in the world. But a ‘comprehensive care economy policy’ is absent in India.
· In Canada, a ‘compassionate care leave’ policy has been introduced to take care of one’s ailing relative, up to six months in discrete or in continuum.
· This leads to the effective human capital formation.
· Such policies can help the primary caregivers, often women, not to leave workforce when their parent or spouse or a close relative falls ill. If public policy takes it for granted (increasing trend of women leaving the labour market), they are missing the big picture.
· Women face huge challenges to earn a living and live peacefully during retirement years. In India, especially when social security benefits are not well-designed, the permanent or temporary exit of a woman from the job market to take care of small child or an elderly parent enormously reduces her earning potential and her savings for retirement.
· Kerala is almost there to design a care economy support structure by the government, which can provide highly-efficient caregivers to the households. This authentic care economy support by the government can increase economic growth.
· This helps states to perform well in percapita income and significant distribution of income to the households, thereby combating poverty in multiple dimesions.
· However, a public finance revolution in India to support a comprehensive care economy policy is what is needed.
Vandana 5 years
Kindly review
IAS Parliament 5 years
Try to include about impact on macroeconomic indicators like per capita income; human capital formation etc. Keep writing.
Krish 5 years
Kindly review sir,Thank u
IAS Parliament 5 years
Try to elaborate impact on macroeconomic indicators like per capita income; gender inclusivity, human capital formation etc. Keep writing.
K. V. A 5 years
Pls review
IAS Parliament 5 years
Try to include about impact on macroeconomic indicators like per capita income and human capital formation etc. Keep writing.
Shivangi 5 years
Review please
IAS Parliament 5 years
Good attempt. Try to focus on impacts on macroeconomic indicators. Keep writing.
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