Subject: Economy

Answer

The care economy, encompassing unpaid household work, childcare, and elderly care, forms the backbone of human well-being, while the monetized economy represents activities with direct monetary value. In India, where 151 million women work in the informal sector, bridging these economies through women empowerment has become crucial for inclusive growth.

Distinction between Care Economy and Monetized Economy

Nature and Recognition

• Care Economy: Focuses on unpaid domestic work, emotional labor, and family care services traditionally performed by women.
• Monetized Economy: Involves market-based transactions, formal employment, and GDP-measured economic activities.

Value Attribution

• Care Economy: Often undervalued despite its fundamental role in social reproduction and human capital formation.
• Monetized Economy: Clearly measured through wages, profits, and market prices in formal economic systems.

Integration Strategies through Women Empowerment

Policy Interventions

• Social Security Coverage: Extension of benefits to informal workers, supported by increased Social Service Expenditure to 26.2% of total government expenditure.
• Wage Parity Measures: Addressing the agricultural wage gap of ₹88 between men and women through equal pay legislation.

Economic Inclusion

• Entrepreneurship Development: Supporting the growth of women-owned enterprises (currently at 13.5-15.7 million) through targeted financial inclusion programs.
• Skill Development: Investment in vocational training and professional care services through National Skill Development Corporation.

Institutional Support

• Healthcare Integration: Leveraging the 18% CAGR growth in health expenditure to formalize community healthcare workers.
• Education Enhancement: Utilizing the 12% CAGR growth in education spending to promote women's professional development.

The integration of care and monetized economies requires a comprehensive approach combining policy reforms, institutional support, and social recognition. Success stories like SEWA (Self-Employed Women's Association) demonstrate how organizing informal workers can lead to economic empowerment and social security benefits.