The care economy involves unpaid care and domestic work, while the monetized economy focuses on financial transactions and income generation. Bridging this gap through women empowerment can lead to broader economic inclusivity.
Q.12 Distinguish between ‘care economy’ and ‘monetized economy’. How can the care economy be brought into the monetized economy through women empowerment?
Model Answer:
Introduction
India's growth trajectory is on the line towards achieving the $5 tn economy status by 2025. In this regard harnessing the potential of care economy along with monetized economy becomes important.
Body
Distinguishing Between Care Economy and Monetized Economy:
- Care Economy:
- Definition: The care economy encompasses all unpaid and paid work that involves the direct provision of care services, such as childcare, eldercare, healthcare, and household chores.
- Nature of Work: Often informal, unpaid, and predominantly performed by women.
- Economic Recognition: Largely unrecognised in traditional economic metrics like GDP, despite its significant contribution to societal well-being.
- Examples: Household chores, caregiving for children and elderly, community volunteering.
- Monetized Economy:
- Definition: The monetized economy includes all economic activities that involve the exchange of goods and services for money.
- Nature of Work: Formal, paid, and recognized in economic metrics like GDP.
- Economic Recognition: Fully accounted for in national income and economic statistics.
- Examples: Manufacturing, services, retail, professional jobs.
Bringing Care Economy into Monetized Economy through Women Empowerment:
- Skill Development and Training:
- Initiatives: Programs like the 'Lakhpati Didi' scheme aim to provide skill development training to women, enabling them to establish micro-enterprises.
- Impact: By equipping women with skills in areas like plumbing, LED bulb making, and drone operation, they can transition from unpaid care work to paid employment.
- Formalising Care Work:
- Policy Measures: Implementing policies that recognize and formalise care work, such as paid family leave, childcare subsidies, and eldercare support.
- Impact: This would ensure that care work is compensated and included in economic metrics, thereby integrating it into the monetized economy.
- Promoting Women Entrepreneurship:
- Support Systems: Providing financial support, mentorship, and market access to women entrepreneurs.
- Impact: Encouraging women to start their own businesses can transform unpaid care activities into profitable ventures, such as daycare centres, home healthcare services, and catering businesses.
- Inclusive Economic Policies:
- Legislation: Enacting laws that promote gender equality in the workplace, such as equal pay, anti-discrimination policies, and flexible working hours.
- Impact: These measures can help women balance care responsibilities with formal employment, thereby increasing their participation in the monetized economy.
- Public Awareness and Advocacy
- Campaigns: Raising awareness about the value of care work through public campaigns and advocacy.
- Impact: Changing societal perceptions can lead to greater recognition and valuation of care work, encouraging its integration into the formal economy.
Conclusion
The care economy, characterised by unpaid and informal care work, plays a crucial role in societal well-being but remains largely unrecognised in traditional economic metrics. By empowering women through skill development, formalising care work, promoting entrepreneurship, enacting inclusive policies, and raising public awareness, the care economy can be effectively integrated into the monetized economy. This not only enhances economic productivity but also promotes gender equality and social progress.
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