According to a survey released on Wednesday by the FICCI Ladies Organisation (FLO), direct public investment of 2% of India’s GDP has the potential to produce 11 million jobs, with women accounting for over 70% of them.
The FLO also revealed a five-point plan for reforming India’s care economy, which includes leave regulations, care service subsidies, investment in care infrastructure, skill training for caregivers, and quality assurance procedures.
FICCI Ladies Organization mentioned, “In India, the Ministry of Labour and Employment can consider supporting MSMEs and startups financially for maternity leave, revising parental leave policies, and promoting care work leave and flexible work options. This could include introducing market-based financing for leave, such as parental leave insurance. Employers are encouraged to adopt gender-neutral care work leave and flexible work options.”
It stated that collaboration between government agencies and industry associations can encourage these projects, particularly among smaller enterprises, with a focus on monitoring and sharing success stories.
“According to the International Labour Organisation, increased investments in the care services sector have the potential to create 475 million jobs globally by 2030. According to the analysis, direct public investment equal to 2% of GDP in India has the potential to create 11 million jobs, approximately 70% of which will be held by women.
In India, care service subsidies and incentives are primarily provided through government programs such as Mission Shakti, which prioritize women’s safety, security, and empowerment.
Enhancements to these programs could include more financial support for child care, senior care, and long-term care services, particularly in rural and underserved areas.
Underlying the importance of the paid care sector, FLO President Sudha Shivkumar said, “The paid care sector has to be regularised, it has to be organised, it has to be institutionalised. We need more skilled workers in that space, we need policies, we need very fair norms that govern them, we need insurance to support them”.
