New Delhi: A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) has proposed a dedicated fund, a skilled and better-paid workforce, policy reforms and quality standards as part of an inter-ministerial framework to boost the care economy.
The paper estimates domestic demand for care workers will exceed 30 million by 2050, alongside a sharp rise in global demand.
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Titled Re-imagining the Care Economy: From Private Burden to Social and Economic Infrastructure, the paper has been co-authored by Shamika Ravi, member of EAC-PM; Mitali Nikore, founder and chief economist at Nikore Associates; Bhabesh Hazarika, economist at National Institute of Public Finance and Policy (NIPFP); and Sindhuja Penumarty, a young professional at EAC-PM. It proposes expanding innovative financing for care infrastructure and "carepreneurs", including an outcome-based government-to-government fund, Parivar Seva Kosh, to be housed in the finance ministry.
The paper also recommends directing corporate social responsibility funds towards care projects and setting up a Carepreneur Fund to offer concessional finance to entrepreneurs and co-operatives in the sector.
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"Model concession agreements can be developed to operationalise public-private partnerships (PPPs) for investments in greenfield and brownfield care facilities," it said, adding that standardised training, certification and occupational frameworks are needed to build a skilled childcare and eldercare workforce.
According to the paper, the ministry of labour and employment can introduce phased reforms in parental leave, beginning with statutory paid paternity leave in the private sector, followed by a gender-balanced policy.
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Also Read: PM's economic advisory panel flags demand surge for caregivers, seeks policy overhaul for sector
Titled Re-imagining the Care Economy: From Private Burden to Social and Economic Infrastructure, the paper has been co-authored by Shamika Ravi, member of EAC-PM; Mitali Nikore, founder and chief economist at Nikore Associates; Bhabesh Hazarika, economist at National Institute of Public Finance and Policy (NIPFP); and Sindhuja Penumarty, a young professional at EAC-PM. It proposes expanding innovative financing for care infrastructure and "carepreneurs", including an outcome-based government-to-government fund, Parivar Seva Kosh, to be housed in the finance ministry.
The paper also recommends directing corporate social responsibility funds towards care projects and setting up a Carepreneur Fund to offer concessional finance to entrepreneurs and co-operatives in the sector.
Also Read: India must map, monitor economic vulnerabilities in energy, food, other areas: EAC-PM chairman
"Model concession agreements can be developed to operationalise public-private partnerships (PPPs) for investments in greenfield and brownfield care facilities," it said, adding that standardised training, certification and occupational frameworks are needed to build a skilled childcare and eldercare workforce.
According to the paper, the ministry of labour and employment can introduce phased reforms in parental leave, beginning with statutory paid paternity leave in the private sector, followed by a gender-balanced policy.
