Revolutionizing India's Care Economy: From Burden to Infrastructure

The Prime Minister's Economic Advisory Council proposes a transformation in India's care economy, projecting a demand for over 30 million caregivers by 2050. To meet this need, strategies include establishing a dedicated care fund, encouraging CSR contributions, and implementing gender-balanced parental leave policies to improve care infrastructure.

The Economic Advisory Council to the Prime Minister (EAC-PM) has outlined a comprehensive framework overhaul for India's care sector, anticipating the requirement for more than 30 million caregivers by 2050.

A key proposal involves setting up a Carepreneur Fund to support entrepreneurs and cooperatives with concessional finance, alongside directing CSR funds for care sector development.

The working paper suggests phased reforms in parental leave policies, aiming to create gender neutrality. It highlights investment in the care economy as crucial for job creation and alleviating household childcare burdens, while advocating formal care provision and regulatory reforms.