EAM-PC Suggests Overhaul Of Care Sector Frameworks
In its working paper, the EAC-PM has also called for directing the corporate social responsibility (CSR) funds towards care sector projects. “It has also suggested setting up a “carepreneur fund” to offer finance at concessional rates to entrepreneurs and co-operatives,” the EAC-PM said in its paper
New Delhi: The Prime Minister’s economic advisory panel, Economic Advisory Council to the PM (EAC-PM), has urged an overhaul of frameworks related to the care sector, with the demand for caregivers in the country projected to exceed 30 million by 2050. Besides, it also pitched for setting up a dedicated fund and building a skilled and well-remunerated care workforce, according to the government.
In its working paper, the EAC-PM has also called for directing the corporate social responsibility (CSR) funds towards care sector projects. “It has also suggested setting up a “carepreneur fund” to offer finance at concessional rates to entrepreneurs and co-operatives,” the EAC-PM said in its paper.
Besides, the paper also recommended the ministry of labour and employment to introduce phased reforms in parental leaves, beginning with statutory paid paternal leaves in the private sector, followed by a gender balanced parental leave policy. It also emphasised the need for expansion of innovative financing for the development of care infrastructure and “carepreneurs”.
The paper proposed setting up an outcome-based government-to-government (G2G) fund, Parivar Seva Kosh (Family Care Fund), under the finance ministry. Investments in the care economy present three interconnected opportunities for India, the paper said that firstly, the care sector can generate significant employment in both domestic and global markets with rising demand for care workers.
“Second, greater investment in the care economy can deepen family-friendly policies that reduce time poverty, cushion households from childcare income shocks, especially in the informal sector, and raise caregiver labour force participation,”” it said.
The EAC-PM also said that care economy investments can redistribute unpaid care responsibilities from households to the state and markets, while gender-neutral policies can actively encourage sharing of care labour between men and women.
