Outlining the key characteristics of the care economy, discuss how India can better integrate the value of unpaid and underpaid care work into its economic framework.

key characteristics →

1. Informal participation → More than 30% workforce involved.
2. Feminization of care economy → with women seen as care workers (Pink economy)
3. Social security integrated into care economy → Better outcomes for 'geriatric care', Child rearing etc.
4. Huge potential → silver economy (30% old aged by 2055)
5. Has 'social capital' along with economic gains.

India → integrating value of unpaid and underpaid care in economic framework

1. Arjun Sengupta committee → Social security beneficiary list to be prepared.

2. Spending atlast 8% on care economy as compared to global 15% average. (India only 3%).

3. Gig economy for carework → formalization → Grandpals app for elderly care.

4. Recognize household care work into economy (Lata Wadhwa case → Supreme Court)

5. Creating dynamic list and assigning economic values.

6. Women empowerment → integrate into formal job roles (Labour force participation rate → 38%)

7. Creating institutions for care providers → Reform labour laws

8. Bring 'social security law' → Karnataka's social security for gig workers → similarly for care workers.