UPSC MAINS ANSWER WRITING MODEL DAILY

The ‘care economy’ and ‘monetized economy’ deal with nature and value of the work and are two different aspects of economic activities. Care economy refers to the unpaid or underpaid work related to caregiving and providing social support, often performed within households. For example, childcare, eldercare, domestic work etc. Inter alia, it also involves paid labour encompassing nurses, caregivers, etc. (often females). The compensation is generally absent or very meagre compensation is awarded for such activities. It is highly undervalued even though it supports human development and social cohesion. Monetized economy includes all economic activities that are dealt with in terms of monetary value, which includes production of goods, e.g., finance, trade, etc. It is mainly aimed at profit generation. The compensation is received in terms of monetary value. Work done and goods produced in the economy are compensated in terms of wages, salaries, etc. It is assessed by its contribution to GDP and is often used as a measure of economic growth. Ways to integrate care economy into monetized economy through women empowerment ▪️Social protection measures are required that provide income security for women in caregiving roles. For example, pension insurance for women engaged in such roles. ▪️Development of skills for better transformation and incorporation of women into formal sector should be emphasized. ▪️Supportive government policies should be there to promote gender-neutral reforms and collaboration between government and civil society organizations in care giving economy. ▪️For example, National Creche Scheme for the Children of Working Mothers, enhancing of maternity benefits, etc. ▪️Technological solutions for care sector that reduces time and frees up women for formal sector employment can be considered. ▪️Integration of care economy into monetized economy will not only enhance economic opportunities for women but also contribute to a more inclusive and equitable society.