The State Bank of India (SBI) in a report indicated that the total contribution of unpaid women to the economy is around Rs. 22.7 lakh crore which is almost 7.5 per cent of India’s gross domestic product (GDP).
The report from the SBI's Economic Research Department stated that the total contribution of unpaid women to the economy is around Rs 14.7 lakh crore in rural India and Rs 8.0 lakh crore in urban areas
"Unpaid domestic work is an important aspect of productive activities and an indispensable factor that contributes to the well-being of households and the economy, it stated.
However, the predominance of women in domestic work and keeping them out of ‘economic activities’ put unpaid domestic work under the shadow of invisibility, outside the production boundaries, and further outside the purview of economic policy, the report added.
To understand the status of women in the labour market, it is necessary to comprehend the nature of their unpaid work, which has a significant impact on their work participation rate in the economy, it suggested.
"With the GoI's continuous and tacit efforts to ensure the quality of life for all citizens and stoppage of leakage of benefits through DBT, the per capita GDP at current prices is estimated at Rs. 1,96,716, compared to Rs. 71,609 in FY12, indicating an impressive CAGR growth of 10.6 per cent," it added.
The jump in per capita GDP in FY23 is Rs. 25,218 at current prices. There is also good news on private final consumption expenditure/PFCE expected to increase to Rs 164 lakh crore in FY23, with the yearly growth moderating to 14.8 per cent.
Historical data shows that it declined at current price for the first time in FY21 in a decade. Prior to Covid it continued to grow at double digits (average of 12 per cent) though the pace of increase has been on the decline since FY18 and it turned negative in FY21. The growth rate in PFCE has moved back to double digits post Covid, indicating the positive growth momentum.
"Per capita PFCE also shows an improvement of over 10 pr cent YoY to Rs. 63,595 crore in FY22 after dipping to Rs 57,728 crore in FY21," it added.