New data paints a sobering picture of progress toward gender equality. According to the World Economic Forum (WEF), it will take 134 years for the world to achieve gender parity. That’s five generations from now. India’s overall position in the WEF’s 2024 Global Gender Gap rankings — despite policies like the Women’s Reservation Act — dropped two spots from the previous edition of the rankings, to 129th out of 146 countries. At the heart of this reality is the low level of economic participation among Indian women. Less than half of Indian women are currently employed, one of the lowest rates globally.

That said, there are signs of change and Indian women have certainly come a long way from the previous reality. In the recent general elections, women voters turned out in equal numbers to men. According to the WEF Global Gender Gap Report, India has made strides in educational achievement and health, with index scores in the high 90s out of 100. However, the overall rankings show that deep-rooted economic inequalities persist. Addressing these will not only improve the lives of women and girls, but also boost economic growth for all Indians.

There is an approach that can kill two birds with one stone: free women and girls from unpaid labor and create new jobs to grow the economic pie for all. This unique opportunity lies in formalizing India’s emerging care economy. Paid women do about six times more unpaid care work than working men, according to a recent strategy paper. This unpaid work is estimated to account for 15-17% of India’s GDP. Being confined to the home prevents women from working and the emergence of a more formalized care sector.

The opportunity here is enormous. Recent estimates suggest that investing just 2% of GDP in the care economy could create 11 million new jobs for India. Such massive societal shifts require a rare ‘trifecta effect’ where market, social and political forces work together to create deep and lasting change.

India is no stranger to such shifts. Our remarkable march towards financial inclusion is an example of this rare ‘trifecta effect’. Let us learn from this blueprint and write the next chapter of women’s economic empowerment in India by applying it to the care economy. Nearly a decade ago, the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) programme set the bar, prioritizing the creation of individual bank accounts over household accounts. This was a crucial gender-responsive adjustment from previous programmes. At the time, only 43% of Indian women had bank accounts.

PMJDY allowed the private sector to compete on a level playing field. The government set the rules of the game and then it was up to the private sector to innovate. Fintech startups and traditional banks began competing for a new customer base to grow their businesses. At the same time, civil society came together to improve digital literacy among women and girls and expand access to mobile phones. The ‘trifecta effect’ was in full swing, allowing India to catch up with developed countries in achieving universal financial inclusion.

We are yet to realize the opportunities that the powerful trifecta of government, market and civil society unlocks when it comes to the care economy. There has been impressive momentum generated by India’s civil society. Organizations like Mobile Crèches, the Self Employed Women’s Association, CHETNA and many more are leading the way with innovative approaches to formalizing a care economy. Yet, the private sector lags behind. For example, in privatized childcare, there are still outdated curricula and meals that are not nutritious. This is where the need arises for a government to set the boundaries and encourage further innovation and growth.

For India, the care economy holds the promise of a new leap forward. The latest data from the WEF should give us the impetus to tackle this monumental task.

Shagun Sabarwal is Regional Director (Asia), Co-Impact. The views expressed are personal