Economics often feels abstract, something that exists in charts and equations rather than in everyday life. But once the jargon is stripped away, it looks surprisingly familiar. It behaves a bit like a bicycle. It needs motion to stay upright, balance to move smoothly, and constant adjustment as the terrain changes. Push one part too hard, or ignore another, and the ride becomes unstable. And not everyone is riding under the same conditions.
Take money. It is the air in the tyres. Too little of it and the economy slows down: spending weakens, investment stalls, jobs disappear. Too much, and the tyre bursts. Inflation eats into savings, creates uncertainty, and quietly reshapes daily decisions. This is not an abstract macroeconomic concern. It shows up in grocery bills, school fees, and household budgeting. Women, who continue to shoulder a disproportionate share of household management and unpaid work, are often the first to feel the strain when prices rise and margins tighten.
Interest rates act as brakes. They are necessary. An economy without brakes risks overheating. But sharp or prolonged tightening can cause the bicycle to skid. Higher borrowing costs discourage investment and hiring, especially among smaller firms that depend on credit. Women-led enterprises, which are typically smaller and less asset-heavy, are particularly exposed. Monetary policy may be designed to be neutral, but its effects are filtered through existing economic and social inequalities. In practice, neutrality is rare.
For the bicycle to move forward at all, someone has to pedal. Consumption and investment provide that momentum. Households spend when incomes feel secure; firms invest when expectations about the future improve. This is where women’s work becomes macroeconomically important. Higher female labour force participation strengthens demand, stabilises consumption, and improves productivity. An economy that keeps women out of paid work is, quite literally, operating with less power.
A recent research paper, co-authored with Dr. Ratna Sahay at NCAER and published in Economic and Political Weekly, helps explain why this remains such a persistent challenge in India. Two constraints stand out. The first is the unequal burden of unpaid care work. Indian women spend far more time than men on childcare, eldercare, and domestic tasks, raising the effective cost of entering and remaining in paid employment. The second constraint is institutional. India still lacks a clear legal framework for part-time work. Flexible jobs exist, but mostly in informal and insecure forms.
This matters because flexibility, when properly regulated, allows people to remain attached to the labour market across different life stages. The EPW study shows that formally recognising part-time work and encouraging a more equal sharing of care responsibilities could raise female labour force participation by around six percentage points. By macroeconomic standards, this is a large gain. It translates into higher household incomes, a bigger effective workforce, and stronger growth over time.
Fiscal policy is the bicycle’s gear system. Gears determine how efficiently effort is converted into speed. Public spending on childcare, health, education, and social protection is often treated as peripheral to “core” economic policy. In reality, these are growth-enhancing investments. When care responsibilities fall almost entirely on women, economic effort leaks away through exhaustion, interrupted careers, and lost talent. Ignoring care is not fiscally prudent; it is economically short-sighted.
Balance is also shaped by social norms. An economy that ignores unpaid work misjudges its own centre of gravity. Women frequently work longer total hours than men once unpaid labour is counted, yet this contribution remains invisible in official statistics. The result is an economy that appears stable on paper but is constantly leaning to one side. Policies that redistribute care through public services and within households help restore balance and resilience.
Trade and exchange-rate policy ring the bell as the bicycle moves forward. Global integration can create jobs, including for women in export-oriented sectors. But without labour standards and social protection, it can also deepen vulnerability. Competitiveness should not come at the cost of security. Even the best bicycle struggles on bad roads. Infrastructure matters, not just roads and power, but safe transport, digital access, and reliable public services. These constraints raise costs for everyone, but especially for those balancing paid work with care responsibilities.
Finally, direction is a political choice. Growth does not automatically deliver gender equality. It reflects deliberate decisions about institutions, public spending, and rights. Economies that invest in women’s work and care tend to grow more steadily, with fewer breakdowns along the way. Economics, like cycling, is not static. Standing still leads to a fall. But speed without balance is just as risky. Gender is not a side issue in this journey. It shapes how the economy moves, how stable it is, and how far it can go. A better ride begins when everyone is allowed not only to pedal, but to steer.
