The gig economy where work transcends traditional employer-employee relationships is seeing massive growth.
In India, with its half-a-billion-strong labor force and a tech-savvy, smartphone-wielding population, the gig economy is not just a trend; it’s a seismic shift.
The Gig Economy in Numbers
- Current Scenario (2020-21):
- According to NITI Aayog’s national labor force survey data, approximately 77 lakh (7.7 million) workers were part of the gig economy in India.
- These workers constituted 2.6% of the non-agricultural workforce or 1.5% of the total workforce in the country.
- Projected Growth (2029-30):
- The gig workforce is expected to expand to a staggering 2.35 crore (23.5 million) workers by 2029-30.
- This projection means that these workers will form 6.7% of the non-agricultural workforce or 4.1% of the total livelihood in India.
- Skill Distribution:
- Currently, about 47% of this work falls into medium-skilled jobs, while 22% are high-skilled and 31% are low-skilled roles.
- The economy caters to a diverse range of skills, from coding and graphic design to food delivery and home services.
Factors Driving the Gig Economy
The rise of this work owes much to tech-enabled platforms. These platforms democratize access, allowing anyone with a smartphone to participate. Whether it’s ride-sharing, freelance writing, or virtual assistance, technology bridges the gap between supply and demand.
India’s growing internet penetration has been a game-changer. As more people come online, this work becomes accessible to a wider audience. From rural artisans selling handicrafts online to urban workers offering specialized services, the internet connects them all.
This economy thrives on flexibility. Workers can choose when, where, and how they work. For students, homemakers, and those seeking supplementary income, gig work offers a lifeline.
Also Watch: TCS & HCLTech Q1FY25 Results | Lateral & Campus Hiring Trends for FY25
Challenges and Opportunities
While gig work opens doors for various sections of the workforce, including youth, women, and persons with disabilities, social security remains a challenge. The Code on Social Security (2020) aims to extend social security benefits to gig and platform workers, but implementation remains critical.
This economy has the potential to serve up to 90 million jobs, contributing significantly to India’s GDP. It’s estimated that the economy could add up to 1.25% to India’s GDP in the long run.
Summing Up!
As India acknowledges the gig revolution, policymakers, businesses, and workers must collaborate to create an ecosystem that balances innovation, social security, and economic growth. The gig economy isn’t just about jobs; it’s about reimagining work itself.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
