India's Gig Economy May Generate 90 Million Jobs in the Future: Report
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New Delhi, Nov 28 (NationPress) India's gig economy is projected to generate 90 million jobs, supported by major multinationals, and contribute 1.25 percent to the nation's GDP in the long run, as per a report released on Thursday.
The gig economy bolsters various sectors, including e-commerce, transportation, and delivery services, with expectations of a compound annual growth rate (CAGR) of 17 percent, reaching a gross market volume of $455 billion by 2024, according to the report from The Forum for Progressive Gig Workers.
This sector has already generated millions of non-farm jobs, with e-commerce alone accounting for over 16 million positions.
“This report represents an initial effort to examine the changing dynamics between large corporations and gig workers. It serves as a crucial starting point for understanding the challenges and opportunities within this sector,” remarked K Narasimhan, Convenor of the Forum for Progressive Gig Workers.
In the future, “we aim to partner with global organizations to publish a formal report that will offer deeper insights and actionable recommendations,” Narasimhan noted.
The gig economy is poised to be a vital component of India's workforce and economic expansion, playing a key role in job creation, diminishing income inequality, and fostering innovation across various sectors.
However, it is essential to implement industry-leading practices and flexible, standardized guidelines that will be instrumental in improving efficiency, supporting gig workers, and facilitating national growth.
“With tier 2 and 3 cities emerging as growth focal points, and platforms initiating welfare programs, the future of gig employment lies in harnessing AI, predictive analytics, and digital innovation to create sustainable and inclusive opportunities,” stated Vinod Kumar, President of the India SME Forum.
Additionally, the government has established a committee to propose a framework for social security and welfare benefits for both gig and platform workers.
For the first time, gig and platform workers have been defined in the Code on Social Security 2020, which was passed by Parliament. An advisory has also been issued by the Ministry of Labour and Employment urging aggregators to register themselves and the platform workers associated with them on the e-Shram portal.
The ministry launched the eShram portal on August 26, 2021, to create a comprehensive National Database of Unorganised Workers (NDUW) that is verified and linked with Aadhaar. As of November 19, over 30.4 crore unorganised workers have registered on the eShram portal based on self-declaration.
