Future of Work - Gig Economy and Emerging Trends in India
TL;DR
Key trends shaping India’s gig economy show that in recent years there has been a significant rise in skill diversification in this sector, and harnessing technology, promoting skill development, and implementing adaptive strategies can unlock this potential and promote opportunities for equitable growth.
Abstract
Abstract India’s gig economy is rapidly growing, driven by digital platforms and changing workforce dynamics, with an estimated 12 million gig workers in financial year 2024-25. It is estimated to reach 23.5 million by 2029-30; this sector contributes 1.25% to India’s GDP. The workforce is predominantly young, educated and engaged in sectors with high mobility such as digital delivery and professional services. Key trends shaping India’s gig economy show that in recent years there has been a significant rise in skill diversification in this sector. Hyper-local gig work and skill-based platforms are expanding rapidly. Gig work is also emerging in green services and eco-friendly delivery. Despite these job opportunities, gig workers face challenges like income volatility, limited social benefits and uncertainties. Prioritizing inclusive growth, social security, and fair compensation is crucial. Many regulatory developments, including proposals for social security and platform regulations, are being introduced. By harnessing technology, promoting skill development, and implementing adaptive strategies, India can unlock this potential and promote opportunities for equitable growth for millions of gig workers.