New lease of life for gig economy
The gig economy is continuously evolving and has seen 93% growth since Jan 2023 in the white-collar space as of July 2023
The gig economy is continuously evolving and has seen 93% growth since Jan 2023 in the white-collar space as of July 2023
The country needs to revisit the very definition of gig and platform workers similar to those outside the traditional employer-employee relationship, like the U.S. and Europe.
Govt think tank NITI Aayog says gig workforce is expected to grow from 1.5% of total workforce in 2020-21 to 4.1% of total livelihood in India by 2029-30.
Work for eight months a year or 12 hours a week, or be a part-time CMO or CFO — flexible employment models are becoming efficient retention tools for India Inc.
The contentious relationship between gig workers and platforms continues to define the platform economy. Sticking points are: social security, gratuity, minimum wage protection and working hours.
Gig work, at lower end of the skill chain, is low-paying, with no social security and job protection; it worsens social and financial health of workers, damaging the economy’s growth prospects.
Core sector — steel, cement makers — are looking at expansion of capacities, says finance minister.
As several reports attest, India is seeing a rise in gig economy jobs, both in the blue-collar and white-collar segments, with the pandemic accelerating this trend.
AI and automation will have a critical role to play in helping businesses recover from the Covid-19-led economic downturn.
Given end consumers and societal norms have historically driven the asset class, the next five years are likely to be one of the biggest golden periods for the sector.