How India is taking over the gig economy on a global stage

Updated: November 13, 2021 10:04 AM

As per a BCG report, the gig economy has the potential to serve up to 90 million jobs, add up to 1.25% to India’s GDP

Gig platforms will continue to flourish and be the technical resource power grids for the global stage

By Himanshu Kumar

Bharat (India) has always been a country, centered on innovations, giving rise to entrepreneurship and micromanagement, all the way throughout its states. Everybody, ranging from the farmer to the blacksmith were engaged in some form of a micro-entrepreneurship model. The country has since long stayed away from the culture of ‘Naukri’ or jobs. Be it the village or the state, every region inside the country was an ecosystem in its true nature, connecting one to the other.

Every profession knew their individual job and worked fairly hard to provide the desired output. For instance, the farmers were steady with their food supply, carpenters ensured tools for varying range of operations, and architects designed the foundation of the region. But yet there was no such possibility of a job. Every trade practitioner was a freelancer of some sort. Everybody, ranging from the priest to blacksmith and the mason were freelancers, working on individual projects, to later shift to cities for delivering bigger projects.

Fast forward to the 21st century and the year 2021, the gig economy is still thriving and has proven itself to be a driving force in shaping the future of the Indian economy. As per a BCG report, the gig economy has the potential to serve up to 90 million jobs (roughly 30% of India’s non-farm workforce), add up to 1.25% to India’s GDP and create millions of new jobs across all sectors of India’s economy.

The unique characteristic of such a gig-based relationship is what makes it unique. It fosters unique employment relationships that are set beyond any traditional measure. The process eliminates traditional methods of working in multiple ways; primarily by removing the employer-employee barrier.

Further, the flexibility in terms of desired operations and the hours they decide to dedicate is what makes the transaction interesting. Businesses also get to enjoy similar flexibility as they don’t have to depend on dedicated employees, giving them the perks of cutting down on fixed remuneration and social security.

Giving a decent push to such a work economy are multiple urban platforms that are promoting opportunities for the gig experts who want to stay ahead of the curve by challenging the status quo. Looking at the way the ‘gig economy’ is taking a rise, we can say that ‘Tech’ is finally being used to amplify good. It’s working on a simplified model of creating and sharing equal opportunities for all.

If we look at it, Bharat (India) has been at the forefront of technological evolution, often adapting to the better in no time. Such instances can be witnessed around our leap from Euro 4 emission standards to Euro 6 and shifting from 2G to 4G, with a small stint with 3G. Looking at the future of technology, we might also have a better chance at skipping the electric revolution for Hydrogen opportunity.

This is what the country is and has always been! The way it has adapted to digitisation, shifting from traditional to digital life payments, banking, and data penetration. Moreover, the world’s greatest threat, the pandemic also couldn’t slow down the momentum of this evolution.

The evolution of ‘Work From Home’ to ‘Work from Anywhere’ is setting a positive tone. The entire employment industry has witnessed a major shift over the last two decades. Employees have stayed at their native places and made the most of their isolation with equal balance on productivity and health.

Looking at the future of the Bharat we live in today, gig platforms will continue to flourish and be the technical resource power grids for the global stage. Looking at the current pace, we can say that the country will be at the forefront of technology, labor, and skills.

(The author is co-founder, MyMobiForce. Views expressed are personal.)

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