The Indian gig workforce is expected to expand to 23.5 million workers by the year 2029-30, which is nearly a 200% jump from the current 7.7 million, a Niti Aayog report, ‘India’s Booming Gig and Platform Economy’, has revealed.
Overall, the demand for gig workers has increased by 10X whereas the participation of gig workers has increased by 3X in the year 2022 in comparison to the year 2021, the Taskmo report 2022 showed. “The participation of youth in the gig economy has increased 8-fold between 2019 and 2022,” the report said.
Women’s participation has increased from 18% to 36% showing a remarkable growth of 2X last year whereas Youth participation in the Gig economy has seen an 8-fold increase between 2019-2022, the report further showed.
As per an Aon survey—’Decoding the Gig Economy’, 49% of the 145 companies have already employed gig workers and 65% plan to increase this number over the next two to five years. Hence, there is a vast potential for job seekers in blue, white, and grey collar jobs, it said.
The gig economy is predicted to be a significant building block in achieving India’s aim to become a $5 trillion economy by 2025, the reports indicated. This would help in bridging the income and unemployment gap.
The Indian gig economy has the potential to serve up to 90 million jobs in the non-farm sectors of India (which is
around 30%) with the potential to add up to 1.25% to India’s GDP through efficiency and productivity gains alone, a study conducted by Boston Consultancy Group (BCG) said.