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Gig Economy: The Evolving Landscape of Work
Posted on June 6, 2023 by Editor
With the rise of faster internet connectivity, India is witnessing a new industrial trend – the rise of the gig economy. The gig economy is a marketplace where organisations contract with independent workers for short-term engagements, often facilitated by digital platforms. According to a report by NITI Aayog, it is estimated that India has 7.7 million gig workers as of 2021, and this is expected to expand to a staggering 23.5 million by 2029-30.
What’s interesting is that India’s gig economy isn’t just a playground for low-skilled jobs. It’s a diverse landscape where all skill levels thrive. As per NITI Aayog, low-skilled gigs make up 31%, medium-skilled ones claim 47%, while high-skilled gigs stand at 22%. Medium-skilled gigs are seeing a slight dip, but the graph for low and high-skilled gigs is on the rise.
The gig economy’s charm lies in its flexibility. It offers workers the freedom to choose their working hours, providing an ideal work-life balance. Moreover, the ability to work from virtually anywhere unlocks a universe of opportunities unheard of in traditional job setups. For businesses, it’s a goldmine of diverse talents for specific tasks without the need for full-time hires.
However, the gig economy isn’t without its drawbacks. Gig workers often struggle with job insecurity and a lack of standard benefits like health insurance, retirement plans, and paid leave – the hallmarks of permanent employment. Additionally, the constant hunt for the next gig can result in stress and anxiety.
With its myriad opportunities for both workers and businesses, the gig economy is a force to reckon with. It is essential to address the challenges it poses to ensure a better future for all. As this dynamic economy continues to evolve, it promises to redefine India’s labour market in the coming years.
Gig Economy: The Evolving Landscape of Work
Posted on June 6, 2023 by Editor
With the rise of faster internet connectivity, India is witnessing a new industrial trend – the rise of the gig economy. The gig economy is a marketplace where organisations contract with independent workers for short-term engagements, often facilitated by digital platforms. According to a report by NITI Aayog, it is estimated that India has 7.7 million gig workers as of 2021, and this is expected to expand to a staggering 23.5 million by 2029-30.
What’s interesting is that India’s gig economy isn’t just a playground for low-skilled jobs. It’s a diverse landscape where all skill levels thrive. As per NITI Aayog, low-skilled gigs make up 31%, medium-skilled ones claim 47%, while high-skilled gigs stand at 22%. Medium-skilled gigs are seeing a slight dip, but the graph for low and high-skilled gigs is on the rise.
The gig economy’s charm lies in its flexibility. It offers workers the freedom to choose their working hours, providing an ideal work-life balance. Moreover, the ability to work from virtually anywhere unlocks a universe of opportunities unheard of in traditional job setups. For businesses, it’s a goldmine of diverse talents for specific tasks without the need for full-time hires.
However, the gig economy isn’t without its drawbacks. Gig workers often struggle with job insecurity and a lack of standard benefits like health insurance, retirement plans, and paid leave – the hallmarks of permanent employment. Additionally, the constant hunt for the next gig can result in stress and anxiety.
With its myriad opportunities for both workers and businesses, the gig economy is a force to reckon with. It is essential to address the challenges it poses to ensure a better future for all. As this dynamic economy continues to evolve, it promises to redefine India’s labour market in the coming years.