NITI Aayog releases report on "India's booming gig and platform economy"
Tags: National News
Recently NITI Aayog released a report titled 'India's Booming Gig and Platform Economy'.
According to the report the Indian gig workforce is expected to expand to 23.5 million workers by 2029-30, a 200% jump from the current 7.7 million.
The report estimates that gig workers will constitute 4.1% of the total workforce in India by 2029-2030, up from 1.5% now.
In the year 2020-21, 77 lakh (7.7 million) workers were engaged in the gig economy. Which constituted 2.6% of the non-farm workforce or 1.5% of the total workforce in India.
Major issues raised in the report
Job and income insecurity: Gig workers do not benefit from labour regulations relating to wages, hours, working conditions and the right to collective bargaining.
Occupational safety and health risks: Workers engaged in employment with digital platforms, especially women workers in app-based taxi and delivery sectors, face various occupational safety and health risks.
The gig economy is a free market system in which there are simple temporary positions and organisations contract with independent workers for short-term engagements.
According to a report by Boston Consulting Group, India's gig workforce employs 15 million employees in industries such as software, shared and professional services.
According to the 2019 India Staffing Federation report, India is the fifth largest country in flexi-staffing globally after the US, China, Brazil and Japan.
Gig worker: A person who works or participates in work arrangements and earns income from such activities outside the traditional employer-employee relationship".
India's gig sector potential
An estimated 56% of new jobs in India are being generated by gig economy companies in both blue-collar and white-collar workforce.
The gig economy can provide 90 million jobs in the non-farm sectors in India, with the potential to increase GDP by a further 1.25% in the "long term".
Please Rate this article, so that we can improve the quality for you -