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Gig-Economy, India and the Future

Gig-Economy, India and the Future

The term "gig economy" was first coined in the 1910s by jazz session musicians who referred to their musical performances as "gigs" due to the per-job basis of their work. This term was later adopted to refer to the freelance economy, in which workers support themselves with a variety of part-time jobs that do not provide traditional benefits such as healthcare. [1]

The gig economy has been on the rise in India over the past few years, and it's showing no signs of slowing down. In fact, by 2024, it's expected to be a dominant force in the Indian economy, with more and more people turning to gig work as a way to a living. NITI Aayog estimates India has 7.7 million gig workers, which it expects will swell to 23.5 million by 2029-30.

One of the reasons for this growth is the increasing number of freelancing platforms and gig marketplaces that are emerging in India. These platforms are making it easier than ever for people to find work and connect with clients, regardless of their location or industry.

Another factor driving the growth of the gig economy in India is the increasing number of millennials and Gen Zs who are entering the workforce. These generations are more interested in flexible work arrangements and are increasingly turning to gig work as a way to achieve that flexibility.

However, there are also challenges that need to be addressed if the gig economy is to continue to grow in a sustainable way. One of the biggest challenges is the lack of benefits and protections for gig workers, such as health insurance and retirement savings. This is an issue that will need to be addressed by the government and the private sector if the gig economy is to thrive in the longer term.

Gig-Economy, India and the Future

Overall, the future of the gig economy in India looks bright, with more and more people turning to gig work as a way to earn a living. However, it will be important to address the challenges that come with this growth in order to ensure that gig workers are able to thrive and succeed in the years to come.

The growth of the gig economy in India has been driven by a combination of factors, including the pandemic, mass layoffs, and a changing mindset of the workforce. The pandemic has had a significant impact on the economy, resulting in mass layoffs and increased demand for flexible work schedules. This has led to an increase in the number of people looking for alternative sources of income and has created an opportunity for the gig economy to thrive. Additionally, the widespread adoption of smartphones and the availability of high-speed internet has made it easier for workers and businesses to connect through online platforms, facilitating the growth of the gig economy [2]. Furthermore, the changing workforce mindset has also contributed to the development of the gig economy. People are now more open to the idea of working independently and taking on freelance projects, which has further boosted the gig economy [3].

According to a report by StartupTalky[4], the top 10 gig economy companies in India in 2023 are Flipkart, Urban Company, Bigbasket, Swiggy, Zomato, Amazon, Dunzo, PharmEasy, Ola Cabs, and Porter. The most popular jobs in the gig economy in India in 2023 include Tele caller executives, accounting, manual labor, DoorDash, Didi, Airbnb, and Uber[5].

We found this article "32 Highest Paying Gig Economy Jobs in 2023" from The Ways To Wealth[6], the highest-paying gig economy job in India is a Data Scientist. Data Scientists are responsible for large-data analysis and interpretation, and the average salary range for this job is between Rs. 7 – 15 LPA, with the highest salaries going as high as Rs. 20 – 40 LPA.

Gig-Economy, India and the Future

There are several evaluation parameters to consider when deciding between a gig and a full-time job. Here are some of the most important ones:

  1. Income: Look at the potential earning capacity of both options. Full-time jobs are likely to offer a steady salary and benefits, while gigs may offer more flexibility but with less financial security.

  2. Benefits: Consider the benefits that come with a full-time job, such as health insurance, retirement plans, and paid time off. Gig work typically doesn't offer these benefits, which can be a significant disadvantage.

  3. Flexibility: Gigs offer more flexibility in terms of schedule and workload, which can be a major advantage for some people. Full-time jobs typically require a set schedule and may not allow for much flexibility.

  4. Career growth: Consider the potential for career growth and advancement with both options. Full-time jobs may offer more opportunities for advancement, while gig work may offer opportunities to build a diverse skill set.

  5. Work-life balance: Consider your personal priorities in terms of work-life balance. Full-time jobs may offer more stability, but may also require more time and energy. Gigs may offer more flexibility, but may also require more hustle and self-motivation.

  6. Job security: Full-time jobs offer more job security than gigs, which can be a major factor in decision-making. Gigs are typically short-term and may not offer the same level of stability.

Ultimately, the decision between a gig and a full-time job will depend on your personal circumstances and priorities. Consider these factors carefully before making a decision.


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