(MENAFN- IANS) New Delhi, Nov 28 (IANS) India's gig Economy could add 90 million jobs, enabled by large multinationals, and add 1.25 per cent to the country's GDP over time, according to a report on Thursday.
Gig economy supports sectors such as e-commerce, transportation and delivery services, among others, and the market is expected to grow at a compound annual growth rate (CAGR) of 17 per cent to reach a gross volume of $455 billion by 2024, according to the report by The Forum for Progressive Gig Workers.
Gig economy has created millions of non-farm jobs, with e-commerce alone generating over 16 million roles.
“The report presents an initial effort to analyse the evolving dynamics between large companies and gig workers. It is a valuable starting point for understanding the challenges and opportunities within this sector,” said K Narasimhan, Convenor, Forum for Progressive Gig Workers.
At a later stage,“we plan to collaborate with global organisations to release a formal report that provides deeper insights and actionable recommendations,” Narasimhan added.
The gig economy is set to play a crucial role in India's future workforce and economic growth and will be instrumental in driving job creation, reducing income disparities, and promoting innovation across sectors.
However, it is imperative to adopt industry-best practices, flexible and standardized guidelines that will be critical to enhance efficiency, support gig workers, and contribute to the country's growth.
“With tier 2 and 3 cities emerging as growth hubs, and platforms driving welfare initiatives, the future of gig work lies in leveraging AI, predictive analytics, and digital innovation to create sustainable, inclusive opportunities,” said Vinod Kumar, President, India SME Forum.
The government has also formed a committee to suggest a framework for providing social security and welfare benefits to gig and platform workers.
Gig workers and platform workers have been defined for the first time in the Code on Social Security 2020, which has been enacted by the Parliament. An advisory has also been issued by the Ministry of Labour and Employment to aggregators to register themselves and platform workers engaged with them on the e-Shram portal.
The ministry launched the eShram portal on August 26, 2021, for the creation of a comprehensive National Database of Unorganised Workers (NDUW) verified and seeded with Aadhaar. As on November 19, over 30.4 crore unorganised workers have registered on the eShram portal, on a self-declaration basis.
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