Gig Economy in Growing India

A Gig Economy is a labor market that relies heavily on temporary and part-time positions, and these positions are filled by independent contractors and freelancers rather than full-time permanent employees. Eg. Various online platforms like food delivery services, online cab bookings, etc. Through this Gig Workers gain flexibility and Independence but little or no job security.

Prospects of Gig Economy in India:-

1. NITI Aayog estimation- says in 2020-21 almost 7.1 million (77Lakh) were Gig workers in India and through the same respect the number is tuned to swell to around 23.5 million i.e. (2.35 crore) workers by 2029-30.

2. TASKMO- (A Gig discovery platform) In its study, there is an around 7 times increase in demand for Gig workers for the roles of Administrative assessment, industry experts for E-commerce, Technical Skills workers, analytics, and Data Scientists.

3. Further, the report highlights that there has been observed a 3-fold increase in Gig Workers in 2022 itself than recorded in 2021. Even, Women's participation in Gig Economy has increased from 18% to 36% in 2022 as compared to 2021 surging a 2 times increase.

4. Whereas, Youth participation in the Gig economy has seen an 8-fold rise from 2019-22.

Reason for Growth of Gig Economy in India:-

1. The rapid growth of Digital Communication- Wherein the workforce is highly mobile and can practically work from anywhere.

2. Adoption of the Gig Economy reduces the operating costs- Since the company's wont be liable to pay pensions and other social security benefits and apart from this companies do not require to meet huge accommodating costs.

3. Flexibility is another main reason as workers can switch jobs whenever and however they want and however it is suitable for them.

4. A slowdown in Formal Employment Creation.

Advantages:-

1. TO EMPLOYER-

• Cost-effectiveness helps minimize the cost of expensive workspaces.

• Labour Force: Company freelancers

• Output Production: Providing a unique work schedule.

2. TO WORKER-

• Independence

• Flexibility

• Extra Income.

Disadvantages:-

1. TO EMPLOYER-

• Worker commitment & loyalty issues

• Ethical issues- as is considered a casual workplace.

2. TO WORKER-

• Lack of Benefits

• Personal expenses

• Impact on Physical as well as Mental Health.

Social security

Social security is the protection that society provides to individuals and households to ensure access to healthcare and to guarantee income security, particularly in cases of old age, unemployment, sickness, invalidity, work injury, maternity, or loss of a breadwinner.

A Gig Platform: A work arrangement outside of a traditional employer-employee relationship in which organizations or individuals use an online platform to access other organizations or individuals to solve specific problems or to provide specific services or any such other activities which may be notified by the central government, in exchange for payment.

A Gig Worker: A Person who performs work or participates in work arrangements and earns from such activities outside of a traditional employer-employee relationship.

Concerns related to Gig Economy:-

1. Lack of Labour Rights

2. No legal rights for Gig workers

3. Greater control of the employer

4. No guaranteed benefits

5. No guaranteed contribution by Aggregator Platforms.

Way Forward:-

1. Platform India Initiatives

2. Accelerating access to finance for platform workers

3. Skill development

4. Enhancing Social Inclusion in the new-age digital Economy

5. Future estimations of platform workers

6. The Future of the Platform Economy

7. Extending Social Security for Gig & Platform Workers in India.