Gig Economy in India to employ 23.5 million by 2030, says NITI Aayog report

The Indian economy bouncing back from the covid-19 blues is expected to give a flip to the bludgeoning services industry especially due to the tremendous rise in the Gig economy in India. Today Lakhs of people are employed in this sector becoming a huge workforce in itself providing jobs to unskilled, educated and even older people.

The Niti Ayog in its report released on Monday says India’s Gig workforce is expected to rise from 77 lakhs in 2020-21 to 2.30 core in 2029-2030 and further it recommends to extend the social security measures to such workers and their families as mentioned in the code on social security by the Govt. of India.

The report titled ” India’s Booming Gig and Platform  Economy ” illustrates how this will help to transform the Indian economy and its workforce by enabling jobs for crores of Indians by 2029-2030. This is the first attempt by Niti Ayog in India to assess the current size of gig workers, that is those engaged in work outside the traditional employment avenues and the employment generation in this sector.

The Retail industry accounts for the largest share of gig workers, about 2.7 million, followed by the transportation sector, manufacturing, finance and insurance activities.

NITI Aayog vice-chairman Mr Suman Bery said on Monday that this report is a valuable knowledge resource in understanding the potential, driving further research and analysis in this sector.

Niti Aayog recommended that the access to finance should be fast-tracked and made through products designed specifically for gig workers. It also made the case for linking individuals engaged in the business of selling regional and street food with online market platforms that enables them to sell their products to a larger market.

To read more about this Niti Ayog report Click here

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