India’s gig economy is rapidly expanding, with predictions that the workforce will grow from 7 million in 2021 to 23.5 million by 2030.
This growth is stunning and signals a major shift in how we work.
INTO INDIA sees the gig economy as offering flexibility for both sides, remote working and other opportunities.
But the reality of being self employed is that you can also be “self unemployed”.
You can see why employers are so keen on this – providing access to a diverse talent pool while cutting costs. As companies embrace gig work, sectors like pharmaceuticals and technology are increasingly relying on freelance experts to meet their needs.
The gig workforce is growing – but it is still a tiny percentage of the total workforce – in India expecting to go from 1.5% in 2021-22 to 4.1% by the 2029-2030 financial year.
The pandemic is responsible for most recent changes in everything – and this is no exception.
Globally, the gig economy is expected to reach a gross volume of $455 billion by 2023, up from $368 billion in 2021. In India, there is a noticeable increase in organized sector gig work compared to a decline in the unorganized sector, reflecting a growing trend towards investing in gig workers.
INTO INDIA notes that trust between gig workers and employers is improving, with longer project durations becoming more common. Kapil Joshi, Deputy CEO of Ques Corp, observes that the average tenure for freelance projects has increased from 9 months to over a year since the pandemic, indicating growing trust in freelance coders for larger projects.
Historically, “flexibility” has meant flexibility for employers at the expense of employees. But this one might be different, because employees (some) are demanding gig work in preference to full time jobs.
We’ll see how this one goes over time.
Into India 