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Rise of Gig Workforce across Indian Businesses

January 13 , 2023

Source: Economic Times

As the new normal of technology and digitalisation takes shape, it is redefining the future of work, the workplace and work culture, especially after the Covid-19 pandemic. The pandemic accelerated paradigm shift in the way employers as well as employees view and accomplish work in the workplace. As millennials and Gen Z (also known as digital natives) move up on their career journey, there is a shift expected across industries with move towards gig economy.

The gig work has existed earlier as well, especially the knowledge workers pursuing and choosing their projects due to the availability of necessary technology infrastructure. The Covid-19 pandemic pushed businesses to upgrade and bolster their technological infrastructure resulting in digital transformation across businesses and the way work is being done.

According to a NITI Aayog report, the gig workforce in India is projected at 2.35 crore (23.5 million) workers by 2029-30. This will be instrumental for India to achieve the $5 trillion GDP milestone over the course of few years. Boston Consulting Group, in its study ‘Unlocking the Potential of the Gig Economy in India’, states that there is potential for 90 million jobs through gig work in the long term that can add up 1.25% to the nation’s GDP over due course of time.