Highlighting India’s innovation capabilities by start-ups and gig economy, FM said these ventures can be capitalized to establish “brand India”.
What is the Gig economy?
- It is characterized by task-based, piece-work or gigs.
- Features: Temporary short-term contracts, independent assignments with flexible work timings, mediated through digital labor platforms
- Status in India
- Around 77 lakh workers were engaged in the gig economy in India (2020-2021). It is expected to expand to 2.35 crore by 2029-30. (NITI Aayog)
- Opportunities:
- India’s fast-growing emerging markets with increased pace of urbanization
- Substantial rise in informal economies along with rising middle-class consumption demands
- Availability of an aspirational class of workers ready to provide wide-ranging services
- Potential for massive growth and diversification across delivery and e-commerce
Challenges faced by the Sector
- Lack of social security, employment uncertainty & exploitation, lack of legal status of employees, overlap in definition of gig workers, platform workers giving rise to implementational challenges etc.
Steps to be Taken
- Role of Employer and Business Membership Organizations (EBMOs): facilitate social dialogue and shape policies for sustainable growth and worker protection.(ILO)
- Catalysing Platformization: A Platform India initiative on the lines of Startup India to accelerate platformization by providing funding support etc (NITI Ayog)
- Extending social security for gig & platform workers: by making provisions for paid sick leave, insurance etc
India’s Initiatives
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