November 28, 2024November 28, 2024

Gig economy to add 90 million jobs, 1.25 per cent to GDP: Report

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India’s gig economy could add 90 million jobs enabled by large multinationals, according to a white paper released by the Forum for Progressive Gig Workers. The study said that the country’s gig economy market is expected to grow at a compound annual growth rate (CAGR) of 17% to reach a gross volume of $455 billion by 2024.

Also, it has a potential to add 1.25% to the country’s GDP over time.

The white paper has highlighted various impact of the gig economy, including alternate revenue streams for workers and scope for earnings for women and avenues of integration into the workforce.

Currently, sectors such as e-commerce, transportation and delivery services are being highly supported by the gig workers.

“With tier 2 and 3 cities emerging as growth hubs, and platforms driving welfare initiatives, the future of gig work lies in leveraging AI, predictive analytics, and digital innovation to create sustainable and inclusive opportunities,” said Vinod Kumar, president of India SME Forum.

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