Gig Economy: Past, Present and Future in India

Gig Economy: Past, Present and Future in India

ABSTRACT

The last two decades has witnessed the growth of the gig economy as freelance white collar professionals like translators, software developers, data entry operators, creative and multimedia professionals, writers, online sales and marketing professionals have found new ways of being a part of the gig economy. Because of this trend an exceptional growth is expected to be seen in this gig-based business model in the near future.  It is primarily because it not only allows engagement of talent pool and quickens the process to delivery, but also lowers the indirect cost. As a result of this enormous prospect of the gig workers, the industry specialists have estimated that there could be over 15 million of them working in India right now. Their presence was acknowledged by the central government as they declared social security measures for the first time for the gig workers in India in the Union Budget of 2021-2022. This scholarly article tries to investigate the growing attributes of work around the world, precisely in India, with the dawn of gig economy. The article explores background, present trends and future prospects of gig work in India, primarily due to the augmentation of work involving high tech. This article draws inferences from secondary data available in reports, journals and scholarly research works. The study advocates for a gig-based business model, suggesting inclusion of gig workers as an important element of human resource (HR) planning and strategy.

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