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    The gig economy in India is growing rapidly at a CAGR of 17% and has the potential to grow further given India's large population. While the gig economy provides flexibility and opportunities for freelance work, it also lacks benefits and job security for workers. Major gig platforms in India include Swiggy, Zomato, Uber and Ola. The COVID-19 pandemic initially reduced demand for food delivery and ride-hailing but companies adapted through contactless delivery and focusing on essential services. Compared to the US, the gig economy in India is less developed but growing, though more government support is needed to protect gig workers. Top gig roles include operations, administration and customer support. Companies seek experienced workers but offer varying compensation

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    The gig economy in India is growing rapidly at a CAGR of 17% and has the potential to grow further given India's large population. While the gig economy provides flexibility and opportunities for freelance work, it also lacks benefits and job security for workers. Major gig platforms in India include Swiggy, Zomato, Uber and Ola. The COVID-19 pandemic initially reduced demand for food delivery and ride-hailing but companies adapted through contactless delivery and focusing on essential services. Compared to the US, the gig economy in India is less developed but growing, though more government support is needed to protect gig workers. Top gig roles include operations, administration and customer support. Companies seek experienced workers but offer varying compensation

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    19 views15 pages

    Gig Economy in India

    Uploaded by

    RAJARSHI ROY CHOUDHURY
    The gig economy in India is growing rapidly at a CAGR of 17% and has the potential to grow further given India's large population. While the gig economy provides flexibility and opportunities for freelance work, it also lacks benefits and job security for workers. Major gig platforms in India include Swiggy, Zomato, Uber and Ola. The COVID-19 pandemic initially reduced demand for food delivery and ride-hailing but companies adapted through contactless delivery and focusing on essential services. Compared to the US, the gig economy in India is less developed but growing, though more government support is needed to protect gig workers. Top gig roles include operations, administration and customer support. Companies seek experienced workers but offer varying compensation

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    of 15

    GIG ECONOMY

    IN INDIA

    TEAM 8
    AVINASH KHILNANI : D005
    RAJARSHI ROY CHOUDHURY: D010
    SIMRAN RAINA : D014
    SRIJA GHOSH : D032
    ARINJAY ARORA : D063
    ANANTH CHINTAMANENI : D065
    Overview

    ❖ CAGR : 17%
    ❖ $455 billion
    ❖ US, China, Brazil, Japan,
    India
    ❖ India: 1 billion
    Boon?

    ❖ Freelance & Contract Work


    ❖ Change in industry trends &
    employee mindsets
    ❖ Resurgence of gig economy
    ❖ Full time employment vs Gig
    economy
    Or Bane?

    ❖ Absence of benefits
    ❖ Unsteady salary
    ❖ Unskilled labour
    ❖ Limited bargaining power
    ❖ Grim long term effects
    GIG IN INDIA
    ❖ Insurance Sector (Pre-existing
    gig industry)
    ❖ More than 1 million agents work
    for LIC
    ❖ The benefits for the agents are:
    ➢ Flexible working hours,
    ➢ Handsome commissions,
    ➢ Skill development,
    ➢ Training in new tools,
    ➢ Rewards and recognition
    Present State of Gig
    Economy

    ❖ 5th largest country for flexi-


    staffing after US, China, Brazil and
    Japan
    ❖ Major companies are Swiggy,
    Zomato, Uber, Ola, Amazon,
    Grofers, etc.
    ❖ Huge potential for gig workers in
    white collar jobs as well.
    Impact of COVID: Cab
    aggregator industry
    ❖ Reduced demand
    ❖ Effect on stakeholders
    ❖ Change in customer
    preferences
    ❖ Focus on saving cash
    ❖ Improving operations
    ❖ Investments in R&D
    Impact of COVID:
    Food-delivery apps

    ❖ Reduced demand
    ❖ Effect on stakeholders
    ❖ No contact delivery
    ❖ Essential deliveries
    ❖ Body temperature tracer
    COMPARISON
    BETWEEN USA
    AND INDIA

    ❖ The present 35% is expected to


    grow up to 42% by 2021.

    ❖ Total freelancing income


    contributes to about $2.28 trillion
    to the American Economy
    How did USA achieve
    these numbers?
    ❖ Higher rates of digitization, economic
    development and disposable income.

    US GOVERNMENT INITIATIVES

    ❖ Assembly bill 5 (AB5)


    ❖ $2 Trillion stimulus package providing
    assistance of USD 600 per week for
    unemployed and independent workers.
    GOVERNMENT INITIATIVES

    ❖ Kerala State Civil Supplies


    Corporation
    ❖ Union Health Ministry
    ❖ Gig and Platform Workers’
    Social Security Fund
    ❖ Online grocery stores
    ❖ New Labour Codes
    Scope & Trends

    ❖ Huge Potential of further growth and penetration


    Trend 2 as we
    possess the 2nd largest population in the worldr
    ❖ High unemployment amongst the urban youth,
    ❖ Growing aspiration of students
    ❖ Change in the mindset of women engaged in
    homemaking.1
    Potential estimate of the Indian
    gig economy sector

    Trend 1 Trend 2
    Top Giggable Roles What Are Companies Looking For
    In Gig Workers How Do Companies Reward Workers
    Operations Roles: ● Broad understanding of problem
    ● Customer support statement ● Fixed fee models as decided during
    ● Transaction ● Years of experience and contract initiation
    ● operations/processing qualifications ● Time and effort
    ● HR operations have ● Relevant industry experience ● Basis actual unit of work delivered.
    high demand for gig ● Proven capability in the areas of No fixed wage.
    and will continue in expertise ● Basis quality of outcome
    future ● Exposure to the exact type of ● Combination of all the models
    Admin & support work at hand
    roles
    CONCLUSION

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