“The gig economy is a burgeoning phenomenon in India, offering flexible opportunities to people from all walks of life.”
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Stating such, the Taggd India Decoding Jobs 2024 report has highlighted the role of the gig economy in the Indian job market leading up to 2024. Besides allowing for work flexibility, the gig economy has also opened up new possibilities for a steady income.
What is a gig economy exactly, and will it last in India?
What is a gig economy?
A gig economy refers to a labour market characterised by the prevalence of short-term contracts or freelance work, as opposed to permanent jobs.
One of the main attractions of the gig economy for workers is flexibility, which allows them to choose when and where they work, allowing for a better work-life balance.
While the gig economy offers flexibility, it can also be unpredictable regarding income and job security, as the gig workers may experience earnings fluctuations depending on project availability.
Another downside of gig economy is the lack of benefits. Many gig workers do not receive traditional employee benefits such as health insurance, retirement contributions, paid time off, or unemployment benefits.
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Further, the gig economy presents regulatory challenges for governments, as it blurs the lines between independent contractors and traditional employees. This ambiguity can lead to legal disputes and challenges in ensuring fair labour practices.
Thriving as gig worker requires adaptability to the job market of 2024
The gig economy demands “self-motivation and a knack for self-management.”
While it opens up new possibilities for a steady and sustainable income, one’s ability to thrive in the gig economy depends on acquiring in-demand skills that are now more valuable than ever.
It also requires adaptability and the ability to independently source new clients and projects.
Which sector is moving towards gig economy in India?
In India, the IT sector, being in its correction phase, is gearing up to shift its hiring efforts from permanent employees to gig workers. The IT sector has demonstrated an 8% increase in gig hiring, with a total of 18% hiring intent in 2024.
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On the other hand, the automobile industry has negligible hiring for gig/ contractual workers at 2% of the total hiring intent.
