The New Emerging World of Work: Growth Story of India’s Gig Economy
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The process of digitalization has increased rapidly around the world and this process has transformed societies and brought a new economic revolution. The use of technology has brought a new change in India as well. A paradigm shift in business models, service provisions, and working arrangements has taken place. Now flexible types of jobs are available to freelancers and part-time workers. The gig economy is a relatively new and emerging sector with immense potential for growth and employment generation. This study highlights the growth of the gig economy in India from 2011-12 to 2019-20.The number of gig workers increased from 25.2 lakhs in 2011-12 to 68 lakhs in 2019-20. The CAGR is 16.78 per cent which is statistically significant. The percentage share of gig workers is 37.6 per cent in the formal sector and 62.4 per cent in the informal sector. The percentage share of gig workers is high in retail trade than in any other industry. Gig workers are more visible as shop salespersons, demonstrates, and small market salespersons. The gig economy has started playing a significant role in the Indian economy and impacting various aspects of employment entrepreneurship and consumer behavior.
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