: NITI Aayog pegs India’s gig workforce at 2.35 cr by FY30 #finance #StockMarketNEWS #Business The report pitches for social security measures for workers New Delhi: India’s gig workforce is

Posted in: #finance #StockMarketNEWS #Business

NITI Aayog pegs India’s gig workforce at 2.35 cr by FY30 #finance #StockMarketNEWS #Business
The report pitches for social security measures for workers

New Delhi: India’s gig workforce is expected to expand to 2. 35 crore by 2029-30 from 77 lakh in 2020-21, a NITI Aayog report said on Monday, and recommended extending social security measures for such workers and their families in partnership mode as envisaged in Code on Social Security.

The report titled ‘India’s Booming Gig and Platform Economy’ further said gig workers are expected to form 6. 7% of the non-agricultural workforce or 4. 1% of the total livelihood in India by 2029-30.

Gig workers can be broadly classified into platform and non-platform workers. Platform workers are those whose work is based on online software apps or digital platforms while non-platform gig workers are generally casual wage workers, working part-time or full- time.

Gig workers prefer a flexible work schedule, typically with low to middle level of education. Income through gig work is not their primary source of income and they are often holding another regular job.

According to the NITI report, it is estimated that in 2020-21, 77 lakh workers were engaged in the gig economy and they constituted 2. 6% of the non-agricultural workforce or 1. 5% of the total workforce in India.

Similarly, it estimated that there were 68 lakh gig workers in 2019-20, using both principal and subsidiary status, forming 2. 4% of the non-farm workforce or 1. 3% of the total workers in India.

The report pointed out that the employment elasticity to GDP growth for gig workers was above one throughout the period 2011-12 to 2019-20, and was always above the overall employment elasticity.

To harness the potential of the gig-platform sector, the report recommended accelerating access to finance through products specifically designed for platform workers, linking self-employed individuals engaged in the business of selling regional and rural cuisine, street food, etc, with platforms to enable them to sell their produce to wider markets in towns and cities.

Other recommendations include undertaking a separate enumeration exercise to estimate the size of the gig-platform workforce and collecting information during official enumerations.

As per the report, in terms of industrial classification, about 26. 6 lakh gig workers were involved in retail trade and sales, and about 13 lakh were in the transportation sector.

About 6. 2 lakh were in manufacturing and another 6. 3 lakh in the finance and insurance activities, it added.

At present, about 47% of the gig work is in medium skilled jobs, 22% in high skilled, and about 31% in low skilled jobs.

According to the report, the trend shows the concentration of workers in medium skills is gradually declining and that of the low skilled and high skilled is increasing.