The process of evolution started long back, initially us as beings and later our needs evolved. The work requirements, work conditions and even work stations have impacted the growth and evolution process.
Generations passed and the liking changes, unlike older generations, youth have invested a large portion of their time in multitasking, no wonder they find it difficult to adjust with the traditional way of working.
The need for a flexible lifestyle has played a vital role in effectively increasing the demand of startups like zomato, swiggy, blinkit, zepto, and coworking spaces have been gradually contributing to the gig economy.
Gig economy has generated 204 billion dollars globally, while 56% of employment is generated via the gig economy, which is expected to rise to 23.5 million gig workers by 2029-2030.
Gig economy. Summing it up!
Gig economy sum ups as a market or industry that is dependent on an agile workforce. Agile workforce refers to a group of people who choose an uncertain work environment, for example freelancers, independent contractors. Gig economy has witnessed significant growth due to the growth seen in the number of platforms, easy internet access and access to transportation.
Gig economy is made up of 3 aspects, these are consumers, gig workers and gig work platforms. Gig work platforms are digital platforms that are designed to deliver services and ease out the employment process, besides gig workers are the agile workforce and consumers, the one to whom the services are provided.
Role of startups in gig economy
Startups are the prime source of employment in the gig economy, they have offered 4% of total employment. Niti Ayog estimated the volume of gig workers to rise from 7.7 million to 23.5 million by 2029-30.
The recent survey, Decoding gig economy, has published that stats that out of 145 companies 49% are dependent on gig workers and a prominent 69% plan to do so.
The breakdown of total contribution is such that, door delivery services contribute 22-26%, vehicle and household repairs contribute 16%, cleaning contributes 10%, personal care by 7%.
Indian startups have made a mark, globally. They have made India the third largest startup ecosystem in the world thus contributing 4 to 5% to Indian GDP.
As startups like zomato, swiggy, etc. are generating better employment opportunities, which links to better career prospects which directly impacts a stronger economy.
Final Thoughts
The major dependency of consumers today majorly relies on the consumption and easy access of the goods and services. Innovative startups thus have found a skillful solution to this by introducing online applications like Zomato, Swiggy, Blinkit, Zepto, etc.
These digital platforms play an important role in generation of employment through skillful and unskillful professionals that contribute to the growth of the gig economy.
Gig economy relies on agile force, this force contains freelancers, short term contractors and other vendors, basically ones who are known to choose the unusual work environment and schedule.
The Gig economy has made a significant impact in the Indian economy through its contribution, as the employment and business generated by startups is noteworthy. This generous growth in the gig workers is due to factors like easy internet access, transportation and availability of platforms which encourages people to earn passive income at times or full time based on what they choose.
In a nutshell, the gig economy is highly fueled with the presence of startups and the employment opportunities provided by them.
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