Page 23 - Banking Finance September 2025

ARTICLE

India's GIG

Economy: "The

Rise of Freelance

India" Kshitiz Srivastava

Chief Manager (Faculty)
Union Bank of India
Zonal Learning Centre
Lucknow

India's digital revolution-driven by cheap data, widespread smartphone use, and expanding
broadband-has laid the foundation for the gig economy. Platforms like Swiggy, Ola, and Urban
Company use real-time tech to match workers with demand instantly, enabling flexible and
accessible work opportunities.

Introduction Uber, Swiggy, Zomato, and Urban Company. These platforms
not only changed the way services are delivered but also
The global economy is witnessing a significant transforma-
tion with the rise of the gig economy - a labour market how labour is organized. Instead of hiring full-time workers,
characterized by short-term contracts, freelance work, and these companies leveraged independent contractors, offer-
ing task-based work. This model soon expanded beyond
on-demand services as opposed to traditional full-time em-
transportation and food delivery to include areas like con-
ployment. In India, this shift is particularly prominent, driven
tent writing, IT services, graphic design, housekeeping, tu-
by technological advances, changing work preferences, and
the expansion of digital platforms. The gig economy offers ition, and even legal or financial consultancy.
flexibility and independence to workers while enabling busi-
nesses to reduce costs and scale rapidly. However, it also Scope & Growth
poses significant challenges related to job security, labour Current Size and Employment Trends in India: According
rights, and social protection. to the report of NITI Aayog in 2022 the country had around
7.7 million gig workers in 2020-21, and this number is pro-
The term "gig" originates from the music industry, where jected to grow to 23.5 million by 2029-30. This would ac-
artists would take on short-term engagements or "gigs." count for nearly 4% of India's total workforce.
Over time, it came to signify any form of freelance, short-
term, or flexible employment, especially facilitated by digi- The gig economy in India is not limited to low-skilled or blue-
tal platforms. collar jobs. It encompasses a wide range of work arrange-
ments, from food delivery executives to freelance software
In India, the gig economy began gaining momentum with engineers, YouTube creators, consultants, and digital mar-
the emergence of technology-driven companies like Ola, keters.

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