The gig economy market in India is expected to grow at a compounded annual growth rate (CAGR) of 17% to reach a gross volume of $455 billion this year, reports The Financial Express. Its contribution to India’s gross domestic product (GDP) is estimated to be substantial, with the potential to add 1.25% to GDP by 2030, and create 90 million jobs in the long term. The gig economy supports sectors such as e-commerce, transportation, and delivery services, among others.  

Vinod Kumar, president, India SME Forum, said India’s gig economy was poised for exponential growth, and is expected to employ 23.5 million gig workers and contribute 1.25% to GDP by 2030. “With Tier-II and Tier-III cities emerging as growth hubs, and platforms driving welfare initiatives, the future of gig work lies in leveraging AI, predictive analytics, and digital innovation to create sustainable, inclusive opportunities,” he said.  

Nirupama Soundararajan, founder, Policy Consensus Centre, said, “While social benefits for gig workers are essential, it’s crucial to maintain a distinction between full-time employment and gig work. Equalising (sic) the two could disrupt the labour market, diminishing the appeal of full-time roles and impacting productivity and economic stability.”