Unlocking the Potential of the Gig Economy in India
The ‘gig’ economy has risen dramatically over the last decade with the introduction of digital platforms such as Ola, Uber, Swiggy, Dunzo, and UrbanCompany, among others. With the rise of technology-enabled gig work platforms, more than 200 million people are now considered part of the global ‘gig’ workforce.
In India, ‘gig’ employment is not a novel concept. With its enormous informal economy and casual workers, India has long had the equivalent of gig work in both urban and rural areas, ranging from temporary agricultural workers to daily-wage construction laborers to delivery personnel. What has changed in recent years is the use of technology to match and expand on-demand services.
The gig economy helps companies, employees, and the economy as a whole, with benefits that go beyond traditional conceptions of convenience, on-demand availability, and flexibility. This is due to the underlying economic factors that platform-enabled gig work addresses at scale, as well as the collateral advantages it can provide, which can lead to a virtuous expansion cycle. Some of these benefits include:
- Improving the efficiency of large-scale workers, service discovery, and fulfillment.
- Aligning economic incentives between employers and workers, resulting in higher incomes for workers while lowering ‘fixed’ costs for firms.
- Catalyzing economic recovery by offering on-demand workers, even if firms are hesitant to hire full-time employees.
- Expanding labor participation, particularly for women and students who may only be able to work part-time to augment household income.
- Obtaining collateral benefits from ‘formalizing’ labor markets, such as financial inclusion and social protection.
- Improving overall productivity by eliminating idle and unproductive time.
The long-term potential of the ‘gig’ economy could comprise:
- Skilled and semi-skilled jobs (about 35 million) in industrial industries.
- Shared services roles (about five million), such as facilities management, transportation, and accounting.
- Household demand for services (around 12 million).
- Unskilled jobs (about 37 million) in a variety of industries.
Construction, manufacturing, retail, transportation, and logistics might account for more than 70 million of the potentially ‘gigable’ positions.
TraQiQ: Powering the ‘gig’ economy in India
TraQiQ, acquired MIMO-Technologies in Feb 2021, an Indian corporation with a nationwide network of delivery professionals & task associates.
MIMO’s task associates are qualified to complete deadline-oriented work and deliver it to the customers in India’s most remote locations within pre-determined timelines. More than 14000 task associates serve in various rural and semi-urban areas.
Using the intelligent MIMO application framework, MIMO provides efficient end-to-end Transshipment logistics. The framework manages and optimizes last-mile delivery & e-commerce logistics across the entire distribution chain for your back-end functions with transparency and seamless integration.
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