Gig economy booms, Telangana plans permanent push for temporary sector

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Gig economy booms, Telangana plans permanent push for temporary sector

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This story is from February 17, 2023

Gig economy booms, Telangana plans permanent push for temporary sector

The gig economy in Hyderabad is booming with the month-on-month growth in demand at 45%, which is next only to Mumbai (45.4%) even as tier-1 cities saw an overall growth of 33%.

As per a Niti Aayog report of June last year, there were 77 lakh gig workers in 2020-21 and by 2029-30 it is likely to increase to 2.35 crore
HYDERABAD: The gig economy in Hyderabad is booming with the month-on-month growth in demand at 45%, which is next only to Mumbai (45.4%) even as tier-1 cities saw an overall growth of 33%.Pointing to figures from the first edition of the Taskmo Gig Index (TIG) of July last year, the state government’s Socio-Economic Outlook (SEO-2023) has said that Telangana can offer many more opportunities in increasing the

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According to the index, the top sectors in the Indian gig space are quick commerce, health tech, fintech and e-commerce. Apart from Mumbai and Hyderabad, Delhi (32%), Bengaluru (25%) and Chennai (23.4%) made the top five with highest growth for gig workers.As per a Niti Aayog report of June last year, there were 77 lakh gig workers in 2020-21 and by 2029-30 it is likely to increase to 2.35 crore. Currently, medium-skilled jobs account for 47% of gig work, high-skilled jobs for 22% and low-skilled jobs for 31%. “India is a developing country, endowed with a demographic <a the SEO report observed.Considering the increase in numbers, the growth in demand can be understood in two different ways, according to Krishna Reddy Chittedi, assistant professor at UoH school of economics. "If a city's per capita income (PCI) is high, residents will look to spend money in less formal ways such as using apps to order food or hire workers for jobs such as plumbing, which will be reflected in the statistics. On the flip side, gig economy jobs don't pay very well, so it's important to determine whether people are making <a t enough of them to meet demand," he said.According to the Periodic Labour Force Survey (PLFS) report 2020-21, the labour force participation rate (across all ages) is estimated to be around 41.6% in India and 48.4% in Telangana. The government can keep working to address some of the issues mentioned above as a way forward with the boom in the gig economy to give the sector a platform and opportunities for growth, the SEO report observed.

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