Gig economy expected to grow by $20-$30 billion in India

10X Industry

Gig economy expected to grow by $20-$30 billion in India

Priya Wadhwa
10X Industry
Published:
Gig economy expected to grow by $20-$30 billion in India
SMEs prefer flexibility and quick turnarounds.

Technology has changed the work landscape in the past few decades. There are a growing number of freelancers, digital nomads and even start-ups that have taken advantage of technology to find and work on better projects. A recent study by PayPal showed that one in four freelancers are from India and the gig economy in the country has the potential to grow by $20-$30 billion by 2025.

Initially the project sources were limited to start-ups and SMEs, however, the large corporates are beginning to see its potential, as it gives them flexibility and reduces risk. Additionally, they can get the skills they need for different projects be filled by experts instead of relying on the same individuals. Having said that, the organisations are yet to put structures and policies in place to make the most out of this trend.

The shifting landscape from job stability to gig economy is not a new one in the world, there are many countries, especially in Europe that practice this style. As with them, technology is key to help companies future-proof themselves.

Read more about this trend and tips to incorporate to make the most of this economy here.