India's gig economy may add 90 mn jobs, contribute 1.25% to GDP: White paper

Forum for Progressive Gig Workers' report says this market is expected to expand at 17% CAGR to reach a gross volume of $455 bn by year-end

- PEERZADA ABRAR

The gig economy market is expected to grow at a compound annual growth rate (CAGR) of 17 per cent to reach a gross volume of $455 billion by the end of 2024, according to a white paper by The Forum for Progressive Gig Workers. Estimates suggest the gig economy has the potential to create 90 million jobs and add 1.25 per cent to India's GDP (gross domestic product) over time. Gig economy supports sectors such as e-commerce, transportation, and delivery services, among others, the white paper says.

The white paper was launched on Thursday at a webinar on "Shaping the Future of Work: Empowering India's Gig Economy". The paper further underlines the positive impact of the gig economy, including alternative revenue streams for workers, scope for earnings for women, and avenues of integration into the workforce.