Significance of Gig Work in India's Labor Market
Recent protests by gig workers in India have highlighted the growing importance of platform work in the country's labor market. While it is often perceived as flexible employment, it increasingly mirrors regular work, prompting discussions on hours, pay, and working conditions.
Global Context and Earnings
- India's Contribution:
- India contributes over 25% to the global supply of online gig workers, underlining the sector's significance in the economy.
- Earnings Comparisons:
- The average gig earnings in India and the US surpass minimum wage benchmarks, unlike in the UK where they fall below the statutory floor.
- Work Nature:
- In India, gig work is typically full-time, spreading earnings over longer hours compared to the US and the UK.
Trends in Startup Formation and Funding
- Firm Formation:
- From 2011 to 2025, an average of 471 firms were founded each year. However, there has been a decline in recent years.
- Global Funding:
- India's share of global funding during this period showed considerable variability.
Revenue and Company Rankings
- Platform Company Revenue:
- Revenue per employee for five major platform companies increased in the six years ending FY25, with fluctuations. Only two companies saw a year-on-year rise in FY25.
- Company Rankings:
- The US, India, and the UK are top-ranked for having the highest share of companies founded between 1971 and 2025.
