Union Budget 2021: A Formal Introduction to the Gig Economy

Finance Minister Nirmala Sitharaman presented India’s Union Budget 2021 on February 1 in which a number of measures were proposed to support the economy amid the Covid-19 pandemic.

Indian gig workers and freelancers earned the recognition they deserved. India’s gig economy workers will get social security for the first time. 

What is the Gig Economy?

The gig economy is a free market system in which temporary positions are common and organisations hire independent workers for short-term commitments.

The Budget also proposes to launch a portal that would collect relevant information on gig economy workers, including those working in building and construction, among others.

The government’s emphasis on creating an Atmanirbhar Bharat is synonymous with ensuring that our women are also Atmanirbhar, which can only come with their financial independence. It is thus a welcome change that women will be allowed to work in all categories with adequate protection, a move which will open up further job opportunities for women, thus enabling higher financial security. Additionally, we had highlighted the need to ensure that gig workers, a huge proportion of whom are women, need to be provided with adequate benefits. It is thus heartening to see that social security benefits will now be extended to gig and platform workers for the first time.

The gig economy and freelancing have a brighter landscape that will continue to light the future. The freelancing business in India will also result in the rise of the woman workforce. These empowered, confident women workers will break the barriers of societal norms by working online from anywhere. More power to our women!

Sources: YourStory | CXO Outlook | FirstPost