India's gig economy is expected to grow at a compounded annual growth rate of 17% to reach a gross volume of $455bn by 2024-25, with the potential to add 1.25% to GDP by 2030 and create 90m jobs in the long term. The country's gig economy currently supports sectors such as e-commerce, transportation, and delivery services.
The Indian government’s budget proposal to provide healthcare to gig workers of online platforms under the PM Jan Arogya Yojana is a significant step, as it will help vulnerable families during a health emergency, that otherwise could be enough to force them to slip into penury. This initiative will also help boost health insurance penetration and protection in the country.
Future Generali India managing director & CEO Mr Anup Rau said that health insurance today clearly stands out as the largest segment, contributing to a significant chunk of the total premium of the general insurance industry. “I believe health insurance will continue to grow as the country moves from upper middle-income to developed status in the next two decades. The measure announced by the government will help spur awareness and greater uptick of health insurance in the underserved and underpenetrated areas,” he said. This new initiative is likely to assist nearly 10m gig-workers in the country.