What is India’s demographic dividend?
If you read the business news, you will surely have heard of India’s ‘demographic dividend’. This refers to the fact that around 2020, our population’s average age will be 28 years and so this large body of young, working people are expected to yield a dynamic and booming economy. And that will be the demographic dividend for India.
Unfortunately, as this period grows closer, India has also been faced with economic woes and a shortage of jobs, especially for young graduates.
So, if you are soon entering the job market, or have been struggling to find the kind of job you want in these circumstances; is there an alternative?
Here’s where ‘the gig economy’ comes in.
The gig economy is an umbrella term for the host of emerging platforms that offer flexible, task-based employment. It includes all the services from Urban Clap and AirBNB, to newer startups that offer the opportunity to sign up and do tasks like editing/translation/transcribing interviews/online tutoring and so forth. What is more, this is a rapidly expanding sector that is constantly looking for new people.
Here’s how to decide if it’s for you:
- You can choose when and how much you want to work
- You can do many of these jobs remotely
- Easy entry/exit
- Even if you have a job, you can make extra money on the side through this type of work
- Be on several platforms at once
- Fewer prospects for Career growth
- No healthcare/other job benefits
- Varying quantities of workload/income
- Not regulated, so fewer outlets for grievance redressal
Overall, while it doesn’t quite substitute a good old-fashioned job just yet, the gig economy is a good way to find work when you’re in between degrees, productively monetize your skills and spare time, or tide you over (Help you financially) while you wait for better opportunities. It is something all young graduate ought to know about!