 "Paytm founder praises fintech firms for job creation, boosting economy")
Finetech major Paytm’s founder Vijay Shekar Sharma lauded India’s new-age Indian technology firms for their contribution to large-scale job creation and strengthening the local economy.
In a social media post on X, Sharma shared a video of an Uber rider who earns Rs 80,000 a month and wrote, “India’s new-age technology firms have sparked a revolution in job creation at scale, generating crores of well-paying jobs that fuel our local economy. These colleagues are building a digital services ecosystem that the world admires—quick deliveries, local rides, and Paytm QR at every corner. Proud of every member of Indian Digital Services, who works relentlessly and takes pride in their work.”
Sharma further appreciated the role of his industry colleagues. Mentioning them as “members of Indian Digital Services”, he said, “Proud of every member of Indian Digital Services, who works relentlessly and takes pride in their work.” (Yes, I prefer to call them members of Indian Digital Services instead of gig workers). Together, we’re shaping a more inclusive, innovative, and proud Digital India.”
What is the video about?
In the video shared by Sharma, a Bengaluru-based gig worker who claimed to be an Uber rider spoke about his monthly income through bike riding.
When an interviewer asked the rider about his earnings and how many hours he spends riding his bike, the rider said, “Every month, I make around 80,000-85,000 and work 13 hours daily. People will laugh if I tell them but if we give time to work then it pays. I work as per my wish, I am my own boss and no one is there to tell me anything. Whenever I wish I will go and sleep.”
India’s gig and platform economy
A recent study by NITI Aayog’s skills and employment division estimates that between 2020 and 2021, approximately 7.7 million workers in India were part of the gig economy.
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This number is projected to grow to 23.5 million workers by 2029-30, with gig workers expected to make up 6.7 per cent of the non-agricultural workforce and 4.1 per cent of the total workforce in India by that time.
The increase in workforce participation is expected to be accompanied by the expansion of gig work across a variety of sectors, including transport, retail, sales, insurance, finance, and manufacturing. In recent years, India has witnessed significant growth and diversification within delivery services, e-commerce, and local ride-hailing platforms, as well as the emergence of platforms across a broader range of sectors such as personal and home services.