New-age policies necessary to tap the potential of the “Gig and Platform” economy: PM Modi

Indore: Prime Minister Narendra Modi said on Friday that there is immense employment potential for the youth in the gig and platform economy. He also stressed on the need for new age policies at the global level to tap the potential of this economy. In a video message at a meeting of Labor and Employment Ministers of G20 countries held in Indore, Modi said that the gig and platform economy, which has emerged as a form of flexibility (of work) during the outbreak of Kovid-19, has a lot of potential to create gainful employment, especially for the youth. This economy can empower women socially and economically.

People who do freelance temporary work and work on online platforms are called gig and platform workers. In the meeting of the G20 group, special emphasis has been laid on providing proper employment to this category of employees with adequate and sustainable social security. Addressing the representatives of the G20 group, Modi said, “We need to formulate new-age policies to tap the potential of the gig and platform economy. We have to find sustainable solutions to provide adequate and regular employment to the workers of this economy as well as new models to bring them under the ambit of social security and health facilities.

He informed that targeted steps are being taken in the interest of these workers through India’s “e-labor portal”, on which about 28 crore workers have registered in just one year. Modi said providing social security to people is a key aspect of the 2030 Sustainable Development Goals, but several benefits, including health, food security, insurance and pensions, are not reaching the beneficiaries due to some “narrow” paths of the framework being adopted by international organizations these days. “We must re-think how these benefits are delivered to the beneficiaries so that a true picture of the social security landscape emerges,” he said. Modi stressed that a “one-size-fits-all approach” is not conducive to sustainable financing of social security and that each country’s unique economic capabilities, strengths and challenges must be taken into account.

He hoped that the representatives of the G20 would use their expertise to consider creating an appropriate mechanism in this regard. Significantly, at this time the presidency of G20 is with India. Describing technology as a key driver of employment, the Prime Minister said that the need of the hour is to skill the workforce using advanced technology and processes. Modi said that in the current era of the fourth industrial revolution, technology has become the main factor of employment and will remain so in the future. The Prime Minister said that a constantly mobile work force is going to be the reality of the future, therefore, the need of the hour is to truly share skills while globalizing development. He stressed that the G20 group should take the lead in this regard.

He also said that in the current era of labor migration and mobility, there is a need for new global models of cooperation and synergy as well as new partnerships. Modi suggested that sharing of data and information on employers and employees could be a good start to this collaboration, which would strengthen the efforts of countries around the world in formulating evidence-based policies for better skill development, workforce planning and providing gainful employment. The Prime Minister said that India has had the experience of creating a large number of technology-related jobs during the changes that have taken place over the years due to new technologies. He said that under the Pradhan Mantri Kaushal Vikas Yojana in India, more than 1.25 crore youth have been trained so far. Modi said the country has put special focus on the areas of artificial intelligence (AI), robotics, Internet of Things and drones. Modi said, “India has the potential to join the league of the world’s largest countries providing skilled workforce.”