24 FEB,2020 | MEDC
A gig economy is a free market system in which temporary positions are common and where organizations contract with independent workers for short-term engagements. With the gradual uberization of the economy, non-contractual employment has grown steadily in India. As technology and newer business models take the gig economy across the country and implant it more deeply into the Indian psyche, we can expect to see many more people finding employment through online marketplaces and technology platforms. The rise of the gig economy will, obviously, produce its own share of problems, but it is a good opportunity for the country to discard the mental model that has long classified jobs as formal and informal, and look anew at the socioeconomic dimensions of employment, along with its associated financial, environmental, and regulatory implications. Like it or not, that is the way much of the global economy is shaping up today, and India cannot afford to remain isolated from it.
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