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The gig economy

  • IASbaba
  • January 22, 2020
  • 0
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The gig economy

Part of: GS Economy and GS-III – Employment

In news:

  • A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements
  • Examples of gig employees in the workforce could include freelancers, independent contractors, project-based workers and temporary or part-time hires.

From Prelims and Mains Point of view:

  • Global Gig Economy Index report  has ranked India among the top 10 countries.
  • The report says there has been an increase in freelancers in India from 11% in 2018 to 52% in 2019, thanks to various initiatives including Startup India and Skill India.

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