The gig economy

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.