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6) What do you understand by gig economy? Discuss the advantages and challenges offered by gig economy?(250 words)

Topic Indian economy and issues related to employment

6) What do you understand by gig economy? Discuss the advantages and challenges offered by gig economy?(250 words)

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Why this question

The article discusses the meaning, opportunities and challenges provided by a new trend in the job market which is gig economy. In the digital age it is gaining popularity and thus the meaning, opportunities and challenges of gig economy needs to be discussed.

Key demand of the question

The question expects us to bring out the meaning of gig economy, highlight the pace at which it is growing and discuss the opportunities and challenges provided by gig economy.

Directive word

Discuss – Here in your discussion, the meaning, opportunities and challenges provided by gig economy are to be brought out.

Structure of the answer

Introduction – Mention that one of the big trends we have seen over the last decade is the rise of the “gig economy”—where, instead of full-time employment, organisations contract with independent workers for short-term engagements.

Body – Discuss the McKinsey report which highlighted the growing trend of gig economy and the reasons why it is in vogue – in the digital age, the worker need not sit at a fixed location—the job can be done from anywhere, so employers can select the best talent available for a project without being bound by geography; Digitization has also led to staff reductions in many businesses. ; And very importantly, the millennial generation seems to have quite a different attitude to careers than their parents did. Discuss challenges in gig economy such as the lack of social security benefits etc. Discuss how can this dichotomy be resolved.

Conclusion – Give your view on the future of gig economy in India and the way forward.