“GIG” ECONOMY गिग इकॉनमी
The term “gig” etymologically means small/ temporary but quick result oriented. Basically, it is a slang word meaning “a job for a specified period of time” and is typically used in referring to musicians. The gig economy, though technology-driven, is an extension of unorganized labour force.
From the economic perspective, gig economy is a free market system with the temporary employee engaged for short-term 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. A gig economy undermines the traditional economy of full-time workers who rarely change positions and instead focus on a lifetime career
The Swigy, Ola, Uber etc. are active players of the gig economy. The laws to regulate such market trend/ economy are still in nascent stage.
