Gig Economy - A Saviour From Unemployment

The vexed issue of unemployment has crippled Indian economy. India has lost all its glitter and gold since unemployment has taken a dominant toll. Pretty obvious, unemployment has now become an often- asked question of SSB interview.

The falling architecture of employment in India needs a strong base to lend a strong support for tomorrow. The question here is: does GIG ECONOMY provides an answer to the spate in unemployment in India?

Unemployment provides a litmus test to an economy. It is the chief indicator of economic regression. To define simply, unemployment is the inability to find job+ the insufficiency of employment. Able bodied members, who are well educated, struggle to find suitable job. Dissected into voluntary and involuntary unemployment, there are 4 basic categories of this troublesome situation: frictional, cyclical, structural, and institutional. Ranging from high population, immobility, seasonal unemployment (agricultural) to slow industrialization, lower economic growth, less saving and defective planning the causes of unemployment are innumerable. In India specifically the data is quite poor with 2018 seeing 31 million people not employed properly. Tackling this crisis is the burning issue nowadays.

Gig economy is dotted as the 2019 solution to curb burgeoning unemployment in India. Gig, sounds funky? Replicating short- term employment, gig economy refers to any job done under the umbrella of freelancing, internet outsourcing, home based or temporary project. To understand the in- depth nature let’s take a quick glimpse on its features:

• The job is long hour, temporary and pays less in comparison to other arenas of work.
• Gig economy offers short time projects with no job security.
• Prime companies herein include food delivery, e- commerce, logistics, and online transportation.
• Gig economy provides benefit of cost, flexibility and quality.
• It is also called “flex economy” or “mobile economy”
• Distance is not a barrier as the employee often work from home.
• It offers elasticity of job as an employee is free to leave anytime he wants or he can work at multiple places.
• Gig employment is highly technology friendly and is an ideal career for the youth who are quite addicted to the internet world.
• It follows a specific time- frame.
• Gig employment also offers diversity, creativity and increase chances of global networking and connectivity.
• As an added benefit it increases productivity.
• The incentive and profit is less.
• It may not always grant you respect.
• Start- ups and MNCs gain much from Gig economy.
• Gig employment a wide range of area to learn business education or gain experience in any respective field.

 

Can gig employment change the dripping scenario of Indian joblessness? To clarify this dilemma let’s take a look at the following facts and future prospects:

• The 2019 report of NobleHouse depicts that 73% are willing to opt for freelance work over full time job.
• According to 2017 EY survey 24% of world gig economy comes from India.
• Within the short span of October, 2018 to march, 2019 Delhi has been recorded to create 5.6 lakh gig jobs+ Bangalore initiated 2.5 lakh such jobs.
• The coming days are expected to see 50% of gig workers ruling Indian economy by 2020 and the count rising to 80% by 2030.
• As per the recent census the gig economy is growing at a rapid rate of 25- 30%.
• The prime gig companies in India include Amazon,. E-Bay, Zomato, Uber, Swiggy, Myntara, Jabong etc+ jobs related to content writing, translation, digital marketing, sales, and data analytics.
• India ranks 5th largest country in flexi- staffing
• Since 2015, 2.1 million people in India are employed as flexi workers
• M.P, A.P, Gujarat, Haryana, and Telangana have witnessed the highest rise of gig enmployees.

Its pretty obvious how Gig employment is the welcome trend in India. No doubt it has its perks and cons but on a positive side the Gig economy has added jobs in India. 7 million jobs in 3 years is the new statistics and it isn’t bad. Hoping this emerging trend to improve the economy, I have endeavored to bring you an updated article on how to crackdown unemployment through Gig economy for your SSB preparation. Hence read it well!