Gig Economy has been again a topic of  discussion  after covid-19 pandemic .Because this covid-19 has affected our economy to a larger extent. According to a survey 90%of the  workers have lost their income and source of income. Many of the famous economists have given assurance that after this  pandemic ends Gig economy will be a great profitable economy. Gig economy gained popularity during 2008 when the great recession hit the economy and people were jobless ,were not getting any stability in their work. According to financial year 2019; 5lakh 60,000 people turned towards gig economy.  India is turning towards Gig economy because of lack of jobs but in many countries gig economy is increasing because people are turning towards their passion.

First of all we should be aware about the word “Gig” which means a job for specified period of a time. And this word  is typically referred to musicians. It is also termed as collaborative economy, sharing economy. In this type of economy ;freelancers ,independent contractors etc. are hired according to their market skill sets and they sell their products or services online on different platforms available on internet. In this model of economy freelancers or contractors are paid according to their assignment completion. Provides lot of flexibility in jobs and it's also temporary for any individual.

In this digital age, where people are fully dependent on mobiles and internet this economy is beneficial for them. As Indian economy is turning towards Globalization ;this type of economy can create more opportunities and also beneficial for people  choosing to work from home. This economy is attracting and creating more attention towards the current generation professionals who wants to work independently.      Through this economy one  can easily connect with national and international markets too and enhance their income. Gig Economy are providing different services at very cheaper rate at local market for eg- Zomato , Swiggy ,Uber, Ola etc. The cloud based platforms and data analytics kind of platforms has made this economy increase as they help to brought both the seller and buyer together. Industrial revolution 4.0 will enhance the gig economy in India because industrial revolution 4.0 is fully a combination of artificial intelligence ,robotics and nanotechnolgies etc.

Every coin has two sides ;This economy has also advantages and disadvantages too. Advantages are like:-                                                           A. It provides flexibility as the people want to work at that particular time or not and on what salary they will work. B. Time management can be easily achieved. C. Gig economy help individuals to turn towards their passion and explore their passion. D. Save resources, office spaces and trainings in a way of benefit and cost effective too.                                           Disadvantages are like:-                                                                                        Inconsistency in income ,loneliness ,feeling isolated, beneficiaries are less ,problems with discipline -legislation and rules etc. Hope this blog will help you to know about gig economy. .Read all my blogs to know more about current topics to increase your knowledge..