Overview
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Context
According to a recent study, the number of workers engaged in the gig economy is expected to grow to 2.35 crore by 2029-30.
About
Analysis
What is gig economy?
What is India’s potential for growth of gig economy?
RAISE Framework for Operationalizing the Code on Social Security (CoSS), 2020 As Central and State governments draw up rules and regulations under CoSS 2020, they could adopt the five-pronged RAISE approach to ensure realisation of full access to social security for all gig and platform workers:
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What are the Major Issues Raised by the Report?
Benefits in the sector
MNCs are adopting flexi-hiring options, especially for niche projects, to reduce operational expenses after the pandemic.
Rising challenges
NITI Aayog’s recommendation
Conclusion
The rapidly burgeoning gig workforce is ushering in a new economic revolution globally. India – with its demographic dividend of half-a-billion labour force and the world’s youngest population, rapid urbanisation, widespread adoption of smartphones and associated technology – is the new frontier of this revolution.
PRACTICE QUESTION Q1.Gig economy is becoming the new normal. Discuss the key drivers of the gig economy. Q2. Gig economy can be a major building block in inclusively achieving the $5 trillion economy goal, bridging the income and unemployment gap. Critically Analyse. |
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