Analysing the Growth and Scope of GIG Economy in India: A Study on Freelancers and their Working Perspectives

Abstract

Under the present domestic and globally competitive market, Gig Economy has emerged as anew paradigm in the world labour market. It has significant implications across various spheres due to the scalability, innovation and agility that it offers. This study explores the growth and scope of Gig Economy in India and focuses on freelancers who mostly provide services in virtual work set-up. The study is based on primary and secondary data. The primary data is collected by canvassing a questionnaire among 100 respondents across genders and age groups. This study has analysed the future growth of this economy in India by identifying comprehensive perspectives and recommendations on various gig platforms and examining the financial credibility of this economy to create jobs for the present youth. The job-creating potential of the gig economy, awareness regarding the work, and identifyingits demand across various industries are some of the aspects that have been studied. Through this study, interpretations about the opportunities and challenges for workers in the sector, skillsets in demand for workers to enhance employment opportunities, the potential ofgig work to replace 9-5 jobs and how it will be affected by the advent of artificial intelligence, can be made. Which type of clients are more financially rewarding, and what are the most preferred ways of charging a client are some of the important results that can be inferred from this study. The study presents a methodical analysis of both the opportunities aswell as challenges for workers in this sector.