AUGUST 20229The evolving requirements of today's working populace, the globalization, and the war for talent in the workforce are just a few reasons to kick start the GIG economy in a big wayabundant opportunities for employment and substantial monetary compensation, many rural people have begun to migrate in search of a stable source of income. Though rural India's gig economy journey has just started, it has already made ripples in the agricultural segment. It develops more employment opportunities, educates and empowers women in agriculture, and encourages a robust agrarian ecosystem. It is only a matter of time before this growing workforce converts Indian farming forever.Pros & Cons of Gig EconomyEvery coin has two sides, and so does this; there are a few positives and a few negatives of the gig economy as well.Pros:·The flexibility to work your own hours,·The ability to choose precisely the type of work as per your choice, and·The capability to work for yourself instead of someone else.Cons:·Few or no benefits such as paid vacation, health insurance, paid sick days, and retirement benefits,·Fewer or no legal protections against intolerance/discrimination and harassment within your work system,·Lack of eligibility for legally protected or paid family leave, and·Lack of eligibility for unemployment benefits.These problems are not observed only by the Indian workforce; this has been the discussion of various countries, including The US, European countries, and more. A few of them seem to have solutions that can be helpful for the Indian economy as well. As India moves towards its stated goal of becoming a $5 trillion economy by 2025, the gig economy will be a significant building block in reaching the goalpost, removing the gap between income and unemployment.
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